reglab/statecodes huggingface dataset:
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-6 - Detriment

Current through 2024-29, July 17, 2024
No certificate of approval will be issued for any project
				  where the chief executive officer finds that implementation of the project is
				  likely to cause economic detriment to one or more existing businesses, which
				  detriment is substantial and would have a material adverse impact on such
				  business. In determining whether or not to issue a certificate of approval, the
				  chief executive officer shall consider whether the project serves a new market
				  segment or a market segment not serviced by existing business in the State. In
				  determining whether, as a result of the project, there will not be sufficient
				  demand within the market area of the State to be served by the project to
				  employ the efficient capacity of existing business, the chief executive officer
				  shall consider whether the market is growing and whether the project would be
				  likely to cause a significant, adverse change in the market shares of existing
				  enterprises. For purposes of this section, "efficient capacity" means that part
				  of the quantity of production or supply of services which is produced or
				  supplied by businesses employing well-designed structures, equipment or
				  techniques that are comparable to current practices.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-7 - Creditworthiness

Current through 2024-29, July 17, 2024
In deciding whether to issue any securities for a project,
				  the chief executive officer shall determine, on the basis of available
				  information, that it is reasonable to expect that the applicant and any
				  guarantor will be able to pay debt service upon the securities, or that
				  adequate security is being provided to assure repayment of the securities.
				  Where Authority credit enhancement is being provided, the following credit
				  criteria shall apply in addition to those criteria set forth in Chapter 101 of
				  the Rules of the Authority, as applicable:
A. No application will be approved unless the
				borrower, or the borrower and guarantor combined, meets or exceeds the
				following financial performance criteria, as determined by the Authority:
1 Profitability for the most recent three
				years of operations, if applicable, and projected profitability for 3
				years;
2 Minimum ratio of current
				assets to current liabilities of 1.25 to 1;
3 Maximum ratio of total debt to net worth of
				3 to 1;
4 Minimum debt service
				coverage ratio of 1.25 to 1 (net income after taxes, plus interest and
				depreciation, divided by annual debt service), both current (if applicable) and
				proposed;
5 Recent financial
				performance, if applicable, and projected financial performance consistent with
				the applicable median quartile of firms in comparable businesses as reported in
				Robert Morris Associates Annual Statement Studies.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-8 - Fees, Expenses and Interest Rate

Current through 2024-29, July 17, 2024
A.
(i)
Due upon Application
. On
				submission of the application, the applicant shall pay a non-refundable
				administrative fee of $5,000 for conduit bonds, and if the project seeks the
				credit enhancement of the Authority (other than solely from the Loan Insurance
				Reserve Fund or Mortgage Insurance Fund under Chapter 101, in which case the
				application fee under that Chapter shall apply in addition to the
				administrative fee applicable to conduit issues herein), an additional
				non-refundable administrative fee of 1% of the amount of the requested
				securities.
(ii)
Due upon
				Issuance of Commitment for Credit Enhancement
. In the event the
				applicant seeks and the Authority issues a commitment to provide the credit
				enhancement of the Authority (other than solely from the Loan Insurance Reserve
				Fund or Mortgage Insurance Fund under Chapter 101, in which case the commitment
				fee under that Chapter shall apply in lieu of the commitment fee provided
				herein) the applicant shall pay a capital reserve commitment fee of 1% of the
				loan to benefit from the requested capital reserve fund. The additional
				administrative fee required with the application for credit enhanced bonds not
				subject to Chapter 101 may be credited against the commitment fee set forth in
				this subsection.
(iii)
Due
				upon Issuance
. In the event the Authority issues its certificate of
				approval, and upon the issuance of the securities, whether issued as conduit or
				credit enhanced bonds, the applicant shall pay to the Authority an additional
				non-refundable administrative fee as follows:
Fee (as percentage of securities issued)
State Bond Ceiling Allocation Required 0.30% (minimum of
				  $10,000)
State Bond Ceiling Allocation Not Required 0.20% (minimum of
				  $10,000)
(iv)
Ongoing
				Fees
. There shall be no ongoing fees for conduit bonds. For credit
				enhanced bonds (other than solely from the Loan Insurance Reserve Fund or
				Mortgage Insurance Fund under Chapter 101, in which case the annual insurance
				premium under that Chapter shall apply in lieu of the capital reserve fee
				provided herein), upon issuance and annually thereafter (in advance) for so
				long as the loan remains outstanding, the applicant must in pay a capital
				reserve fund fee of up to 2% of the amount of the loan benefiting from a
				capital reserve fund.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-9 - Housing

