An Act To Preserve Public Access and Job Opportunities in the North Woods
Maine Legislature, Session 121, LD 1177
Committee: Agriculture, Conservation and Forestry
Sponsors: COWGER, BRYANT, EDER, FLETCHER, JACKSON, KOFFMAN, LUNDEEN, PINEAU, SA VIELLO, SMITH

Legislative Document 
No. 1177 
H.P.874 
House of Representatives, March 5, 2003 
An Act To Preserve Public Access and Job Opportunities in the 
North Woods 
Reference to the Committee on Agriculture, Conservation and Forestry suggested and 
ordered printed. 
Presented by Representative COWGER of Hallowell. 
Cosponsored by Senator BRYANT of Oxford and 
11'l~ /h.17l~~ 
MILLICENTM. MacFARLAND 
Clerk 
Representatives: EDER of Portland, FLETCHER of Winslow, JACKSON of Fort Kent, 
KOFFMAN of Bar Harbor, LUNDEEN of Mars Hill, PINEAU of Jay, SA VIELLO of Wilton, 
SMITH of Monmouth. 
Printed on recycled paper 
Be it enacted by the People of the State of Maine as follows: 
Sec. I. 5 MRSA Pt. I5-C is enacted to read: 
PART 15-C 
MAINE WOODS 
CHAPTER 351 
MAINE WOODS BOARD 
SUBCHAPTER 1 
GENERAL PROVISIONS 
§6401. 
Short title 
This chapter may be known and cited as "the Maine Woods Act." 
§640Z. 
Findings 
The Legislature finds that forestry is an integral part of 
the 
economy 
and culture of the State and that the forestry 
industry has made its land available for public recreational user 
which 
has 
given 
rise 
to 
the 
well-recognized 
tradition 
of 
high-quality outdoor recreational opportunities in this State. 
The Legislature recognizes the importance of sustainable forestry 
practices in maintaining the Maine woods for both forest products 
production and public access 
and recreation. 
The Legislature 
recognizes the State's obligation to assist in the maintenance of 
the 
productive, 
working 
forest 
to 
support 
both 
the 
forest 
products industry and public access and recreation in the Maine 
woods. 
§6403. 
Definitions 
As 
used 
in this 
chapter r 
unless 
the 
context 
indicates 
otherwise, the following terms have the following meanings. 
I. 
Act. 
"Act" means the Maine Woods Act. 
2. 
Appraised value. "Appraised value" means the fair market 
value of property without the cOl1sideration of the effect of 
dedication or other restrictions related to preservation. 
3. 
Board. 
"Board" 
means 
the 
Maine 
Woods 
Board 
as 
established in section 6404. 
Page l-LRl057(1) 
4. 
Bonds. 
"Bonds" means bonds or securities of the board 
issued pursuant to this Act. 
5. 
Cooperating 
entities. 
"Cooperating 
entities" 
means 
those 
private 
nonprofit 
organizations, 
municipal 
conservation 
commissions, local governments, federal agencies or other bodies 
designated by the board under section 6407 to assist the State in 
the acquisition or management of lands. 
6. 
Fund. 
"Fund" means the Maine Woods Fund as established 
in section 6411. 
7. 
Holder of securities or holder. 
"Holder of secur i ties" 
or "holder," when used with reference to securities of the board, 
means a person who is the bearer of outstanding securities of the 
board registered to bearer or not registered or the registered 
owner of outstanding securities of the board that at the time of 
registration are registered other than to bearer. 
8. 
Matching funds. 
"Matching funds" means any combination 
of public and private funds used in conjunction with the fund for 
the purpose of this chapter, 
including, 
but not limited to: 
private contributions of cash or securities; money from municipal 
or other public agencies; money from a federal matching program, 
subject to the limitations of applicable federal and state laws, 
in an amount authorized by the federal program; contributions of 
real property or 
interest in real property that serves 
the 
acquisition needs 
of 
the 
State 
as 
determined by 
the 
board; 
in-kind 
contributions; 
or 
any 
combination 
of 
those. 
Contr ibutions of land or interest in land must be valued for 
purposes of this section in the amount of their appraised value. 
9. 
Notes. 
"Notes" means notes of the board issued pursuant 
to this Act. 
10. 
Project. projects. 
"Proj ecL proj ects or part of any 
project" means the acquisition, improvement or management of real 
or personal property to carry out the purposes of this Act. 
11. 
Securities. 
"Securities" means bonds, notes or other 
evidences of indebtedness. 
12. 
Stewardship account. 
"Stewardship account" means 
an 
account held separate and apart from all other money, funds and 
accounts of a state agency for the purposes of management of land 
owned 
in 
fee 
or 
less than fee 
simple 
meeting 
the 
criteria 
established in section 6406, subsection 1. 
13. 
Sustainable forestry. 
"Sustainable forestry" means a 
practice that is ecologically viable, economically feasible and 
socially desirable. 
§6404. Maine Woods Board: members; compensation 
1. 
Establishment; membership. 
The Maine 
Woods 
Board is 
established 
as 
a 
body 
corporate 
and 
politic 
and 
a 
public 
instrumentality of the State. 
The exercise by the board of 
powers 
conferred 
by 
this 
chapter 
is 
considered 
to 
be 
the 
performance 
of 
essential 
governmental 
functions. 
The 
board 
consists of 7 members, of whom 3 are private citizens and 4 are 
ex officio members. 
