Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-1 - 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 meaning set forth in the Act unless clearly specified otherwise or
				unless the context clearly indicates otherwise.
B.
Defined Terms
(1) "Chief Executive Officer" means the
				Authority's Chief Executive Officer or a person acting under the supervisory
				control of the Chief Executive Officer.
(2) "Current Obligation(s)" means the portion
				of all outstanding debts including principal and interest owed by the recipient
				due within one year of the date of application, including payments on leases of
				real and personal property.
(3)
				"Debt Service Coverage" means an amount equal to the quotient of a fraction,
				the numerator of which is the sum of the recipient's net income plus
				depreciation plus interest and the denominator of which is the sum of the
				recipient's current obligations, plus proposed payments of principal and
				interest. e.g. Debt Service Coverage =
Net Income + Depreciation +
				  Interest
/ Current Obligations + Proposed Loan Obligations)
(3-A-1) "De Minimis Settlement" means a final
				settlement, including cash payments and premiums, pursuant to Section 122(g)(1)
				of the Comprehensive Environmental Response, Compensation, and Liability Act of
				1980, as amended ("CERCLA"),
				42
				U.S.C. Section
				9622(g)(1).
(3-A-2) "Institutional Controls" means
				implementation of those controls selected by the United States Environmental
				Protection Agency to prevent use of contaminated groundwater by residents near
				the Plymouth Waste Oil Disposal Site.
(4) "Members" means the members of the
				Finance Authority of Maine.
(5) "Net
				Income" means net income as determined by generally accepted accounting
				principles, as applied by the Authority. The determination of the recipient's
				net income shall be based on the financial statements and/or tax return for the
				recipient's most recent fiscal year and interim financial statements as the
				Authority may require. The Authority may request financial statements and tax
				returns from previous fiscal years if, in the discretion of the Authority, they
				are necessary to make a determination of net income.
(6) "Net Worth" means, in the case of an
				individual or sole proprietorship, the total value of the equity of the
				recipient, the recipient's spouse, and dependents in all real and personal
				property, excluding the recipient's principal residence. In the case of a
				corporation, net worth shall be defined in accordance with generally accepted
				accounting principles and shall include the individual net worth of each
				stockholder owning 20% or more of the outstanding and issued stock of the
				corporation. In the case of a partnership, net worth shall be defined in
				accordance with generally accepted accounting principles and shall include the
				individual net worth of each general partner. In the case of a trust, net worth
				shall be defined in accordance with generally accepted accounting principles
				and shall include the individual net worth of each beneficiary of 20% or more
				of the proceeds of the trust. In the case of a co-op, net worth shall be
				defined in accordance with generally accepted accounting principles and may
				include the individual net worth of major owners in the discretion of the
				Authority.
(7) "Orphan Share" means
				the percentage of the total response costs at the Wells Waste Oil Disposal Site
				attributable to parties who are deemed bankrupt, dissolved, insolvent, or no
				longer in business or whose current identity or location can not be determined,
				as determined and certified by a person assuming liability for total response
				costs, for the purposes of determining the price at which it is willing to
				settle with those Responsible Parties who desire to settle and sign a consent
				decree relating to payment of the Responsible Parties' share of the total
				response costs at the Wells Waste Oil Disposal Site.
(7-A) "Oversight costs" means all costs
				incurred or to be incurred by the United States Environmental Protection Agency
				or the Maine Department of Environmental Protection in monitoring, supervising
				and overseeing work performed by Responsible Parties at the Plymouth Waste Oil
				Disposal Site, including costs of reviewing plans, reports and other documents
				submitted by Responsible Parties pursuant to applicable administrative orders
				or consent decrees.
(8)
				"Past cost settlement" means the settlement between the potentially responsible
				parties, the United States and the State, embodied in the consent decree filed
				with the United States District Court for the District of Maine, Civil Docket
				Number 00-249-B
(9) "Plymouth
				Applicant" means an applicant for participation in the Program based on
				potential liability for Response Costs at the Plymouth Waste Oil Disposal
				Site.
(10) "Plymouth Waste Oil
				Disposal Site" means the Portland-Bangor Waste Oil Services site in Plymouth,
				Maine.
(11) "Program" means the
				Wells and Plymouth Waste Oil Clean-up Program governed by the Act and this
				rule.
(12) "Project" means, with
				respect to Wells Applicants under Section
				3, the direct payment to a service
				provider, or reimbursement to a recipient of Response Costs incurred and/or
				paid by a recipient as a result of said recipient being a Responsible Party in
				relation to the Wells Waste Oil Disposal Site, and with respect to Plymouth
				Applicants under Section
				4, the payment of or reimbursement for
				a portion of the costs of institutional controls, a Remedial Study, Time
				Critical Removal Action, remedial action, oversight costs, de minimis
				settlement, or a past cost settlement incurred and/or paid by a recipient as a
				result of said recipient being a Responsible Party in relation to the Plymouth
				Waste Oil Disposal Site.
(13)
				"Recipient" means a person or entity that meets the eligibility requirements
				set forth in Section
				3 or Section
				4 of this rule, and includes a
				prospective recipient where the context requires. If the recipient is a real
				estate holding company or is a subsidiary or affiliate of or is related to an
				entity with 50% or more common ownership "recipient" shall include the parent,
				affiliated or related entity when determining eligibility, including the net
				worth and debt service coverage of the recipient.
(13-A) "Remedial action" means those
				activities undertaken by Responsible Parties at the Plymouth Waste Oil Disposal
				Site to satisfy one or more parts of the final remedy for the Site in
				accordance with applicable administrative orders or consent
				decrees.
(14) "Remedial
				Study" means a remedial investigation and feasibility study undertaken in
				connection with
				40
				CFR §300.430 with respect to the
				Plymouth Waste Oil Disposal Site.
(15) "Response Costs" means some portion less
				than 100% of Total Response Costs, as defined in the Act.
(16) "Responsible Party" means a responsible
				party as defined in the Act, as well as any party listed on the Portland-Bangor
				Waste Oil Transactional Database for a Waste Oil Disposal Site prepared by the
				Maine Department of Environmental Protection and/or its agents (as it may be
				amended from time to time) and, with respect only to Wells Applicants, who has
				signed a consent decree with the Maine Department of Environmental Protection
				providing for remediation of the Wells Waste Oil Disposal Site.
(17) "Time-critical removal action" means the
				removal activities undertaken pursuant to the Administrative Order by Consent
				for Time-Critical Removal Action, United States Environmental Protection Agency
				Docket Number CERCLA 1-97-1080.
(18)
				"State" means the State of Maine.
(19) "Waste Oil Disposal Site" means either
				the Wells Waste Oil Disposal Site, or the Plymouth Waste Oil Disposal
				Site.
(20) "Wells Applicant" means
				an applicant for participation in the Program based on potential liability for
				Response Costs at the Wells Waste Oil Disposal Site.
(21) "Wells Waste Oil Disposal Site" means
				the Portland-Bangor Waste Oil Services site in Wells,
				Maine.