Section 4907 - Limitations1.Limitations on amount of outstanding principal. The Maine State Housing Authority may not at any time have an aggregate principal amount outstanding, in excess of $3,000,000,000 of mortgage purchase bonds secured by the Housing Reserve Fund or a Capital Reserve Fund to which section 4906, subsection 3, paragraph A applies. Mortgage purchase bonds of the Maine State Housing Authority secured by capital reserve funds to which section 4906, subsection 3, paragraph A does not apply, bond or mortgage insurance, direct or indirect contract with the United States, purchase or repurchase agreement of guaranty with a banking or other financial organization or other credit arrangements securing the bonds may be issued up to $100,000,000 per calendar year in an aggregate principal amount outstanding at any time not to exceed $300,000,000.2.Bond rating. Mortgage purchase bonds must be rated at or before issuance of the bonds in a rating category of A or its equivalent or better by a nationally recognized rating agency. A rating is not necessary for any issue of mortgage purchase bonds which:A. Is not subject to section 4906, subsection 3, paragraph A; and [1987, c. 737, Pt. A, §2(NEW); 1987, c. 737, Pt. C, §106(NEW); 1989, c. 6(AMD); 1989, c. 9, §2(AMD); 1989, c. 104, Pt. C, §§8, 10(AMD).]B. Is sold in its entirety to one or more financial institutions, insurance companies or similar finance entities for its own account and not with the present intention of resale. [1987, c. 737, Pt. A, §2(NEW); 1987, c. 737, Pt. C, §106(NEW); 1989, c. 6(AMD); 1989, c. 9, §2(AMD); 1989, c. 104, Pt. C, §§8, 10(AMD).] [1987, c. 737, Pt. A, §2(NEW); 1987, c. 737, Pt. C, §106(NEW); 1989, c. 6(AMD); 1989, c. 9, §2(AMD); 1989, c. 104, Pt. C, §§8, 10(AMD).]
Amended by 2024, c. 559,§ 1, eff. 8/9/2024.1987, c. 737, §§A2,C106 (NEW) . 1989, c. 6, (AMD) . 1989, c. 9, § 2 (AMD) . 1989, c. 48, §§6,31 (AMD) . 1989, c. 104, §§C8,10 (AMD) . 1989, c. 914, § 6 (AMD) . 1991, c. 574, § 3 (AMD) . 1991, c. 871, § 5 (AMD) . 1997, c. 491, § 1 (AMD) . 2001, c. 631, § 1 (AMD) .