§ 30-A §6016 — Purchase of municipal securities

Maine § 30-A §6016

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

Text

1.
Contracts with bank; interest; terms; fees.
Notwithstanding any general law or special Act applicable to or constituting any limitation on the maximum rate of interest per year payable on bonds or notes, or as to annual interest cost to maturity of money borrowed or received upon issuance of bonds or notes, a governmental unit may contract to pay interest on, or an interest cost per year for, money borrowed from the bank and evidenced by its municipal securities purchased by the bank. Every governmental unit may contract with the bank concerning the terms and conditions of the loan or purchase. Every governmental unit may pay fees and charges required to be paid to the bank for its services.
2.
Bonds and notes; sale; general characteristics.
Notwithstanding any general or special Act or other statute applicable to or constituting any limitation on the sale of bonds or notes, any governmental unit may sell bonds or notes to the bank without limitation as to denomination. As provided in the proceedings of the governing body of the governmental unit under which the bonds and notes are authorized to be issued, those bonds and notes may:
3.
Exchange of bonds.
The following provisions apply to the exchange of bonds.

Legislative History

PL 1987, c. 737, §§A2,C106 (NEW). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 104, §§C8,10 (AMD).