LD 1406, Page 20 - 122th 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.

§6434.__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.

§6435.__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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