The ex officio members are the Commissioner 
of 
Conservation, 
the 
Commissioner 
of 
Inland 
Fisheries 
and 
Wildlife, the Treasurer of State and the Attorney General. 
2. 
Appointments. 
The 3 members who are private citizens 
are appointed by the Governor, subject to review by the joint 
standing committee of the Legislature having jurisdiction over: 
conservation 
matters 
and 
subject 
to 
confirmation 
by 
the 
Legislature. 
3. 
Qualifications. 
The 3 members who are private citizens 
must be selected for their demonstrated commitment to sustainable 
forestry or public access and recreation. 
At least one of those 
members must have expertise in forestry practices and at least 
one 
ln 
conservation. 
Appointments 
must 
provide 
a 
broad 
geographic representation of the State. 
4. 
Terms. 
The members who are private citizens must be 
appointed to staggered terms of 
years; 
except that of the 
initial appointments, one member must be appointed for a 2-year 
term, one member for a 3-year term and one member for a 4-year 
term. 
Members who are private citizens may not serve more than 2 
consecutive 4-year terms. 
Each member of the board serves until 
that member's 
successor is appointed 
and qualified. 
When 
a 
vacancy occurs in the membership, the Governor shall appoint a 
replacement member for the remainder of that term. 
5. 
Oath. 
Each member of the board, before commencing the 
duties of the office, shall take an oath to administer the duties 
of the office faithfully and impartially. 
That oath must be 
filed in the office of the Secretary of State. 
6. 
Officers; quorum. 
The board shall elect a chair and a 
vice-chair from its membership. 
The board may have a secretary 
and a treasurer, who may be members of the board. 
Three members 
of the board constitute a 
quorum, 
which is necessary for any 
action taken by the board. 
A vacancy in the membership of the 
board does not impair the right of a 
quorum to exercise the 
rights and perform the duties of the board. 
7. 
Compensation. 
Each member of the board is entitled to 
compensation in accordance with chapter 379. 
Each member of the 
board must be indemnified by the board against expenses incurred 
by that member in connection with the defense of an action or 
proceeding in which the member is made a party by reason of being 
or having been a 
member of the board and against any final 
judgment rendered against the member in that action or proceeding. 
§6405. Powers 
In order to carry out the purposes of this Act. the board 
has powers with respect to a project, projects or part of any 
project 
and 
other 
powers 
that 
may 
be 
necessary 
for 
the 
performance of the following: 
1. 
Perpetual succession. 
To have perpetual succession as a 
body politic and corporate and as a public instrumentality of the 
State; 
2. 
Power to sue and be sued. 
To sue or initiate or appear 
in any proceeding, 
and the board may be sued on its written 
contracts or in accordance with chapter 375; Title L 
section 
409; or Title 14, chapter 741; 
3. 
Official seal. 
To adopt and have an official seal and 
alter the seal at pleasure; 
4. 
Bylaws; rules. 
To adopt bylaws and, pursuant to chapter 
375, adopt any rule necessary or useful for carrying out any of 
its powers or duties pursuant to this Act. 
Rules adopted by the 
board 
are 
routine 
technical 
rules 
pursuant 
to 
chapter 
375, 
subchapter 2-A, unless otherwise expressly designated; 
5. 
Acquire real or personal property. 
To acquire real or 
personal property or any interest in real or personal property, 
including rights or easements, on either a temporary or long term 
basis 
by 
gift, 
purchase, 
transfer, 
foreclosure, 
lease 
or 
otherwise, to improve, hold, sell with or without public bidding, 
assign, lease, rent, encumber, mortgage or otherwise dispose of 
any real or personal property or any interest in real or personal 
property, or mortgage interests owned or in its control, custody 
or possession and release or relinquish any right. title claim, 
lien, interest, easement or demand, however acquired, including 
threat of foreclosure; 
6. 
Prepare and plan projects and facilities. 
To prepare or 
cause to be prepared plans, specifications, designs and estimates 
of costs for the project, projects or part of any project and 
attendant facilities and from time to time to modify or cause to 
be modified those plans, specifications, designs or estimates; 
7. 
Provide 
for 
financing 
or 
refinancing. 
To 
provide 
financing for any project, projects or part of any project or to 
provide for refinancing of existing indebtedness 
and for 
the 
financing of the project, projects or part of any project and of 
other necessary and usual attendant facilities, to borrow money 
and to issue negotiable securities and to provide for the rights 
of the holders of those securities; 
8. 
Mate 
and 
execute 
contracts 
and 
other 
financial 
documents. 
To 
make 
and 
execute 
contracts 
and 
all 
other 
instruments, 
including 
trust 
agreements 
and 
other 
financial 
documents , 
and enter into such transactions as is necessary or 
convenient for the exercise of its powers and functions under 
this Act; 
9. 
Agreements; acceptances; contributions; aid; grants. 
To 
enter into agreements with and accept loans, aid, contributions 
and grants from and the cooperation or assistance of the United 
States, of any agency of the United States or the State or any 
agency or governmental subdivision of the State for the purposes 
of this Act, 
including, but not limited to, 
the development, 
maintenance, operation and financing of any project, projects or 
part of any project and to do whatever is necessary in order to 
avail itself of 
those 
loans, 
aid, 
contributions, 
grants 
and 
cooperation; 
10. 
Agreements 
or 
other 
transactions. 
