PUBLIC Law Chapter 228

or times not exceeding 40 years from their date or dates of

issuance and must bear interest at such rate or rates as may be

determined by the board of directors or determined pursuant to a

formula approved by the board of directors or by a 3rd party rate-

setting agent selected by the board of directors.__The bonds may be

made redeemable before maturity, at the option of the jail

authority, at such price or prices and under such terms and

conditions as may be fixed by the board of directors prior to the

issuance of the bonds. The board of directors shall determine the

form of the bonds including any interest coupons to be attached,

and the manner of execution of the bonds, and shall fix the

denomination or denominations of the bonds and the place or places

of payment of principal and interest, which may be at any financial

institution having trust powers inside or outside the State.__Bonds

must be executed in the name of the jail authority by the manual or

facsimile signature of such officer or officers as may be

authorized in the resolution to execute the bonds, but at least one

signature on each bond must be a manual signature.__Coupons, if

any, attached to the bonds must be executed with the facsimile

signature of the officer or officers of the jail authority

designated in the resolution.__If an officer whose signature or

facsimile signature appears on any bonds or coupons ceases to hold

that office before the delivery of the bonds, the signature or its

facsimile is valid and sufficient for all purposes, as if the

officer had remained in office until the delivery.

Notwithstanding any other provisions of this chapter or any
recitals in any bonds issued under this chapter, all such bonds
are deemed to be negotiable instruments under the laws of this
State.__The bonds may be issued in coupon or registered form, or
both, as the board of directors may determine, and provision may
be made for the registration of any coupon bonds as to principal
alone and as to both principal and interest, and for the
reconversion into coupon bonds of any bonds registered as to both
principal and interest.__The board of directors may sell the
bonds in the manner, either at public or private sale, and for
such price as they may determine to be for the best interests of
the jail authority.__The proceeds of the bonds of each issue must
be used solely for the purpose for which those bonds have been
authorized and must be disbursed in such manner and under such
restrictions as the board of directors may provide.

The resolution providing for the issuance of bonds, and any trust
agreement securing the bonds, may contain such limitations upon
the issuance of additional bonds as the board of directors may
determine proper, and these additional bonds must be issued under
such restrictions and limitations as may be prescribed by that
resolution or trust agreement. Prior to the preparation of
definitive bonds, the board of directors may, under like

Amendments	Public Hearing Schedule	Committee Information
Committee List	Work Session Schedule	Title & Section

	Search Bill Text	Legislative Information
Bill Directory	Search Bill Status	Session Information
119th Legislature Bills	Search Bill Status	Maine Legislature

Office of Legislative Information 100 State House Station Augusta, ME 04333		voice: (207) 287-1692 fax: (207) 287-1580 tty: (207) 287-6826
Word Viewer for Windows		Disclaimer