Current through 2024-29, July 17, 2024
The Authority will not provide financing from proceeds of
				  revenue obligation securities issued by the Authority for any housing which is
				  eligible for financing by the Maine State Housing Authority except with respect
				  to property which the Authority has acquired or may acquire on account or in
				  anticipation of imminent or actual default under the mortgage insurance
				  programs.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-10 - Major Business Expansion Projects

Current through 2024-29, July 17, 2024
No application for a major business expansion project will be
				  approved unless the Authority determines that the applicant is creditworthy and
				  there is a strong likelihood that the revenue obligation securities will be
				  repaid through the revenues of the project and any other sources of revenues
				  and collateral pledged to the repayment of those securities. In order to make
				  this determination, the Authority shall consider those factors necessary to
				  measure and evaluate the sufficiency of the pledged revenues to repay the
				  obligations, including:
A. Whether
				individuals or entities obligated to repay the obligations have demonstrated
				sufficient revenues from the project or from other sources to repay the
				obligations, and a strong probability that those revenues will continue to be
				available for the term of the revenue obligation securities;
B. Whether the applicant demonstrates a
				strong probability that the project will continue to operate and provide the
				public benefits projected to be created for the term of the revenue obligation
				securities;
C. Whether the
				applicant demonstrates that the benefits projected to be created by the project
				are enhanced through the use of financing assistance from the
				Authority;
D. Whether the
				applicant's creditworthiness is demonstrated by such factors as historical
				financial performance, management ability, its plan for marketing its product
				or service and its ability to access conventional financing;
E. Whether the applicant meets or exceeds
				industry average financial performance ratios commonly accepted in determining
				creditworthiness in that industry;
F. Whether the applicant demonstrates that
				the need for Authority assistance is due to the reduced cost and increased
				flexibility of the financing for the project that result from Authority
				assistance and not from an inability to obtain necessary financing without the
				capital reserve fund security provided by the Authority;
G. Whether collateral securing the repayment
				obligation is reasonably sufficient under the circumstances; and
H. Whether the applicant demonstrates that
				any project which claims a projected retention of jobs is one where those jobs
				are in jeopardy of being lost to the State without the Authority's
				financing.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-10-A - Energy Distribution System Projects

Current through 2024-29, July 17, 2024
In addition to any other applicable requirements of this
				  rule, no Energy Distribution System Project will be approved unless the
				  following conditions are met:
A. In
				the case of an energy distribution system project regulated by the Public
				Utilities Commission with respect to rates or terms of service or that
				requires, for construction or operation, authorization or certification from
				the commission:
1 The energy distribution
				system project has received all authorizations or certifications from the
				Public Utilities Commission necessary for construction and operation of the
				project. The authority may issue a certificate of approval for a project that
				has received conditional approvals or certifications from the commission,
				except that the authority's certificate becomes legally effective only upon
				fulfillment of the conditional provisions of the commission's certificates or
				approvals. If the commission has approved rates to be charged by the project or
				has issued a certificate of public convenience and necessity for the project,
				the authority shall take into consideration any findings and conclusions of law
				of the commission, including any findings and conclusions pertaining to the
				need for the project and the financial viability of the project; and
2 The authority has reviewed and considered
				any comments provided by the Director of the Governor's Office of Energy
				Independence and Security and the Public Advocate.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-12 - Location of Collateral

