Maine § 974. - Annual report; audit
Full text of Maine Maine Revised Statutes § 974. — Annual report; audit, with citation guidance and answers to common questions.
§ 974.. Annual report; audit
1. Report. The authority shall submit to the Governor, the Speaker of the House of Representatives, the President of the Senate and the joint standing committees of the Legislature having jurisdiction over housing and economic development and education, not later than 120 days after the close of its fiscal year, a complete report on the activities of the authority. The report may also be provided to any other member of the Legislature and to any other person. The report must include all of the following:
A. A description of its operations, including a description of projects assisted under this chapter; [PL 1985, c. 344, §23 (AMD).]
B. An accounting of its receipts and expenditures, assets and liabilities at the end of its fiscal year; [PL 1983, c. 519, §6 (NEW).]
C. A schedule of the bonds and notes outstanding at the end of its fiscal year and a statement of the amounts redeemed and issued during its fiscal year, including a report on its reserve funds; [PL 1983, c. 519, §6 (NEW).]
D. A statement of its proposed and projected activities for the ensuing year and the relationship of these activities to the State's economic development policies; [PL 1989, c. 552, §9 (AMD).]
E. Recommendations as to further actions which may be suitable for achieving the purposes of this chapter; [PL 1983, c. 730, §1 (AMD).]
F. A statement of the defaults, if any, of persons, firms, corporations and other organizations receiving assistance under this chapter in those cases where substantial liquidation of collateral has taken place, a statement of the total amount of mortgage insurance payments made during the fiscal year and a statement of the percentage derived by dividing the amount of the mortgage insurance payments during the fiscal year into the outstanding principal balance as of the fiscal year end of the authority's unpaid obligations pursuant to mortgage insurance contracts; [PL 1985, c. 714, §9 (AMD).]
G. A summary of the actual and potential employment opportunities reported on employment plans pursuant to section 979; [PL 1987, c. 697, §2 (AMD).]
H. A separate section pertaining to the activities of the authority carried out pursuant to subchapter I‑A, which shall provide the following:
(2) An analysis of the needs of the natural resource-based sector in the State and a statement of the authority's proposed and projected activities for the ensuing year to meet these needs; and
(3) Recommendations as to further actions which may be suitable for achieving the purposes of subchapter I‑A; [PL 1985, c. 344, §23 (NEW).]
I. A description of any financial assistance provided for energy conservation purposes, the success of various energy saving techniques assisted and the overall energy benefits achieved by the financial assistance; [PL 1989, c. 552, §9 (AMD); PL 1989, c. 698, §9 (AMD).]
J. [PL 1989, c. 552, §9 (RP).]
K. A description of the operations of the authority pursuant to section 980‑A for the most recent calendar year and of its plans, if any, for revising any allocation system established pursuant to section 980‑A; and [PL 1989, c. 698, §9 (AMD).]
L. A complete report on the student financial assistance activities of the authority. [PL 1989, c. 698, §9 (NEW).]
2. Treasurer of State; annual financial report. The authority shall provide the Treasurer of State, within 120 days after the close of its fiscal year, its annual financial report certified by an independent certified public accountant, who may be the accountant or a member of the firm of accountants who regularly audits the books and accounts of the authority, selected by the authority. The authority is also subject to the provisions of Title 5, chapter 11. The authority may combine for accounting purposes any or all funds established for its programs and activities.
Frequently Asked Questions About Maine § 974.
What does Maine Revised Statutes § 974. cover?
Section 974. ("Annual report; audit") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 974.?
A common citation format is "Maine Revised Statutes § 974." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 974. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.