5.__Cooperating entities. "Cooperating entities" means those private nonprofit organizations, municipal conservation commissions, local governments, federal agencies or other bodies designated by the board under section 6407 to assist the State in the acquisition or management of lands.

6.__Fund.__"Fund" means the Maine Woods Fund as established in section 6411.

7.__Holder of securities or holder.__"Holder of securities" or "holder," when used with reference to securities of the board, means a person who is the bearer of outstanding securities of the board registered to bearer or not registered or the registered owner of outstanding securities of the board that at the time of registration are registered other than to bearer.

8.__Matching funds.__"Matching funds" means any combination of public and private funds used in conjunction with the fund for the purpose of this chapter, including, but not limited to: private contributions of cash or securities; money from municipal or other public agencies; money from a federal matching program, subject to the limitations of applicable federal and state laws, in an amount authorized by the federal program; contributions of real property or interest in real property that serves the acquisition needs of the State as determined by the board; in- kind contributions; or any combination of those funds. Contributions of land or interest in land must be valued for purposes of this section in the amount of their appraised value.

9.__Notes.__"Notes" means notes of the board issued pursuant to this Act.

10.__Project, projects.__"Project, projects or part of any project" means the acquisition, improvement or management of real or personal property to carry out the purposes of this Act.

11.__Securities.__"Securities" means bonds, notes or other evidences of indebtedness under this Act.

12.__Stewardship account. "Stewardship account" means an account held separate and apart from all other money, funds and accounts of a state agency for the purposes of management of land owned in fee or less-than-fee simple, meeting the criteria established in section 6406, subsection 1.

13.__Sustainable forestry.__"Sustainable forestry" means a practice that is ecologically viable, economically feasible and socially desirable.

§6404. Maine Woods Board; members; compensation

1.__Establishment; membership.__The Maine Woods Board is established as a body corporate and politic and a public instrumentality of the State.__The exercise by the board of powers conferred by this chapter is considered to be the performance of essential governmental functions.__The board consists of 7 members, of whom 3 are private citizens and 4 are permanent members.__The permanent members are the Commissioner of Conservation, the Commissioner of Inland Fisheries and Wildlife, the Treasurer of State and the Attorney General.

2.__Appointments.__The 3 members who are private citizens are appointed by the Governor, subject to review by the joint standing committee of the Legislature having jurisdiction over conservation matters and subject to confirmation by the Legislature.

3.__Qualifications.__The 3 members who are private citizens are selected for their demonstrated commitment to sustainable forestry or public access and recreation.__At least one of those members must have expertise in forestry practices and at least one in conservation.__Appointments must provide a broad geographic representation of the State.

4.__Terms.__The members who are private citizens are appointed to staggered terms of 4 years, except for the initial appointments that are one member for a 2-year term, one member for a 3-year term and one member for a 4-year term.__Members who are private citizens may not serve more than 2 consecutive 4-year terms.__When a vacancy occurs in the membership, the Governor shall appoint a replacement member for the remainder of that term.__Each member of the board serves until that member's successor is appointed and qualified.

5.__Oath.__Each member of the board, before commencing the member's duties, shall take an oath to administer the duties of that member's office faithfully and impartially.__That oath must be filed in the office of the Secretary of State.

6.__Officers; quorum.__The board shall elect a chair and a vice-chair from its membership.__The board may have a secretary and a treasurer, who may be members of the board.__Three members of the board constitute a quorum, which is necessary for any action taken by the board.__A vacancy in the membership of the

board does not impair the right of a quorum to exercise the rights and perform the duties of the board.

7.__Compensation.__Each member of the board is entitled to compensation in accordance with Title 5, chapter 379.__Each member of the board must be indemnified by the board against expenses incurred by that member in connection with the defense of an action or proceeding in which the member is made a party by reason of being or having been a member of the board and against any final judgment rendered against the member in that action or proceeding.

