Maine Revised Statutes Title 35-A Sec. 2927 – Form of public utility securities and investments
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Terms Used In Maine Revised Statutes Title 35-A Sec. 2927
- Bank: means the Maine Public Utility Financing Bank created by this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- Bonds: means bonds of the bank issued pursuant to this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- Chapter: means the Maine Public Utility Financing Bank Act. See Maine Revised Statutes Title 35-A Sec. 2903
- Fully marketable form: means a public utility security duly executed and accompanied by an approving legal opinion of counsel of recognized standing in the field of public utility financing, whose opinions have been and are accepted by purchasers of like public utility bonds, provided that the public utility security so executed need not be printed or lithographed nor be in more than one denomination. See Maine Revised Statutes Title 35-A Sec. 2903
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- 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
All public utility or other investments of money of the bank permitted or provided for under this chapter shall at all times be purchased and held in fully marketable form, subject to provision for any registration in the name of the bank. All public utility bonds at any time purchased, held or owned by the bank shall upon delivery to the bank be accompanied by documentation, including approving legal opinion, certification and guaranty as to signatures, certification as to absence of litigation and such other or further documentation as shall from time to time be required in the municipal bond market. [PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).