Maine Revised Statutes Title 5 Sec. 145-A – Minibonds
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Terms Used In Maine Revised Statutes Title 5 Sec. 145-A
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
Notwithstanding any other provisions of the laws of this State, whenever the Treasurer of State is authorized to issue and sell bonds for the State, and he determines to issue and sell all or a portion of these bonds in denominations of less than $5,000, minibonds, he may issue and sell these minibonds at public or private sale, maturing in such amounts and upon such dates, at such interest rate or rates, payable at such time and in such manner, at discount, with or without disclosure, in bearer or registered form, and upon such other terms and conditions, all as he shall determine to be in the best interests of the State; provided that: Not more than $1,000,000 principal amount of minibonds shall be sold by the Treasurer of State in any one fiscal year; no minibond shall mature more than 5 years after its date; no one sale to a purchaser of minibonds shall be in an aggregate principal amount equal to or greater than $5,000; and each minibond shall provide that it shall be redeemed by the State upon due presentation by an appropriate person on any business day after one year from its date of sale by the Treasurer of State at such price as the Treasurer of State shall determine according to a schedule established with respect to each issue of minibonds prior to the sale thereof. Section 137 shall not apply to the issuance of minibonds. [PL 1979, c. 560 (NEW).]
The minibonds must be signed by the Treasurer of State or the Treasurer of State’s deputy and attested by the Commissioner of Administrative and Financial Services, or such agent as the commissioner may designate. [PL 2023, c. 223, §3 (AMD).]
The Treasurer of State may adopt rules pursuant to chapter 375 for purposes of this section. [PL 1979, c. 560 (NEW).]
SECTION HISTORY
PL 1979, c. 560 (NEW). PL 1985, c. 785, §A17 (AMD). PL 1991, c. 780, §Y16 (AMD). PL 2023, c. 223, §3 (AMD).