§6405. Powers

In order to carry out the purposes of this Act, the board has powers with respect to a project, projects or part of any project and other powers that may be necessary for the performance of the following:

1.__Perpetual succession.__To have perpetual succession as a body politic and corporate and as a public instrumentality of the State;

2.__Power to sue and be sued.__To sue or initiate or appear in any proceeding, and the board may be sued on its written contracts or in accordance with Title 1, section 409; Title 5, chapter 375; or Title 14, chapter 741;

3.__Official seal.__To adopt and have an official seal and alter the seal at pleasure;

4.__Bylaws; rules.__To adopt bylaws and, pursuant to Title 5, chapter 375, adopt any rule necessary or useful for carrying out any of its powers or duties pursuant to this Act.__Rules adopted by the board are routine technical rules pursuant to Title 5, chapter 375, subchapter II-A, unless otherwise expressly designated;

5.__Acquire real or personal property.__To acquire real or personal property or any interest in real or personal property, including rights or easements, on either a temporary or long-term basis by gift, purchase, transfer, foreclosure, lease or otherwise, to improve, hold, sell with or without public bidding, assign, lease, rent, encumber, mortgage or otherwise dispose of any real or personal property or any interest in real or personal property, or mortgage interests owned or in its control, custody or possession and release or relinquish any right, title claim, lien, interest, easement or demand, however acquired, including threat of foreclosure;

6.__Prepare and plan projects and facilities.__To prepare or cause to be prepared plans, specifications, designs and estimates of costs for the project, projects or part of any project and attendant facilities and from time to time to modify or cause to be modified those plans, specifications, designs or estimates;

7.__Provide for financing or refinancing.__To provide financing for any project, projects or part of any project or to provide for refinancing of existing indebtedness and for the financing of the project, projects or part of any project and of other necessary and usual attendant facilities, to borrow money and to issue negotiable securities and to provide for the rights of the holders of those securities;

8.__Make and execute contracts and other financial documents.__ To make and execute contracts and all other instruments, including trust agreements and other financial documents, and enter into such transactions as is necessary or convenient for the exercise of its powers and functions under this Act;

9.__Agreements; acceptances; contributions; aid; grants.__To enter into agreements with and accept loans, aid, contributions and grants from and the cooperation or assistance of the United States, of any agency of the United States or the State or any agency or governmental subdivision of the State for the purposes of this Act, including, but not limited to, the development, maintenance, operation and financing of any project, projects or part of any project and to do whatever is necessary in order to avail itself of those loans, aid, contributions, grants and cooperation;

10.__Agreements or other transactions.__To enter into agreements or other transactions with any person to effectuate the purposes of this Act, including construction agreements, purchase or acquisition agreements and loan or lease agreements with leasing corporations or other financial intermediaries;

11.__Accept aid or contributions.__To receive and accept aid or contributions from any source of money, property, labor or other things of value, to be held, used and applied to carry out the purposes of this Act, subject to the conditions under which those grants and contributions may be made, including, but not limited to, gifts or grants from any department or agency of the United States or the State for any purpose consistent with this Act;

12.__Insurance.__To procure insurance against any loss in connection with its securities and its property and other assets in such amounts and from such insurers as it considers desirable;

13.__Modification of contract, lease, indenture or agreement.__ To the extent permitted under its contract with the holders of securities, to consent to any modification of any contract, lease, indenture or agreement of any kind to which the board is a party;

14.__Manage or operate real and personal property.__To manage or operate or cause to be managed or operated real and personal property, take assignments of leases and rentals or take any other action necessary or incidental to the performance of its duties under this Act;

15.__Secured or unsecured loans.__To make secured or unsecured loans for the purpose of providing temporary or permanent financing or refinancing of all or part of the cost of any project, projects or part of any project, including the refunding of any outstanding obligations, mortgages or advances issued, made or given by any person for the cost of a project, projects or part of any project;

16.__Investments.__Except as otherwise provided in this Act, to invest any funds not needed for immediate use, including any funds held in reserve, in property or securities in which fiduciaries in the State may legally invest funds;

17.__Appearances.__To appear in its own behalf before boards, commissions, departments or agencies of municipal government, State Government or Federal Government;

18.__Executive director; other employees.__To employ an executive director, consulting foresters, attorneys, accountants, financial experts and such other employees and agents as may be necessary in its judgment;

19.__All acts granted or implied.__To do any act necessary or convenient to exercise the powers granted in this Act or reasonably implied from this Act;

