reglab/statecodes huggingface dataset:
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 5 - CERTIFICATE OF APPROVAL PROCESS FOR MIDCOAST REGIONAL REDEVELOPMENT AUTHORITY PROJECTS › Section 457-5-6 - TERMS AND CONDITIONS

Current through 2024-29, July 17, 2024
1. Loans must be
				secured by collateral having a fair market value (ordinarily determined by
				appraisal) sufficient to provide adequate security for the loan. The Authority
				may, in the reasonable exercise of its judgment, require assignments of leases
				or contracts in favor of the Midcoast Regional Redevelopment Authority or one
				or more trustees acting on behalf of the bondholders, as applicable, secured or
				unsecured personal or corporate guarantees, and letters of credit.
2. The Authority may condition its issuance
				of a Certificate of Approval as it may reasonably deem prudent or desirable to
				assure sale of bonds at reasonable rates, completion and continuation of the
				project, preservation of collateral and repayment of the bonds.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 5 - CERTIFICATE OF APPROVAL PROCESS FOR MIDCOAST REGIONAL REDEVELOPMENT AUTHORITY PROJECTS › Section 457-5-7 - 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 101 - LOAN INSURANCE PROGRAM › Section 457-101-2 - Eligibility

Current through 2024-29, July 17, 2024
A.
Borrower Eligibility
: In
				order to be eligible for Loan Insurance, the Lender's loan must be to an
				"agricultural enterprise," "fishing enterprise," "industrial enterprise,"
				"manufacturing enterprise," or "recreational enterprise" as defined in the Act,
				that is located in the State, and that is not a religious or fraternal
				organization.
B.
Project
				Eligibility
: In order to be eligible for Loan Insurance the Lender's
				loan must be for use by the Borrower solely to finance the acquisition of a
				business or to acquire real or personal property to be used in a business, or
				to finance business operations. Ineligible uses of Loan proceeds include:
(1) refinancing of existing indebtedness of
				the Lender that is not insured by the Authority and as to which the Lender is
				reasonably likely to suffer a loss, as determined by the authority, unless
				specifically approved by the Authority on the basis that a significant benefit
				to the Borrower will result from the loan which benefit would not be extended
				to the Borrower without loan insurance;
(2) personal, family or household expenses of
				the borrower or any guarantor;
(3)
				acquisition, construction or operational expenses related to residential
				housing, investment real estate, gambling facilities or adult entertainment
				facilities;
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-3 - Application

Current through 2024-29, July 17, 2024
A.
Procedures
(1) 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 with such supporting information as shall be
				required by this Rule and the Credit Policy and such additional information as
				may be requested by the chief executive officer or the members.
(2) The chief executive officer shall be
				responsible for making application forms available and assisting lenders in
				preparing applications.
(3) No
				application will be considered complete unless substantially all questions are
				answered, and substantially all supporting information is provided.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-4 - Review of and Action upon Application

Current through 2024-29, July 17, 2024
A.
				Applications for Loan Insurance shall be reviewed and approved or denied by the
				members, unless the members delegate authority for approval or denial to the
				chief executive officer, which may be done by specific resolution on a loan by
				loan basis, or by incorporating a level of authority in the Credit Policy
				approved by the Board, or by a general resolution delegating authority to the
				chief executive officer to approve or deny loans meeting certain criteria set
				forth in such resolution.
B. In
				cases where the application will be reviewed and acted upon by the members, the
				chief executive officer shall prepare and present to the members an analysis of
				the application, including, without limitation, a description of the proposed
				project, and any recommendation the chief executive officer may wish to make to
				the members, along with the reasons for such recommendation. Once Loan
				insurance is approved by the members, and an insurance agreement is in force
				with respect to a Loan, the insurance may be modified or extended by the chief
				executive officer, so long as the chief executive officer determines, in his or
				her discretion, that the modification or extension is not likely to affect the
				authority's potential insurance liability in a materially adverse manner, or
				that such modification or extension is necessary to protect the interests of
				the authority.
C. In cases where
				the application will be reviewed and acted upon by the chief executive officer,
				the chief executive officer shall prepare a written analysis of the
				application, the action to be taken with respect to the application, and the
				reasons therefore.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-5 - Criteria and Considerations

