reglab/statecodes huggingface dataset:
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-6 - CRITERIA AND CONSIDERATION

Current through 2024-29, July 17, 2024
A. No application
				will be approved unless the chief executive officer determines that the
				borrower has insufficient access to any other funds from any source on a timely
				basis other than pursuant to this program, and that the borrower needs
				financial assistance in order to recover from the effects of the natural
				disaster and ensure the continued viability of the business.
B. No application will be approved unless the
				chief executive officer determines that there is a reasonable likelihood that
				the borrower will be able to repay any assistance under this program according
				to its terms.
C. No application
				will be approved to the extent that it seeks more financial assistance than the
				borrower actually needs in calendar year 1987. Financial assistance may not be
				used to expand or otherwise materially change a business from what it was prior
				to the natural disaster, provided that mitigation of future natural disaster
				damage shall be an eligible use of financial assistance.
D. No application submitted by a lender will
				be approved unless the chief executive officer determines that the secured loan
				will be documented and serviced as required by the Authority.
E. No application will be approved unless the
				chief executive officer determines that the borrower is eligible and the loan
				proceeds will be used in connection with an eligible project.
F. No application will be approved unless the
				chief executive officer determines that the application is complete and that
				information sufficient to make an informed decision on the application has been
				received.
G. In reviewing each
				application, the chief executive officer will consider the following, as
				applicable:
1. The extent to which the
				borrower demonstrates immediate need for the loan.
2. The economic feasibility of the business
				endeavor as evidenced by the borrower's present and past financial situation
				and business experience and the general reasonableness of the business proposal
				and financial projections for the future.
3. Whether the borrower and any guarantors
				have satisfactory credit histories.
4. Whether the borrower has sufficient
				capital and other resources to conduct the business as planned, and the amount
				and source of equity contributed.
5. The adequacy of the security offered for
				the loan.
6. The extent to which
				the risk of financial loss is shared by others.
7. The viability of the industry of which the
				enterprise is a part and the contribution of the enterprise to that
				industry.
8. The impact of the
				business on the borrower and the community, including the extent to which the
				business contributes to local economic development, market development and
				employment opportunities.
9. The
				vulnerability of the business to future natural disasters.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-7 - COMMITMENT

Current through 2024-29, July 17, 2024
A. Upon approval of an application by the
				chief executive officer, a loan commitment will be issued setting forth the
				terms and conditions upon which the loan will be extended directly or through
				the lender, as applicable.
B. In
				the event the chief executive officer rejects the application, the chief
				executive officer will promptly send the borrower (and lender if applicable)
				notice containing reasons for the rejection. The notice shall include a
				statement of the applicant's right to appeal the chief executive officer's
				decision to the members of the Authority's Board of Directors.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-8 - APPEAL TO THE MEMBERS

Current through 2024-29, July 17, 2024
In the event that an application is rejected by the chief
				  executive officer, the borrower shall have the right to appeal the decision of
				  the chief executive officer to the members of the Authority's Board of
				  Directors, provided that such appeal shall not affect processing of other
				  applications received prior to the notice of appeal. Notice of the appeal,
				  together with a statement of the reasons why the chief executive officer's
				  decision should be reversed or modified, shall be given to the chief executive
				  officer in writing within twenty days after the date the chief executive
				  officer mailed the notice of rejection to the lender. The appeal shall be heard
				  at a meeting of the members, and the borrower must be present to support the
				  appeal. The appeal shall be based on the record before the chief executive
				  officer on the date of the rejection. The decision of the chief executive
				  officer shall be final unless the members determine that the rejection by the
				  chief executive officer was arbitrary, capricious or an abuse of discretion, in
				  which event the members may overturn or modify the decision of the chief
				  executive officer and may direct the chief executive officer to take further
				  action with respect to the application. Priority of any application with
				  respect to which the chief executive officer's rejection has been overturned or
				  modified shall be determined as of the date and time of receipt of the notice
				  of appeal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-9 - COLLATERAL

