Maine Revised Statutes Title 10 Sec. 1041 – General powers
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The authority may in addition to its other powers and in furtherance of the purposes of this chapter: [PL 1985, c. 344, §55 (RPR).]
1. Kinds of projects. Acquire, construct, reconstruct, maintain, renew, replace or provide financing assistance for eligible projects, or assist users to acquire, construct, reconstruct, maintain, renew or replace eligible projects;
[PL 1985, c. 344, §56 (RPR).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1041
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Finance Authority of Maine as established by this chapter. See Maine Revised Statutes Title 10 Sec. 963-A
- Bond: means revenue obligation security. See Maine Revised Statutes Title 10 Sec. 963-A
- Contract: A legal written agreement that becomes binding when signed.
- Energy conservation project: means the purchasing and installation of energy conservation equipment or facilities, including building modifications. See Maine Revised Statutes Title 10 Sec. 963-A
- facility: means any aboveground oil storage tank or tanks, together with associated piping, and transfer and dispensing facilities located over land or water of the State at a single location for more than 4 months per year and used or intended to be used for the storage or supply of oil. See Maine Revised Statutes Title 10 Sec. 963-A
- financial assistance: means guarantees, leases, insurance, financing credits, loans or the purchase or discounts thereof, letters of credit, financing assistance payments, grants or other financial aid. See Maine Revised Statutes Title 10 Sec. 963-A
- lands: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- Lease: means a contract providing for the use of a project or portions of a project for a term of years for a designated or determinable rent. See Maine Revised Statutes Title 10 Sec. 963-A
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Loan: means an extension of credit made in consideration of a written promise of repayment or any other conditions that may be established by the authority, performance of which may be secured by mortgage. See Maine Revised Statutes Title 10 Sec. 963-A
- Municipality: means any municipality as defined in Title 30?A, section 2001, subsection 8. See Maine Revised Statutes Title 10 Sec. 963-A
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Project: means any eligible project. See Maine Revised Statutes Title 10 Sec. 963-A
- User: means one or more persons acting as lessee, purchaser, mortgagor or borrower under a financial document. See Maine Revised Statutes Title 10 Sec. 963-A
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Securities for projects. Issue revenue obligation securities to pay the cost of or to provide financial assistance for acquisition, construction, reconstruction, renewal or replacement of eligible projects. Any single issue of securities may provide for the cost of or for financial assistance for acquisition, construction, reconstruction, renewal or replacement of any one or more projects which may be separate, unconnected, distinct and unrelated in purpose;
[PL 1985, c. 344, §57 (AMD).]
3. Acquire securities. Issue revenue obligation securities to acquire one or more issues of revenue obligation securities issued by municipalities or to acquire any other bond not eligible for purchase pursuant to Title 30?A, chapter 225. Any single issue of securities may provide funds for the acquisition of revenue obligation securities of one or more municipalities or of bonds for one or more projects which may be separate, unconnected, distinct and unrelated in purpose;
[PL 1987, c. 737, Pt. C, §§14, 106 (AMD); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
4. Refunding securities. Issue revenue refunding obligation securities as provided to refund any outstanding revenue obligation securities issued under this subchapter or under subchapter IV or under previous chapter 104 or to refund any obligations or securities of any municipality;
[PL 1993, c. 741, §1 (AMD).]
5. Serve as broker or agent. Serve as a broker, agent or other financial intermediary for the secondary marketing of obligations issued or incurred in connection with the financing of eligible projects and for the encouragement of the flow of private funds for capital investment;
[PL 1981, c. 476, §2 (NEW).]
6. Facilities. Plan, carry out, acquire, lease and operate facilities and provide for the construction, reconstruction, improvement, alteration or repair of any facility or any part;
[PL 1981, c. 476, §2 (NEW).]
7. Acquisition and disposal of property. Acquire or enable a user to acquire upon reasonable terms from subchapter III funds, the lands, structures, property, rights, rights-of-way, franchises, easements and other interests in lands, including lands lying under water and riparian rights, which are located within the State and deemed necessary or convenient for the construction or operation of any subsection 1 project, and dispose of them;
[PL 1981, c. 476, §2 (NEW).]
8. Contracts. Make and enter into all financial documents and other contracts and trust agreements securing revenue obligation securities issued under this subchapter, provided all expenses shall be payable solely from funds made available under this subchapter;
[PL 1981, c. 476, §2 (NEW).]
