Title 10, Title 10

1. Notice of intent to issue bonds; actions to contest validity. The municipal officers of any municipality are authorized to provide by resolution, at one time or from time to time, for the issuance of revenue obligation securities of the municipality for the purposes authorized…

1. Trust agreements. At the discretion of the municipal officers, any revenue obligation securities issued under this subchapter may be secured by a trust agreement between the municipality and any corporate trustee or by a mortgage or other financial document. The trust agreemen…

1. Provisions. Before issuing revenue obligation securities for any project, the municipal officers shall determine that there will at all times be revenues and funds sufficient: A. To pay the principal of and the interest of the securities as they become due and payable and, in …

Any holder of revenue obligation securities or attached coupons issued under this subchapter and the trustee under any trust agreement, except as restricted by the authorizing resolution, the trust agreement or applicable financial document, may, by appropriate legal action, prot…

The municipal officers may provide by resolution for the issuance of revenue refunding securities of the municipality for the purpose of refunding any outstanding revenue obligation securities issued under this subchapter or under subchapter III or refunding any other obligations…

Notwithstanding any other law, either general, special or local, or any charter or charter amendment adopted by the municipality, or any ordinance, resolution, bylaw, rule or regulation of the municipality, it shall not be necessary to publish any resolution adopted under this ch…

The interest of the lessee of any project is subject to taxation in the manner provided for fee interests in real estate and personal property in Title 36, sections 551 and 602, subject to the provisions of Title 36, sections 655 and 656.

Revenue obligation securities issued under this subchapter shall constitute a proper public purpose and the securities, their transfer and the income from them, including any profit made on their sale, shall at all times be exempt from taxation within the State, whether or not th…

The revenue obligation securities of the municipality and any loan or extension of credit issued under this subchapter, shall be legal investments in which all public officers and public bodies of the State, its political subdivisions, all municipalities and municipal subdivision…

The Municipal Securities Approval Program is the successor to the program formerly administered by the Maine Guarantee Authority under Title 30, chapter 242, and all resolutions and actions taken by the Maine Guarantee Authority, without exception, relative to such program shall …

With respect to all or any portion of any issue of bonds or any series of bonds which any municipality may issue in accordance with the limitations and restrictions of this subchapter, the municipality may covenant and consent that the interest on the bonds shall be includable, u…

1. Recovery zones; statewide designation. The Legislature finds that the entire State is experiencing significant poverty, unemployment, increasing rate of home foreclosures and general distress and, as a result, to the extent permitted by federal law, designates the entire State…

1. Reallocation. To the extent permitted by federal law, 30% of the allocation to the State and to the counties of the State of the national qualified energy conservation bond volume limitation established pursuant to 26 United States Code, Section 54D(e), as amended, and as desc…

To the extent permitted by federal law, the Governor may establish by executive order a procedure for the reallocation of any allocation of a portion of a national bond limitation to the State or to any issuer or governmental entity within the State pursuant to 26 United States C…

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1989, c. 774, §4 (NEW).] 1. Authority. "Authority" means the Finance Authority of Maine. 2. Effective interest rate. "Effective interest rate" means an annual …

1. Program established. There is established the Waste Oil Furnace Loan Program to be administered by the authority through approved lenders. The program subsidizes interest costs of loans made to eligible entities purchasing and properly installing qualified waste oil boilers an…

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Eligible costs" means the following costs incurred by an immigrant prior to the immigrant's obtaining a work permit and incurred for the purpose o…

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2025, c. 494, §2 (NEW).] 1. Affected employee. "Affected employee" means a person employed by the Federal Government or the State Government or any federal or …

1. Establishment; purpose. The Government Shutdown Loan Guarantee Program is established within and administered by the authority. The authority shall guarantee the repayment of loans made by an eligible financial institution to an eligible affected employee pursuant to section 1…

1. Determination of eligibility of affected employee. An eligible financial institution may make a loan to an affected employee who meets the following eligibility requirements. A. An affected employee shall provide to the eligible financial institution proof of the affected empl…

1. Claims. No sooner than the 180th day following the end of the grace period and no later than the 300th day following the end of the grace period, an eligible financial institution that has made a good faith effort to collect the outstanding principal of a loan issued pursuant …

1. Maintenance and review of records. The authority shall maintain records in the regular course of administration of the program, including a record of loans issued pursuant to section 1100‑JJ and loan guarantee payments issued pursuant to section 1100‑KK, subsection 2 to honor …

The Finance Authority of Maine may administer a statewide program to make low interest loans to stimulate the development and expansion of small business in this State pursuant to contracts between the authority and local community action agencies designated under Title 22, chapt…

An affected employee may not apply for a loan under the program after a shutdown ends. A financial institution may not approve a loan under the program after a shutdown ends.