Current through 2024-29, July 17, 2024
Repayment of any loan pursuant to the program shall be
				  secured by the following:
A. A
				mortgage or security interest in real estate, buildings or personal property of
				the business endeavor, subject only to such other encumbrances, including
				priority, junior or coordinate liens, as the chief executive officer may
				approve.
B. Such other collateral
				as the chief executive officer may require, including without limitation, liens
				on real or personal property, assignments or pledges of leases, and personal or
				corporate guarantees.
C. Loans may,
				at the discretion of the chief executive officer, be secured by collateral
				valued for collateral purposes at less than the amount of the loan, provided
				that the borrower, its principals and any guarantors, are of good character and
				have good credit histories.
D. Real
				estate or stationary machinery or equipment constituting a significant portion
				of collateral for repayment of loan shall be located within the State. Mobile
				machinery or equipment, including vessels, constituting a significant portion
				of collateral for repayment of a loan shall be registered with and taxed by the
				State or municipal authorities, if the State or municipal authorities register
				or tax machinery or equipment of a type similar to the collateral, and shall be
				stored or berthed in the State when not in use.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-11 - WAIVER OF RULE

Current through 2024-29, July 17, 2024
The chief executive officer may waive any requirement of this
				  rule, except to the extent that the requirement is mandated by the Act, in
				  cases where the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 305 - OIL STORAGE FACILITY AND TANK PROGRAM › Section 457-305-2 - Program Implementation and Assistance Provided

Current through 2024-29, July 17, 2024
The program shall be administered by and is delegated to, the
				  Chief Executive Officer. The Authority may provide financial assistance either
				  in the form of a direct loan or grant in the amount actually necessary to
				  complete the project up to $600,000 to an eligible borrower. Loans or grants
				  for the purposes stated in subsection
				  3(A)(3) may not
				  exceed $1,000,000 in a twelve (12) month period. Assistance under this program
				  may be combined, to the extent possible, with assistance under other Authority
				  programs.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 305 - OIL STORAGE FACILITY AND TANK PROGRAM › Section 457-305-3 - Eligibility

Current through 2024-29, July 17, 2024
A. To be eligible for financial assistance
				under the program, a borrower must demonstrate at least one of the following:
1. The borrower is the owner or operator of
				an existing underground oil storage facility or underground tank which a) is
				located on premises which are not used solely for residential, including rental
				residential, purposes; and b) is leaking or has been identified by the
				Department of Environmental Protection as posing an environmental threat, or
				removal is required by applicable law or, in the case of an applicant for loan
				insurance, removal, disposal or replacement of all or any part of a facility is
				required by applicable law;
2. The
				borrower is required by applicable law or regulation to install equipment
				related to air quality improvement;
3. The borrower is constructing, replacing or
				renovating an aboveground tank or an aboveground facility and the work is being
				supervised by a State registered professional engineer with training and
				experience in aboveground oil storage facility installation; or
4. The borrower is renovating an underground
				oil storage tank or facility, the work is supervised by an underground oil
				storage tank installer certified by the State Board of Underground Storage Tank
				Installers and the estimated cost of the work is greater than $1,000. Financial
				assistance in the form of a grant shall not be available for this
				purpose.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 305 - OIL STORAGE FACILITY AND TANK PROGRAM › Section 457-305-4 - Application Procedure and Content

Current through 2024-29, July 17, 2024
Each borrower, shall submit an application to the Chief
				  Executive Officer on such forms and with such attachments as the Chief
				  Executive Officer may require consistent with the purposes of the program and
				  this rule. The Chief Executive Officer will review each application for
				  completeness and eligibility. Applications that are not substantially complete
				  may be deemed not received until completed. The Chief Executive Officer shall
				  determine when an application is received, which determination shall be final.
				  An application shall contain, at a minimum, such general information
				  identifying and describing the borrower, the proposed project, and the proposed
				  financing of the project as specified in the application form and as otherwise
				  requested by the Chief Executive Officer.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 305 - OIL STORAGE FACILITY AND TANK PROGRAM › Section 457-305-5 - Criteria and Considerations

