Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 376 - MAINE MUNICIPAL BOND BANK › Chapter 1 - APPLICATION PROCEDURES FOR LOANS TO GOVERNMENT FOR PUBLIC IMPROVEMENTS AND FOR OTHER PUBLIC PURPOSES › Section 376-1-1 - DEFINITIONS

Current through 2024-29, July 17, 2024
A. "Act" shall mean the Maine Municipal Bond
				Bank Act being Article 3-A of subchapter II of Chapter 241 of Title 30 of the
				Maine Revised Statute as amended to date.
B. "Administrative Expenses" shall mean the
				Bank's expenses of carrying out and administering its powers, duties and
				functions, as authorized by the Act, and shall include, without being limited
				to the generality of the foregoing: administrative and operating expenses,
				legal, accounting and consultant's services and expenses, payments to pension,
				retirement, health and hospitalization funds, and any other expenses required
				or permitted to be paid by the Bank under the provisions of the Act or the
				Resolution or otherwise.
C. "Bank"
				shall mean the Maine Municipal Bond Bank, a public body corporate and politic
				constituted as an instrumentality of the State of Maine exercising public and
				essential government functions and created by the Act, or any body, agency or
				instrumentality of the State which shall hereafter succeed to the powers,
				duties and functions of the Bank.
D. "Bond or Bonds" shall mean any Maine
				Municipal Bond Bank Bond or Bonds, as the case may be, authenticated and
				delivered under the General Resolution pursuant to a Series
				Resolution.
E. "Bondholders" or any
				similar term, shall mean any person or party who shall be the bearer of any
				Outstanding Bond or Bonds registered to bearer or not registered or the
				registered owner of any Outstanding Bond or Bonds which shall at the time be
				registered other than to bearer and "Holder" (when used with reference to
				coupons) shall mean any person who shall be the bearer of such
				coupons.
F. "Counsel's Opinion"
				shall mean an opinion signed by an attorney or firm of attorneys selected by or
				satisfactory to the Bank as defined in section 3.
G. "Debt Service" for any period shall mean,
				as of any date of calculation and with respect to any Series, an amount equal
				to the sum of (i) interest accruing during such period on Bonds of such Series,
				and (ii) that portion of Principal Installment for such Series which would
				accrue during such period if such Principal Installment were deemed to accrue
				daily in equal amounts from the next preceding Principal Installment due date
				for such Series (or, if there shall be no such preceding Principal Installment
				due date, from a date one year preceding the due date of such Principal
				Installment). Such interest and Principal Installments for such Series shall be
				calculated on the assumption that no Bonds of such Series Outstanding at the
				date of calculation will cease to be Outstanding except by reason of the
				payment of such Principal Installment on the due date thereof.
H. "Fees and Charges" shall mean all fees and
				charges authorized to be charged by the Bank pursuant to subsection (H) of
				Section 5954 of the Act and charged by the Bank to Governmental Units pursuant
				to the terms and provisions of Loan Agreements.
I. "Fiscal Year" shall mean any twelve (12)
				consecutive calendar months commencing with the first day of July and ending on
				the last day of the following June.
J. "Governmental Unit" shall mean any
				governmental unit as defined by the Act.
K. "Loan" shall mean a loan heretofore or
				hereafter made by the Bank to a Governmental Unit pursuant to the Act and more
				particularly described in the applicable Series Resolution.
L. "Loan Agreement" shall mean an agreement
				heretofore or hereafter entered into between the Bank and a Governmental Unit
				setting forth the terms and conditions of a loan.
M. "Municipal Bonds" shall mean the bonds or
				other evidence of debt issued by any Governmental Unit and authorized pursuant
				to the Act and other laws of the State and which have heretofore been or will
				hereafter be acquired by the Bank as evidence of indebtedness of a Loan to the
				Governmental Unit pursuant to the Act.
N. "Notes" shall mean any obligations
				referred to herein issued by the Bank other than Bonds.
O. "Paying Agent" for the Bonds of any Series
				shall mean a bank or trust company organized under the laws of any state of the
				United States of America or a national banking association, having a capital
				and surplus aggregating at least three million dollars ($3,000,000) acceptable
				to the Bond Bank and meeting the requirements of the General
				Resolution.
P. "Required Debt
				Service Reserve" shall mean, as of any date of calculation, the amount required
				to be on deposit in the Reserve Fund which amount shall be equal to the maximum
				amount of Principal Installments and interest maturing and becoming due in any
				succeeding calendar year on all Loan Obligations then outstanding as of such
				date of calculation.
Q.
				"Resolution" shall mean this General Bond Resolution as from time to time
				amended or supplemented by Supplemental Resolutions or Series Resolutions in
				accordance with the terms and provisions hereof.
R. "Series of Bonds" or words of similar
				meaning shall mean the series of Bonds authorized by a Series
				Resolution.
S. "Series Resolution"
				shall mean a resolution of the Bank authorizing the issuance of a Series of
				Bonds in accordance with the terms and provisions hereof adopted by the Bank in
				accordance with Article X of the General Resolution.
T. "State" shall mean the State of
				Maine.