1. Contracts. The authority may contract with any community action agency that seeks to organize a job-start program. The authority shall first contract with community action agencies that have current contracts with the authority to administer the Maine Job-start Program. The au…

The joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs, in consultation with the joint standing committee of the Legislature having jurisdiction over financial services matters, may report out legislation to address any fundi…

1. Creation of fund. A Job-start Revolving Loan Fund is established by the authority for the job-start program. The fund contains appropriations provided for that purpose and all repayments of principal and interest of loans under this subchapter and interest earned by the fund p…

1. Regional. Each community action agency job-start program shall file the reports as required by the authority. 2. Authority. The authority shall file a report showing the balance of each Job-start Revolving Loan Fund, the status of all outstanding loans and a report on all othe…

1. Legislative findings; authorization. The Legislature finds that the growth of new and existing small businesses in the State results in increased job opportunities for Maine residents, produces more spending in the State and increases municipal tax bases. Businesses that expor…

1. Findings and intent. The Legislature finds that encouragement of investment in qualified businesses and developments located in economically distressed areas of the State and the creation and preservation of jobs are in the public interest and promote the general welfare of th…

This chapter shall be known and may be cited as the "Finance Authority of Maine Act."

There is a statewide need to provide enlarged opportunities for gainful employment to the people of the State and to ensure the preservation and betterment of the economy and the general health, safety and welfare of the State and its inhabitants; to provide a more healthy enviro…

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1985, c. 344, §7 (NEW).] 1. Agricultural enterprise. "Agricultural enterprise" means knowledge, skill or labor applied to growing or raising plants or animals, ha…

1. Finance Authority of Maine. The Finance Authority of Maine is established as a body corporate and politic and a public instrumentality of the State, and the exercise by the authority of the powers conferred by this chapter shall be deemed and held to be the performance of esse…

There shall be 15 voting members of the authority as follows. [PL 1989, c. 598, §4 (AMD).] 1. Selected board members. 2. Designated members. Three members appointed by the Governor and subject to review by the joint standing committee of the Legislature having jurisdiction over e…

The terms of office for the designated and at-large members defined in section 965, subsections 2 and 3, are for 4 years, except for initial appointees. [PL 2001, c. 417, §7 (AMD).] 1. Initial terms of office. The initial terms of office shall apply to the initial designated and …

A member of the authority, a member of any board of the authority and an employee of the authority are not subject to any personal liability for having acted within the course and scope of the membership or employment to carry out any power or duty under this chapter. The authori…

The authority shall elect one of its members as chair; one member as vice-chair, who serves as secretary; and one member as treasurer and shall employ a chief executive officer.

The authority may, subject to any limitation of this chapter: [PL 1985, c. 344, §17 (NEW).] 1. Borrow. Borrow money or otherwise obtain credit in its own name; 2. Lend. Lend money or otherwise extend credit to any person and exercise all powers of a lender or creditor; 2-A. Inter…

In carrying out the purposes of this chapter, the authority shall, to the greatest extent possible, require the utilization of private or other governmental sources of mortgage insurance or credit enhancement devices in order to assure the most effective and efficient use of stat…

Seven members of the authority constitute a quorum of the members. The affirmative vote of the greater of 5 members, present and voting, or a majority of those members present and voting is necessary for any action taken by the members. A vacancy in the membership of the authorit…

The chief executive officer shall be the chief administrative officer of the authority and shall be appointed by the Governor, subject to review by the joint standing committee of the Legislature having jurisdiction over housing and economic development and to confirmation by the…

Notwithstanding Title 5, section 18, subsection 1, paragraph B, each member of the authority and each employee, contractor, agent or other representative of the authority is deemed an "executive employee" solely for purposes of Title 5, section 18, and for no other purpose, excep…

1. Report. The authority shall submit to the Governor, the Speaker of the House of Representatives, the President of the Senate and the joint standing committees of the Legislature having jurisdiction over housing and economic development and education, not later than 120 days af…

1. Disclosure required. Notwithstanding subsections 2 and 3 and except as provided in paragraph F, the following shall be made available to any person upon request reasonably describing the records to which access is sought or, if no request is made, in any manner and at any time…

This chapter, being necessary for the welfare of the State and its inhabitants, shall be liberally construed. In the event of any conflict between this chapter and any other law, this chapter shall prevail, but the power and authority granted is deemed to be in addition to and no…