Current through 2024-29, July 17, 2024
A.
				[Repealed]
B. No application will
				be approved unless the Chief Executive Officer determines that the borrower is
				eligible and that the loan or grant proceeds will be used for a
				project.
C. [Repealed]
D. [Repealed]
E. No application will be approved unless the
				Chief Executive Officer determines that the application is complete and that
				information sufficient to make an informed decision on the application has been
				received.
F. [Repealed]
G. The Authority may rely upon information
				provided to it by the Department of Environmental Protection regarding whether
				a project is eligible.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 305 - OIL STORAGE FACILITY AND TANK PROGRAM › Section 457-305-7 - Collateral

Current through 2024-29, July 17, 2024
A. Repayment of any loan pursuant to the
				program shall be secured by such collateral as the Chief Executive Officer may
				require, including without limitation, a mortgage or security interest in real
				estate, buildings or personal property of the business entity, subject only to
				such other encumbrances as the Chief Executive Officer may approve, assignment
				or pledges of leases, and personal or corporate guarantees. Personal guarantees
				of the principals shall be required unless compelling reasons are presented
				justifying not requiring a guarantee.
B. Loans may, at the discretion of the Chief
				Executive Officer, be secured by collateral valued for collateral purposes at
				less than the amount of the loan, when necessary to ensure the replacement of a
				facility or tank or the installation of equipment related to the improvement of
				air quality required to be replaced or installed under applicable
				law.
C. Real estate or stationary
				machinery or equipment constituting a significant portion of collateral for
				repayment of a loan shall be located within the State. Mobile machinery or
				equipment, including vessels, constituting a significant portion of collateral
				for repayment of the loan shall be registered with and taxed by the State or
				municipal authorities, if the State or municipal authorities register or tax
				machinery or equipment of a type similar to the collateral, and shall be stored
				or berthed in the State when not in use.
D. In the event a borrower sells the premises
				from which a tank or facility is removed using the proceeds or any part of the
				proceeds of a grant received pursuant to the program, within five years of the
				receipt of said grant, borrower shall pay to the Authority an amount equal to
				the grant received upon the sale of such property. The Authority may, in the
				discretion of the Chief Executive Officer, require that a recipient of a grant
				provide such collateral as may be necessary to protect its interests pursuant
				to this provision, including, without limitation mortgages on real
				property.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 305 - OIL STORAGE FACILITY AND TANK PROGRAM › Section 457-305-8 - Commitment

Current through 2024-29, July 17, 2024
A. Upon approval of a direct loan or grant
				application by the Chief Executive Officer, a commitment will be issued setting
				forth the terms and conditions upon which the loan or grant will be
				extended.
B. [Repealed]
C. [Repealed]
D. In the event the Chief Executive Officer
				rejects any application, the Chief Executive Officer will promptly send the
				applicant notice containing reasons for the rejection. The notice shall include
				a statement of the applicant's right to appeal the Chief Executive Officer's
				decision to the members.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 305 - OIL STORAGE FACILITY AND TANK PROGRAM › Section 457-305-9 - Appeal to the Members

Current through 2024-29, July 17, 2024
In the event that an application is rejected by the Chief
				  Executive Officer, the applicant shall have the right to appeal the decision of
				  the Chief Executive Officer to the members, provided that such appeal shall not
				  affect processing of other applications received prior to the notice of appeal.
				  Notice of the appeal, together with a statement of the reasons why the Chief
				  Executive Officer's decision should be reversed or modified, shall be given to
				  the Chief Executive Officer in writing within 20 days after the date the Chief
				  Executive Officer mailed the notice of rejection to the applicant. The appeal
				  shall be heard at a meeting of the members, and the applicant must be present
				  to support the appeal. The appeal shall be based on the record before the Chief
				  Executive Officer on the date of the rejection. The decision of the Chief
				  Executive Officer shall be final unless the members determine that the
				  rejection by the Chief Executive Officer was arbitrary, capricious or an abuse
				  of discretion, in which event the members may overturn or modify the decision
				  of the Chief Executive Officer and may direct the Chief Executive Officer to
				  take further action with respect to the application. Priority of any
				  application with respect to which the Chief Executive Officer's rejection has
				  been overturned or modified shall be determined as of the date and time of
				  receipt of the notice of appeal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 305 - OIL STORAGE FACILITY AND TANK PROGRAM › Section 457-305-10 - Waiver of Rule

