1.Authorization. The redevelopment authority may provide by resolution for the issuance of bonds for the purpose of funding the Maine Redevelopment Land Bank Fund, or any successor to the fund. The bonds of the redevelopment authority do not constitute a debt or liability of the State or of any agency or political subdivision of the State other than the redevelopment authority but are payable solely from the revenue of the redevelopment authority, and neither the faith nor credit nor taxing power of the State or any political subdivision of the State is pledged to payment of the bonds. Notwithstanding any provision of law to the contrary, bonds issued pursuant to this chapter are fully negotiable. If a commissioner of the redevelopment authority whose signature appears on any bonds or coupons ceases to be a commissioner of the redevelopment authority before the delivery of those bonds or coupons, that signature is valid and sufficient for all purposes as if that commissioner had remained a commissioner until delivery. [2021, c. 664, §3(NEW).]
2.General characteristics. The redevelopment authority may, by resolution, provide: A. The manner of executing bonds and coupons; [2021, c. 664, §3(NEW).]B. The form and denomination of bonds and coupons; [2021, c. 664, §3(NEW).]C. Maturity dates; [2021, c. 664, §3(NEW).]D. Interest rates on bonds and coupons; [2021, c. 664, §3(NEW).]E. For redemption prior to maturity and the premium payable; [2021, c. 664, §3(NEW).]F. The place or places for the payment of interest and principal; [2021, c. 664, §3(NEW).]G. For registration if the redevelopment authority determines registration is desirable; [2021, c. 664, §3(NEW).]H. For the pledge of all or any of the revenue for securing payment; [2021, c. 664, §3(NEW).]I. For the replacement of lost, destroyed or mutilated bonds; [2021, c. 664, §3(NEW).]J. For the setting aside and the regulation and disposition of reserve and sinking funds; [2021, c. 664, §3(NEW).]K. For limitation on the issuance of additional bonds; [2021, c. 664, §3(NEW).]L. For the procedure, if any, by which the contract with a bondholder may be abrogated or amended; [2021, c. 664, §3(NEW).]M. For the manner of sale and purchase of bonds; [2021, c. 664, §3(NEW).]N. For the issuance of bonds in a series; and [2021, c. 664, §3(NEW).]O. Any other matter relating to the bonds that the redevelopment authority determines appropriate. [2021, c. 664, §3(NEW).] [2021, c. 664, §3(NEW).]
3.Liability. A member or employee of the redevelopment authority or a person executing the bonds may not be liable personally for the bonds or subject to any personal liability by reason of the issuance of the bonds. [2021, c. 664, §3(NEW).]
4.Trust indenture. In the discretion of the redevelopment authority, bonds may be secured by a trust indenture by and between the redevelopment authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company, located either within or outside the State. Such a trust indenture may pledge or assign the revenues of the redevelopment authority or any part of it. A trust indenture may set forth the rights and remedies of the bondholders and the trustee, restrict the individual right of action of bondholders and contain such other provisions as the redevelopment authority may consider reasonable and proper for the security of bondholders. Expenses incurred in carrying out any trust indenture may be treated as a part of maintenance. [2021, c. 664, §3(NEW).]
5.Rights of bondholders. Provisions may be made for protecting and enforcing the rights and remedies of bondholders, including covenants as to acquisition of property, construction, maintenance, operation and repair, insurance and the custody, security and application of all money. [2021, c. 664, §3(NEW).]
6.Depositories. Any trust company or bank having the powers of a trust company and located either within or outside the State may act as a depository of the proceeds of bonds and revenue and may furnish such indemnity or pledge such securities as may be required by the redevelopment authority. [2021, c. 664, §3(NEW).]
7.Tax free. The purposes of this chapter being public and for the benefit of the people of the State, bonds of the redevelopment authority are free from taxation by the State. [2021, c. 664, §3(NEW).]
8.Revenue refunding bonds. The redevelopment authority may issue revenue refunding bonds for the purpose of refunding revenue bonds issued under this chapter. The issuance of any refunding bonds is the same as is provided for in this chapter relating to revenue bonds. [2021, c. 664, §3(NEW).]
9.Default. In the event of default on bonds and in the event the default continues for a period of 3 months, action may be brought to enforce the rights of the bondholders by ensuring that the operation by the redevelopment authority is in conformity with the covenants of the bonds or trust indenture. [2021, c. 664, §3(NEW).]
Added by 2022, c. 664,§ 3, eff. 8/8/2022.