| | | shall make this transfer concurrently with the transfers under | | Title 36, section 661, subsection 4.__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 must be carried forward to | | the next fiscal year. |
|
| | | 3.__Fund availability and eligibility.__The fund is available | | solely to municipal service districts, as defined in section | | 2111, subsection 2, that are established in accordance with | | chapter 112 on or before January 1, 2009.__To be eligible for | | disbursements from the fund, a municipal service district must | | certify to the Treasurer of State, in a manner acceptable to the | | Treasurer of State, its lawful formation and existence under | | chapter 112 in the year for which funds are sought.__On receipt | | of this certification, the Treasurer of State shall notify the | | municipal service district of its eligibility for disbursement | | from the fund for the purposes identified in subsection 4. |
|
| | | 4.__Uses of fund.__The fund may only be used to address state | | financial obligations under sections 709 and 5686 and Title 20-A, | | section 17203. |
|
| | | Sec. B-4. 30-A MRSA §5686 is enacted to read: |
|
| | | §5686.__Municipal debt assumption |
|
| | | 1.__Definitions.__As used in this section, unless the context | | otherwise indicates, the following terms have the following | | meanings. |
|
| | | A.__"Municipal service district" has the same meaning as in | | section 2111. |
|
| | | B.__"Consolidating municipality" means a participating | | municipality that is within a municipal service district | | formed in accordance with chapter 112 on or before January | | 1, 2009. |
|
| | | 2.__State assumption of certain general obligation debts.__In | | accordance with this section, the State shall assume 50% of the | | qualifying general obligation debts of a consolidating | | municipality.__The State shall pay its obligations incurred under | | this section from the Municipal Service District Fund established | | in chapter 112-A. |
|
| | | 3.__Qualifying general obligation debts.__The qualifying | | general obligation debts that the State assumes in accordance | | with subsection 2 are all general obligation debts of a |
|
|