To 
enter 
into 
agreements or other transactions with any person to effectuate 
the 
purposes 
of this Act, 
including. construction agreements, 
purchase or acquisition agreements and 
J., 
' 
or lease agreements 
with leasing corporations or other financial intermediaries; 
11. 
Accept aid or contributions. 
To receive and accept aid 
or contributions from any source of money, 
property, 
labor or 
other things of value, to be held, used and applied to carry out 
the purposes of this Act, subject to the conditions under which 
those grants and contributions may be made, 
including, but not 
limited to, gifts or grants from any department or agency of the 
United States or the State for any purpose consistent with this 
Act; 
12. 
Insurance. 
To procure insurance against any loss ln 
connection with its securities and its property and other assets 
in such amounts and from such insurers as it considers desirable; 
13. 
Modification 
of 
contract, 
lease, 
indenture 
or 
agreement. 
To the extent permitted under its contract with the 
holders of securities, to consent to any modification of any 
contract, lease, indenture or agreement of any kind to which the 
board is a party; 
14. 
Manage 
or operate real 
and personal property. 
To 
manage or operate or cause to be managed or operated real and 
personal property, take assignments of leases and rentals or take 
any other action necessary or incidental to the performance of 
its duties under this Act; 
15. 
Secured 
or 
unsecured 
loans. 
To 
make 
secured 
or 
unsecured 
loans 
for 
the 
purpose 
of 
providing 
temporary 
or 
permanent financing or refinancing of all or part of the cost of 
any project, 
projects or part of any project, 
including the 
refunding of any outstanding obligations, mortgages or advances 
issued, made or given by any person for the cost of a project, 
projects or part of any project; 
16. 
Investments. 
Except as otherwise provided in this Act, 
to invest any funds not needed for immediate use, including any 
funds 
held 
in 
reserve, 
in property 
or 
securities 
in 
which 
fiduciaries in the State may legally invest funds; 
• 
Appearances. 
To 
appear 
in its 
own 
behalf 
before 
boards , 
commissions , 
departments 
or 
agencies 
of 
municipal 
government, State Government or Federal Government; 
18. 
Executive director; other employees. 
To 
employ 
an 
executive director, consulting foresters, attorneys, accountants, 
financial experts and such other employees and agents as may be 
necessary in its judgment; 
19. 
All acts granted or implied. 
To do any act necessary 
or convenient to exercise the powers granted in this Act or 
reasonably inferred from this Act; 
20. 
Contract with Maine Municipal Bond Bank. 
In carrying 
out its powers 
under this section, 
the board shall, whenever 
possible, 
contract 
with 
the 
Maine 
Municipal 
Bond 
Bank 
for 
necessary clerical and administrative services, including use of 
the Executive Director of the Maine Municipal Bond Bank as the 
executive director, secretary and treasurer of the board; 
21. 
Accept federal 
funds, gifts and contributions. 
To 
accept federal funds, gifts and contributions, including, without 
limitation, 
money, 
annuities 
and 
investments 
or 
anything 
of 
value, for the purposes set forth in section 6426; and 
22. 
Delegation to Bureau of General Services. 
To delegate 
those powers that the board may specifically exercise, or cause 
to 
be exercised, 
pursuant to subsection 
5, 
or 
to 
the 
Department of Administrative and Financial Services, Bureau of 
General Services. 
The board may revoke such a delegation upon 
the failure of the Bureau of General Services to discharge the 
delegated powers. 
The Bureau of General Services may provide to 
the board an indemnity and hOld-harmless agreement with respect 
to a delegation. 
§6406. 
Board responsibilities; acquisitions and management; 
assistance 
1. 
Acquisition and management. 
The board shall acquire and 
manage lands using sustainable forestry practices so that the 
A. 
Produces income to contribute to sustaining the board's 
responsibilities; and 
B. 
To 
the extent possible considering paragraph 
A, 
is 
available for public access and recreation. 
z. 
Board responsibilities. 
The board shall: 
A. 
Complete an assessment of the State's needs concerning 
lands devoted to sustainable forestry and lands avai1aple 
for public access and recreation. 
The board shall develop a 
strategy and guidelines based on that assessment for use in 
allocating the proceeds of the fund to ensure that the State 
continues to have 
a viable part of its economy based on 
sustainable 
forestry. 
Both 
the 
assessment 
and 
the 
development of a strategy and guidelines must be conducted 
with opportunities 
for participation by interested state 
agencies and the public; 
B. 
Develop a management plan to manage the woods in order 
to maintain the woods for sustainable forestry practices and 
public access and recreation; 
C. 
Receive and review funding requests from state agencies 
and cooperating entities for acquisition projects that meet 
guidelines under paragraph A; 
D. 
In accordance with the strategy and guidelines developed 
under paragraph A, 
authorize distribution of proceeds from 
the 
fund 
for 
acquisitions 
of 
property 
or 
interests 
In 
property; 
E. 
Ensure that acquisition of land and management of land 
by the board do not result in a decrease in property taxes 
collected 
by 
the 
local 
taxing 
authority 
by 
providing 
payments 
on 
the 
land in lieu of 
taxes 
to 
that taxing 
authority; and 
F. 
On January 31, 2005 and on January 31st every 2 years 
thereafter, report to the joint standing committee of the 
Legislature having jurisdiction over conservation matters on 
expenditures from the fund and revisions to the strategies 
and guidelines set out in paragraph A. 
3. 
Assistance. 
