Maine Revised Statutes Title 30-A Sec. 4863 – Maine Energy, Housing and Economic Recovery Fund
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The Maine Energy, Housing and Economic Recovery Fund is established under the jurisdiction and control of the authority. The fund is nonlapsing and may be invested in the same manner as permitted for investment of other state funds. [PL 2009, c. 372, Pt. E, §1 (NEW).]
1. Use of fund. Money in the fund may be applied by the authority:
A. To reduce the rate of interest on or the principal amount of such mortgage loans as the authority determines; [PL 2009, c. 372, Pt. E, §1 (NEW).]
B. To make mortgage loans and such other types of loans or grants as the authority determines; [PL 2009, c. 372, Pt. E, §1 (NEW).]
C. To fund reserve funds for, pay capitalized interest on, pay costs of issuance of or otherwise secure and facilitate the sale of the bonds issued under section 4864; [PL 2009, c. 372, Pt. E, §1 (NEW).]
D. To pay the administrative costs of the program; [PL 2009, c. 372, Pt. E, §1 (NEW).]
E. To pay, in whole or in part, principal, interest, sinking fund payments or other costs on bonds issued by the authority under section 4864 for the purposes of this program; and [PL 2009, c. 372, Pt. E, §1 (NEW).]
F. In any other reasonable manner to support the purposes of the program. [PL 2009, c. 372, Pt. E, §1 (NEW).]
[PL 2009, c. 372, Pt. E, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 30-A Sec. 4863
- Authority: means the Maine State Housing Authority. See Maine Revised Statutes Title 30-A Sec. 4861
- Bonds: means any bonds, notes, interim certificates, debentures or other obligations issued by an authority under this chapter. See Maine Revised Statutes Title 30-A Sec. 4702
- Contract: A legal written agreement that becomes binding when signed.
- Fund: means the Maine Energy, Housing and Economic Recovery Fund established in section 4863. See Maine Revised Statutes Title 30-A Sec. 4861
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: means :
A. See Maine Revised Statutes Title 30-A Sec. 4702Obligation: 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. Program: means the Maine Energy, Housing and Economic Recovery Program established in section 4862. See Maine Revised Statutes Title 30-A Sec. 4861 Sinking fund: means a fund created for the purpose of paying a debt. See Maine Revised Statutes Title 30-A Sec. 2001 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Sources of funds. The fund consists of:
A. All money transferred to the fund pursuant to Title 36, section 4641?B, subsection 4?B; [PL 2011, c. 453, §3 (AMD).]
B. Subject to any pledge, contract or other obligation under this subchapter, any money the authority receives in repayment of advances from the fund; [PL 2009, c. 372, Pt. E, §1 (NEW).]
C. Subject to any pledge, contract or other obligation under this subchapter, all interest, dividends and pecuniary gains from the investment of money of the fund; and [PL 2009, c. 372, Pt. E, §1 (NEW).]
D. Any other money available to the authority and directed by the authority to be paid into the fund. [PL 2009, c. 372, Pt. E, §1 (NEW).]
[PL 2011, c. 453, §3 (AMD).]
3. Fund as security. Money in the fund may, in whole or in part, be pledged or transferred and deposited as security for and applied in payment of principal of, interest on or redemption premiums on bonds issued under section 4864 for the purposes of this subchapter.
[PL 2009, c. 372, Pt. E, §1 (NEW).]
4. Division of fund. The authority may divide the fund into any separate accounts that it finds necessary to accomplish the purposes of this subchapter.
[PL 2009, c. 372, Pt. E, §1 (NEW).]
5. Reporting. Not later than March 1, 2011 and March 1st of each year thereafter, the director of the authority shall report to the joint standing committee of the Legislature having jurisdiction over affordable housing matters on the status of the fund as long as there has been new activity since the previous report. The report must include, but is not limited to, the amount of revenue bonds issued under this subchapter, the type, location and cost of projects receiving bond proceeds, the number of housing units created by each project, the number of direct construction jobs created or maintained by each project, the amount of direct construction wages paid in creating or maintaining those jobs and the total amount of building materials purchased in the development of each project.
[PL 2017, c. 234, §30 (AMD).]
SECTION HISTORY
PL 2009, c. 372, Pt. E, §1 (NEW). PL 2011, c. 453, §3 (AMD). PL 2017, c. 234, §30 (AMD).