Current through 2024-29, July 17, 2024
A.
Required
				Findings
. An application may not be approved unless the Authority
				determines:
(1) that there is a reasonable
				prospect that the loan will be repaid according to its terms, and repayment
				will be secured by appropriate levels of collateral;
(2) it is prudent for the Authority to
				provide the amount, percentage and period of insurance proposed that such
				amount, percentage and period of insurance is necessary to complete the
				financing;
(3) that borrower and
				lender have met applicable requirements of the Act and this Rule, as well as
				the Credit Policy, and that the loan will be serviced by the Lender as required
				by the Authority;
(4) that the
				Borrower and the Project are eligible, and the Borrower is creditworthy and of
				good character;
(5) the application
				is complete and that information sufficient to make an informed decision on the
				application has been received;
(6)
				A significant public benefit will result from the project; and
(7) The Borrower is not known to be in
				violation of any State, federal or local law or regulation;
(8) For insurance liability exceeding
				$1,000,000, and in such other instances where the Authority determines it is
				appropriate, the Authority shall obtain from the State Department of
				Environmental Protection a written assessment of the environmental conditions
				known to the Department to exist at a project location.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-6 - Loan and Insurance Terms and Conditions

Current through 2024-29, July 17, 2024
A.
Loan Terms
(1)
Interest
				Rate and Term
. The rate of interest on the insured loan and the term of
				the loan shall be agreed between the lender and the borrower, subject to the
				approval of the Authority.
(2)
Covenants
. Any loan approved for insurance shall impose covenants
				and requirements in accordance with prudent lending practices as approved by
				the Authority.
(3)
Use of
				Loan Proceeds
. The lender shall ensure that proceeds of an insured loan
				are used only for the business purposes approved by the Authority.
(4)
Personal Guaranties
. All
				insured loans shall be guaranteed by any shareholder of the Borrower who:
(a) owns 20% or more of the Borrower;
				or
(b) owns 5% or more of the
				Borrower and receives substantial income from the Borrower, Exceptions may be
				made to the requirements of this paragraph only if:
1. For insured loans with FAME exposure equal
				to or less than $500,000, the Chief Executive Officer finds, or
2. For insured loans with FAME exposure over
				$500,000, two-thirds (2/3) of the Members of the Board present and voting at a
				meeting find:
(i) extraordinary public
				benefit will result from the project; and
(ii) substantial equity is present in the
				project.
(5)
Lien Priorities
. Where the
				Authority's insurance liability exceeds $1,000,000, the insured Loan must have
				a first, or shared first priority lien on all material collateral that secures
				the loan.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-7 - Additional Terms for Working Capital Loans

Current through 2024-29, July 17, 2024
A.
Insurance Limits
. Notwithstanding any provision hereof to the
				contrary:
(1) The Authority may authorize
				insurance on working capital loans up to a maximum $2,500,000 of insurance
				liability with respect to any one loan or any Borrower when insurance is
				authorized on a Pro-Rata basis, not to exceed 90% of the original loan amount,
				and subject to the additional limitations of this section; or
(2) The Authority may authorize insurance on
				working capital loans up to a maximum of $2,500,000 of insurance liability with
				respect to any one loan or any Borrower, when insurance is authorized on a
				Leveraged basis, not to exceed 20% of the original loan amount, and subject to
				the additional limitations of this section.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-8 - Commitment or Rejection