The 
Department 
of 
Conservation; 
the 
Department of Inland Fisheries and Wildlife; the Department of 
Transportation; the Department of Agriculture, 
Food and Rural 
Resources; the Executive Department, State Planning Office; and 
all 
other 
state 
agencies 
shall 
provide 
staff 
support 
and 
assistance necessary to fulfill the objectives of this chapter. 
If agency assistance is not available, consultants may be hired 
from the proceeds of the fund to assist the board in carrying out 
its responsibilities. 
§6407. 
Acquisition; title: management 
1. 
Uses of funds. 
The board may use the fund to acquire 
real property with both fee and less than fee simple interest, 
including, 
but not limited to, 
conservation easements, 
access 
easements, scenic easements, other permanent interests in land 
and long term leases of at least 99 years, if those acquisitions 
are 
primarily lands meeting the criteria set forth in this 
chapter. 
2. 
Title. 
Title to lands acquired pursuant to this chapter 
must be vested solely in the State. 
The deed to land acquired 
pursuant to this chapter must specify that the property be used 
for 
timber 
management 
and 
harvesting. 
Management 
responsibilities for the acquired lands may be contracted by the 
board 
to 
cooperating entities, 
subject 
to 
appropriate 
lease 
arrangements, upon the approval of the board. 
3. 
Payments. 
Payments 
from the fund may be made to a 
cooperating entity for gualifying lands acquired on behalf of the 
State. if the board has issued to the cooperating entity a letter 
of 
intent 
requesting 
assistance 
in 
the 
acquisition. 
Upon 
submission to the board of a cooperating entity's direct expenses 
for acguisition and related costs of an authorized acquisition, 
the board shall authorize payment of those expenses, as long as 
the total of all expenses does not exceed the appraised value of 
the acquired property. 
Expenses must be paid at intervals during 
the acquisition process, as determined by the board. 
4. 
Legislative approval. 
Land acguired under this chapter 
may not be sold or used for purposes other than those stated in 
this 
chapter 
unless 
approved 
by 
a 
majority 
of 
the 
Legislature. 
Deed restrictions as reguired under subsection 2 
may not be changed by the Legislature. 
§6408. 
Nominations 
Prior to taking an action to designate land for negotiation 
for 
acguisition, 
the 
board shall 
send 
by certified mail 
or 
deliver a notice of this intention to the owner or owners of land 
wi thin the area proposed by the board for acguisi tion, as the 
identity and address of such owner or owners is shown on the tax 
maps or other tax records of the municipality in which the land 
is 
located. 
If the 
land is 
located within the 
unorganized 
territory, notice must be sent to the owner or owners as shown on 
the tax maps or other tax records of the State Tax Assessor. 
After the completion of negotiations, the board shall publish a 
notice of its intent to designate land for acguisi tion in a 
newspaper or newspapers of general circulation that identifies 
the land proposed by the board for acquisition and that notifies 
the residents of the area that the board will accept public 
comments on the proposed acguisition. 
Any owner of land that has been nominated for acguisi tion 
and is subject to the notice reguirements of this section may 
submit a 
properly sworn affidavit to the board indicating the 
owner's unwillingness to sell. 
The affidavit is notice to the 
board that continued evaluation of that land is inappropriate and 
the board may not consider that land for acguisition. 
§6409. 
Acquisition criteria 
1. 
whether 
by the 
Determination of state significance. 
In determining 
a proposed acguisition may be 
fun~"~, in full or in part, 
fund, 
the board shall consider whether the site is of 
state significance and: 
A. 
Is appropriate for the practice of sustainable forestry; 
B. 
Provides public access, 
nonmotorized or motorized, to 
recreation opportunities and natural resources. 
2. 
Nonqualifying expenditures. 
The 
board 
may 
not 
fund 
facilities for organized recreational activities, including, but 
not limited to, ballparks, tennis courts or playgrounds. 
§6410. Data sharing 
If the 
board transfers 
to 
any 
local or 
federal 
agency 
written information acquired under this chapter concerning any 
land, the board shall notify the landowner of the transfer by 
certified mail. 
§6411. 
Maine Woods Fund 
1. 
Fund established. 
There is established the Maine Woods 
Fund, which is administered by the board. 
The fund consists of 
the proceeds 
from 
the sale of 
any bonds 
authorized for 
the 
purposes set forth in subsection 2 and any funds received as 
contributions 
from 
private 
and 
public 
sources 
for 
those 
purposes. 
The fund must be held separate and apart from all 
other money, 
funds and accounts. 
Eligible investment earnings 
credited to the assets of the fund become part of the 
assets of 
that fund. 
Any balance remaining in the fund at the end of any 
fiscal year may not lapse but must be carried forward to the next 
fiscal year. 
2. 
Fund proceeds. 
The proceeds of the fund may be applied 
and expended to: 
A. 
Acquire property or an interest in property that is 
determined by the board appropriate for sustainable forestry 
practices and public access and recreation; 
B. 
Fund minor capital improvements on lands acquired by 
proceeds from the fund to improve accessibility, as long as 
these improvements do not exceed 5°'0 of the appraised value 
of the acquired property; 
C. 
Manage lands for the purposes set forth in this chapter; 
and 
D. 
Pay the expenses 
of 
the board in carrying out its 
responsibilities. 
3. 
Payments. 
Pursuant 
to 
section 
6406, 
subsection 
2, 
paragraph E, payments in lieu of local property tax must be made 
to the local municipality or, in the case of land in unorganized 
territory, 
to 
the 
State 
Tax 
Assessor. 
