Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-1 - DEFINITIONS

Current through 2024-29, July 17, 2024
A.
Reference to Act Definitions
.
				Certain terms used in this rule, which are defined in the Finance Authority of
				Maine Act, 10 M.R.S.A. Section961 and following (the Act), shall have the
				meanings set forth in the Act, unless clearly specified otherwise or unless the
				context clearly indicates otherwise.
B.
Defined Terms
(1) "Agricultural production" means the
				cultivation, production (growing), harvesting, either directly or through
				integrated operations, of agricultural products (crops, animals, birds and
				marine life, either for fiber or food for human consumption, and disposal or
				marketing thereof, the raising, housing, feeding, breeding, hatching, control
				and/or management of farm and domestic animals).
(2) "Authorized fees" means loan packaging
				fees, environmental data collection fees, and other professional fees rendered
				by professionals generally licensed by the State or accreditation associations,
				such as engineers, architects, lawyers,, accountants, and appraisers. Such fees
				must be fully documented and reasonable and customary in the opinion of the
				chief executive officer.
(3)
				"Aquaculture" means the culture or husbandry of aquatic animals or plants by
				private industry for commercial purposes including the culture and growing of
				fish by private industry for the purpose of granting or augmenting
				publicly-owned or regulated stocks of fish.
(4) "Borrower" means a person or entity which
				meets the eligibility requirements set forth in section 3 of this rule, and
				includes a prospective Borrower where the context requires and is referred to
				as the ultimate recipient in FmHA Instruction 1948-C. For the purposes of
				determining eligibility, any affiliate, parent, subsidiary, entity, trust or
				individual with 20% or greater common ownership with the borrower shall be
				considered the borrower.
(5) "Chief
				executive officer" means the Authority's chief executive officer or a person
				acting under the supervisory control of the chief executive officer.
(6) "Loan commitment" means a letter from the
				chief executive officer to a Borrower agreeing to make a loan to a Borrower on
				the terms and conditions and subject to the requirements stated
				therein.
(7) "Low-income" means the
				level of income of a person or family which is at or below the Poverty
				Guidelines as defined in Section 673(2) of the Community Services Block Grant
				Act (
				42
				U.S.C.
				§9902(2).
(8) "Market value" means the most probable
				price which property should bring, as of a specific date in a competitive and
				open market, assuming the buyer and seller are prudent and knowledgeable, and
				the price is not affected by undue stimulus such as forced sale or loan
				interest subsidy.
(9) "Members
				means the members of the Authority appointed pursuant to the Act.
(10) "Principals of intermediary" means the
				members, officers and directors directly involved in the operation and
				management of the Authority.
(11)
				"Program" means the Intermediary Relending Program governed by 7 U.S.C. §
				2007 a, the rules and regulations promulgated thereunder and this
				rule.
(12) "Rural area" means all
				areas of the State not within the outer boundary of any city having a
				population of twenty-five thousand or more.
(13) "State" means the State of
				Maine.
(14) "Working capital" means
				the excess of current assets over current liabilities. It identifies the liquid
				portion of total enterprise capital which constitutes a margin or buffer for
				meeting obligations within the ordinary operating cycle of the
				business.