Current through 2024-29, July 17, 2024
In the case of Major Business Expansion Projects, Energy
				  Distribution System Projects or other projects that carry Authority credit
				  enhancement (including loan insurance) or that require an allocation of State
				  Bond Ceiling, real estate or stationary machinery or equipment constituting a
				  significant portion of collateral for repayment of revenue obligation
				  securities shall be located within the State. Mobile machinery or equipment,
				  including vessels, constituting a significant portion of collateral for
				  repayment of revenue obligation securities 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. Other types of
				  collateral constituting a significant portion of collateral for repayment of
				  revenue obligation securities shall be owned by or provided for the benefit of
				  a person or business association with a place of business in the
				  State.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-13 - Refunding Securities

Current through 2024-29, July 17, 2024
With respect to any issue of revenue refunding securities to
				  refund securities issued under current law or any predecessor provision, the
				  Authority will not ordinarily require issuance of a new certificate of approval
				  where there is no expansion of the project and no increase in the outstanding
				  principal amount of the securities.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-14 - Credit Enhanced/ section 1053 Bonds

Current through 2024-29, July 17, 2024
A. Where an
				applicant requests that revenue obligation securities be secured pursuant to 10
				M.R.S.A. §1053, or otherwise requests Authority credit enhancement for
				securities, the applicant shall submit an application. If the project seeks
				credit enhancement solely from the Loan Insurance Reserve Fund or Mortgage
				Insurance Fund, the applicant shall submit an application pursuant to the
				Authority's Mortgage Insurance Program Rule (Chapter 101), and the provisions
				of that rule shall apply in addition to those of this rule, except where
				expressly contradicted by this rule in which case the provisions of this rule
				shall govern. For all other requests for credit enhancement, the applicant
				shall submit an application providing all of the materials required for an
				application for Loan Insurance under Chapter 101, and any other materials
				required under this rule. For all credit enhanced projects, the criteria set
				forth in Section 5 of Rule 101, and Section 7 of this Rule shall apply to
				consideration of the application. In addition, for applications related to
				Major Business Expansion projects, the criteria in Section 10, above, and for
				Energy Distribution System Projects, the criteria in Section 10-A above, shall
				apply.
1
[Repealed]
2)
[Repealed]
3)
[Repealed]
4
[Repealed]
>
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-14-A - Limited Applicability of the Rule to Taxable Issues

Current through 2024-29, July 17, 2024
Except in the case of Major Business Expansion Projects or
				  Energy Distribution System Projects, when an applicant requests that the
				  interest on any issue of revenue obligation securities be includable in the
				  gross income of the holders of the bonds, the following provisions of the Rule
shall not
apply to such application: 2(E), 2(G), 2(I), 2(J), 2(L),
				  3, 4, 5, and 6. Provided, however, that these exclusions shall not obviate the
				  requirements of any other rule which might apply.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-14-B - Provisions applicable only to tax-exempt bond issues

Current through 2024-29, July 17, 2024
When application is made to the Authority to issue
				  tax-exempt bonds, the Authority may contract with an underwriter for assistance
				  in marketing the bonds and with bond counsel, and may select a trustee for the
				  bondholders. All such selections shall be based primarily on demonstrated
				  experience and ability on tax-exempt issuances. The Authority shall, in
				  addition to the other requirements of this Rule, determine that the proposed
				  financing qualifies as a tax-exempt bond under applicable provisions of the
				  Internal Revenue Code, and shall require that the borrower covenant to take
				  such action as may be necessary to preserve the tax-exempt status of the
				  bonds.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-15 - Implementation

Current through 2024-29, July 17, 2024
The members delegate to the chief executive officer the
				  authority to take any action, in the name and on behalf of the Authority,
				  necessary or convenient to carry out this program and any financing pursuant to
				  this Rule and the Act. Such actions include making any determination required
				  by this Rule and the Act and signing any certificate of approval, inducement
				  certificate or agreement, endorsement of note, assignment of mortgage, security
				  agreement, loan agreement, trust indenture and other document or certificates
				  necessary or convenient for carrying out this program and any financing. The
				  chief executive officer shall also be authorized to enter into any transactions
				  or agreements in the form of rate swaps, rate exchanges, and other transactions
				  or agreements that the chief executive officer determines appropriate to reduce
				  the risk of price changes with interest rate fluctuations. The chief executive
				  officer may not delegate the responsibility of signing any certificate of
				  approval or inducement certificate or agreement to any other person. For the
				  purposes of this Rule, the chief executive officer shall be defined as the
				  chief executive officer of the Authority, or any person acting under the
				  supervisory control of the chief executive officer.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-16 - Appeal to the Members