The 
tax 
is 
to 
be 
determined for equivalent land in timber production. 
§64l2. 
Leasing or renting property by board 
For the purposes of this chapter, the board may lease, rent, 
assign or otherwise dispose of a project, projects or part of any 
project 
only 
to 
the 
State, 
an 
agency, 
instrumentality 
or 
department of the State or branch of State Government or any 
related agency of state, county or local government. 
Revenues 
derived by the board from any lease or rental agreement must be 
used, 
as necessary, 
to pay the principaL interest and other 
associated costs on or with respect to any securities issued 
pursuant to this chapter. 
SUBCHAPTER 2 
SECURITIES 
§64l3. 
Issuance of securities 
1. 
Resolution for issuance of securities. 
The board may 
provide by resolution, at one time or from time to time, for the 
issuance and sale of securities in the board's own name for the 
purpose of paying the cost of any project, projects or part of 
any project or the refinancing of existing indebtedness approved 
by the board. 
Securities of the board may not be authorized and 
issued except pursuant to a resolution adopted by the vote of not 
less than a majority of the members of the board. 
The resolution 
must describe the general purpose or purposes for which the 
securities are to be issued and state the maximum principal 
amount of the securities proposed to be issued. 
Securities ma-y 
not be issued by the board without a majority vote of approval in 
each House of the Legislature. 
2. 
Limitation on securities issued. 
The board may 
not 
issue securities in excess of $200,000,000 outstanding at anyone 
time, 
except for the issuance of revenue refunding securities 
authorized by section 6417. 
The amount of securities that may be 
outstanding in the name of the board may be increased by the 
Legislature 
upon 
a 
showing by 
the 
board that its available 
revenues 
are 
sufficient 
to 
support 
additional 
issuance 
of 
securities 
and 
that 
the 
issuance 
of 
securities 
will 
not 
materially 
impair 
the 
credit 
standing 
of 
the 
board, 
the 
investment status of securities issued by 
the 
board or 
the 
ability of the board to fulfill its commitments to 
holders of 
securities. 
Nothing 
in 
this 
chapter 
_3.y 
be 
construed 
to 
authorize the board to issue securities to fund the construction, 
reconstruction, purchase or acquisition of facilities without a 
majority vote of approval in each House of the Legislature. 
3. 
After issuance. 
After issuance, all securities of the 
board 
must 
be 
conclusively 
presumed 
to 
be 
fully 
and 
duly 
authorized and issued under the laws of the State, and any person 
or 
governmental 
unit 
is 
estopped 
from 
questioning 
their 
authorization, sale, issuance, execution or delivery by the board. 
4. 
Form of securities. 
The securities of each issue must 
be dated and mature at such time or times not exceeding 40 years 
from their date or dates and bear interest at such rate or rates, 
including variable, 
floating or adjustable rates, 
as 
may 
be 
Page ll-LRl057(ll 
authorized 
by 
the 
board. 
These 
securities 
may 
be 
made 
redeemable, 
callable or subject to purchase or tender before 
maturity, 
at such price or prices 
and under 
such terms 
and 
condi tions as may be provided for by the board prior to the 
issuance of the securities. 
The board shall determine the form 
of the securities, including interest coupons to be attached to 
the securities, if any, 
and the manner of execution of the 
securities and shall fix the denomination or denominations of the 
secur i ties and the place or places of payment of principal and 
interest, which may be at any bank, national banking association 
or trust company within or without the State. 
Securities must be 
executed in the name of the board by the manual or facsimile 
signature of such official or officials as may be authorized in 
the resolution to execute those securities. 
Coupons, if any, 
attached to securities, 
must 
be executed with the 
facsimile 
signature 
of 
the 
official 
or 
officials 
designated 
in 
the 
resolution. 
If any official whose signature or a facsimile of 
whose signature appears on any securities or coupons ceases to be 
an official before the delivery of the securities, the signature 
or the facsimile is valid and sufficient for all purposes, with 
the same effect as if the official had remained in office until 
the delivery. 
Notwithstanding any of the other provisions of this Act or any 
recitals in 
any 
securities 
issued under 
this Act, 
all 
such 
securities are negotiable instruments issued under the laws of 
the State. 
The securities may be issued in coupon or registered 
form, or both, as the board may determine. 
Provisions may be 
made 
for 
the 
registration 
of 
any 
coupon 
securities 
as 
to 
principal alone and as to both principal and interest and for the 
reconversion into coupon securities of any securities registered 
as 
to both principal and interest. 
The 
board may sell the 
securities in such manner, either at public or private sale, and 
for such price as it determines is in the best interests of the 
board. 
s. 
Avard and sell securities. 
The power to fix the date of 
sale of any secur i ties, to receive bids or proposals, to award 
and sell any securities, to set the terms and provisions of any 
securities and to take all other action necessary to sell and 
deliver any securities may be delegated to any officer of the 
board by a majority of the members of the board. 
6. 
Proceeds of securities. 
The proceeds of the securities 
of each issue must be used solely for the purpose or purposes for 
which the securities were authorized and disbursed in such manner 
and under 
such restrictions as the board may provide in the 
resolution authorizing the issuance of the securities or in 
th~ 
trust agreement securing the securities. 