Current through 2024-29, July 17, 2024
The Chief Executive Officer may waive any requirement of this
				  rule, except to the extent that the requirement is mandated by the Act, in
				  cases where the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9 › Section 457-307-1 - Definitions

Current through 2024-29, July 17, 2024
A. "At-risk" means that the repayment of an
				investment is entirely dependent upon the success of the business
				operations.
B. "Authority" means
				the Finance Authority of Maine.
C.
				"Business" means a business meeting the applicable eligibility criteria of
				Section
				3, in which an investor proposes to
				make an investment.
D.
				"Certificate" means a tax credit certificate issued by the Authority in
				accordance with this rule.
E.
				"Chief Executive Officer" means the Chief Executive Officer of the Finance
				Authority of Maine, or a person acting under the supervisory control of the
				Chief Executive Officer.
E-1. "Extraordinary
				Labor Event" means a sudden and significant change in employment in an area, on
				account of, among other things, a business closure or employee layoff, closure
				of a military base through a base closure and realignment commission process,
				increase in population, or other like, but out-of-the-ordinary, occurrences, as
				determined by the Chief Executive Officer.
E-2. "Flow-Through Entity" means a distinct
				private legal entity that is treated for federal tax purposes as a flow-through
				entity, such that the entity itself is not taxed, but income or loss is passed
				through to the owners of the entity in proportion to their percentage of
				ownership in the entity, or as provided in the entity's organizational
				documents. Such entities may include, but are not limited to, S Corporations,
				limited liability companies, partnerships, and certain trusts. For the purposes
				of this rule, Private Venture Capital Funds shall not be treated as
				flow-through entities unless they so elect, in which case they shall be
				eligible only for non-refundable tax credits at the 60% level for investments
				prior to January 1, 2014, at the 50% level for investments made on or after
				January 1, 2014 and before April 1, 2020, and at the 40% level for investments
				made on or after April 1, 2020.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9 › Section 457-307-2 - Application Procedures

Current through 2024-29, July 17, 2024
A. An investor and
				the business, flow-through entity, Private Venture Capital Fund or fund into
				which the investor proposes to make an investment, shall submit an application
				which complies with the requirements of this rule on such forms as may be
				required by the Chief Executive Officer.
B. The Chief Executive Officer shall be
				responsible for making application forms available and assisting investors,
				businesses, flow-through entities, Private Venture Capital Funds and funds in
				preparing applications.
C. No
				application will be considered complete unless substantially all questions are
				answered and all supporting information is provided.
D. The application shall include general
				information identifying and describing the business, flow-through entity,
				Private Venture Capital Fund or fund, the amount, source and purpose of the
				investment, and terms and conditions of the investment. The application shall
				contain such provisions as the Chief Executive Officer may require releasing
				the Authority from any suits or claims arising out of the investment. In the
				case of businesses with more than 10 employees, the application shall also
				include an employment plan on a form provided by the Chief Executive Officer.
				The business, Private Venture Capital Fund or fund must certify that it is in
				compliance with all federal and State laws, including securities laws and
				regulations. The application shall also include such additional information and
				documentation as the Chief Executive Officer may require.
E. The application of a business shall
				include a nonrefundable $750 application fee.
F. The application of an investor (including
				an investor investing through a flow-through entity) shall include a
				nonrefundable $350 application fee.
G. The application of a fund or Private
				Venture Capital Fund shall include a non-refundable $650 application
				fee.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9 › Section 457-307-3 - Eligibility - Direct Investments in Eligible Businesses

Current through 2024-29, July 17, 2024
A. To be eligible under the Program, each
				business in which an investment is made must meet the following criteria:
1. The business must be a for-profit
				enterprise located within the State of Maine, which is:
(a) a manufacturer, as determined by the
				Chief Executive Officer;
(b) a
				seller of goods or a provider of services, 60% or more of the customers of
				which are located or are from out of the State and the employment functions are
				carried out predominantly within the State, as determined by the CEO;
(c) engaged in the development or application
				of advanced technologies, as determined by the CEO;
(d) a value-added natural resource
				enterprise, as determined by the CEO; or
(e) certified as a visual media production
				company under
				5 M.R.S.A.
				§13090-L.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9 › Section 457-307-6 - Effect of Certificates; Conditions; Revocation; Reporting

