Maine Revised Statutes Title 35-A Sec. 6109-A – Lease of property by consumer-owned water utility
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1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. “Charter” has the same meaning as set forth in section 6402, subsection 1. [PL 2003, c. 267, §1 (NEW).]
B. “Consumer-owned water utility” has the same meaning as set forth in section 6101, subsection 1?A. [PL 2003, c. 267, §1 (NEW).]
[PL 2003, c. 267, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 6109-A
- 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
- Personal property: All property that is not real property.
- Water utility: includes every person, its lessees, trustees, receivers or trustees appointed by any court, owning, controlling, operating or managing any water works for compensation within this State, including any aqueduct organized under former Title 35, chapter 261 and any of its predecessors. See Maine Revised Statutes Title 35-A Sec. 102
2. Agreements authorized. Notwithstanding any provision to the contrary in its charter, a consumer-owned water utility may enter into a lease and leaseback transaction with respect to some or all of its real or personal property, other than land, and may take all other action necessary or desirable, including, but not limited to, the granting of mortgages and liens, to effectuate the transaction. For purposes of this subsection, “lease” includes a lease of any length, including leases that may be defined as sales for income tax purposes.
[PL 2003, c. 267, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 267, §1 (NEW).