Current through 2024-29, July 17, 2024
A. Upon approval of
				an application by the Authority, a loan insurance Authorization will be issued
				setting forth the terms and conditions upon which the loan will be
				insured.
B. No Authorization shall
				be valid unless properly approved as set forth herein, and unless set forth in
				writing and executed by the chief executive officer. An Authorization shall be
				effective for a stated period. An Authorization may be extended in the manner
				stated therein.
C. No insurance
				shall become effective until the applicant has signed the Authorization, has
				paid to the Authority the commitment fee, if any, and initial insurance premium
				specified in this rule (which shall indicate the applicant's acceptance of the
				loan insurance authorization) the Lender has signed a Loan Insurance Agreement
				that remains in full force and effect, and until the Lender has complied with
				all preconditions set forth in the Authorization and the Loan Insurance
				Agreement.
D. If, upon examination
				of the application and supporting information the Authority rejects such
				application, the Lender and the Borrower shall be so informed.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-9 - Loan Insurance Agreement

Current through 2024-29, July 17, 2024
No loan insurance shall be effective unless the lender and
				  the chief executive officer have executed a loan insurance agreement in form
				  acceptable to the chief executive officer setting forth the relative rights and
				  responsibilities of the lender and the Authority for all insured loans. The
				  loan insurance agreement shall include without limitation the following:
A.
General Conditions
. General
				conditions and provisions incorporating the requirements of the Act and this
				rule.
B.
Responsibilities of
				the lender
. Provisions setting forth the responsibility of the lender
				to:
(1) investigate the borrower's character
				and business ability;
(2)
				investigate the value and ownership of collateral;
(3) ensure that the loan documentation,
				including necessary recordings and filings, is prepared and executed in a
				manner which will ensure that the borrower and any guarantors have binding,
				enforceable obligations to repay the loan and that the lender has such valid
				and enforceable mortgages, security interests and assignments as may be
				necessary to protect the interests of the lender and Authority;
(4) ensure that any guarantors waive any
				right to contribution from the Authority and acknowledge that the Authority is
				not a coguarantor;
(5) ensure the
				loan is prudently serviced and administered;
(6) ensure records with respect to the loan
				are maintained and made available to the Authority;
(7) not assign, transfer or release any of
				its interest in the loan or loan documents without the consent of the
				Authority;
(8) supervise the use
				and disposition, if authorized, of collateral and loan proceeds;
(9) not assign any right or obligation under
				the insurance contract without the Authority's consent;
(10) exercise all such responsibilities and
				shall service insured loans at a minimum in such manner as would be the normal
				and customary practice of a prudent lender making or servicing a loan without
				relying on loan insurance.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-10 - Insurance Claim Options

Current through 2024-29, July 17, 2024
Pursuant to the loan insurance agreement, the Authority will
				  require the lender to notify the Authority of any default by the borrower.
				  After passage of a period of time specified in the agreement and upon
				  performance of such obligations by the lender as the Authority may by agreement
				  require, the Authority may require that it have the following options with
				  respect to payment of the loan insurance:
A. Cure one or more defaults up to a stated
				limit;
B. Purchase the loan on the
				terms specified in the contract;
C.
				Pay the remaining balance of the Authority's insurance liability;
D. Authorize the lender to liquidate the
				collateral for the loan and at the conclusion of the liquidation pay off any
				deficiency of the lender on terms specified in the agreement; and
E. Such other options as the agreement may
				provide.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-11 - Premiums, Fees and Other Charges

Current through 2024-29, July 17, 2024
A. The authority
				may charge an application fee of up to 1% of the amount of proposed authority
				insurance liability, with a minimum application fee, if so imposed, of
				$250.
B. In addition to other
				requirements, no loan insurance or renewal of loan insurance shall be effective
				until the Authority has received a commitment fee of between 0% and 2%, as
				determined by the Authority from time to time and set forth in the Credit
				Policy, of the insured percentage of the principal amount of the insured loan,
				due upon acceptance of the commitment.
C. In addition to other requirements, the
				Authority shall be paid a loan insurance premium of between 0% and 5%, as
				determined by the Authority from time to time and set forth in the Credit
				Policy, of the maximum insurance liability on the insured loan on the date of
				closing and on each anniversary thereof while insurance is still in
				force.
D. Where application is made
				to obtain the Authority's consent pursuant to a loan insurance contract to
				transfer of collateral, alteration of rights or other matters, the Authority
				may charge the borrower for the cost of the Authority's staff utilized to
				review the application and for the Authority's out-of-pocket expense in
				connection with the application.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-12 - Waiver of rule