Current through 2024-29, July 17, 2024
A. A recipient of a certificate shall be
				entitled to a tax credit in the amount of the certificate, and such credit must
				be taken in conformance with the requirements of
				36 M.R.S.A. Section
				5216-B
B. The Chief Executive Officer may establish
				conditions on the use of invested monies or repayment terms which conditions
				are in addition to those established in this rule, if the Chief Executive
				Officer determines such conditions are necessary or desirable in order to
				assure that the purposes of the Program are carried out.
E. The Chief Executive Officer may revoke a
				certificate if any representation to the Authority in connection with the
				application for the certificate proves to have been false when made or if the
				investor violates any conditions established by the Authority and stated in
				this rule or in the certificate. The revocation may be in full or in part as
				the Chief Executive Officer may determine, and shall be communicated to the
				investor and the State Tax Assessor, provided that the investor shall have an
				opportunity to appeal any revocation to the members prior to notification of
				the State Tax Assessor.
F. Every
				business eligible to have investors receive a tax credit under the Program
				must, for the year its application is approved, and continuing each calendar
				year thereafter through and including the four (4) years following the year the
				last certificate is issued, report to the Authority the following information
				if so requested by the Authority:
(1) the
				total amount of private investment received, both those investments qualifying
				for Program credits and those not qualifying;
(2) the total number of employees employed as
				of December 31;
(3) the total number
				and geographic location of jobs created and retained by the eligible business
				stated separately for all jobs in the State and for those jobs that would not
				have been created or retained in the absence of the credit;
(4) the total annual payroll of the eligible
				business stated separately for all employees in the State and for those
				employees who would not have been employed in the absence of the credit;
				and
(5) total sales revenue of the
				eligible business stated separately within and outside the State. Such
				information shall be submitted on a form provided by the Authority and must be
				received by March 1 of the succeeding year. In the event such information is
				not timely submitted, the Chief Executive Officer may revoke the credits
				awarded in any one or more of the preceding four (4) years and or may revoke
				the eligibility of such business to participate in the Program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9 › Section 457-307-7 - Public Information

Current through 2024-29, July 17, 2024
The names of participating investors and funds, the amount of
				  certificates issued to each investor, the names of businesses benefiting from
				  investments, the nature of the business and the intended use of proceeds shall
				  be public information.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9 › Section 457-307-8 - Appeal

Current through 2024-29, July 17, 2024
In the event that an application is rejected in full or in
				  part by the Chief Executive Officer, or in the event that conditions are
				  imposed by the Chief Executive Officer in the certificate, or if the Chief
				  Executive Officer determines that a certificate should be revoked, the investor
				  and the business or fund shall have the right to appeal the Chief Executive
				  Officer's decision to the members of the Authority. Notice of the appeal,
				  together with a statement of the reasons why the Chief Executive Officer's
				  decision should be reversed shall be given to the Chief Executive Officer in
				  writing within 20 days after the date on which the Chief Executive Officer has
				  mailed the notice of decision to the investor and the business or fund. The
				  appeal shall be heard at a meeting of the members and the investor or a
				  principal owner of the business or principal manager of the fund must be
				  present to support the appeal. The appeal shall be based on the record before
				  the Chief Executive Officer on the date of the decision. If new evidence or
				  information is to be submitted, it should be submitted to the Chief Executive
				  Officer with a request for reconsideration. The decision of the Chief Executive
				  Officer shall be final unless the members determine that it was arbitrary,
				  capricious or an abuse of discretion, in which event the members may reverse
				  the decision and direct the Chief Executive Officer to take such further action
				  as would be consistent with their decision.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9 › Section 457-307-9 - Waiver of Rule

Current through 2024-29, July 17, 2024
The Chief Executive Officer may waive any requirements of
				  this rule, except to the extent that the requirement is mandated by statute, in
				  cases where the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-1 - Definitions

