LD 1880
pg. 6
Page 5 of 6 PUBLIC Law Chapter 598 LD 1880 Title Page
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LR 2758
Item 1

 
c. 474, §1, is amended to read:

 
B. Apply to or limit the right of an obligee to foreclose
or otherwise enforce a mortgage of the authority or to
pursue remedies for the enforcement of a pledge or lien
given by the authority on its rents, fees, grants or
revenues or any other sources pledged by the authority to
the payment of its bonds.

 
Sec. 9. 5 MRSA §13080-K, sub-§2, as enacted by PL 1993, c. 474, §1, is
amended to read:

 
2. Payment of bonds, premiums and interest. The bonds,
premium, if any, and interest have been paid or a sufficient
amount for the payment of the bonds and interest to maturity or a
prior redemption date have been irrevocably set aside in trust
for the benefit of the bondholders in accordance with agreements
with the bondholders.

 
Sec. 10. 5 MRSA §13080-N, sub-§5, as enacted by PL 1993, c. 729, §10,
is amended to read:

 
5. Appropriation. On or before December 1st, annually, the
authority shall certify to the Governor the amount, if any,
necessary to restore the amount in any capital reserve fund. In
trust agreements or other pertinent documents between the
authority and the Governor, it must be clearly stated that this
subsection applies to the capital reserve requirement. The
Governor shall pay from the Contingent Account to that fund as
much of the amount as is available in the Contingent Account and
shall transmit to the Legislature a certification and a statement
of the amount, if any, remaining to be paid and the amount
certified must be appropriated and paid to the authority during
the then current state fiscal year.

 
Sec. 11. 5 MRSA §13080-N, sub-§7 is enacted to read:

 
7.__Other capital reserve funds.__This section, including
subsection 5, may not be construed to require that each capital
reserve fund established under this section have the benefit
described in subsection 5.

 
Emergency clause. In view of the emergency cited in the preamble,
this Act takes effect when approved.


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