20.__Contract with Maine Municipal Bond Bank.__In carrying out its powers under this section, the board shall, whenever possible, contract with the Maine Municipal Bond Bank for necessary clerical and administrative services, including use of the Executive Director of the Maine Municipal Bond Bank as the executive director, secretary and treasurer of the board;

21.__Accept federal funds, gifts and contributions.__To accept federal funds, gifts and contributions, which include, but are not limited to, money, annuities and investments or anything of value for the purposes set forth in section 6426; and

22.__Delegation to Bureau of General Services.__To delegate those powers that the board may specifically exercise, or cause to be exercised, pursuant to subsection 5, 6 or 14 to the Department of Administrative and Financial Services, Bureau of General Services.__The board may revoke such a delegation upon the failure of the Bureau of General Services to discharge the delegated powers.__The Bureau of General Services may provide to the board an indemnity and hold-harmless agreement with respect to a delegation.

§6406.__Board responsibilities; acquisitions and management;

assistance

1.__Acquisition and management.__The board shall acquire and manage lands using sustainable forestry practices so that the land:

A.__Produces income to contribute to sustaining the board's responsibilities; and

B.__To the extent possible considering paragraph A, is available for public access and recreation.

2.__Board responsibilities.__The board shall:

A.__Complete an assessment of the State's needs concerning lands devoted to sustainable forestry and lands available for public access and recreation.__The board shall develop a strategy and guidelines based on that assessment for use in allocating the proceeds of the fund to ensure that the State continues to have a viable part of its economy based on sustainable forestry.__Both the assessment and the development of a strategy and guidelines must be conducted with opportunities for participation by interested state agencies and the public;

B.__Develop a management plan to manage the Maine woods in order to maintain the woods for sustainable forestry practices and public access and recreation;

C.__Receive and review funding requests from state agencies and cooperating entities for acquisition projects that meet guidelines;

D.__In accordance with the strategy and guidelines developed under paragraph A, authorize distribution of proceeds from the fund for acquisitions of property or interests in property;

E.__Ensure that acquisition of land and management of land by the board do not result in a decrease in property taxes collected by the taxing authority by providing payments on the land in lieu of taxes to that taxing authority where the land is located; and

F.__On January 31, 2001 and on January 31st every 2 years thereafter, report to the joint standing committee of the Legislature having jurisdiction over conservation matters on expenditures from the fund and revisions to the strategies and guidelines.

3.__Assistance.__The Department of Conservation; the Department of Inland Fisheries and Wildlife; the Department of Transportation; the Department of Agriculture, Food and Rural Resources; the State Planning Office; and all other state agencies shall provide staff support and assistance necessary to fulfill the objectives of this chapter. If agency assistance is not available, consultants may be hired from the proceeds of the fund to assist the board in carrying out its responsibilities.

§6407.__Acquisition; title; management

1.__Uses of funds.__The board may use the fund to acquire real property with both fee and less-than-fee simple interest, including, but not limited to, conservation easements, access easements, scenic easements, other permanent interests in land and long-term leases of at least 99 years if those acquisitions are primarily natural lands meeting the criteria set forth in this chapter.

2.__Title.__Title to all lands acquired pursuant to this chapter must be vested solely in the State.__The deed to land acquired pursuant to this chapter must specify that the property be used for timber management and harvesting.__Management responsibilities for the acquired lands may be contracted by the board to cooperating entities, subject to appropriate lease arrangements, upon the approval of the board.

3.__Payments.__Payments from the fund may be made to cooperating entities for qualifying lands acquired on behalf of the State, provided that the board has issued to the cooperating entity a letter of intent requesting assistance in the acquisition. Upon submission to the board of a cooperating entity's direct expenses for acquisition and related costs of an authorized acquisition, the board shall authorize payment of those expenses, as long as the total of all expenses does not exceed the appraised value of the acquired property. Expenses must be paid at intervals during the acquisition process, as determined by the board.

4.__Legislative approval.__Land acquired under this chapter may not be sold or used for purposes other than those stated in this chapter unless approved by a 2/3 majority of the Legislature.__Deed restrictions as required under subsection 2 may not be changed by the Legislature.