If the proceeds of the 
securities, by error of estimates or otherwise, are less than the 
cost, additional securities, in like manner, 
may be issued to 
provide 
the 
amount 
of 
the 
deficiency 
and, 
unless 
otherwise 
provided in the authorizing resolution or in the trust agreement 
securing the securities, are deemed to be of the same issue and 
are entitled to payment from the same fund without preference or 
priority of the securities first issued for the same purpose. 
The resolution providing for the issuance of securities and any 
trust 
agreement 
securing 
the 
securities 
may 
contain 
such 
limitations upon the issuance of additional securities as the 
board may consider proper. 
Additional securities must be issued 
under such restrictions and limitations as may be prescribed by 
the resolution or trust agreement. 
The board may provide for the 
replacement of any securities that become mutilated, destroyed, 
stolen or lost. 
Securities may be issued under this Act without 
the board's obtaining the consent of any department, division, 
commission, board, bureau or agency of the State and without any 
other proceedings or conditions other than those proceedings or 
conditions that are specifically reguired by this Act. 
7. 
Use of proceeds. 
The proceeds of the securities of each 
issue must be used for the payment of all or part of the cost of 
the project, projects or part of any project for which they are 
author ized and must be disbursed in such manner and under such 
restrictions as are provided in the resolution authorizing the 
issuance of the bonds or 
~n the trust agreement securing the 
securities. 
Proceeds may be used to pay all costs incurred in 
issuing the securities and interest on the securities for such 
time as may be authorized by the board, subject to the provisions 
of this Act, and to establish reserve funds and sinking funds for 
the securities. 
8. 
Interim 
or 
temporary 
securities. 
Prior 
to 
the 
preparation of definitive securities, the board may, 
under like 
restrictions, 
issue 
interim 
or 
temporary 
securities 
with 
or 
without 
coupons, 
exchangeable 
for 
definitive 
securities 
when 
those securities are executed and are available for delivery. 
9. 
Securing of principal and interest. 
The principal of 
and interest on any securities issued by the board, together with 
any related costs and expenses, must be secured by a pledge of 
the revenues and receipts derived by the board from the project, 
projects or part of any project financed and from such other 
revenues of the board as may be specially pledged by the board 
and may be secured by a mortgage covering all or any part of the 
project, 
projects 
or 
part 
of 
any 
project, 
including 
any 
enlargements of and additions to the project, projects or part of 
any project made. 
The resolution under which the securities may 
be 
issued 
and 
any 
mortgage 
may 
contain 
any 
agreements 
and 
provisions respecting the maintenance of the project, projects or 
part of any project covered; the fixing and collection of rents, 
fees or other charges; the creation and maintenance of special 
funds from the revenues and any reserve funds; and the rights and 
remedies available in the event of default. 
Those agreements and 
provisions must be as the board considers advisable and not in 
conflict with this Act. 
Each pledge, agreement and mortgage made 
for the benefit or security of any of the holders of securities 
continues in effect until the principal of and interest and any 
related costs and expenses on the securities for the benefit for 
which the securities were made have been fully paid. 
§6414. 
Pledges and cQvenants; trust agreement 
In the discretion of the board, any securities issued under 
this Act may be secured by a trust agreement by and between the 
board and a corporate trustee, which may be any trust company or 
bank or national banking association having the powers of a trust 
company within or without the State. 
The trust agreement or the 
resolution providing for 
the 
issuance of 
the securities 
may 
pledge or assign all or any portion of the revenues of the board 
or any project, projects or part of any project of the board and 
may contain such provisions for protecting and enforcing the 
rights 
and 
remedies of the holders of securities as 
may 
be 
reasonable 
and 
proper 
and 
not 
in 
violation 
of 
law. 
The 
provisions may include covenants setting forth the duties of the 
board 
in 
relation 
to: 
the 
acquisition 
of 
property; 
the 
construction, reconstruction, renewal, replacement and insurance 
of any project, projects or part of any project 
~n connection 
with which the securities have been authorized; the fees, charges 
or rents to be charged or other payments to be made for the use 
or 
payment 
for 
property; 
and 
the 
custody, 
safeguarding 
and 
application of all money. 
It is lawful for any bank or trust 
company incorporated under the laws of the State that may act as 
depository of the proceeds of securities or of revenues of the 
board or any project, projects or part of any project to furnish 
such indemnifying bonds or to pledge such instruments as may be 
required by the board. 
Any such trust agreement may set forth 
the rights and remedies of the holders of the securities and of 
the trustee and may restrict the individual right of action by 
holders of securities. 
To secure the payment of the securities, a trust agreement 
or other financial document may mortgage or assign the mortgage 
of any project, projects or part of any project and may create a 
lien upon any or all of the revenues of the board or any project, 
projects or part of any project or upon any or all of the real o( 
personal property constituting a part of the project, projects or 
part of any project. 
The trust agreement, financial document or 
resolution may contain such other provisions as the board may 
consider reasonable and proper for the security of the holders of 
securities. 
A 
trust 
agreement 
or 
financial 
document 
containing 
a 
mortgage or assignment of a mortgage with respect to a project, 
projects or a part of any project may authorize the trustee or 
mortgagee in the event of a default as defined, with respect to 
the securities issued to provide for the costs of the project, 
projects or a part of any project, to take possession of all or 
any part of the mortgaged property constituting the project, 
projects or a part of any project; to hold, operate and manage 
the project, projects or a part of any project; and, with or 
without such taking of possession, to sell or from time to time 
to lease the project, projects or 
a part of any project. 