Current through 2024-29, July 17, 2024
The members or 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 deviation from the rule is
				  insubstantial.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-13 - Miscellaneous

Current through 2024-29, July 17, 2024
Any approvals, reviews, determinations or findings of the
				  Authority related to any plans, specifications, contracts, application or other
				  documents required or contemplated by this rule or the Act are solely for the
				  benefit of the Authority and shall not in any way constitute any approval of
				  the adequacy of such documents or of the project.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-14 - Appeal

Current through 2024-29, July 17, 2024
In the event that any application of a borrower or a lender
				  is reviewed and denied by the chief executive officer under authority delegated
				  by the members, the borrower or lender shall have the right to appeal the
				  decision of the chief executive officer to the members. 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 borrower or lender. The
				  appeal shall be heard at a meeting of the members, and the borrower or lender
				  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. 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 request.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-1 - 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 meanings set
				forth in the Act, unless clearly specified otherwise or unless the context
				clearly indicates otherwise.
B.
				Defined Terms.
1. "Bond" means a revenue
				obligation security (as defined in the Act), and includes a certificate of
				participation or other evidence of indebtedness representing an interest in one
				or more loans benefiting from capital reserve fund security under this
				program
2. "Borrower" includes a
				prospective borrower where the context requires.
3. "Capital Reserve Contract" means an
				agreement pursuant to which the Authority establishes a capital reserve fund to
				back a bond and/or to benefit a loan.
4. "Capital Reserve Fund" means a capital
				reserve fund established pursuant to 10 M.R.S.A. §1053.
5. "Cash equivalents" means deposits of
				money, certificates of deposit or other cash equivalents, irrevocable letters
				of credit issued by financial institutions acceptable to the Authority or loan
				guarantees from insurance companies or other institutions satisfactory to the
				Authority.
6. "Certificate of
				Approval" means a certificate issued by the Maine Public Utilities Commission
				(MPUC) upon application of an electric utility with respect to an electric rate
				stabilization agreement pursuant to 35-A MRSA Section3156.
7. "Chief Executive Officer" means the
				Authority's chief executive officer or a person acting under the supervisory
				control of the chief executive officer.
8. "Electric Rate Stabilization Project"
				means an agreement by an electric utility with a qualifying facility as defined
				in 35-A MRSA Section3303, that will result in the reduction in costs to the
				electric utility and that has been certified by the MPUC to meet the standards
				established under 35-A MRSA Section3156.
9. "Eligible enterprise" means an Electric
				Rate Stabilization Project.
10.
				"Financing commitment" means, for purposes of this rule, a letter from the
				chief executive officer agreeing to include a loan in the program to be funded
				from the proceeds of bonds backed by a capital reserve fund, on the terms and
				conditions and subject to the requirements stated therein.
11. "Members" means the members of the
				Authority as provided for in the Act.
12. "Program" means the Electric Rate
				Stabilization Project Taxable Bond Program of the Authority established
				pursuant to the Act.
13. "State"
				means the State of Maine.
14.
				"Trustee" means a financial institution acting as trustee for holders of bonds
				issued and sold pursuant to this rule and the Act.
15. "Underwriter" means a qualified entity
				capable of buying and/or marketing the bonds.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-2 - APPLICATION PROCEDURES

Current through 2024-29, July 17, 2024
A. The borrower
				shall submit an application, which complies with the requirements of this rule
				on such forms and in such numbers as may be specified with such supporting
				information as shall be required by this rule and such additional information
				as may be requested by the chief executive officer.
B. The chief executive officer shall be
				responsible for making application forms available and assisting borrowers in
				preparing applications.
C. No
				application will be considered complete unless all questions are answered, and
				all supporting information is provided in form and substance satisfactory to
				the chief executive officer.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-3 - PRIORITY

