Proceeds from any sale of the pension cost reduction bonds must be deposited into the Retirement Allowance Fund established in Title 5, section 17251.

§6043.__Maine Municipal Bond Bank provisions

The bank has the powers and duties provided by this chapter, modified and supplemented as provided in this section for the purposes set forth in this section.

1.__Definitions.__As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.

A.__"Ancillary obligation" means the obligation of the bank under any credit enhancement or liquidity agreement, including any obligation in the form of bond insurance, a letter of credit, standby bond purchase agreement, reimbursement agreement, liquidity facility or other similar arrangement; under any remarketing agreement, auction agent agreement, broker-dealer agreement or other agreement relating to the marketing of__the bonds, interest rate or other type of swap or hedging contract; or under any investment agreement, forward purchase agreement or similarly structured investment contract, entered into by the bank in connection with any bonds issued under this subchapter.

B.__"Bonds" or "pension cost reduction bonds" means any bonds, notes and other evidence of indebtedness issued by the bank pursuant to this subchapter.

C.__"Costs of issuance" means any item of expense directly or indirectly payable or reimbursable by the bank and related to the authorization, sale or issuance of bonds, including, but not limited to, underwriting fees and fees and expenses of professional consultants and fiduciaries.

D.__"Costs of the pension obligation" includes the amount of $410,000,138 for the payment to the Maine State Retirement System for the fiscal years ending June 30, 2006 and June 30, 2007 and financing costs.

E.__"Debt service fund" means the trust fund established by the bank pursuant to subsection 5.