Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 321 - WASTE MOTOR OIL DISPOSAL SITE REMEDIATION PROGRAM › Section 457-321-6 - Revenue Obligation urities

Current through 2024-29, July 17, 2024
A. Upon compliance
				with the requirements of the Program and this Rule, the Authority shall issue
				revenue obligation securities pursuant to the Revenue Obligation Securities
				Program, 10 M.R.S.A. chapter 110, subchapter 3 and Chapter 202 of the Rules of
				the Authority, except as otherwise noted herein. Such revenue obligation
				securities may be issued on a taxable or tax-exempt basis as determined by the
				Chief Executive Officer.
B. The
				requirement of Chapter 202(2) of the Rules of the Authority pertaining to an
				application shall not be applicable to issuances of revenue obligation
				securities pursuant to this Program, except as described in Section 6(C)
				hereof. Either a PRP group or, if there is no PRP group, any eligible person
				acceptable to the Chief Executive Officer may be the applicant for purposes of
				10 M.R.S.A. Section1043 with respect to revenue obligation securities to which
				that section applies.
C. The
				Authority may collect the fees otherwise required by Chapter 202 of the Rules
				of the Authority as described in Section 3 hereof.
D. The Authority may not issue revenue
				obligation securities for Program purposes in a principal amount that is
				expected to require payment of debt service (along with such amounts described
				in Section 3 hereof or necessary in the Authority's sole discretion to
				initially fund any capital reserve fund established pursuant to 10 M.R.S.A.
				Section1053, or other reserve fund) in any year in an aggregate amount that
				exceeds the amount that the Chief Executive Officer determines, upon
				consultation with such advisors as he or she may deem appropriate, can be paid
				on a timely basis from the revenues reasonably expected to be received pursuant
				to 10 M.R.S.A. Section1020(6-A) and to be available for such purpose without
				requiring a draw upon any capital reserve fund, without regard to whether the
				amount of the revenue obligation securities which the Authority determines to
				issue will be sufficient to pay the total amount described in Section 5(C)(ii)
				hereof.
E. If the amount of net
				proceeds of an issuance of revenue obligation securities pursuant to this
				Program, after payment of any other costs described in Section 6(D) hereof that
				the Chief Executive Officer determines are to be paid therefrom, will be
				insufficient, for whatever reason, to pay the total amount described in Section
				5(C)(ii) hereof, the Authority shall first use such remaining net bond proceeds
				to pay the eligible costs, if any, to be incurred by responsible parties after
				the effective date of a consent decree or other final settlement agreement
				(and, within such class of eligible response costs, to pay such response costs
				on a pro-rata or on such other basis as the Chief Executive Officer may
				determine to be necessary to permit the issuance of such revenue obligation
				securities on a federally tax-exempt basis, if so determined pursuant to
				Section 6(A) hereof), and thereafter shall use any remaining bond proceeds to
				pay any remaining eligible response costs (and, within such class of eligible
				response costs, to pay such response costs on a pro-rata or on such other basis
				as the Chief Executive Officer may determine to be necessary to permit the
				issuance of such revenue obligation securities on a federally tax-exempt basis,
				if so determined pursuant to Section 6(A) hereof).
F. Notwithstanding the foregoing, however, to
				the extent that any responsible party is eligible to receive proceeds of
				revenue obligation securities as reimbursement for expenses that party has paid
				through the Authority's Plymouth Waste Oil Loan Program set forth in 10
				M.R.S.A. Section1023-M, such obligations to the Authority shall be paid as a
				first application of net proceeds of any revenue securities obligations issued
				for such site, after payment of any other costs described in Section 6(D)
				hereof that the Chief Executive Officer determines are to be paid therefrom,
				with any remaining proceeds, and shall be paid in full to the extent possible
				and if not possible, then pro-rata or on such other basis as the Chief
				Executive Officer may determine to be necessary to permit the issuance of such
				revenue obligations securities on a federally tax-exempt basis, if so
				determined pursuant to Section 6(A) hereof, before any other eligible response
				costs are paid with remaining proceeds.