A. The principal and interest of bonds must be made payable solely from the income, proceeds, revenues and funds of the corporation derived from or held for activities under this chapter. Payment of the principal and interest of bonds may be further secured by a pledge of a loan, grant or contribution from the Federal Government or other source in aid of activities of the corporation under this chapter and by a mortgage of an urban activity or a project or part of a project, title to which is in the corporation.   [PL 2021, c. 631, §1 (NEW).]

B. Bonds issued under this section do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction and are not subject to other laws or charters relating to the authorization, issuance or sale of bonds. Bonds issued under this chapter are declared to be issued for an essential public and governmental purpose and, together with interest on and income from the bonds, are exempt from all taxes.   [PL 2021, c. 631, §1 (NEW).]

C. Bonds may not be issued by the corporation until the corporation has received a certificate of approval from the Finance Authority of Maine authorizing issuance of the bonds. Before issuing a certificate of approval under this section, the Finance Authority of Maine must determine that there is a reasonable likelihood that the income, proceeds, revenues and funds of the corporation derived from or held for activities under this chapter or otherwise pledged to payment of the bonds will be sufficient to pay the principal, the interest and all other amounts that may at any time become due and payable under the bonds. In making this determination, the Finance Authority of Maine shall consider the corporation's analysis of the proposed bond issue and the revenues to make payments on the bonds and may require such information, projections, studies and independent analyses as it considers necessary or desirable and may charge the corporation reasonable fees and expenses. The issuance by the Finance Authority of Maine of a certificate of approval under this section does not constitute an endorsement of the bonds or the projects or purposes for which those bonds are issued, and the corporation or any other person or entity, including, without limitation, any holder of bonds of the corporation, has no cause of action against the Finance Authority of Maine with respect to any certificate of approval. The Finance Authority of Maine may require that it be indemnified, defended and held harmless by the corporation for any liability or cause of action arising with respect to the bonds.   [PL 2021, c. 631, §1 (NEW).]

A. The date or dates borne by the bonds;   [PL 2021, c. 631, §1 (NEW).]

B. Whether the bonds are payable upon demand or mature at a certain time or times;   [PL 2021, c. 631, §1 (NEW).]

C. The interest rate or rates of the bonds;   [PL 2021, c. 631, §1 (NEW).]

D. The denomination or denominations of the bonds;   [PL 2021, c. 631, §1 (NEW).]

E. The form of the bonds, whether coupon or registered;   [PL 2021, c. 631, §1 (NEW).]

F. The conversion or registration privileges carried by the bonds;   [PL 2021, c. 631, §1 (NEW).]

G. The rank or priority of the bonds;   [PL 2021, c. 631, §1 (NEW).]

H. The manner of execution of the bonds;   [PL 2021, c. 631, §1 (NEW).]

I. The medium and place or places of payment of the bonds;   [PL 2021, c. 631, §1 (NEW).]

J. The terms of redemption of the bonds, with or without premium;   [PL 2021, c. 631, §1 (NEW).]

K. The manner in which the bonds are secured; and   [PL 2021, c. 631, §1 (NEW).]

L. Any other characteristics of the bonds.   [PL 2021, c. 631, §1 (NEW).]

A. Exchanged for other bonds on the basis of par;   [PL 2021, c. 631, §1 (NEW).]

B. Sold to the Federal Government at private sale at not less than par. If less than all of the authorized principal amount of the bonds is sold to the Federal Government, the balance may be sold at private sale at not less than par at an interest cost to the corporation that does not exceed the interest cost to the corporation of the portion of the bonds sold to the Federal Government; or   [PL 2021, c. 631, §1 (NEW).]

C. Sold to a person on such terms as the corporation may negotiate.   [PL 2021, c. 631, §1 (NEW).]

A. Invest, in property or securities in which savings banks may legally invest funds subject to their control, funds held in reserves, sinking funds or funds not required for immediate disbursement; and   [PL 2021, c. 631, §1 (NEW).]

B. Cancel its bonds by redeeming them at the redemption price established in the bonds or by purchasing them at less than redemption price.   [PL 2021, c. 631, §1 (NEW).]