Current through 2024-29, July 17, 2024
If an application for a certificate of approval is denied by
				  the chief executive officer, the user shall have the right to appeal the
				  decision of the chief executive officer 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 or modified, shall be given to the chief
				  executive officer in writing within twenty days after the date on which the
				  chief executive officer mailed the notice of decision to the user. The appeal
				  shall be heard at a meeting of the members, and the user must be present to
				  support the appeal. The members ordinarily meet once each month. The appeal
				  shall be based on the record before the chief executive officer on the date of
				  the decision. The decision of the chief executive officer shall be final unless
				  seven or more members determine that the decision 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.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-1 - Definitions

Current through 2024-29, July 17, 2024
A. "Authority" means the Finance Authority of
				Maine.
B. "Form 8038" means U.S.
				Internal Revenue Service Form 8038, Information Return for Private Activity
				Bond Issues, or any substitute or replacement thereof applicable to the bond
				issue.
C. "Solid waste energy
				project" means a project designed to convert solid waste to electricity or
				steam and to reduce substantially the use of solid waste landfills as
				determined by the Authority.
D.
				"Carryforward" shall have the same meaning as in
				26
				USCA §
										146(f), as
				amended.
E. "DEP" means the Maine
				Department of Environmental Protection.
F. "State ceiling" means the limit
				established by Federal law [
				26
				USCA §
										146(d), as
				amended] on the amount of private activity bonds which may be issued annually
				by the State of Maine and any of its political subdivisions, excluding, for
				purposes of this rule, that portion of the limit not allocated to the Authority
				pursuant to applicable law or Executive Order.
G. "Private activity bonds" means, for
				purposes of this rule, obligations defined as private activity bonds under
				current Federal law and the Internal Revenue Code of 1986 other than housing or
				housing-related bonds.
G-1.
				"Professional office space" shall have the same meaning as that term is defined
				in Chapter 105 of the Authority's rules.
H. "Small issue bonds" means qualified small
				issue bonds as defined in the
				26
				USCA §144(a), as
				amended and also means, for purposes of this rule, obligations other than solid
				waste energy projects for which the Authority has been authorized under
				applicable law or Executive Order to issue allocations of the State
				ceiling.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-2 - State Allocation System

Current through 2024-29, July 17, 2024
In lieu of the allocation of the State ceiling provided under
				  Federal law, that portion of the State ceiling allocated to the Authority
				  pursuant to applicable State law shall be allocated to issuers of private
				  activity bonds as provided in this rule, provided that the Authority shall
				  observe specific reservations for designated categories of projects and
				  repooling dates pursuant to any applicable State law, and the categorical
				  reservations in section
				  3 shall be subject to such law.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-3 - Categorical Reservations

Current through 2024-29, July 17, 2024
A. [Deleted.
				Effective November 4, 1987).
B.
				Twenty-five million dollars ($25,000,000) of the State ceiling is reserved
				until December 24 of each year for small issue bonds.
C. During the period from December 24 through
				December 31 of each year, there will be no categorical reservations of the
				State ceiling.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-4 - Small Issue Restrictions

