5 §13120-A. Authority established; purpose
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 18-A: ECONOMIC AND COMMUNITY DEVELOPMENT HEADING: PL 1987, C. 534, PT. A, §17 (NEW)
Chapter 383: ECONOMIC AND COMMUNITY DEVELOPMENT HEADING: PL 1987, C. 534, PT. A, §17 (NEW)
Subchapter 9: MAINE RURAL DEVELOPMENT AUTHORITY HEADING: PL 2001, C. 703, §6 (NEW)
§13120-A. Authority established; purpose
The Maine Rural Development Authority, as established by section 12004-F, subsection 18 and referred to in this subchapter as the "authority," is a body both corporate and politic and a public instrumentality of the State established for the purpose of providing loans to communities for the development of commercial facilities on a speculative basis and for serving as lender or investor in the acquisition, development, redevelopment and sale of commercial facilities in areas where economic needs are not supported by private investment. [2003, c. 281, §1 (AMD).]
The purposes of this subchapter are public and the authority is performing a governmental function in carrying out this subchapter. [2001, c. 703, §6 (NEW).]
SECTION HISTORY
2001, c. 703, §6 (NEW). 2003, c. 281, §1 (AMD).