§6408.__Nominations

Prior to taking an action to designate land for negotiation for acquisition, the board shall send by certified mail or deliver a notice of this intention to the owner or owners of land within the area proposed by the board for acquisition, as the identity and address of such owner or owners is shown on the tax maps or other tax records of the municipality in which the land is located.__If the land is located within the unorganized territory, notice must be sent to the owner or owners as shown on the tax maps or other tax records of the State Tax Assessor.__ After the completion of negotiations, the board shall publish a notice of its intent to designate land for acquisition in a newspaper or newspapers of general circulation that identifies the land proposed by the board for acquisition and that notifies the residents of the area that the board will accept public comments on the proposed acquisition.

Any owner of land that has been nominated for acquisition and is subject to the notice requirements of this section may submit a properly sworn affidavit to the board indicating the owner's unwillingness to sell.__The affidavit is notice to the board that continued evaluation of that land is inappropriate and and the board may not consider that land for acquisition.

§6409.__Acquisition criteria

1.__Determination of state significance.__In determining whether a proposed acquisition may be funded, in full or in part, by the fund, the board shall consider whether the site is of state significance and:

A.__Is appropriate for the practice of sustainable forestry; and

B.__Provides nonmotorized or motorized public access to recreation opportunities and natural resources.

2.__Nonqualifying expenditures. The board may not fund facilities for organized recreational activities, including, but not limited to, ballparks, tennis courts or playgrounds.

§6410. Data sharing

If the board transfers to any local or federal agency written information acquired under this chapter concerning any land, the board shall notify the landowner of the transfer by certified mail.

§6411.__Maine Woods Fund

1.__Fund established.__There is established the Maine Woods Fund that is administered by the board.__The fund consists of the proceeds from the sale of any bonds authorized for the purposes set forth in subsection 2 and any funds received as contributions from private and public sources for those purposes.__The fund must be held separate and apart from all other money, funds and accounts.__Eligible investment earnings credited to the assets of the fund become part of the__assets of that fund. Any balance remaining in the fund at the end of any fiscal year may not lapse but must be carried forward to the next fiscal year.

2.__Fund proceeds.__The proceeds of the fund may be applied and expended to:

A.__Acquire property or an interest in property that is determined by the board appropriate for sustainable forestry practices and public access and recreation;

B.__Fund minor capital improvements on lands acquired by proceeds from the fund to improve accessibility, as long as these improvements do not exceed 5% of the appraised value of the acquired property;

C.__Manage lands for the purposes set forth in this chapter; and

D.__Pay the expenses of the board in carrying out its responsibilities.

3.__Payments.__Payments in lieu of local property tax must be made to the local municipality, or in the care of land in unorganized territory, to the State Tax Assessor.__The tax is to be determined for equivalent land in timber production.

§6412.__Leasing or renting property by board

For the purposes of this chapter, the board may lease, rent, assign or otherwise dispose of a project, projects or part of any project only to the State, any agency, instrumentality or department of the State or branch of State Government or any related agency of state, county or local government.__Revenues derived by the board from any lease or rental agreement must be used, as necessary, to pay the principal, interest and other associated costs on or with respect to any securities issued pursuant to this chapter.

SUBCHAPTER II

SECURITIES

§6413.__Issuance of securities

1.__Resolution for issuance of securities.__The board may provide by resolution, at one time or from time to time, for the issuance and sale of securities in the board's own name for the purpose of paying the cost of any project, projects or part of any project or the refinancing of existing indebtedness approved by the board.__Securities of the board may not be authorized and issued except pursuant to a resolution adopted by the vote of not less than a majority of the members of the board.__The resolution must describe the general purpose or purposes for which the securities are to be issued and state the maximum principal amount of the securities proposed to be issued.__Securities may not be issued by the board without a majority vote of approval in each House of the Legislature.

2.__Limitation on securities issued.__The board may not issue securities in excess of $200,000,000 outstanding at any one time, except for the issuance of revenue refunding securities authorized by section 6417.__The amount of securities that may be outstanding in the name of the board may be increased by the Legislature upon a showing by the board that its available revenues are sufficient to support additional issuance of securities and that the issuance of securities will not materially impair the credit standing of the board, the investment status of securities issued by the board or the ability of the board to fulfill its commitments to__holders of securities.__Nothing in this chapter may be construed to authorize the board to issue securities to fund the construction, reconstruction, purchase or acquisition of facilities without a majority vote of approval in each House of the Legislature.