Current through 2024-29, July 17, 2024
1. Defined Terms:
A. "Act" means the Finance Authority of Maine
				Act.
B. "Authority" means the
				Finance Authority of Maine.
C.
				"Eligible Borrower" means a person, or for-profit business entity which meets
				the criteria specified in Section
				3 of this Rule.
D. "Chief Executive Officer" means the
				Authority's Chief Executive Officer or a person acting under the direction of
				the Chief Executive Officer.
E.
				"Interest Rate" means the amount of annual interest charged on the principal
				balance of the loan.
F. "Loan" means
				a loan from the Waste Reduction and Recycling Loan Fund.
G. "Loan Commitment" means a letter from the
				Chief Executive Officer or designee to an applicant agreeing to make a loan
				subject to terms, conditions and requirements stated therein.
H. "Members" means the members of the Finance
				Authority of Maine.
I. "Note" means
				a written agreement between the Authority and Borrower, wherein the Borrower
				promises to repay the loan according to terms and conditions.
J. "Post-Consumer material" means any
				residual material after use by a product's intended end user, other than
				industrial users.
K. "Program"
				means Waste Reduction and Recycling Loan Fund Program.
L. "Project" means any building, structure,
				machinery, equipment or facility which may be considered necessary for
				recovery, separation, remanufacture or reuse of materials contained in solid or
				hazardous waste or for the reduced generation of solid or hazardous waste,
				together with all land, property rights, rights-of-way, franchises, easements
				and interests in land necessary or convenient for the construction or operation
				of the project.
M. "State Plan"
				means the State Waste Management and Recycling Plan as provided for in P.L.
				1989, c. 585 § 2122.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-2 - Program Implementation

Current through 2024-29, July 17, 2024
The program shall be administered by and is delegated to the
				  Chief Executive Officer. The Authority may provide financial assistance in the
				  form of a direct loan to an eligible borrower on such terms and conditions as
				  the Chief Executive Officer may require or approve. Assistance under this
				  program may be combined, to the extent possible, with assistance under the
				  Authority's other programs.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-3 - Eligibility

Current through 2024-29, July 17, 2024
To be eligible for financial assistance under the program, a
				  borrower must demonstrate each of the following:
A. The Borrower is the owner or operator of a
				project which is:
1 designed to substantially
				reduce or eliminate the production in a trade or business of solid waste as
				defined in Title 38, Section 1308-C; or
2 devoted to resource recovery, as defined in
				Title 38, Section 1303-C, except that the combustion of solid or hazardous
				waste shall not be considered resource recovery for purposes of this Rule,
				or
3 devoted to the reuse of
				post-consumer materials and
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-4 - Application Procedure

Current through 2024-29, July 17, 2024
A. The borrower
				shall complete and return to the Authority a Waste Reduction and Recycling Loan
				Fund application, including supporting schedules. No application will be
				approved unless the Chief Executive Officer determines that the application is
				complete, and the borrower is eligible.
B. The Authority will determine the financial
				viability of the applicant.
C. The
				Authority will approve or deny applications from eligible borrowers based on
				the following:
1 The economic feasibility of
				the proposal.
2 The adequacy of
				security offered as collateral.
3
				Borrower's ability to repay the loan based on financial status and collateral
				offered, as determined by the Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-5 - Loan Terms and Conditions, Premiums, Fees and Other Charges

