Maine Revised Statutes Title 30-A Sec. 6007 – General fund
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1. General fund established; money deposited. The bank shall establish and maintain a fund called the “general fund” which shall consist of and in which there shall be deposited:
A. Fees received or charges made by the bank for the use of its services or facilities; [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
B. Any money which the bank transfers to the general fund from the reserve fund or any capital reserve fund under section 6006, subsection 2; [PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 48, §§28, 31 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
C. Money received by the bank as:
(1) Payments of principal of or interest on municipal securities purchased by the bank;
(2) Proceeds of the sale of any municipal securities or investment obligations of the bank; and
(3) Proceeds of the sale of bonds or notes of the bank and required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited in the general fund; [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
D. Any money required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited in the general fund; and [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
E. Any money transferred to the general fund from any other fund or made available by the State for the purpose of the general fund or for the operating expenses of the bank. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
[PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 48, §§28, 31 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
Terms Used In Maine Revised Statutes Title 30-A Sec. 6007
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bonds: means bonds of the bank issued under this chapter. See Maine Revised Statutes Title 30-A Sec. 5903
- Capital reserve fund: means any capital reserve fund created or established as provided in section 6006, subsection 1?A. See Maine Revised Statutes Title 30-A Sec. 5903
- Contract: A legal written agreement that becomes binding when signed.
- General fund: means the fund created or established as provided in section 6007. See Maine Revised Statutes Title 30-A Sec. 5903
- Notes: means any notes of the bank issued under this chapter. See Maine Revised Statutes Title 30-A Sec. 5903
- Reserve fund: means the Maine Municipal Bond Bank Reserve Fund created or established as provided in section 6006. See Maine Revised Statutes Title 30-A Sec. 5903
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Use of general fund. Any money in the general fund may, subject to any contracts between the bank and its bondholders or noteholders, be transferred to the reserve fund or any capital reserve fund. If it is not so transferred, the money shall be used to pay the principal of or interest on bonds or notes of the bank when the principal or interest becomes due and payable, whether at maturity or upon redemption, including the payment of any premium upon redemption before maturity.
A. Any money available in the general fund may also be used for:
(1) The purchase of municipal securities;
(2) The purchase or redemption of its bonds or notes. Any such bonds purchased for retirement shall be thereupon cancelled; and
(3) All other purposes of the bank including the payment of its operating expenses.
(a) No amount may be expended for the bank’s operating expenses in any year out of the general fund or from any account in that fund established for that purpose, in excess of the amount provided for the bank’s operating expenses by the annual budget for that year or any amendment of the annual budget in effect at the time of the payment or expenditure for operating expenses. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
B. The bank may create and establish in the general fund any accounts which in the opinion of the bank are necessary, desirable or convenient for the purposes of the bank under this chapter.
(1) The bank may establish an account in the general fund for the purpose of paying its operating expenses. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
[PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 48, §§29, 31 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
SECTION HISTORY
PL 1987, c. 737, §§A2,C106 (NEW). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 48, §§28,29,31 (AMD). PL 1989, c. 104, §§C8,10 (AMD).