Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 376 - MAINE MUNICIPAL BOND BANK › Chapter 1 - APPLICATION PROCEDURES FOR LOANS TO GOVERNMENT FOR PUBLIC IMPROVEMENTS AND FOR OTHER PUBLIC PURPOSES › Section 376-1-2 - APPLICATIONS OF GOVERNMENTAL UNITS

Current through 2024-29, July 17, 2024
A. The governmental
				unit must file an application for a loan on the forms supplied by the Maine
				Municipal Bond Bank.
B. The
				governmental unit must provide the Maine Municipal Bond Bank with financial
				statements and supporting documents as required by the Commissioners and
				Executive Director of the Maine Municipal Bond Bank.
C. The governmental unit must provide the
				Maine Municipal Bond Bank with an approving legal opinion of a bond counsel of
				recognized standing in the field of municipal law whose opinions are generally
				accepted by purchasers of municipal bonds. (See Section 3 for qualification
				requirements).
D. The governmental
				unit must obtain and provide to the Maine Municipal Bond Bank all required
				approvals from the applicable State and Federal agencies.
E. In the event the governmental unit is a
				water or sewer district seeking financing for a start up or new system, then it
				must provide the Maine Municipal Bond Bank with a feasibility study.
F. In the event the governmental unit is a
				hospital district, it must provide the Maine Municipal Bond Bank with a full
				fledged feasibility study done by a nationally recognized firm of hospital and
				management consultants acceptable to the Maine Municipal Bond Bank.
G. The governmental unit must comply with and
				meet all of the requirements of Chapter 225 of Title 30-A of the Maine Revised
				Statutes Annotated.
H. The
				Commissioners of the Maine Municipal Bond Bank must review all applications and
				make a decision to either accept, reject, table or conditionally approve all
				applications based upon prudent business judgment and practice.
I. The governmental unit must be notified in
				writing of the decision of the Maine Municipal Bond Bank on its application
				within 30 days after final action of the Commissioners on said
				application.
J. In the event an
				application is rejected, the governmental unit must be given written reasons
				for said rejection.
K. In the event
				the project of the governmental unit is a school construction project approved
				for subsidy by the Department of Educational and Cultural Services, an
				Assignment must be executed assigning the subsidy check to the Maine Municipal
				Bond Bank or its designee.
L. The
				governmental unit shall be afforded a rehearing and the right to appear at the
				rehearing on its application if it files a request for such rehearing within 30
				days of receipt of the Bank's decision.
M. Appeals from the decision of the Maine
				Municipal Bond Bank shall be governed by the Maine Administrative Procedures
				Act.
N. After the project of the
				governmental unit has been completed a project cost form (supplied by the Maine
				Municipal Bond Bank) must be submitted to the Bond Bank.
O. Any governmental unit that has an
				outstanding loan with the Maine Municipal Bond Bank must annually submit an
				audit report to the Bank as long as the loan remains outstanding.