The agency may, in addition to its other powers and in furtherance of the purposes of this chapter, assist itself or applicants, who shall be limited to municipalities and regional associations, in the financing of eligible projects by issuing revenue obligation securities; by issuing or providing securities for mortgage loans; drafting financial documents, trust agreements and other contracts; and arranging the financing and negotiating for the sale of the securities. The agency may contract with the Finance Authority of Maine to administer the provisions of this article. [PL 1989, c. 585, Pt. A, §7 (NEW).]
The agency may also: [PL 1989, c. 585, Pt. A, §7 (NEW).]
1. Kinds of projects. Acquire, construct, reconstruct, maintain, renew, replace or provide financing assistance for eligible waste facilities, waste disposal services or recycling projects;

[PL 1989, c. 585, Pt. A, §7 (NEW).]

Terms Used In Maine Revised Statutes Title 38 Sec. 2212

  • Agency: means the Finance Authority of Maine. See Maine Revised Statutes Title 38 Sec. 2211
  • Bond: means revenue obligation security. See Maine Revised Statutes Title 38 Sec. 2211
  • Contract: A legal written agreement that becomes binding when signed.
  • Facility: means an eligible project or eligible collateral. See Maine Revised Statutes Title 38 Sec. 2211
  • 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 38 Sec. 2211
  • 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 38 Sec. 2211
  • 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
  • Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
  • 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.
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 eligible projects which may be separate, unconnected and distinct. Any issue, the proceeds of any issue, or any revenue obligation securities shall, except as specifically authorized by the Legislature, meet the requirements of the Internal Revenue Code of 1986, as amended, relating to exempt facility bonds;

[PL 1989, c. 585, Pt. A, §7 (NEW).]

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 eligible projects which may be separate, unconnected and distinct;

[PL 1989, c. 585, Pt. A, §7 (NEW).]

4. Refunding securities. Issue revenue refunding obligation securities as provided to refund any outstanding revenue obligation securities issued under this article;

[PL 1989, c. 585, Pt. A, §7 (NEW).]

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 1989, c. 585, Pt. A, §7 (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 of a facility;

[PL 1989, c. 585, Pt. A, §7 (NEW).]

7. Acquisition and disposal of property. Acquire or enable an applicant to acquire, upon reasonable terms from funds provided under this article, the lands, structures, property, rights, rights-of-way, franchises, easements and other interests in lands, including lands under water and riparian rights, that are located within the State and considered necessary or convenient for the construction or operation of any eligible waste project, and dispose of them;

[PL 1989, c. 585, Pt. A, §7 (NEW); PL 1989, c. 869, Pt. A, §15 (AMD).]

8. Contracts. Make and enter into all financial documents and other contracts and trust agreements securing revenue obligation securities issued under this article, provided all expenses are payable solely from funds made available under this article;

[PL 1989, c. 585, Pt. A, §7 (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 agency is a party;

[PL 1989, c. 585, Pt. A, §7 (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 are payable solely from funds made available under this subchapter;

[PL 1989, c. 585, Pt. A, §7 (NEW).]

11. Government contracts. Enter into contracts with regional associations, municipalities, the State or a federal agency relating to any eligible solid waste project;

[PL 1989, c. 585, Pt. A, §7 (NEW).]

12. Government aid. Accept loans or grants for the planning, construction or acquisition of any eligible solid waste 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 all loans, grants or other aid involving pollution-control facilities, the consent of the commissioner must first be obtained, notwithstanding section 362;

[PL 1989, c. 585, Pt. A, §7 (NEW); PL 1989, c. 890, Pt. A, §40 (AFF); PL 1989, c. 890, Pt. B, §294 (AMD).]

13. Private aid. Receive and accept aid and contributions from any source of 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 1989, c. 585, Pt. A, §7 (NEW).]

14. Applicability. Provide financial assistance by means of leases that are not subject to Title 14, section 6010. Leases made under this section may provide that obligations of the lessees are unconditional; and

[PL 1989, c. 585, Pt. A, §7 (NEW).]

15. Application. Provide financial assistance by means of revenue obligation securities which are not subject to Title 32, chapter 135, relating to dealers in securities.

[PL 2005, c. 65, Pt. C, §20 (AMD).]

SECTION HISTORY

PL 1989, c. 585, §A7 (NEW). PL 1989, c. 869, §A15 (AMD). PL 1989, c. 890, §§A40,B294 (AMD). PL 2005, c. 65, §C20 (AMD).
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