Code of Maine Rules › 99 - INDEPENDENT AGENCIES › 346 - MAINE STATE HOUSING AUTHORITY › Chapter 12 - RESIDENTIAL PROPERTY MUNICIPAL SECURITIES APPROVAL RULE › Section 346-12-3 - Application

Current through 2024-29, July 17, 2024
Each application for certificate of approval shall include
				  the following:
A. A description of the
				proposed project sufficient to enable the Authority to determine that it is an
				eligible project.
B. Any reports
				available from nationally recognized rating agencies with respect to the user,
				the issuer or any guarantor.
C. The
				names of all participants in the financing including the user, any guarantor,
				the municipality, the municipality's bond counsel and the
				underwriter.
D. Resolution of
				municipality authorizing the application.
E. 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.
F. Application to Maine
				Department of Environmental Protection requesting that department to issue its
				certificate that all licenses required by that department with respect to the
				project have been issued or that none are required.
G. A commitment from one or more purchasers
				or a letter of intent from one or more underwriters for the total amount of
				securities to be issued.
H. An
				opinion of bond counsel addressed to the Authority stating that the project
				constitutes an eligible project.
I.
				A statement by the user explaining how the project will make a contribution to
				the economic growth of, or the betterment of the health, welfare or safety of
				the inhabitants of the State.
J. A
				statement by the user explaining why the project will not result in a
				substantial detriment to existing housing in the State. The statement must set
				forth a name and address for any other housing in the State known by applicant
				to serve the same market. If there is an effect on existing housing the
				statement must state why any arguably adverse economic effect of the project is
				outweighed by the contribution which the project will make to the economic
				growth of, or the betterment of the health, welfare or safety of the
				inhabitants of the State.
K. A
				breakdown of the purposes and amounts for which the proceeds of the issue will
				be expended.
L. An application fee
				computed as follows:
Amount of Securities
Fees
0 - $500,000
$1,000
$500,001 - $1,000,000
$1,000 + 00.2% of
							 amount over $500,000
$1,000,001 - over
$2,000 + 00.1% of amount
							 over $1,000,000
The application fee is non-refundable except as provided in
				  section 8.
M. Applications
				received prior to July 15, 1986, shall also include the following:
i. Financial statements of the project user
				and any guarantor for at least the last three fiscal years. Audited statements
				are preferred.
ii. Pro forma
				projections of operating expenes and revenues during the construction period
				and for the first year of operation after completion of the project.
iii. An opinion of bond counsel that certain
				documents will, when executed assure that the municipality will be entitled to
				receive revenues sufficient to pay the principal and interest of the
				securities, when they become due and to pay for maintaining and repairing the
				project or that provision has been made for maintenance and repair.