| | | Sec. 11. 30-A MRSA §6006-D, as corrected by RR 1993, c. 2, §§30 and | | 31, is amended to read: |
|
| | | §6006-D. Municipal Investment Trust Fund |
|
| | | 1. Establishment; administration. The Municipal | Infrastructure | | as the "fund," is established in the custody of the bank as a | | special fund as provided in this section. |
|
| | | A. The purpose of the fund is to provide financial | | assistance under subsection 2 for the acquisition, design, | | planning, construction, enlargement, repair, protection or | | improvement of public service infrastructure and downtown | | improvements. |
|
| | | B. The bank shall administer the fund. The fund must be | | invested in the same manner as permitted for investment of | | funds belonging to the State or held in the State Treasury. | | The fund must be established and held separate from any | | other funds or money of the State or the bank and used and | | administered exclusively for the purpose of this section and | | section 5953-D. The fund consists of the following: |
|
| | | (1) Sums that are appropriated by the Legislature or | | transferred to the fund from time-to-time by the | | Treasurer of State; |
|
| | | (2) Principal and interest received from the repayment | | of loans made from the fund; |
|
| | | (3) Capitalization grants and awards made to the State | | or an instrumentality of the State by the Federal | | Government for any of the purposes for which the fund | | has been established. These amounts must be paid | | directly into the fund without need for appropriation | | by the State; |
|
| | | (4) Interest earned from the investment of fund | | balances; |
|
| | | (5) Private gifts, bequests and donations made to the | | State for any of the purposes for which the fund has | | been established; |
|
| | | (6) The proceeds of notes or bonds issued by the State | | for the purpose of deposit in the fund; |
|
| | | (7) The proceeds of notes or bonds issued by the bank | | for the purpose of deposit in the fund; and |
|
|
