20-A §11514. University of Maine System
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 418: STUDENT LOAN CORPORATIONS
§11514. University of Maine System
Notwithstanding any inconsistent provisions of this chapter, and in addition to the option of providing low-cost financial assistance to qualified students enrolled at the university through the Maine Health and Higher Educational Facilities Authority and a student loan corporation, the following provisions shall apply to the University of Maine System. [1985, c. 779, §55 (AMD).]
1. Issuance of bonds. The Board of Trustees of the University of Maine System may provide, by resolution, at one time or from time to time, for the issuance of revenue bonds and other obligations and to loan the proceeds thereof to one or more student loan corporations formed by the board for the purposes of this chapter. Revenue bonds and other obligations issued by the board of trustees shall be issued in the name of the University of Maine System, shall be issued in accordance with this chapter and shall be subject to the same limitations and have the same exemptions as other bonds or obligations issued under this chapter.
[ 1985, c. 779, §55 (AMD) .]
2. Powers. In addition to any other powers granted by private and special legislation or general law, the board of trustees shall have the same powers as the Maine Health and Higher Educational Facilities Authority, to the extent those powers are necessary to meet the purposes of this chapter.
[ 1983, c. 422, §21 (NEW) .]
3. Security. Revenue bonds and other obligations issued under this chapter may be secured in such fashion as the board of trustees, in its discretion, deems appropriate. Revenue bonds and other obligations issued by the board of trustees under this chapter shall not constitute a debt or liability of the State, of any municipality or political subdivision of the State or a pledge of the faith and credit of the State or of any municipality or political subdivision, and shall contain on their face a statement to that effect.
[ 1983, c. 422, §21 (NEW) .]
SECTION HISTORY
1983, c. 422, §21 (NEW). 1985, c. 779, §55 (AMD).