Current through 2024-29, July 17, 2024
Small issue bonds must comply with applicable provisions of
				  Federal and State law. In addition, no State ceiling allocation will be made
				  for the following projects or bond issues:
A. Motels, hotels or other facilities
				charging for overnight transient accommodations, other than full service hotels
				containing meal service facilities and convention facilities which will be
				located in and result in rehabilitation or improvement of buildings which are
				unoccupied, and which meet the requirements of 10 M.R.S.A.
				§§1041-A(4) or 1061-A(3).
B. Projects consisting primarily of storage
				or warehouse facilities, unless, at the time application is made to the
				Authority for a certificate of approval, one or more persons has agreed in
				writing to use an entire facility for its intended purpose for the term of the
				bond issue in connection with the user's primary business.
C. Projects where agreements to occupy at
				least 75% of the project for not less than two years (one year in the case of
				the State of Maine or its departments, agencies or instrumentalities) from the
				date of closing of the bond issue (or from the date occupancy is permitted in
				the case of projects involving substantial rehabilitation or new construction)
				do not exist at the time of Authority approval of certain bond documents. This
				limitation shall not apply in the case of reconstruction of existing building
				projects meeting the requirements of 10 M.R.S.A. §§1041-A(4) or
				1061A(3).
D. Any project a
				significant element of which is space for retail sales of consumer goods for
				household use to customers who personally visit the space to view or obtain the
				goods. In determining whether a retail element of a project is significant, the
				Authority shall consider the principal purpose of the project, the portion of
				the project available for retail sales, and whether the project will provide
				economic benefits to the State which will be enhanced by the retail element,
				provided that no allocation of the Federal ceiling will be made if the space
				intended for retail sales exceeds 25% of the total building space available in
				the project. This limitation does not apply in the case of reconstruction of
				existing building projects meeting the requirements of 10 M.R.S.A.
				§§1041-(4) or 1061-A(3).
E. Except as permitted by 10 M.R.S.A.
				§§1041-A and 1061-A, no allocation for any project 35% or more of the
				building space of which, on a square footage basis, is intended to be used for
				professional office space.
F.
				Reconstruction of existing building projects which have been rehabilitated
				within five years before the date of the bond issue.
G. [Deleted].
H. Projects a significant purpose of which is
				to provide housing.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-5 - Restrictions on Solid Waste Energy Projects

Current through 2024-29, July 17, 2024
No allocation for any solid waste energy project will be made
				  unless the Authority has received the following with respect to the
				  project:
A. DEP certification that all
				licenses and permits required by DEP with respect to the project have been
				issued or that none are required;
B. Power contract specifying the power price,
				completion deadline and any output limit;
C. Put or pay contracts for waste or waste
				handling agreements with municipalities and other users; and
D. Other materials demonstrating that the
				project will expeditiously commence installation, construction and
				operation.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-6 - Reservations for Solid Waste Energy Projects

Current through 2024-29, July 17, 2024
A.
				No more than 35 days before the scheduled date of closing of a series of bonds
				for a solid waste energy project, an issuer may provide the Authority with the
				following:
i. A copy of draft Form 8038
				containing the following information: Issuer's name and address, Part I
				information, and Part V information,
ii. Certification of bond counsel to the
				issuer of the scheduled bond closing date,
iii. Certification of bond counsel to the
				issuer that the interest on the bonds will be exempt from Federal taxation
				under applicable law provided an allocation of the State ceiling is obtained,
				and
iv. The items described in
				subsection A, B, C and D of section 5, or satisfactory evidence that such items
				will be received within 35 days.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-6-A - Reservations for Small Issue Bonds

Current through 2024-29, July 17, 2024
From that portion of the State ceiling reserved for small
				  issue bonds, the Authority may issue specific reservations for projects in
				  accordance with the following procedure:
A. If the Authority has not made the election
				under subsection H of this section 6-A with respect to all or part of any
				calendar year, all applications for projects which do not have a valid and
				effective reservation under this section at the time of such election will be
				ranked against each other according to the following criteria:
i. Number of full time direct jobs created in
				the State per dollar of small issue bond financing. For purposes of this
				section, full time jobs shall be jobs providing not less than 1,820 hours of
				paid employment per year, and shall not include temporary construction jobs.
				This criterion will be given double weight.
ii. Number of full time direct jobs retained
				and number of part time jobs created and retained per dollar of small issue
				bond financing. This criterion will be given single weight.
iii. Economic impact of the project as
				measured by:
(a) projected annual payroll of
				all direct jobs created or retained per dollar of small issue bond financing,
				and
(b) estimated annual dollar
				volume of sales from project to customers outside the State per dollar of small
				issue bond financing. This criterion will be given single weight.
iv. Impact on economy of
				distressed areas as measured by:
(a)
				employment percentage change in the labor market area of the project (as
				defined by the Maine Department of Labor) minus five year population percentage
				change in that labor market area over the five most recent years for which
				numbers are available, and
(b)
				labor market area unemployment rate less statewide average unemployment rate,
				using most recent annual figures. This criterion will be given single
				weight.
v. Other
				considerations justifying giving increased weight to a project based on public
				policy goals. This factor will be given half weight.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-7 - Notice of Issue and Allocation