9. Consent to modification of contracts, lease or agreement. To the extent not forbidden under its contract with the holders of bonds, consent to any modification of any contract, lease or agreement of any kind to which the authority is a party;
[PL 1981, c. 476, §2 (NEW).]
10. Employment of specialists. Employ consulting and other engineers, attorneys, accountants, construction and financial experts, superintendents, managers and other necessary employees and agents and fix their compensation, provided all expenses shall be payable solely from funds made available under this subchapter;
[PL 1981, c. 476, §2 (NEW).]
11. Government contracts. Enter into contracts with municipalities, the State or a federal agency relating to any eligible subsection 1 project. In the case of contracts with federal agencies involving pollution-control facilities, the consent of the Board of Environmental Protection shall first be obtained, notwithstanding Title 38, section 362;
[PL 1981, c. 476, §2 (NEW).]
12. Government aid. Accept loans or grants for the planning, construction or acquisition of any eligible subsection 1 project from a municipality, an authorized agency of the State or a federal agency and enter into agreements with the agency respecting the loans or grants. In the case of loans, grants or other aid from a federal agency involving pollution-control facilities, the consent of the Board of Environmental Protection shall first be obtained, notwithstanding Title 38, section 362;
[PL 1981, c. 476, §2 (NEW).]
13. Private aid. Receive and accept aid and contributions from any source of either money, property, labor or other things of value, to be held, used and applied only for the purposes for which these loans, grants and contributions may be made;
[PL 1981, c. 476, §2 (NEW).]
14. Applicability. Provide financial assistance by means of leases which are not subject to Title 14, section 6010. Leases made under this section may provide that obligations of the lessees shall be unconditional;
[PL 1985, c. 344, §59 (AMD).]
15. Application of Title 32, chapter 13. Provide financial assistance by means of revenue obligation securities which are not subject to the provisions of Title 32, chapter 13, relating to dealers in securities;
[PL 1985, c. 344, §60 (AMD).]
16. Energy conservation. Provide financial assistance for energy conservation. The Department of Economic and Community Development shall provide assistance to the authority in determining technical eligibility and merit of applications for energy conservation loans. Each recipient of a loan under this section shall provide the authority, within one year, with detailed information on energy consumption before and after the completion of the energy conservation project;
[PL 1989, c. 878, Pt. A, §27 (RPR).]
17. Electricity. Provide financial assistance for electricity generation projects;
[RR 2011, c. 2, §5 (COR).]
18. Recycling and waste reduction. Provide financial assistance to businesses for recycling and waste reduction projects that are consistent with the management goals and objectives outlined in the state waste management and recycling plan under Title 38, chapter 24. The Department of Environmental Protection shall provide assistance to the authority in determining consistency, technical eligibility and merit of application for recycling loans; and
[RR 2011, c. 2, §6 (COR).]
19. Workers’ compensation residual market mechanism projects. Provide loans for workers’ compensation residual market mechanism projects, if the authority determines that the financing requested by the workers’ compensation residual market pool is a reasonable and prudent extension of credit. Revenue obligation securities secured by capital reserve funds pursuant to section 1053 relating to any loan authorized by this section are limited obligations of the authority payable from revenues from the workers’ compensation residual market pool and any capital reserve funds pledged for those securities and are not payable from any other assets or funds of the authority.
[PL 1995, c. 289, §5 (NEW).]
SECTION HISTORY
PL 1981, c. 476, §2 (NEW). PL 1983, c. 519, §§13,14 (AMD). PL 1983, c. 648, §3 (AMD). PL 1983, c. 699, §3 (AMD). PL 1983, c. 862, §31 (AMD). PL 1985, c. 344, §§55-61 (AMD). PL 1985, c. 593, §1 (AMD). PL 1987, c. 737, §§C14,C106 (AMD). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 104, §§C8,C10 (AMD). PL 1989, c. 501, §DD19 (AMD). PL 1989, c. 585, §§C10,C11 (AMD). PL 1989, c. 878, §A27 (AMD). PL 1993, c. 741, §1 (AMD). PL 1995, c. 289, §5 (AMD). PL 1995, c. 656, §A3 (AMD). PL 1999, c. 657, §3 (AMD). PL 2011, c. 655, Pt. GG, §5 (AMD). PL 2011, c. 655, Pt. GG, §70 (AFF). RR 2011, c. 2, §§5, 6 (COR).