Current through 2024-29, July 17, 2024
The Authority will review only complete applications. An
				  application will not be complete without a Certificate of Approval from the
				  Maine Public Utilities Commission. Once a complete application is received it
				  will be reviewed in the normal course of the Authority's business and voted
				  upon by the Board. Following approval by the Board, a financing commitment will
				  be issued and must be executed by the applicant within the time provided for
				  therein, which may not exceed sixty days. In the event that aggregate
				  applications are received in excess of the dollar amount of bonding authority
				  available, then applications will be considered on a "first come, first served"
				  basis based on the date and time a complete application is received by the
				  Authority. The Authority will document the date and time of receipt of a
				  complete application. If an incomplete application is received at the
				  Authority, documentation of that incompleteness will be explicit, written
				  notice thereof will be given to the applicant, and subsequent completion of the
				  application will be explicitly documented. No application will be deemed
				  received for purposes of establishing priority until the application is
				  complete as determined by the chief executive officer. If an applicant does not
				  execute a financing commitment and pay all fees required to be paid within the
				  time provided in the financing commitment, the application shall be deemed
				  withdrawn and the next project for which the Authority has received a complete
				  application will be entitled to first priority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-4 - APPLICATION CONTENTS

Current through 2024-29, July 17, 2024
A. Project
				Information. There shall be submitted with each application 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, and shall include
				evidence of management and planning capability of the borrower, evidence
				pertaining to the project's proposed plan of financing, pro forma financial
				statements, historical financial statements and such other evidence or
				information as the chief executive officer or the application form may
				require.
B. Certificate of
				Approval. No application is complete without an accompanying Certificate of
				Approval.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-5 - CRITERIA AND CONSIDERATIONS

Current through 2024-29, July 17, 2024
A. An application
				will not be approved unless the Authority determines that there is strong
				likelihood that the loan will be repaid according to its terms.
B. An application will only be approved to
				the extent, in terms of the assistance requested and the liability assumed by
				the Authority, that it is prudent for the Authority to provide such assistance
				and assume such liability.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-6 - LOAN, COLLATERAL, INSURANCE AND TERM STANDARDS

Current through 2024-29, July 17, 2024
A. Collateral. The Authority may require such
				collateral as it deems necessary to secure a loan.
B. Maximum Capital Reserve. Without limiting
				the generality of any other provisions of this rule or the Act, in the case of
				an electric rate stabilization project the Authority may secure up to 100% of
				the revenue obligation securities by and with a capital reserve fund up to the
				maximum dollar amount allowed by the Act.
C. Term. The maximum term of loans under the
				program will be determined by the Authority on a case-by-case basis. The
				Authority may approve such amortization schedules, including balloon payments,
				that it deems to be prudent.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-7 - COMMITMENT OR REJECTION

Current through 2024-29, July 17, 2024
A. Upon approval of
				an application by the Authority, a financing commitment shall be issued setting
				forth the terms and conditions under which a loan will be included in the
				program. The financing commitment may specify special requirements applicable
				to the project and requiring the submission in final form within a time
				specified of all appropriate documents, drawings, plans, specifications,
				appraisals, environmental site assessments, bonds, guarantees, permits,
				approvals, surveys, title insurance, opinions, financial statements, cost and
				other certifications and other instruments evidencing full compliance with
				Authority requirements and in form and content satisfactory to the
				Authority.
B. No financing
				commitment shall become effective until the borrower has signed it and the
				borrower has paid to the Authority the commitment fee as specified in the
				financing commitment, and other applicable fees due pursuant to Section 11
				herein.
C. If, upon examination of
				the application and supporting information, the Authority rejects such
				application, the borrower shall be informed in writing of the rejection and the
				reasons therefor.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-8 - LOAN TERMS AND CONDITIONS

