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investment earnings and the proceeds of insurance, condemnation and | | sale of or other disposition of properties. All bonds issued by | | the district are legal obligations of the district. Bonds may be | | issued without obtaining the consent of a commission, board, bureau | | or agency of the State or the Town of Kennebunk and without any | | proceedings, limitations or conditions to meet other than those | | specifically required under this Act. Bonds issued under this Act | | do not constitute a debt or liability of the State or the Town of | | Kennebunk or a pledge of the faith and credit of the State or the | | municipality, but the bonds are payable solely from the funds | | provided for that purpose, and a statement to that effect must be | | recited on the face of the bonds. |
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| | | 2. The district may also provide by resolution of its board | | of trustees, without district vote, for the issuance from time to | | time of notes in anticipation of bonds authorized under this | | section and of notes in anticipation of the revenues to be | | collected or received in any year or in anticipation of the | | receipt of federal or state grants or other aid. The issuance of | | these notes is governed by the applicable provisions of this | | section relating to the issuance of bonds, except that notes in | | anticipation of revenue must mature no later than one year from | | their respective dates and notes issued in anticipation of | | federal or state grants or other aid and renewals must mature no | | later than the expected date of receipt of those grants or aid. | | Notes in anticipation of revenue issued to mature less than one | | year from their dates may be renewed from time to time by the | | issuance of other notes, except that the period from the date of | | an original note to the maturity of any note issued to renew or | | pay the same or the interest on the note may not exceed one year. |
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| | | The district is authorized to enter into agreements with the | | State or the United States, or any agency of either, or any | | municipality, corporation, commission or board authorized to | | grant or loan money to or otherwise assist in the financing of | | projects of the type the district is authorized to carry out and | | to accept grants and borrow money from the government, agency, | | municipality, corporation, commission or board necessary or | | desirable to accomplish the purposes of the district. |
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| | | 3. The bonds issued under this section must be dated, mature | | at a time or times not exceeding 40 years from their date or | | dates and bear interest at a rate or rates determined by the | | board of trustees. The bonds may be made redeemable before | | maturity, at the option of the district, at a price or prices and | | under any terms and conditions as may be fixed by the board of | | trustees prior to the issuance of the bonds. The board of | | trustees shall determine the form of the bonds, including any | | interest coupons to be attached to the bonds, and the manner of |
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