3.__After issuance.__After issuance, all securities of the board must be conclusively presumed to be fully and duly authorized and issued under the laws of the State, and any person or governmental unit is estopped from questioning their authorization, sale, issuance, execution or delivery by the board.

4.__Form of securities.__The securities of each issue must be dated and mature at such time or times not exceeding 40 years from their date or dates and bear interest at such rate or rates, including variable, floating or adjustable rates, as may be authorized by the board.__These securities may be made redeemable, callable or subject to purchase or tender before maturity, at such price or prices and under such terms and conditions as may be provided for by the board prior to the issuance of the securities. The board shall determine the form of the securities, including any interest coupons to be attached to the securities, if any, and the manner of execution of the securities and shall fix the denomination or denominations of the securities and the place or places of payment of principal and interest, which may be at any bank, national banking association or trust company within or without the State.__Securities must be executed in the name of the board by the manual or facsimile signature of such official or officials as may be authorized in the resolution to execute those securities.__Coupons, if any, attached to securities, must be executed with the facsimile signature of the official or officials designated in the resolution.__If any official whose signature or a facsimile of whose signature appears on any securities or coupons ceases to be an official before the delivery of the securities, the signature or the facsimile is valid and sufficient for all purposes, with the same effect as if the official had remained in office until the delivery.

Notwithstanding any of the other provisions of this Act or any recitals in any securities issued under this Act, all such securities are negotiable instruments issued under the laws of the State.__The securities may be issued in coupon or registered form, or both, as the board may determine.__Provisions may be made for the registration of any coupon securities as to principal alone and as to both principal and interest and for the reconversion into coupon securities of any securities registered as to both principal and interest.__The board may sell the securities in such manner, either at public or private sale, and for such price as it determines is in the best interests of the board.

5.__Award and sell securities.__The power to fix the date of sale of any securities, to receive bids or proposals, to award and sell any securities, to set the terms and provisions of any securities and to take all other action necessary to sell and deliver any securities may be delegated to any officer of the board by a majority of the members of the board.

6.__Proceeds of securities.__The proceeds of the securities of each issue must be used solely for the purpose or purposes for which the securities were authorized and disbursed in such manner and under such restrictions as the board may provide in the resolution authorizing the issuance of the securities or in the trust agreement securing the securities.__If the proceeds of the securities, by error of estimates or otherwise, are less than the cost, additional securities, in like manner, may be issued to provide the amount of the deficiency and, unless otherwise provided in the authorizing resolution or in the trust agreement securing the securities, are deemed to be of the same issue and are entitled to payment from the same fund without preference or priority of the securities first issued for the same purpose.__ The resolution providing for the issuance of securities and any trust agreement securing the securities may contain such limitations upon the issuance of additional securities as the board may consider proper.__Additional securities must be issued under such restrictions and limitations as may be prescribed by the resolution or trust agreement.__The board may provide for the replacement of any securities that become mutilated, destroyed, stolen or lost.__Securities may be issued under this Act without obtaining the consent of any department, division, commission, board, bureau or agency of the State and without any other proceedings or conditions or things other than those proceedings, conditions or things that are specifically required by this Act.

7.__Use of proceeds.__The proceeds of the securities of each issue must be used for the payment of all or part of the cost of the project, projects or part of any project for which they are authorized and must be disbursed in such manner and under such restrictions as are provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the securities.__Proceeds may be used to pay all costs incurred in issuing the securities and interest on the securities for such time as may be authorized by the board, subject to the provisions of this Act, and to establish reserve funds and sinking funds for the securities.

8.__Interim or temporary securities.__Prior to the preparation of definitive securities, the board may, under like restrictions, issue interim or temporary securities with or without coupons, exchangeable for definitive securities when those securities are executed and are available for delivery.

