Maine § 30-A §4906 Application of receipts; special reserve fund

Maine Statutes

§ 30-A §4906 — Application of receipts; special reserve fund

Maine·Title 30-A MUNICIPALITIES AND COUNTIES·Part 2 MUNICIPALITIES·Ch. 201 HOUSING AUTHORITY

1.Housing Reserve Fund. The Maine State Housing Authority shall establish and maintain a special fund called the "Housing Reserve Fund" which consists of:

2.Capital Reserve Fund. The Maine State Housing Authority may establish and maintain one or more special funds called the "Capital Reserve Fund" which consists of:

3.Required minimum reserve. Notwithstanding any other provision of this chapter, no bonds may be issued by the Maine State Housing Authority unless there is in the Housing Reserve Fund or Capital Reserve Fund which will secure those bonds the required minimum reserve for all the bonds issued and to be issued which will be secured by the Housing Reserve Fund or Capital Reserve Fund. The Maine State Housing Authority may satisfy this requirement by depositing so much of the p

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1.
Housing Reserve Fund.
The Maine State Housing Authority shall establish and maintain a special fund called the "Housing Reserve Fund" which consists of:
2.
Capital Reserve Fund.
The Maine State Housing Authority may establish and maintain one or more special funds called the "Capital Reserve Fund" which consists of:
3.
Required minimum reserve.
Notwithstanding any other provision of this chapter, no bonds may be issued by the Maine State Housing Authority unless there is in the Housing Reserve Fund or Capital Reserve Fund which will secure those bonds the required minimum reserve for all the bonds issued and to be issued which will be secured by the Housing Reserve Fund or Capital Reserve Fund. The Maine State Housing Authority may satisfy this requirement by depositing so much of the proceeds of the bonds being issued, upon their issuance, as is needed for the fund to achieve the required minimum reserve.

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