A 
judgment for possession may be without conditions, and such a 
sale or lease may not be subject to any right to redeem the 
mortgaged 
property. 
Upon 
satisfaction at 
any 
time 
of 
the 
obligations secured by the mortgage with respect to the project, 
projects or part of any project, which is deemed to include all 
applicable 
fees 
and 
expenses, 
any 
surplus 
proceeds 
from 
the 
operation, sale or lease of the project, projects or part of any 
project must be paid to the mortgagor of the project, projects or 
part of any project or to those claiming under the mortgagee, 
and, 
subject to any sale or lease under this paragraph, 
the 
mortgaged property with respect to the project, projects or part 
of any project reverts or must be returned to the mortgagor or to 
those claiming under the mortgagee. 
All expenses incurred in carrying out the trust agreement, 
financial document or resolution may be treated as a part of the 
cost of the operation of a project, projects or part of any 
project. 
All pledges of revenues under this Act are valid and 
binding from the time when the pledge was made. 
The revenues 
pledged and received by the board are immediately subject to the 
lien of the pledges without any physical delivery or further 
action under 
the Uniform 
Commercial 
Code. 
The 
lien of 
the 
pledges is valid and binding as against all parties having claims 
of any kind in tort or contract or otherwise against the board 
irrespective of whether the parties have notice of the lien. 
Any resolution or resolutions authorizing any securities or 
any issue of securities or any trust agreement with respect to 
any securities may contain provisions that are a part of the 
contract or contracts with the holders of the securities In 
relation to: 
1. 
Pledging of full faith and credit of board. 
Pledging 
the full faith and credit of the board or of all or any specified 
revenues or assets of the board to secure the payment of the 
securities 
or 
of 
any 
issue 
of 
securities, 
subject 
to 
such 
agreements with holders of securities as may then exist; 
2. 
Pledging 
unencumbered 
revenues 
or 
assets 
of 
board. 
Pledging all or any part of the unencumbered revenues or assets 
of the board to secure the payment of the securities or any issue 
of 
securities, 
subject 
to 
such 
agreements 
with 
holders 
of 
securities as may then exist; 
3. 
Setting aside reserves or sinking funds. 
Setting aside 
reserves or sinking funds and the regulation and disposition of 
the funds; 
4. 
Limitations on use of proceeds of sale of securities. 
Limi tations on the use to which the proceeds of the sale of 
secur i ties may be applied and pledging those proceeds to secure 
the payment of the securities or of any issue of securities; 
5. 
Limitations 
on 
issuance 
of 
additional 
securities. 
Limitations on the issuance of additional securities, the terms 
upon which additional securities may be issued and secured and 
refunding outstanding or other securities; 
6. 
Amendment or abrogation of contract terms; procedure. 
The procedure, if any, by which the terms of any contract with 
holders of securities may be amended or abrogated, the amount to 
which the holders of securities must consent and how that consent 
may be given; 
7. 
Limitations 
on 
money 
expended 
by 
authority 
for 
expenses. 
Limitations on the amount of money to be expended by 
the board for operating, administrative or other expenses of the 
board; 
8. 
Vesting of rights 
~n trustee; 
powers 
and duties 
~n 
trust. 
Vesting a trustee or trustees with such property, rights, 
powers and duties in trust as the board may determine, which may 
include any or all of the rights, 
powers 
and duties of 
the 
trustee appointed for the holders of securities issued pursuant 
to this Act; 
9. 
Default. 
Defining the acts or omissions to act that 
consti tute a default in the obligations and duties of the board 
to the holders of the securities and providing for the rights and 
remedies of the holders of the securities in the event of that 
default, including as 
a matter of right the appointment of a 
receiver, 
but 
only 
if 
the 
rights 
and 
remedies 
are 
not 
inconsistent with the general laws of the State and this Act; and 
10. 
Other matters. 
Matters other than those stated in this 
section that in any way affect the security or protection of the 
holders of the securities. 
§6415. 
Trust funds 
All money received by the board is considered trust funds to 
be held and applied solely as provided in this Act. 
An officer 
to whom or a bank, trust company or other fiscal agent or trustee 
to which that money is paid shall act as trustee of the money and 
shall hold and apply the money for the purposes of this Act, 
subject to such rules as may be adopted by the board pursuant to 
this Act and as the resolution or trust agreement may provide. 
§6416. 
Remedies 
A holder of securities issued under this Act or of any of 
the coupons appertaining to the securities, and the trustee under 
any resolution or trust agreement, 
except to the extent the 
rights given may be restricted by the resolution authorizing the 
issuance 
of 
the 
securities 
or 
the 
trust 
agreement 
or 
an 
applicable financial document, may, either by action, mandamus or 
other proceeding, protect and enforce all rights under the laws 
of the State or granted under this Act or under the resolution, 
financial document or trust agreement, including the appointment 
of a receiver, and may enforce and compel the performance of all 
duties 
required by this Act 
or 
by the resolution, 
financial 
document 
or 
trust 
agreement 
to 
be 
performed 
by 
the 
board, 
incl uding the collecting of rates, rents, fees and charges for 
the use of any of its facilities for any project, projects or 
part of any project. 
Any such suit, action or proceeding must be 
brought for the benefit of all the holders of the securities and 
coupons, 
subject to 
the 
terms of 
any such resolution, 
trust 
agreement or financial document. 
§6417. 