9.__Securing of principal and interest.__The principal of and interest on any securities issued by the board, together with any related costs and expenses, must be secured by a pledge of the revenues and receipts derived by the board from the project, projects or part of any project financed and from such other revenues of the board as may be specially pledged by the board and may be secured by a mortgage covering all or any part of the project, projects or part of any project, including any enlargements of and additions to the project, projects or part of any project made.__The resolution under which the securities may be issued and any mortgage may contain any agreements and provisions respecting the maintenance of the project, projects or part of any project covered; the fixing and collection of rents, fees or other charges; the creation and maintenance of special funds from the revenues and any reserve funds; and the rights and remedies available in the event of default.__Those agreements and provisions must be as the board considers advisable and not in conflict with this Act.__Each pledge, agreement and mortgage made for the benefit or security of any of the holders of securities continues in effect until the principal of and interest and any related costs and expenses on the securities for the benefit for which the securities were made have been fully paid.

§6414.__Pledges and covenants; trust agreement

In the discretion of the board, any securities issued under this Act may be secured by a trust agreement by and between the board and a corporate trustee, which may be any trust company or bank or national banking association having the powers of a trust company within or without the State.__The trust agreement or the resolution providing for the issuance of the securities may pledge or assign all or any portion of the revenues of the board or any project, projects or part of any project of the board and may contain such provisions for protecting and enforcing the rights and remedies of the holders of securities as may be reasonable and proper and not in violation of law.__The provisions may include covenants setting forth the duties of the board in relation to: the acquisition of property; the construction, reconstruction, renewal, replacement and insurance of any project, projects or part of any project in connection with which the securities have been authorized; the fees, charges or rents to be charged or other payments to be made for the use or payment for property; and the custody, safeguarding and application of all money.__It is lawful for any bank or trust company incorporated under the laws of the State that may act as depository of the proceeds of securities or of revenues of the board or any project, projects or part of any project to furnish such indemnifying bonds or to pledge such instruments as may be required by the board.__Any such trust agreement may set forth the rights and remedies of the holders of the securities and of the trustee and may restrict the individual right of action by holders of securities.

To secure the payment of the securities, a trust agreement or other financial document may mortgage or assign the mortgage of any project, projects or part of any project and may create a lien upon any or all of the revenues of the board or any project, projects or part of any project or upon any or all of the real or personal property constituting a part of the project, projects or part of any project.__The trust agreement, financial document or resolution may contain such other provisions as the board may consider reasonable and proper for the security of the holders of securities.

A trust agreement or financial document containing a mortgage or assignment of a mortgage with respect to a project, projects or a part of any project may authorize the trustee or mortgagee in the event of a default as defined, with respect to the securities issued to provide for the costs of the project, projects or a part of any project, to take possession of all or any part of the mortgaged property constituting the project, projects or a part of any project; to hold, operate and manage the project, projects or a part of any project; and, with or without such taking of possession, to sell or from time to time to lease the project, projects or a part of any project.__A judgment for possession may be without conditions, and such a sale or lease may not be subject to any right to redeem the mortgaged property.__Upon satisfaction at any time of the obligations secured by the mortgage with respect to the project, projects or part of any project, which is deemed to include all applicable fees and expenses, any surplus proceeds from the operation, sale or lease of the project, projects or part of any project must be paid to the mortgagor of the project, projects or part of any project or to those claiming under the mortgagee, and, subject to any sale or lease under this paragraph, the mortgaged property with respect to the project, projects or part of any project reverts or must be returned to the mortgagor or to those claiming under the mortgagee.

All expenses incurred in carrying out the trust agreement, financial document or resolution may be treated as a part of the cost of the operation of a project, projects or part of any project.__All pledges of revenues under this Act are valid and binding from the time when the pledge was made.__The revenues pledged and received by the board are immediately subject to the lien of the pledges without any physical delivery or further action under the Uniform Commercial Code.__The lien of the pledges is valid and binding as against all parties having claims of any kind in tort or contract or otherwise against the board irrespective of whether the parties have notice of the lien.

