Maine Revised Statutes Title 30-A Sec. 5250-D – Bond financing
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Terms Used In Maine Revised Statutes Title 30-A Sec. 5250-D
- Affordable housing: means a decent, safe and sanitary dwelling, apartment or other living accommodation for a household whose income does not exceed 120% of the median income for the area as defined by the United States Department of Housing and Urban Development under the United States Housing Act of 1937, Public Law 75-412, 50 Stat. See Maine Revised Statutes Title 30-A Sec. 5246
- district: means a specified area within the corporate limits of a municipality that has been designated as provided under sections 5247 and 5250 to be developed under an affordable housing development program and financed under section 5250?A. See Maine Revised Statutes Title 30-A Sec. 5246
- Municipal officers: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001 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. program: means a statement of means and objectives designed to encourage the development and maintenance of affordable housing within an affordable housing development district. See Maine Revised Statutes Title 30-A Sec. 5246 Project costs: means any expenditures or monetary obligations incurred or expected to be incurred that are authorized by section 5249, subsection 1 and included in an affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246
The legislative body of a municipality may authorize, issue and sell bonds, including but not limited to general obligation or revenue bonds or notes, that mature within 30 years from the date of issue to finance all project costs needed to carry out the affordable housing development program within the affordable housing development district. The municipal officers authorized to issue the bonds or notes may borrow money in anticipation of the sale of the bonds for a period of up to 3 years by issuing temporary notes and notes in renewal of the bonds. All revenues derived under section 5250?A received by the municipality are pledged for the payment of the activities described in the affordable housing development program and used to reduce or cancel the taxes that may otherwise be required to be expended for that purpose. The notes, bonds or other forms of financing may not be included when computing the municipality’s net debt. Nothing in this section restricts the ability of the municipality to raise revenue for the payment of project costs in any manner otherwise authorized by law. [PL 2013, c. 312, §5 (AMD).]
SECTION HISTORY
PL 2003, c. 426, §1 (NEW). PL 2013, c. 312, §5 (AMD).