Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-2 - Application

Current through 2024-29, July 17, 2024
Each application under this program will include the
				  following:
A. The names of the user,
				and guarantor and the municipality.
B. Repealed.
C. Repealed.
D. Repealed.
E. Designation of the municipality's bond
				counsel for the issue.
F.
				Resolution of municipality authorizing the application.
G. A non-refundable administrative fee of
				$5,000.
The administrative fee required with the application is not
				  credited against the administrative fee due upon issuance of the securities set
				  forth below.
H. A statement
				of the municipality that adequate provision is being made to meet any increased
				demand upon public facilities that might result from the project or that there
				is no increased demand.
I. A letter
				of intent or a commitment from one or more purchasers or underwriters of the
				total amount of securities to be issued (required prior to scheduling a public
				hearing).
J. For securities
				exceeding $1,000,000, and other instances where the Authority deems it
				appropriate, the Authority shall be provided a written assessment from the
				Maine Department of Environmental Protection to the Authority of all
				environmental conditions known to exist. The Authority will not issue a
				certificate of approval for any such project until that department's assessment
				has been received and considered by the Authority.
K. A description of the proposed project
				sufficient to enable the chief executive officer to determine that it is an
				eligible project within the meaning of the Act.
L. Repealed.
M. A statement by the user explaining how the
				project will make a contribution to the economic growth of, the control of
				pollution in or the betterment of the health of the inhabitants of the State.
				The statement should include information on payroll and the number of new or
				retained jobs.
N. A statement by
				the user explaining why the project will not result in a substantial detriment
				to existing business in the State. To the extent known to the applicant or the
				user, the statement should describe the market to be served as a result of the
				proposed project and should set forth the names and addresses of any other
				businesses in the State known by the borrower to serve such market. If there
				are any such businesses known to the applicant, then, to the extent known to
				the applicant or the user, the statement should also describe the demand in
				such market, the capacity of such businesses serving such market, the
				efficiency of such businesses and why any arguably adverse economic effect of
				the project on such businesses is outweighed by the contribution which the
				project will make to the economic growth of, the control of pollution in or the
				betterment of the health of the inhabitants of the State.
O. A breakdown of the purposes and amounts
				for which the proceeds of the issue will be expended.
P. Repealed.
Q. Such other information as the Authority
				may reasonably require, including such information as may be required for
				purposes of Chapter 203, Allocation of State Ceiling on Private Activity
				Bonds.