Any resolution or resolutions authorizing any securities or any issue of securities or any trust agreement with respect to any securities may contain provisions that are a part of the contract or contracts with the holders of the securities in relation to:

1.__Pledging of full faith and credit of board.__Pledging the full faith and credit of the board or of all or any specified revenues or assets of the board to secure the payment of the securities or of any issue of securities, subject to such agreements with holders of securities as may then exist;

2.__Pledging of unencumbered revenues or assets of board.__ Pledging all or any part of the unencumbered revenues or assets of the board to secure the payment of the securities or any issue of securities, subject to such agreements with holders of securities as may then exist;

3.__Setting aside of reserves or sinking funds.__Setting aside of reserves or sinking funds and the regulation and disposition of the funds;

4.__Limitations on use of proceeds of sale of securities.__ Limitations on the use to which the proceeds of the sale of securities may be applied and pledging of those proceeds to secure the payment of the securities or of any issue of securities;

5.__Limitations on issuance of additional securities.__ Limitations on the issuance of additional securities, the terms upon which additional securities may be issued and secured and the refunding of outstanding or other securities;

6.__Amendment or abrogation of contract terms; procedure.__The procedure, if any, by which the terms of any contract with holders of securities may be amended or abrogated, the amount that the holders of securities must consent to and how that consent may be given;

7.__Limitations on money expended by authority for expenses. Limitations on the amount of money to be expended by the board for operating, administrative or other expenses of the board;

8.__Vesting of rights in trustee; powers and duties in trust.__ Vesting a trustee or trustees with such property, rights, powers and duties in trust as the board may determine, which may include any or all of the rights, powers and duties of the trustee appointed for the holders of securities issued pursuant to this Act;

9.__Default.__Defining the acts or omissions to act that constitute a default in the obligations and duties of the board to the holders of the securities and providing for the rights and remedies of the holders of the securities in the event of that default, including as a matter of right the appointment of a receiver, but only if the rights and remedies are not inconsistent with the general laws of the State and this Act; and

10.__Other matters.__Other matters that in any way affect the security or protection of the holders of the securities.

§6415.__Trust funds

All money received by the board is considered trust funds to be held and applied solely as provided in this Act.__An officer to whom or a bank, trust company or other fiscal agent or trustee to which that money is paid shall act as trustee of the money and shall hold and apply the money for the purpose of this Act, subject to such rules as may be adopted by the board pursuant to this Act and as the resolution or trust agreement may provide.

§6416.__Remedies

A holder of securities issued under this Act or of any of the coupons appertaining to the securities, and the trustee under any resolution or trust agreement, except to the extent the rights given may be restricted by the resolution authorizing the issuance of the securities or the trust agreement or an applicable financial document, may, either by action, mandamus or other proceeding, protect and enforce all rights under the laws of the State or granted under this Act or under the resolution, financial document or trust agreement, including the appointment of a receiver, and may enforce and compel the performance of all duties required by this Act or by the resolution, financial document or trust agreement to be performed by the board, including the collecting of rates, rents, fees and charges for the use of any or all of its facilities for any project, projects or part of any project.__Any such suit, action or proceeding must be brought for the benefit of all the holders of the securities and coupons, subject to the terms of any such resolution, trust agreement or financial document.

§6417.__Revenue refunding securities

The board may provide by resolution for the issuance of revenue refunding securities of the board for the purpose of refunding any obligations of the board or for the purpose of the refinancing of existing indebtedness then outstanding that has been issued or incurred under this Act or otherwise, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption of those obligations and, if considered advisable by the board, for the additional purpose of construction or enabling the construction of improvements, extensions, enlargements or additions of the project, projects or part of any project in connection with which the obligations to be refunded were issued.__The board may provide by resolution for the issuance of securities of the board for the combined purpose of refunding any obligations or revenue refunding securities then outstanding or for the purpose of the refinancing of existing indebtedness that has been issued or incurred under this Act, or otherwise, including the payment of any redemption premium on that indebtedness and any interest accrued or to accrue to the date of redemption of the obligations and paying all or any part of the cost of selling the securities or acquiring or constructing or enabling the acquisition or construction of any additional project, projects or part of any project or any improvements, extensions, enlargements or additions of any project, projects or part of any project.__The issuance of the securities, the maturities and other details of the securities, the rights and remedies of the holders of the securities and the rights, powers, privileges, duties and obligations of the board, with respect to the securities, are governed by this Act.

§6418.__Tax exemption

Securities issued under this Act constitute a proper public purpose and those securities, their transfer and the income from the securities, including any profits made on the sale of the securities, are exempt from taxation within the State.

