LD 1177, Page 20 - 121th Legislature, FIRST REGULAR Session

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.

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