Current through 2024-29, July 17, 2024
A. Mandatory
				Covenants. Any loan approved for the provision of capital reserve fund security
				under the program shall include covenants requiring the borrower to:
1. Make periodic payments of principal and
				interest;
2. Pay any taxes and
				governmental charges assessed against the borrower or any collateral;
3. Comply with all applicable federal, state
				and local laws, regulations and ordinances;
4. Obtain, maintain and pay for any insurance
				required as a condition of the financing commitment against damage to or loss
				of any collateral;
5. Maintain and
				repair any collateral;
6. Permit
				the Authority to inspect any collateral and to inspect and copy the borrower's
				books and records at any reasonable time;
7. Provide to the Authority periodic
				financial reports in form and content, at times and for periods acceptable to
				the Authority and prepared by persons acceptable to the Authority and also
				provide to the Authority, when specifically requested, annual income tax
				returns;
8. Refrain from
				transferring any interest in the collateral, if any, without the Authority's
				prior written consent;
9. Repay any
				advances necessary to protect the collateral, if any, or enforce the rights of
				the trustee or the Authority;
11.
				Execute such further assurances as may be reasonably required; and
12. Keep the collateral, if any, free from
				liens and encumbrances not approved in advance in writing by the
				Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-9 - ·RIGHTS AND RESPONSIBILITIES OF THE AUTHORITY

Current through 2024-29, July 17, 2024
A. The Authority's
				obligation to arrange or to replenish a capital reserve fund will be evidenced
				by a capital reserve contract or other documentation in form satisfactory to
				the Authority.
B. The Authority may
				impose such conditions, provisions and obligations in any capital reserve
				contract, loan documents, bond documents, or other documentation used to
				evidence a transaction pursuant to this Program as it may deem necessary or
				prudent for the effective servicing and monitoring of any loan made under this
				Program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-10 - CAPITAL RESERVE FUND OPTIONS

Current through 2024-29, July 17, 2024
Pursuant to the capital reserve contract or other
				  documentation, the Authority will require the trustee to notify the Authority
				  of any default by the borrower. After passage of a period of time specified in
				  the capital reserve contract or other documentation and upon performance of
				  such obligations by the trustee as the Authority may by contract require, the
				  Authority may require that it have the following options:
A. Cure one or more defaults up to a stated
				limit;
B. Purchase the entire loan
				on the terms specified in the contract and call the applicable bonds;
C. Arrange for payment of the remaining
				balance of the capital reserve fund liability, either in one lump sum or over
				the original term of the defaulted loan;
D. Such other options as the contract or
				documentation may provide.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-12 - CREDIT ENHANCEMENT

Current through 2024-29, July 17, 2024
The Authority may select an insurer or letter of credit
				  issuer to provide credit enhancement for a bond issue, with or without the
				  backing of the Authority's authority under
				   10 M.R.S.A.
				  §1053. Borrowers shall be required to
				  pay any fees and expenses charged by the provider of credit enhancement.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-13 - DEBT MANAGEMENT TRANSACTIONS

Current through 2024-29, July 17, 2024
In exercising the debt management powers of the Authority,
				  the chief executive officer of the Authority shall be authorized to commit the
				  Authority to enter into transactions or agreements in the form of interest rate
				  swaps, rate exchanges, and such other such transactions or agreements as are
				  necessary or desirable, in the opinion of the chief executive officer of the
				  Authority, to reduce financing costs or to reduce the risk of price changes or
				  interest rate fluctuations, including, but not limited to the purchase of
				  financial futures contracts, options or other transactions which constitute
				  offsetting positions with respect to such interest rate swaps or rate
				  exchanges, all as shall not be inconsistent with the purposes of the
				  Act.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-14 - WAIVER OF RULE

Current through 2024-29, July 17, 2024
The members or 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 deviation from the rule is insubstantial or not
				  materially adverse to the interests of the Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 107 - ELECTRIC RATE STABILIZATION PROJECT TAXABLE BOND PROGRAM › Section 457-107-15 - MISCELLANEOUS

Current through 2024-29, July 17, 2024
Any approvals, reviews, determinations or findings of the
				  Authority related to any plans, specifications, contracts, applications or
				  other documents required or contemplated by this rule or the Act are solely for
				  the benefit of the Authority and shall not in any way constitute any approval
				  of the adequacy of such documents or of the project.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-1 - Eligible Projects