§6419.__Governmental functions

The carrying out by the board of the powers and duties conferred upon it by this Act is considered to be the performance of essential functions.__Nothing contained in this Act may in any way limit or restrict the powers and duties of the board.

§6420.__Liberal construction

This Act, being necessary for the welfare of the State and its inhabitants, must be liberally construed to effect its purposes.__ To the extent of any conflict between this Act and any other law, this Act must prevail, but the power and authority granted by this Act must be considered to be in addition to and not in derogation of the power and authority granted by any other law.

§6421.__Securities as legal investment

The securities of the board are legal investments in which all public officers and public bodies of the State, and its political subdivisions; all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business; all banks, bankers, banking associations, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business; all administrators, guardians, executors, trustees and other fiduciaries; and all other persons who are or may be authorized to invest in bonds or other obligations of the State, may properly and legally invest funds, including capital, in the control of or belonging to those investors.__The securities are also, by this Act, made securities that may properly and legally be deposited with and received by all public officers and bodies of the State or any agency or political subdivision of the State and all municipalities and public corporations for any purpose for which the deposit of securities of bonds or other obligations of the State may be authorized by law.

§6422.__Conflicts

A member of the board may not participate in any decision on any contract entered into by the board under this Act if that member has any interest, direct or indirect, in any firm, partnership, corporation or association that may be party to the contract.__The interest must be disclosed to the board in writing and must be set forth in the minutes of the board.

§6423.__Actions against board

A member of the board, while acting within the scope of the authority of this Act, may not be subject to any personal liability resulting from the exercise or carrying out of any of the board's purposes or powers.

§6424.__Contract of State

The State pledges and agrees with the holders of securities that the State will not limit or alter the rights vested in the board to acquire, construct, reconstruct, equip and operate a project, projects or part of any project and related facilities; to establish and collect fees, charges, rentals and other charges referred to in this Act; and to fulfill the terms of any agreements made with the holders of the securities.__The State also pledges and agrees that it will not impair the rights and remedies of the holders of securities until the securities, together with interest on securities, interest on any unpaid installments on interest and all costs and expenses in connection with any action or proceeding by or on behalf of the holders of securities are fully met and discharged.

§6425.__Credit of State not pledged

Securities issued under this Act do not constitute or create any debt or debts, liability or liabilities on behalf of the State or of any political subdivision of the State other than the board or a loan of the credit of the State or a pledge of the faith and credit of the State or of any political subdivision other than the board, but are payable solely from the funds provided for that payment.__A security issued under this Act must contain on its face a statement to the effect that neither the State nor any political subdivision of the State is obligated to pay the securities or the interest on the securities, except from revenues of the board or the project, projects or part of any project for which they are issued and that neither the faith and credit nor the taxing power of the State or of any political subdivision of the State is pledged to the payment of the principal of or the interest on the securities.__The issuance of securities under this Act does not directly, indirectly or contingently obligate the State or any political subdivision of the State to levy or to pledge any form of taxation or to make any appropriation for payment.__Nothing contained in this section may prevent or be construed to prevent the board from pledging its full faith and credit to the payment of securities authorized pursuant to this Act.

§6426.__Gifts and contributions

The board may accept gifts and contributions as provided in section 6405, subsection 21 for the purpose of acquiring or managing a project, projects or part of any project.__The board, in accepting gifts of money, federal funds or other types of income, shall place this money in a special account for the purpose for which it is provided.__The board may invest the money as provided in this chapter, subject to any limitations imposed by the donor.

§6427.__Continuing disclosure

With respect to any securities of the board, the Treasurer of State may enter into any agreement for the benefit of the holders of securities of the board to provide annual financial information with respect to the State in order to assist underwriters of the securities of the board in complying with any applicable regulation promulgated by the United States Securities and Exchange Commission with respect to annual financial information.

SUMMARY

This bill creates the Maine Woods Act and establishes the Maine Woods Board as a public instrumentality of the State. The board's central duty is to support sustainable forestry and provide public access and recreational opportunities through the acquisition and maintenance of forest lands. The board has independent bonding authority to support the Maine Woods Fund, as established in this bill.