Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 326 - COMPLIANCE ASSISTANCE LOAN PROGRAM › Section 457-326-1 - 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.
				§961 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) "Aboveground Oil Storage Facility" or
				"Aboveground Facility" means any aboveground oil storage tank or tanks,
				together with associated piping, and transfer and dispensing facilities located
				over land or water of the State at a single location for more than four months
				per year that is used or intended to be used for the storage or supply of oil.
				Oil terminal facilities, as defined in
				38 M.R.S.A.
				§542(7), and propane
				facilities are not included in this definition.
2) "Aboveground Oil Storage Tank" or
				"Aboveground Tank" means any aboveground container, less than 10% of the
				capacity of which is beneath the surface of the ground, that is used or
				intended to be used for the storage or supply of oil. Included in this
				definition are any tanks situated upon or above the surface of a floor in such
				a manner that they may be readily inspected.
3) "Borrower" means a person or entity that
				meets the eligibility requirements set forth in Section
				3 of this rule, and includes a
				prospective borrower where the context requires. If the borrower 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 "borrower" shall include the parent,
				affiliated or related entity when determining eligibility, including the net
				worth and debt service coverage of the borrower. A borrower does not include a
				unit of local government.
4) "Chief
				Executive Officer" means the Authority's Chief Executive Officer or a person
				acting under the supervisory control of the Chief Executive Officer.
5) "Current Obligation(s)" means the portion
				of all outstanding debts including principal and interest owed by the borrower
				due within one year of the date of application, including payments on leases of
				real and personal property.
6)
				"Debt Service Coverage" means an amount equal to the quotient of a fraction,
				the numerator and denominator of which are as follows:
Net Income + Interest + Depreciation +
				  Amortization
Current Obligations + Proposed Loan Obligations
7) "Equipment Related to Air
				Quality Improvement" means any equipment which must be installed by a gasoline
				service station to comply with applicable laws and regulations regarding
				gasoline service station vapor control and petroleum liquids transfer vapor
				recovery pursuant to the requirements of applicable law.
8) "Gasoline Service Station" means a single
				location from which a) motor fuel is sold to the general public or b) motor
				fuel is distributed solely for the use of officers or employees or owners of
				the location. A gasoline service station does not include a location from which
				motor fuel is distributed only for later sale.
9) "Net Income" means net income as
				determined by generally accepted accounting principles, as applied by the
				Authority. The determination of the borrower's net income shall be based on the
				financial statements and tax return for the borrower's most recent fiscal year
				and interim financial statements as the Authority may require. The Authority
				may rely on 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.
10) "Net Worth"
				means, in the case of an individual or sole proprietorship, the total value of
				the equity of the borrower, the borrower's spouse, and dependents in all real
				and personal property, excluding the borrower's principal residence. In the
				case of a corporation or a limited liability company, net worth shall be
				defined in accordance with generally accepted accounting principles and shall
				include the individual net worth of each stockholder or member owning 20% or
				more of the outstanding and issued stock or ownership units of the corporation
				or limited liability company. 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.
11) "Members" means the members of the
				Finance Authority of Maine.
12)
				"Program" means the Compliance Assistance LoanProgram governed by agreement
				between the Finance Authority of Maine ("Authority"), the Maine Municipal Bond
				Bank, the Maine Department of Environmental Protection ("MDEP"), and this
				rule.
13) "Project" means
a) the renovation, removal, disposal or
				replacement of all or any part of an eligible underground oil storage facility
				or tank, or
b) the construction
				(in connection with replacement), replacement or renovation of an aboveground
				tank or aboveground facility, or
c)
				or the installation of equipment related to the improvement of air quality in
				association with a project described in subsection (a) or (b) of this section
				1(B)(13). A project
				may include the costs associated with replacement or repair of a fire
				suppression system or any portion thereof if an existing fire suppression
				system or any portion thereof has been damaged during the course of other work
				associated with the project.
14) "State" means the State of
				Maine.
15) "Underground Oil Storage
				Facility" or "Underground Facility" means any tank, together with associated
				piping and dispensing facilities, 10% or more of which is located beneath the
				surface of the ground and not on or above a floor in such a manner that it may
				be readily inspected, located at a single location and used, formerly used or
				intended to be used for the marketing and distribution of oil, petroleum
				products or their by-products to persons or entities other than the owner of
				the facility.
16) "Underground Oil
				Storage Tank", or "Underground Tank" means any tank, together with associated
				piping, 10% or more of which is located beneath the surface of the ground and
				not on or above a floor in such a manner that it may be readily inspected,
				located at a single location and used, formerly used or intended to be used for
				consumption by the owner or user of the tank on the
				premises.