LD 906
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LD 906 Title Page PUBLIC Law Chapter 152 Page 2 of 2
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LR 1357
Item 1

 
CHAPTER 152

 
S.P. 302 - L.D. 906

 
An Act Pertaining to Trustee Services for the Maine

 
Turnpike Authority

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 23 MRSA §1970, as enacted by PL 1981, c. 595, §3, is
repealed and the following enacted in its place:

 
§1970.__Bonds; how secured

 
1.__Trust indentures.__In the discretion of the authority,
bonds may be secured by a trust indenture by and between the
authority and a corporate trustee, which may be any trust company
or bank having the powers of a trust company within or outside of
the State, or by a loan or other security agreement with a lender
or with such a trustee containing provisions that may be included
in a bond resolution or trust indenture under this chapter.__The
trust indenture or loan or other security agreement may pledge or
assign tolls or revenues to be received but may not convey or
mortgage the turnpike or any part thereof. Either the resolution
providing for the issuance of the bonds or the trust indenture or
loan or other security agreement may contain provisions for
protecting and enforcing the rights and remedies of the
bondholders or other lenders or of the trustee, if any, as may be
reasonable and proper and not in violation of law, including:
covenants setting forth the duties of the authority in relation
to the acquisition of property; the construction, maintenance,


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