Current through 2024-29, July 17, 2024
A. Within 5
				business days after the date of closing of any issue of private activity bonds,
				the issuer shall cause the Authority to receive the following:
i. A copy of Form 8038 completed and signed
				on behalf of the issuer,
ii.
				Certification of bond counsel to the issuer of the date on which the bonds were
				closed, issued and delivered and bond proceeds were paid over by the bond
				purchasers, and
iii. Certification
				of bond counsel to the issuer that the bonds are exempt from Federal income tax
				conditioned upon receipt of an allocation of the State ceiling.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-8 - Carryforward Projects

Current through 2024-29, July 17, 2024
A. To the extent
				that the available State ceiling is not fully used in any one calendar year,
				allocation of the State ceiling amounts to carryforward projects will be made
				first to solid waste energy projects which have reservations pursuant to
				section 6, second to other waste energy projects, and third to other projects
				or uses eligible for the carryforward.
B. Solid waste energy projects will be ranked
				for allocation purposes based on the following considerations:
i. DEP or State priorities for landfill
				improvement or elimination;
ii.
				Existence of an inducement resolution or other official action by the issuer
				for the project;
iii. Power
				contract specifying the power price, completion deadline and any output
				limit;
iv. Put or pay contracts for
				waste or waste handling agreements with municipalities and other users, taking
				into consideration the number of municipalities or users which have executed
				such agreements, the population of the area to be served, and the likely cost
				to each user;
v. A certification by
				DEP that all licenses and permits required by DEP with respect to the project
				have been issued or that none are required;
vi. A firm, valid and binding bond purchase
				agreement wherein the purchaser agrees to purchase a stated principal amount of
				bonds for the project;
vii. A
				letter supporting the project from the chief municipal official of the
				municipality in which the project will be located;
viii. A certification of bond counsel to the
				issuer that the bonds will be exempt from Federal income tax, conditioned upon
				receipt of an allocation of the State ceiling;
ix. Contracts for design, construction,
				operation and maintenance of the project,; and
x. Other materials demonstrating that a bond
				issue will close, as determined by the Authority, within a stated time and that
				installation, construction and operation of a project will be expeditiously
				commenced.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-9 - Implementation

Current through 2024-29, July 17, 2024
The members delegate to the chief executive officer the
				  authority to take any action, in the name and on behalf of the Authority,
				  necessary or convenient for making, or for rejecting any application for, any
				  allocation, carryforward designation or reservation of the State ceiling and
				  for making effective and efficient use of the State ceiling in accordance with
				  this rule.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-10 - Appeal to the Members

Current through 2024-29, July 17, 2024
In the event that an application for an allocation,
				  reservation for an allocation or a carry forward designation 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 of the Authority. 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 fourteen days after the date on which the
				  chief executive officer mailed the notice of decision 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 members ordinarily meet once each month. The
				  appeal shall be based on the record before the chief executive officer on the
				  date of the decision. The decision of the chief executive officer shall be
				  final unless the members determine that the decision 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. No decision of the members to overturn or modify any decision
				  of the chief executive officer shall result in the rescission, cancellation or
				  other disturbance of any allocation, reservation or allocation or carryforward
				  designation awarded by the chief executive officer. Notwithstanding the
				  pendency of any appeal, the Authority may, in its sole and uncontrolled
				  discretion, unless and until stayed by valid order of a Court, continue to
				  award allocations, reservations of allocations and carryforward designations to
				  other applicants pursuant to this rule.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-11 - Transition Rules

