§ 30-A §6013-A — Maine Municipal Bond Insurance Fund

Maine § 30-A §6013-A

• Jurisdiction: Maine
• Title 30-A: MUNICIPALITIES AND COUNTIES
• Part 2: MUNICIPALITIES
• Ch. 225: MAINE MUNICIPAL BOND BANK

Text

1.
Establishment.
The Maine Municipal Bond Insurance Fund is established in the custody of the bank and under its jurisdiction and direction to provide credit enhancement in the form of bond insurance to municipalities, state instrumentalities and other governmental units on debt issued by them in the form of bonds, notes or other evidences of indebtedness.
2.
Administration.
The bank shall administer the Maine Municipal Bond Insurance Fund. The fund must be invested in the same manner as permitted for investment of funds belonging to the State or held in the State Treasury. The fund must be established and held separate and apart from any other funds or money of the State or the bank and must be used and administered exclusively for the purpose of this section. The fund consists of the following:
3.
Use and maintenance of the fund.
The Maine Municipal Bond Insurance Fund must be used and maintained in the following manner.
4.
Operation and eligibility.
The bond insurance program shall operate, determine eligibility and make payments as follows.

Legislative History

PL 1991, c. 605, §14 (NEW).