Current through 2024-29, July 17, 2024
A. General.
				Projects are eligible for approval if they satisfy the requirements of the
				Finance Authority of Maine Act, 10 M.R.S.A. §961 and following (the Act),
				and other applicable law, including eligibility for tax-exempt treatment under
				the federal Tax Code. Allocation of the State ceiling imposed on the issuance
				of tax-exempt bonds is governed by Chapter 203 - Allocation of State Ceiling on
				Private Activity Bonds.
B.
				Repealed.
C. Repealed.
D. Reasonable Expectation. At the time of
				issuance of the certificate of approval, the chief executive officer will
				determine whether a proposed project is an eligible project within the meaning
				of the Act. The chief executive officer's determination will be based on the
				reasonable expectations of projected use of the project set forth in the
				application and any additional documents required by the chief executive
				officer. A certificate of approval issued pursuant to this rule and the Act
				shall be conclusive proof that a project is an eligible project within the
				meaning of the Act, but may not be relied upon as a determination that interest
				on the securities is exempt from Federal and State income taxation. The chief
				executive officer may issue a certificate of approval with conditions regarding
				the project or use of the project if he deems it necessary or desirable to
				ensure that the project is eligible.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-3 - Additional Information for Certain Applications

Current through 2024-29, July 17, 2024
With respect to certain types of projects, the Act requires
				  the Authority to make additional determinations. Those projects include
				  relocation of certain facilities, pollution control facilities, water supply
				  system projects, energy generating system projects, energy distribution
				  projects, certain hydroelectric facilities and energy conservation projects. In
				  these cases, the application must provide such information as the Authority may
				  reasonably require as a basis for such determinations.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-4 - Public Hearing

Current through 2024-29, July 17, 2024
Prior to issuing a certificate of approval; the chief
				  executive officer shall convene and conduct a public hearing with respect to
				  any application by a municipality for issuance of a certificate of approval by
				  the Authority. As required by the Act, the applicant shall notify any
				  businesses identified in response to section
				  2, subsection N of the date, time and
				  place of the hearing and provide the Authority with a copy of each notice. The
				  Authority may require such other or further notice as may be necessary or
				  desirable to provide adequate notice to affected businesses.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-5 - Contribution

Current through 2024-29, July 17, 2024
In determining whether or not to issue a certificate of
				  approval for a project, the chief executive officer shall consider whether
				  economic growth will be enhanced, jobs will be retained, pollution will be
				  reduced or the health of the inhabitants of the State will be improved.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-6 - 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 of 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 that 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 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-8 - Approvals

Current through 2024-29, July 17, 2024
The chief executive officer is hereby authorized to make the
				  determinations required by this rule and the Act and to issue certificates of
				  project approval in the name and on behalf of the Authority. The chief
				  executive officer may not delegate the responsibility of executing such
				  certificates to any other persons.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-9 - Review

Current through 2024-29, July 17, 2024
Notice of approval or disapproval of a municipality's
				  application for a certificate of project approval shall be provided promptly to
				  the user and the municipality. The notice will provide that the user or the
				  municipality may appeal the chief executive officer's denial of an application
				  for a certificate of project approval to the members by notifying the chief
				  executive officer in writing, provided that the chief executive officer
				  receives such notice of appeal within fourteen (14) days after the user's and
				  the municipality's receipt of notice of denial.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-11 - Expenses

Current through 2024-29, July 17, 2024
The chief executive officer may require the user to reimburse
				  the Authority for its out-of-pocket expenses in connection with the
				  application, including without limitation charges of special counsel and costs
				  of copying, mailing, phone calls, advertising and travel.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-12-A - Additional Administrative Fee