Current through 2024-29, July 17, 2024
A. Periodic payment of principal and interest
				shall be established.
B. The loan
				amount shall not exceed $100,000.
C. The loan term shall not exceed seven (7)
				years.
D. The interest rate on each
				loan shall be determined based on the amount of the total Project financing
				contributed (other than working capital financing or financing collateralized
				by accounts receivable, inventory or good will) to the Project from sources
				other than the Waste Reduction and Recycling Loan Fund. Such source of funds
				must be confirmed to the satisfaction of the Chief Executive Officer. The loan
				interest rate shall be determined as follows:
Rate
Financing Contributed From Other
							 Sources
4%
50% or more
8%
Less than 50%
In the event of default the Authority may assess interest at
				  the prime rate plus 2% from the date of any such default.
E. Additional requirements and covenants of
				each loan may be established, provided that each borrower shall at minimum be
				required to maintain and repair collateral, maintain adequate insurance
				covering public liability, hazard, and flood insurance if borrower is located
				in a flood plain, and comply with all applicable federal, State and local laws,
				regulations, ordinances and orders. Each borrower shall also be required to
				maintain such environmental liability insurance as may be required by the Chief
				Executive Officer.
F. The borrower
				shall pay a loan origination fee equal to 2% of the loan amount at closing and
				shall be responsible for any out-of-pocket costs and expenses of closing,
				administering and collecting the loan.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-6 - Collateral

Current through 2024-29, July 17, 2024
A. All loans shall be secured by such
				collateral as the Chief Executive Officer may require, including without
				limitation, a mortgage or security interest in real estate, buildings or
				personal property of the business entity, subject only to such other
				encumbrances as the Chief Executive Officer may approve, assignment or pledges
				of leases, and personal or corporate guarantees. Personal guarantees of the
				principals shall be required unless a compelling reason justifies the waiver of
				this requirement.
B. Real estate or
				stationary machinery or equipment constituting a significant portion of
				collateral for repayment of a loan shall be located within the State. Mobile
				machinery or equipment, constituting a significant portion of collateral for
				repayment of the loan shall be registered with and taxed by the State or
				municipal authorities, if the State or municipal authorities register or tax
				machinery or equipment of a type similar to the collateral, and shall be stored
				in the State when not in use.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-7 - Commitment

Current through 2024-29, July 17, 2024
A. Upon approval of a loan application by the
				Chief Executive Officer, a commitment will be issued setting forth the terms
				and conditions upon which the loan will be extended.
B. In the event the Chief Executive Officer
				denies any application, the Chief Executive Officer will promptly send the
				applicant notice containing reasons for the rejection. The notice shall include
				a statement of the applicant's right to appeal the Chief Executive Officer's
				decision to the members.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-8 - Loan Documentation

Current through 2024-29, July 17, 2024
The borrower will be required to provide and execute such
				  documentation as the Chief Executive Officer deems necessary to ensure that the
				  borrower and any guarantors have binding, enforceable obligations to repay the
				  loan and that the Authority has such valid and enforceable mortgages, security
				  interests and assignments as necessary to protect the interests of the
				  Authority. The Authority may require the borrower to have independent counsel
				  for the execution of the documents.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-9 - Appeal to the Members

Current through 2024-29, July 17, 2024
In the event that an application is rejected by the Chief
				  Executive Officer, the applicant shall have the right to appeal the decision of
				  the Chief Executive Officer to the members, provided that such appeal shall not
				  affect processing of other applications. Notice of the appeal, together with a
				  statement of the reasons the Chief Executive Officer's decision should be
				  reversed or modified, shall be given to the Chief Executive Officer in writing
				  within 20 days after the date the Chief Executive Officer mailed the notice of
				  rejection to the applicant. The appeal shall be heard at a meeting of the
				  members. The applicant must be present to support the appeal. The appeal shall
				  be based on the record before the Chief Executive Officer on the date of the
				  denial. The decision of the Chief Executive Officer shall be final unless the
				  members determine that the rejection by the Chief Executive Officer was
				  arbitrary, capricious or an abuse of discretion, in which even the members may
				  overturn or modify the decision of the Chief Executive Officer and may direct
				  the Chief Executive Officer to take further action with respect to the
				  application. Priority of any application with respect to which the Chief
				  Executive Officer's rejection has been overturned or modified shall be
				  determined as of the date and time of receipt of the notice of appeal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM › Section 457-309-10 - Waiver of Rule

