General Resolution Program

  • Created in 1973 by the Maine State Legislature, the General Bond Resolution Program and the Maine Municipal Bond Bank have a fifty year history of providing Maine’s communities access to low-cost funds through the sale of its highly rated tax-exempt bonds. Capital financing through the General Bond Resolution Program allows borrowers to take advantage of the Bond Bank’s high investment grade rating, low-interest rates, and reduced issuance and post-issuance costs.

    Eligible Borrowers

    Towns, cities, counties, school systems, water & sewer districts, and other governmental entities.

    Eligible Projects

    Examples of eligible projects include but are not limited to:

    • School construction or renovation
    • Road improvements
    • Upgrades to sewerage treatment plants or water systems
    • Landfill closures
    • Purchase of public safety vehicles
    • Other municipal construction or renovation projects and capital acquisitions

    Application Deadline

    Applications are accepted continuously during the year.

    Issue Schedule

    Typically two issues per year – spring and fall.
    Click here for the current schedule.

    Interest Rates

    Subject to current market conditions.

    Minimum/Maximum Loan Amount

    None

    Issuance Costs & Fees

    • Underwriter’s discount (included in the interest rate)
    • Local Bond Counsel Fee
    • Insurance premium (included in the interest rate) – only included if the purchase of insurance presents a “net savings”

    All other costs are paid for by the Bond Bank.
    Click here for a complete listing of the costs associated with a bond issue.

    Term

    Between 5 and 30 years. In all cases, the maximum loan term may not exceed the useful life of the financed asset.

    Repayment Schedule

    No Prepayment permitted.

    Receipt of Funds

    Funds are wired to an account specified by the borrower by the end of the day of closing.

    Download a printable PDF version of the information above.

    Click here to view our General Resolution Program and our SRF Program comparison chart.

    If you’d like to invest in municipal tax-exempt bonds, please click here.

  • Amortization Estimate

    Click here to generate an amortization estimate.

    Bond Counsel

    Local bond counsel serves a critical role in confirming the legality of debt issuances. Engaging counsel in the early stages will ensure that they will be able to provide a legal opinion, which is a loan program participation requirement.
    Download printable PDF version of our approved list of bond counsel.

    Advantages in using MMBB

    • The Bond Bank’s strong credit rating
    • Access to capital market and low tax-exempt interest rates
    • No upfront or ongoing fees
    • Supportive process from application to receipt of funds
    • Constant market monitoring for refinancing opportunities with savings passed on to borrowers at no extra cost

    Contact Information

    • Toni Reed
      Senior Program Officer
      (207) 622-9386 ext. 213
    • Madison Purdy
      Program Assistant
      (207) 622-9386 ext. 221
    • Jennifer Lachance
      Program Assistant
      (207) 622-9386 ext. 208