§11414. Finance Authority of Maine; successor
The Finance Authority of Maine is the successor to the Maine Educational Loan Authority. All properties, rights in land, buildings and equipment and any funds, moneys, revenues and receipts or assets of the Maine Educational Loan Authority, including funds previously appropriated by the State for the Maine Educational Loan Authority, belong to the Finance Authority of Maine as successor, subject to all liens and pledges thereon made by the Maine Educational Loan Authority. All liabilities of the Maine Educational Loan Authority are liabilities of the Finance Authority of Maine. All contracts and undertakings of the Maine Educational Loan Authority are contracts of the Finance Authority of Maine. Any resolution with respect to the making of loans or issuance of bonds by the Maine Educational Loan Authority and any other action taken by them with respect to assistance provided under this chapter must be a resolution of the Finance Authority of Maine or an action taken by the Finance Authority of Maine. All bond obligations of the Maine Educational Loan Authority and all contracts, agreements, obligations, certifications and undertakings of the Maine Educational Loan Authority are obligations, contracts, agreements, certifications and undertakings of the Finance Authority of Maine, except that nothing in this section may be construed to make any obligation of the Maine Educational Loan Authority that is not a general obligation of the Maine Educational Loan Authority a general obligation of the Finance Authority of Maine, and any limitations on these obligations of the Maine Educational Loan Authority, whether by contract or indenture, are limitations on the obligations of the Finance Authority of Maine as successor. Notwithstanding this section, the Finance Authority of Maine shall administer and carry out, as obligations of the Finance Authority of Maine, all obligations of the Maine Educational Loan Authority. [PL 2015, c. 170, §13 (RPR); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §13 (RPR). PL 2015, c. 170, §30 (AFF).
Structure Maine Revised Statutes
Part 5: POST-SECONDARY EDUCATION
Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM
20-A §11411. Maine Educational Loan Program
20-A §11412. Declaration of necessity and purpose
20-A §11414. Finance Authority of Maine; successor
20-A §11415. Members (REPEALED)
20-A §11416. Officers; quorum; effective actions (REPEALED)
20-A §11417. Supplemental powers and functions
20-A §11418. Records confidential
20-A §11419. Conflict of interest (REPEALED)
20-A §11422. Loan transactions
20-A §11423. Trust agreement; pledge
20-A §11424. Capital reserve funds; obligation of the State
20-A §11425. Enforcement of rights and duties
20-A §11426. Bonds as legal investments
20-A §11427. Accounts and reports
20-A §11428. Chapter additional and supplemental
20-A §11430. Taxable bond option
20-A §11431. Agreement of the State
20-A §11432. Termination of existence of authority
20-A §11433. Chapter cumulative; no notice required