Current through 2024-29, July 17, 2024
In the event the Authority issues its certificate of
				  approval, and upon the issuance of the securities, the applicant shall pay to
				  the Authority an additional non-refundable administrative fee (calculated as a
				  percentage of the securities issued) as follows:
State Bond Ceiling Allocation Required 0.20% (minimum
				  $5,000)
State Bond Ceiling Allocation Not Required 0.10% (minimum of
				  $2,500)
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM › Section 457-201-13 - Chief Executive Officer

Current through 2024-29, July 17, 2024
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 457-202-1 - Eligible Projects

Current through 2024-29, July 17, 2024
A.
General
. Projects are eligible for approval if they satisfy the
				requirements of the Finance Authority of Maine Act, 10 M.R.S.A. §961 and
				following (the Act), and other applicable law. Allocation of the State Ceiling
				imposed on the issuance of tax-exempt bonds is governed by Chapter 203 -
				Allocation of State Ceiling on Private Activity Bonds. Allocation of the
				national limitation on Recovery Zone Facility Bonds and Qualified Energy
				Conservation Bonds is governed by 10 MRSA §§1074-A and 1074-B,
				respectively, and the provisions of this Rule.
B.
[Repealed]
C.
[Repealed]
C-1.
Major Business Expansion
				Projects
. A project is eligible as a major business expansion project if
				it is any building, structure, machinery, equipment or facility proposed to be
				constructed, rehabilitated, expanded, modernized or acquired in the State by a
				business entity, that has a projected cost of $1,000,000 or more, that is
				projected to result in, directly or indirectly, a net gain of at least fifty
				(50) job opportunities within the State or the retention of at least fifty (50)
				jobs or a combination of at least fifty (50) jobs created or retained, and that
				benefits from financing assistance from the Authority pursuant to this rule
				including use of a capital reserve fund. A major business expansion project
				does not include electric rate stabilization projects, energy distribution
				system projects, or projects primarily involved in the provision of housing or
				retail sales to consumers. Financing assistance to a major business expansion
				project pursuant to this rule may not exceed $25,000,000.
C-2.
Energy Distribution System
				Projects
. A project is eligible as an energy distribution system project
				if it is an energy distribution system owned, in whole or in part, by an
				individual, municipality, corporation or other governmental entity or business
				association, that: (1) uses biomass, peat, solar, waste, water and related
				dams, wind, wood or coal, or (2) distributes or transmits oil, biofuels,
				propane, compressed natural gas, liquefied natural gas or natural gas.
				Financing assistance to any one energy distribution system project pursuant to
				this rule may not exceed $65,000,000. To be effective, a certificate of
				approval for an energy distribution system project must be issued, and the
				revenue obligation securities for such project must be issued (except for
				refunding securities issued solely to refund outstanding securities), prior to
				January 1, 2018.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-3 - Additional Information for Certain Applications

Current through 2024-29, July 17, 2024
With respect to certain types of projects, the Act requires
				  the Authority to make additional determinations. Those projects include major
				  business expansion projects, relocation of certain facilities, recycling and
				  waste reduction projects, paper industry job retention projects, transmission
				  facilities projects, pollution control facilities, energy generating system
				  projects, energy distribution system projects and certain hydroelectric
				  facilities. In these cases, the application must provide such information as
				  the Authority may reasonably require as a basis for such
				  determinations.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-4 - Public Hearing

Current through 2024-29, July 17, 2024
Prior to issuing a certificate of approval, the chief
				  executive officer of the Authority shall convene and conduct a public hearing
				  with respect to the application. As required by the Act, the applicant shall
				  notify any businesses identified pursuant to section
				  2, subsection J of the date, time and
				  place of the hearing and provide the Authority with a copy of each notice. The
				  chief executive officer may require such other or further notice as may be
				  necessary or desirable to provide adequate notice to affected
				  businesses.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM › Section 457-202-5 - Contribution

Current through 2024-29, July 17, 2024
In determining whether or not to issue a certificate of
				  approval for a project, the chief executive officer shall consider whether
				  economic growth will be enhanced, jobs will be retained, pollution will be
				  reduced or the health, welfare or safety of the inhabitants of the State will
				  be improved.