Maine § 35-A §6412 Standard districts; authorized to receive government aid, borrow money, issue bonds and notes

Maine Statutes

§ 35-A §6412 — Standard districts; authorized to receive government aid, borrow money, issue bonds and notes

Maine·Title 35-A PUBLIC UTILITIES·Part 6 WATER·Ch. 64 WATER DISTRICTS AND STANDARD DISTRICTS

1.Definition. For the purposes of this section, the term "necessary expenses and liabilities" means expenses and liabilities necessary to the operation of a standard district, including, but not limited to:

2.Authorization. A standard district, through its trustees, in order to pay necessary expenses and liabilities incurred in accordance with the purposes of its incorporation, may receive state and federal aid or grants and may borrow money temporarily and issue for the money its negotiable notes in order to renew and refund the debt created.

3.Certain requirements concerning indebtedness. All bonds, notes or other evidences of indebtedness must have inscribed upon their face the corporate name of the standard district, as specified in the charter creating the district, and be signed b

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1.
Definition.
For the purposes of this section, the term "necessary expenses and liabilities" means expenses and liabilities necessary to the operation of a standard district, including, but not limited to:
2.
Authorization.
A standard district, through its trustees, in order to pay necessary expenses and liabilities incurred in accordance with the purposes of its incorporation, may receive state and federal aid or grants and may borrow money temporarily and issue for the money its negotiable notes in order to renew and refund the debt created.
3.
Certain requirements concerning indebtedness.
All bonds, notes or other evidences of indebtedness must have inscribed upon their face the corporate name of the standard district, as specified in the charter creating the district, and be signed by the treasurer and countersigned by the chair of the board of trustees of the standard district. If coupon bonds are issued, the interest coupon attached to the coupon bonds must bear the facsimile signature of the treasurer.
4.
Legal effect; tax exemption; reissue and refund authorization.
All bonds, notes and other evidences of indebtedness issued by a standard district in accordance with this section are legal obligations of the standard district within the meaning of Title 30‑A, section 5701. All bonds, notes and other evidences of indebtedness issued by the standard district are legal investments for savings banks in this State and are exempt from state income tax.

Maine § 35-A §6412 (Standard districts; authorized to receive government aid, borrow money, issue bonds and notes) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.