Maine Revised Statutes
Subchapter 3: REVENUE OBLIGATION SECURITIES PROGRAM
10 §1046. Rentals and revenues

§1046. Rentals and revenues
1.  Provisions.  Before issuing revenue obligation securities, the authority shall determine that there will at all times be revenues and funds sufficient:  
A. To pay the principal of and the interest of the securities as they become due and payable and, in its discretion, to create and maintain reserves for that purpose; and   [PL 1985, c. 344, §74 (AMD).]
B. To pay the cost of maintaining and, where applicable, repairing the project unless provision is made in the financial document or other contract for maintenance and, where applicable, repair.   [PL 1985, c. 344, §74 (AMD).]
[PL 1985, c. 344, §74 (AMD).]
2.  Sinking fund.  All project rentals and other revenues, except those required in subsection 1, paragraph B or to provide reserves for maintenance and, where applicable, repair may be set aside at regular intervals, as provided in the trust agreement or other document, and deposited to the credit of a sinking fund charged with payment of the interest and principal of the securities as they fall due, any necessary charges of paying agents for paying principal and interest, and the redemption price or the purchase price of securities retired by call or purchase. The use and disposition of moneys to the credit of the sinking fund shall be subject to regulations prescribed in the trust agreement or other document. Except as may otherwise be provided in the trust agreement or other document, the sinking fund shall be a fund for the benefit of all securities issued for the project or projects without distinction or priority of one over another.  
[PL 1985, c. 344, §74 (AMD).]
3.  Trust funds.  All moneys received under this subchapter shall be deemed trust funds, to be held and applied solely as provided in this subchapter. Any officer to whom, or any bank, trust company or other fiscal agent or trustee to which the moneys shall be paid shall act as trustees of the moneys and shall hold and apply them for the purposes of this subchapter, subject to the requirements of this subchapter, the trust agreement or other applicable document.  
[PL 1985, c. 344, §74 (AMD).]
SECTION HISTORY
PL 1981, c. 476, §2 (NEW). PL 1985, c. 344, §74 (AMD).

Structure Maine Revised Statutes