Maine Revised Statutes Title 35-A Sec. 2922 – Remedies on default of public utility securities
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Terms Used In Maine Revised Statutes Title 35-A Sec. 2922
- Bank: means the Maine Public Utility Financing Bank created by this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- 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
In the event of default by a public utility in the payment of interest on, or principal of, any public utility bond owned or held by the bank as and when due and payable the bank shall proceed to enforce or cause to be enforced payment pursuant to applicable provisions of law of that interest or principal or other amounts then due and payable. [PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).