Maine Revised Statutes Title 23 Sec. 1983 – Interest rate agreements
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Terms Used In Maine Revised Statutes Title 23 Sec. 1983
- Authority: means the Maine Turnpike Authority, created by Private and Special Law 1941, chapter 69, and continued in existence by this chapter. See Maine Revised Statutes Title 23 Sec. 1964
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
The authority is authorized to enter from time to time into agreements with another party, on terms and conditions that the authority determines are necessary or convenient, in which the authority agrees to make a payment to, or to receive a payment from, the other party based on a comparison at a future date between an interest rate specified on the date of the agreement and a rate derived on or about that future date from an interest rate index. The authority is authorized to enter into any credit enhancement or liquidity agreement on terms and conditions that the authority determines are necessary or convenient for carrying out this section. [PL 2003, c. 111, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 111, §1 (NEW).