Current through 2024-29, July 17, 2024
A. Section 4 of
				this rule applies where an inducement resolution was adopted or other official
				action was taken June 12, 1985 or later unless otherwise provided.
B. The provisions of subsection 4.C
				pertaining to term does not apply where an inducement resolution was adopted or
				other official action was taken on or before December 31, 1985, provided that
				an allocation is made for the bond issue on or before December 31,
				1986.
C. [Deleted].
D. [Deleted).
E. Reservations or allocations issued for
				bond issues which do not require an allocation of the State ceiling shall lapse
				and be of no further force or effect upon enactment of Federal legislation
				exempting such issues from the State ceiling, and may be reallocated in
				accordance with this rule.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 203 - ALLOCATION OF STATE CEILING ON PRIVATE ACTIVITY BONDS › Section 457-203-12 - Waiver of Rule

Current through 2024-29, July 17, 2024
The Authority may waive any requirement or extend any time
				  limit of this rule, except to the extent that the requirement or time limit is
				  mandated by applicable law or Executive Order, in cases where deviation from
				  the rule is insubstantial.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-2 - Application Procedures

Current through 2024-29, July 17, 2024
A. A Lender shall
				submit an application which complies with the requirements of this Rule on such
				forms and in such numbers as may be specified and with such supporting
				information as shall be required by the Chief Executive Officer.
B. The Chief Executive Officer shall be
				responsible for making application forms available and assisting Lenders in
				preparing applications.
C. No
				application will be considered complete unless substantially all questions are
				answered, substantially all supporting information is provided and the proper
				application fee is provided.
D.
				Ordinarily, an application must be received by the Chief Executive Officer at
				the same time an application under the Small Business and Veterans' Small
				Mortgage Insurance Program or the Mortgage Insurance Program is
				received.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-3 - Application Contents

Current through 2024-29, July 17, 2024
A. General
				Information. The Lender shall submit with its application an application for
				insurance under either Chapter 101 or Chapter 103, unless there is already
				insurance under either Chapter.
B.
				Other. The Lender shall submit such other evidence or information as the Chief
				Executive Officer or the application form may require.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-4 - Approval/Rejection

Current through 2024-29, July 17, 2024
Any loan disapproved for loan insurance shall be
				  automatically disapproved for the Program, and any loan approved for loan
				  insurance shall be automatically approved for the Program unless the Chief
				  Executive Officer shall prepare a written rejection briefly describing the
				  proposed project, any significant communications between the Lender and the
				  Chief Executive Officer, an evaluation of the application and the reasons for
				  the disapproval. There shall be appended to the rejection portions of the
				  application any written communications concerning the project which are deemed
				  significant by the Chief Executive Officer. The members may, consistent with
				  the Freedom of Access Act,
				   1 M.R.S.A.
				  §401 and following, and the Act, review
				  the application in executive session.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-5 - Criteria and Considerations

Current through 2024-29, July 17, 2024
A. An application
				will not be approved unless the Authority determines that the appropriate
				criteria and considerations under Chapter 101 or 103, as appropriate, have been
				met and satisfied.
B. No
				application will be approved for a loan for which insurance under Chapter 101
				or 103 is already in effect unless the Authority determines that the Eligible
				Loan will continue to be serviced as required by the Authority and unless the
				Authority determines that the Eligible Loan proceeds are still being used in
				connection with an eligible enterprise.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-6 - Payments by the Authority

Current through 2024-29, July 17, 2024
Subject to the provisions of this Rule, the Authority will
				  agree to pay to:
A. Any Holder,
				subject to the Cap on such Guaranteed Portion, 100 percent of any loss
				sustained by such Holder on the Guaranteed Portion and on interest due on such
				portion.
B. The Lender, in
				accordance with the Loan Insurance Authorization and Loan Insurance Agreement
				between the Authority and the Lender.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-7 - Loan Servicing

Current through 2024-29, July 17, 2024
Lender will be responsible for servicing the entire Eligible
				  Loan, and Lender will remain mortgagee and/or secured party of record
				  notwithstanding the fact that another party may hold the Guaranteed Portion of
				  the Eligible Loan.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-8 - Priorities