Revenue refunding securities 
The board may provide by resolution for the issuance of 
revenue refunding securities of the board for the purpose of 
refunding any obligations of the board or for the purpose of 
refinancing of existing indebtedness then outstanding that has 
been issued or incurred under this Act or otherwise, including 
the payment of any redemption premium and any interest accrued or 
to accrue to the date of redemption of those obligations and, if 
considered advisable by the board, for the additional purpose of 
construction 
or 
enabling 
the 
construction 
of 
improvements, 
extensions, enlargements or additions of the project, projects or 
part of any project in connection with which the obligations to 
be refunded were issued. 
The board may provide by resolution for 
the issuance of securities of the board for the combined purpose 
of refunding any obligations or revenue refunding securities then 
outstanding 
or 
for 
the 
purpose 
of 
refinancing 
of 
existing 
indebtedness that has been issued or incurred under this Act, or 
otherwise, 
including the payment of any redemption premium on 
Page l7-LRl057(l) 
that indebtedness and any interest accrued or to accrue to the 
date of redemption of the obligations and paying all or any part 
of 
the 
cost 
of 
selling 
the 
securities 
or 
acguiring 
or 
constructing or enabling the acguisi tion or construction of any 
additional project, 
projects or part of 
any 
project or 
any 
improvements, 
extensions, 
enlargements 
or 
additions 
of 
any 
project, projects or part of any project. 
The issuance of the 
securities, the maturities and other details of the securities, 
the rights and remedies of the holders of the securities and the 
rights, powers, privileges, duties and obligations of the board 
with respect to the securities are governed by this Act. 
§64l8. 
Tax exemption 
Securities issued under this Act constitute a proper public 
purpose and those securities, their transfer and the income from 
the securities, including any profits made on the sale of the 
securities, are exempt from taxation within the State. 
§64l9. 
Governmental functions 
The carrying out by the board of the powers 
and duties 
conferred upon it by this Act is considered to be the performance 
of essential functions. 
§6420. 
Liberal construction 
This Act, being necessary for the welfare of the State and 
its 
inhabitants, 
must 
be 
liberally 
construed 
to 
effect its 
purposes. 
To the extent of any conflict between this Act and any 
other law, this Act must prevail, but the power and authority 
granted by this Act must be considered to be in addition to and 
not in derogation of the power and authority granted by any other 
law. 
§6421. 
Securities as legal investment 
The securities of the board are legal investments in which 
public officers and public bodies of the State and its political 
subdivisions; 
municipalities 
and 
municipal 
subdivisions; 
insurance companies and associations and other persons carrying 
on an insurance business; banks, bankers, banking associations, 
trust 
companies, 
savings 
banks 
and 
savings 
associations, 
including 
savings 
and 
loan 
associations, 
building 
and 
loan 
associations, investment companies and other persons carrying on 
a 
banking 
business; 
administrators, 
guardians, 
executors, 
trustees and other fiduciaries; other persons who are or may be 
authorized 
to 
invest 
in 
bonds 
or 
other 
obligations 
of 
the 
State, may properly and legally invest funds, including capital, 
in 
the 
control 
of 
or 
belonging 
to 
those 
investors. 
The 
securities 
are also, 
by 
this 
Act, 
made 
securities that 
may 
properly and legally be deposited with and received by public: 
officers and bodies of the State or any agency or political 
subdivision 
of 
the 
State 
and 
municipalities 
and 
public 
corporations for any purpose for which the deposit of securities 
of bonds or other obligations of the State may be authorized by 
law. 
§6422. 
Conflicts 
A member of the board may not participate in any decision on 
any contract entered into by the board under this Act if that 
member 
has 
any 
interest, 
direct 
or 
indirect, 
in 
any 
firm, 
partnership, corporation or association that may be party to the 
contract. 
The interest must be disclosed to the board in writing 
and must be set forth in the minutes of the board. 
§6423. 
Actions against board 
A member of the board, while acting within the scope of the 
authority of 
this 
Act, 
may 
not 
be 
subject 
to 
any 
personal 
liability resulting 
from 
the exercise of 
any of the board's 
purposes or powers. 
§6424. 
Contract of State 
The State pledges and agrees with the holders of securities 
that the State will not limit or alter the rights vested in the 
board to acquire, construct, reconstruct, 
equip and operate 
a 
project, projects or part of any project and related facilities; 
to establish and collect fees, charges, rentals and other charges 
referred to 
in this 
Act; 
and 
to fulfill 
the 
terms 
of 
any 
agreements made with the holders of the securities. 
The State 
also pledges and agrees that it will not impair the rights and 
remedies 
of 
the holders of securities until 
the securities, 
together with interest on securities, 
interest on 
any 
unpaid 
installments on interest and all costs and expenses in connection 
wi th any action or proceeding by or on behalf of the holders ot: 
securities are fully met and discharged. 
§6425. 
Credit of State not pledged 
Securities issued under this Act do not constitute or create 
any debt or debts, liability or liabilities on behalf of the 
State or of any political subdivision of the State other than the 
board or a loan of the credit of the State or a pledge of the 
faith and credit of the State or of any political subdivision 
other than the board, 
but are payable solely from 
the 
funds 
provided for that payment. 
A security issued under this Act must 
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. 
§6426. 
Gifts and contributions 
The board may accept gifts and contributions as provided in 
section 6405, 
subsection 
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. 
§6427. 
Continuing disclosure 
Wi th respect to 
an~ecur i ties 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.