Maine § 30-A §4907 Limitations

Maine Statutes

§ 30-A §4907 — Limitations

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

1.Limitations on amount of outstanding principal. The Maine State Housing Authority may not at any time have an aggregate principal amount outstanding, in excess of $3,000,000,000 of mortgage purchase bonds secured by the Housing Reserve Fund or a Capital Reserve Fund to which section 4906, subsection 3, paragraph A applies. Mortgage purchase bonds of the Maine State Housing Authority secured by capital reserve funds to which section 4906, subsection 3, paragraph A does not apply, bond or mortgage insurance, direct or indirect contract with the United States, purchase or repurchase agreement of guaranty with a banking or other financial organization or other credit arrangements securing the bonds may be issued up to $100,000,000 per calendar year in an aggregate principal amount outstandi

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1.
Limitations on amount of outstanding principal.
The Maine State Housing Authority may not at any time have an aggregate principal amount outstanding, in excess of $3,000,000,000 of mortgage purchase bonds secured by the Housing Reserve Fund or a Capital Reserve Fund to which section 4906, subsection 3, paragraph A applies. Mortgage purchase bonds of the Maine State Housing Authority secured by capital reserve funds to which section 4906, subsection 3, paragraph A does not apply, bond or mortgage insurance, direct or indirect contract with the United States, purchase or repurchase agreement of guaranty with a banking or other financial organization or other credit arrangements securing the bonds may be issued up to $100,000,000 per calendar year in an aggregate principal amount outstanding at any time not to exceed $300,000,000.
2.
Bond rating.
Mortgage purchase bonds must be rated at or before issuance of the bonds in a rating category of A or its equivalent or better by a nationally recognized rating agency. A rating is not necessary for any issue of mortgage purchase bonds which:

Maine § 30-A §4907 (Limitations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1987, c. 737, §§A2,C106 (NEW). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 48, §§6,31 (AMD). PL 1989, c. 104, §§C8,10 (AMD). PL 1989, c. 914, §6 (AMD). PL 1991, c. 574, §3 (AMD). PL 1991, c. 871, §5 (AMD). PL 1997, c. 491, §1 (AMD). PL 2001, c. 631, §1 (AMD). PL 2023, c. 559, §1 (AMD).