Current through 2024-29, July 17, 2024
The entire Eligible Loan will be secured by the same security
				  with equal lien priority for the Guaranteed Portion and the Unguaranteed
				  Portion of the Eligible Loan. The unguaranteed portion of the Eligible Loan
				  will not be paid first nor given any preference or priority over the Guaranteed
				  Portion.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-9 - Faith and Credit

Current through 2024-29, July 17, 2024
Each Loan Note Guarantee will constitute an obligation
				  supported by the faith and credit of the State of Maine pursuant to the Act and
				  be incontestable except for fraud or misrepresentation of which Lender or any
				  Holder has actual knowledge at the time it became such Lender or Holder or
				  which Lender or any Holder participates in or condones. If any note to which
				  the insurance relates provides for payment of interest on interest, then the
				  Loan Note Guarantee will be void. In addition, a Loan Note Guarantee will be
				  unenforceable by Lender (but not the Holder) if Lender fails to collect from
				  Borrower and remit to the Authority the insurance premiums as and when payable
				  or to the extent any loss is occasioned by the violation of usury laws,
				  negligent servicing, or failure to obtain the required security regardless of
				  the time at which the Authority acquires knowledge of the foregoing. Any claim
				  by Lender for losses occasioned will be unenforceable to the extent that loan
				  funds are used for purposes other than those specifically approved by the
				  Authority in its Loan Insurance Authorization. Negligent servicing is defined
				  as the failure to perform those obligations more fully set forth in the Loan
				  Insurance Agreement and related Loan Insurance Authorization, and by way of
				  illustration and not of limitation includes services which a reasonably prudent
				  lender would perform in servicing its own portfolio of loans that are not
				  insured or guaranteed. The term includes not only the concept of a failure to
				  act but also not acting in a timely manner or acting in a manner contrary to
				  the manner in which a reasonably prudent lender would act up to the time of
				  Eligible Loan maturity or until a final loss is paid. A Loan Note Guarantee
				  will be executed solely for the purpose of the Program and for the information
				  and use of a Holder, as defined herein. As between the Lender and the
				  Authority, the Loan Insurance Agreement will be controlling.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-10 - Rights and Liabilities

Current through 2024-29, July 17, 2024
The guarantee and right to require purchase of a Certificate
				  will be directly enforceable by Holder notwithstanding any fraud or
				  misrepresentation by Lender or any unenforceability of the Loan Note Guarantee
				  for that Certificate by Lender. Nothing contained in the Loan Note Guarantee
				  will constitute any waiver by the Authority of any rights it possesses against
				  the Lender. Lender will be liable for and will promptly pay to the Authority
				  any payment made by the Authority to Holder which if such Lender had held the
				  Guaranteed Portion of the Eligible Loan, the Authority would not be required to
				  make.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-11 - Payments

Current through 2024-29, July 17, 2024
Lender will receive all payment of principal, or interest, on
				  account of the entire Eligible Loan and will promptly remit the amount
				  allocable to the Guaranteed Portion either to a FTA designated by the
				  Authority, which shall promptly remit to Holder its pro rata share thereof
				  determined according to its interest in the Eligible Loan or, if there be no
				  FTA, then to Holder its pro rata share thereof determined according to its
				  interest in the Eligible Loan, less only Lender's servicing fee.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-12 - Protective Advances

Current through 2024-29, July 17, 2024
Protective advances made by Lender will with respect to an
				  Eligible Loan be guaranteed against a percentage of loss to the same extent as
				  provided in the related Loan Note Guarantee notwithstanding the Guaranteed
				  Portion of such Eligible Loan that is held by another.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-13 - Repurchase by Lender

Current through 2024-29, July 17, 2024
Any repurchase by the Lender of a Guaranteed Portion shall be
				  for an amount equal to the unpaid Guaranteed Portion of principal and accrued
				  interest less the Lender's servicing fee, if any. The Authority's liability for
				  accrued interest on a Guaranteed Portion is limited to the extent provided in
				  the Program Documents. The Lender is encouraged to repurchase the Eligible Loan
				  to facilitate the accounting for funds, resolve the problem, and to permit the
				  borrower to cure the default, where reasonable. The Lender shall notify the FTA
				  and the Authority of its decision.