Maine Revised Statutes Title 35-A Sec. 2921 – Purchase of public utility securities
Current as of: 2023 | Check for updates
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1. Authorizations of public utilities. Every public utility may:
A. Contract to pay interest on, or an interest cost per year for, money borrowed from the bank and evidenced by its public utility bond purchased by the bank; [PL 1987, c. 141, Pt. A, §6 (NEW).]
B. Contract with the bank with respect to that loan or purchase and the contract shall contain the terms and conditions of the loan or purchase; [PL 1987, c. 141, Pt. A, §6 (NEW).]
C. Pay fees and charges required to be paid to the bank for its services; and [PL 1987, c. 141, Pt. A, §6 (NEW).]
D. Sell bonds to the bank on such terms and conditions as may be agreed to by it and the bank and approved by the commission. [PL 1987, c. 141, Pt. A, §6 (NEW).]
[PL 1987, c. 141, Pt. A, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 2921
- Bank: means the Maine Public Utility Financing Bank created by this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- Bonds: means bonds of the bank issued pursuant to this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- Commission: means the Public Utilities Commission. See Maine Revised Statutes Title 35-A Sec. 102
- Contract: A legal written agreement that becomes binding when signed.
- Public utility: means any transmission and distribution utility, water utility or gas utility that is subject to the jurisdiction of the commission. See Maine Revised Statutes Title 35-A Sec. 2903
- utility bond: means a bond, note or evidence of debt issued by a public utility located in or serving any inhabitants of the State and payable from rates, charges or other revenues. See Maine Revised Statutes Title 35-A Sec. 2903
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Officers’ signatures on bonds. If any officer whose signature appears on the public utility bonds ceases to be an officer before the delivery of those bonds, that officer’s signature is valid for all purposes as if that officer had remained in office.
[RR 2021, c. 1, Pt. B, §412 (COR).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW). RR 2021, c. 1, Pt. B, §412 (COR).