Current through 2024-29, July 17, 2024
The Chief Executive Officer may waive any requirement of this
				  rule, except to the extent that the requirement is mandated by the Act, in
				  cases where the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 311 - ECONOMIC RECOVERY PROGRAM › Section 457-311-1 - 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) "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. A borrower includes an
				individual or entity which is the recipient or beneficiary of a loan and also
				includes any related entity having 50% or greater common ownership or
				beneficial interest with the borrower or any individual or entity having a 50%
				or greater ownership or beneficial interest in the borrower.
(2) "Chief executive officer" means the
				Authority's chief executive officer or a person acting under the supervisory
				control of the chief executive officer.
(2-A)
				"Fund" means the economic recovery program fund established under
				 10 M.R.S.A.
				§1023-I.
(2-B) "Loan" means any program funds
				disbursed to a borrower, regardless of its payment terms and
				structure.
(3) "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.
(4) "Members" means the members of the
				Authority appointed pursuant to the Act.
(5) "Program" means the Economic Recovery
				Program governed by this rule and the Act.
(6) "State" means the State of
				Maine.
(7) "Wall street prime" means
				the highest rate of interest as published in the
Wall Street
				Journal
>.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 311 - ECONOMIC RECOVERY PROGRAM › Section 457-311-2 - Program Implementation and Assistance Provided

Current through 2024-29, July 17, 2024
The program shall be administered by and is delegated to, the
				  chief executive officer, except to the extent that any proposed liability under
				  this program pertaining to a single borrower or borrowers in common ownership
				  exceeds $500,000 or when proposed liability under this program to such borrower
				  or borrowers, in combination with liability under the Authority's Loan
				  Insurance Program exceeds $1,000,000. The Authority may provide financial
				  assistance of up to $1,000,000 to an eligible borrower on such terms and
				  conditions as the chief executive officer may require or approve. Assistance
				  under this program may be combined, to the extent possible, with assistance
				  under other Authority programs.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 311 - ECONOMIC RECOVERY PROGRAM › Section 457-311-3 - Eligibility

Current through 2024-29, July 17, 2024
To be eligible for financial assistance under the program, a
				  borrower must demonstrate each of the following:
A. The business receiving assistance is a
				manufacturing, industrial, recreational or natural resource
				enterprise.
B. The business
				receiving assistance must be located within the State.
C. The business receiving assistance must
				provide significant public benefit to the State in relation to the amount of
				the financial assistance. Public benefits include, but are not limited to,
				preservation of jobs, increased opportunities for employment, increased capital
				flows, particularly capital flowing in from outside the State, and increased
				state and municipal tax revenues.
D. The business is creditworthy and
				reasonably likely to repay its obligations, including the proposed
				loan.
E. The business receiving
				assistance is a for-profit or nonprofit commercial entity.
F. The business has obtained funds from all
				other reasonably available sources of capital, which shall include, but not be
				limited to loans from financial institutions, the resources of the borrower and
				the personal resources of the owner of the borrower which in the case of a
				corporation or partnership includes the personal resources of any individual
				with a 50% or greater ownership interest.
G. The borrower and the business have
				insufficient access to other funds.
H. The public benefits to be obtained by
				making the financial assistance available will not be realized in the absence
				of receipt of the loan.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 311 - ECONOMIC RECOVERY PROGRAM › Section 457-311-4 - Application Procedure and Content

Current through 2024-29, July 17, 2024
Each borrower shall submit an application to the chief
				  executive officer on such forms and with such attachments as the chief
				  executive officer may require consistent with the purposes of the program and
				  this rule. The chief executive officer will review each application for
				  completeness and eligibility. Applications which are not substantially complete
				  may be deemed not received until completed. The chief executive officer shall
				  determine when an application is received, which determination shall be final.
				  An application shall contain, at a minimum, such general information
				  identifying and describing the borrower, the proposed sources and uses of the
				  program funds and other funds to be obtained concomitantly, as specified in the
				  application form and as otherwise requested by the chief executive
				  officer.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 311 - ECONOMIC RECOVERY PROGRAM › Section 457-311-5 - Criteria and Considerations

Current through 2024-29, July 17, 2024
A. No application
				will be approved unless the chief executive officer determines that the
				borrower is eligible, including a determination that the loan proceeds will be
				put to an appropriate use.
B. No
				application will be approved unless the chief executive officer determines that
				the application is complete and that information sufficient to make an informed
				decision on the application has been received.