reglab/statecodes huggingface dataset:
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-4 - Application Procedure and Content

Current through 2024-29, July 17, 2024
Each borrower shall submit an application to the Chief
				  Executive Officer on such forms and with such attachments as the Chief
				  Executive Officer may require consistent with the purposes of the program and
				  this rule. The Chief Executive Officer will review each application for
				  completeness and eligibility. Applications that are not substantially complete
				  may be deemed not received until completed. The Chief Executive Officer shall
				  determine when an application is received, which determination shall be final.
				  An application shall contain, at a minimum, such general information
				  identifying and describing the borrower, the proposed project, and the proposed
				  financing of the project as specified in the application form and as otherwise
				  requested by the Chief Executive Officer.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-5 - Criteria and Considerations

Current through 2024-29, July 17, 2024
A.
				[Repealed]
B. No application will
				be approved unless the Chief Executive Officer determines that the borrower is
				eligible and that the loan proceeds will be used for a project.
C. No application will be approved unless the
				Chief Executive Officer determines that the application is complete and that
				information sufficient to make an informed decision on the application has been
				received.
D. The Authority may rely
				upon information provided to it by the Department of Environmental Protection
				regarding whether a project is eligible.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-6 - Terms and Conditions; Premiums, Fees and Other Charges

Current through 2024-29, July 17, 2024
A. Periodic payments of principal and
				interest shall be established in accordance with a borrower's individual
				needs.
B. The loan amount shall not
				exceed $50,000.
C. Direct loans
				shall not exceed terms of seven (7) years.
D. Additional requirements and covenants of
				each loan may be established, provided that each borrower shall at a minimum be
				required to maintain and repair collateral, maintain adequate insurance
				covering public liability, hazard, and flood insurance if borrower is located
				in a flood plain, and comply with all applicable federal, State and local laws,
				regulations, ordinances and orders. Each borrower shall also be required to
				maintain such environmental liability insurance as may be required by the Chief
				Executive Officer.
E. The borrower
				in the case of a direct loan shall pay a loan origination fee equal to 2% of
				the loan amount at closing and shall be responsible for the Authority's out of
				pocket costs and expenses of closing, administering and collecting the loan or
				grant. Commencing on the first anniversary date of the date of the loan and
				annually on the same date thereafter, the borrower shall pay to the Authority
				an annual loan administration fee in an amount equal to 1% of the outstanding
				principal balance of the loan remaining due on each such anniversary
				date.
F. [Repealed]
G. The Authority, in the sole discretion of
				the Chief Executive Officer, may reduce the rate of interest or increase the
				term of any loan including loans with original terms of seven (7) years in the
				event a borrower can show adverse circumstances resulting in financial
				hardship.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-7 - Collateral

Current through 2024-29, July 17, 2024
A. Repayment of any loan pursuant to the
				program shall be secured by such collateral as the Chief Executive Officer may
				require, including without limitation, a mortgage or security interest in real
				estate, buildings or personal property of the business entity, subject only to
				such other encumbrances as the Chief Executive Officer may approve, assignment
				or pledges of leases, and personal or corporate guarantees. Personal guarantees
				of the principals shall be required unless compelling reasons are presented
				justifying not requiring a guarantee.
B. Loans may, at the discretion of the Chief
				Executive Officer, be secured by collateral valued for collateral purposes at
				less than the amount of the loan, when necessary to ensure that a project which
				meets the public purposes of this program will be completed.
C. Real estate or stationary machinery or
				equipment constituting a significant portion of collateral for repayment of a
				loan shall be located within the State. Mobile machinery or equipment,
				including vessels, constituting a significant portion of collateral for
				repayment of the loan shall be registered with and taxed by the State or
				municipal authorities, if the State or municipal authorities register or tax
				machinery or equipment of a type similar to the collateral, and shall be stored
				or berthed in the State when not in use.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-8 - Commitment

Current through 2024-29, July 17, 2024
A. Upon approval of a direct loan application
				by the Chief Executive Officer, a commitment will be issued setting forth the
				terms and conditions upon which the loan will be extended.
B. [Repealed]
C. [Repealed]
D. In the event the Chief Executive Officer
				rejects any application, the Chief Executive Officer will promptly send the
				applicant notice containing reasons for the rejection. The notice shall include
				a statement of the applicant's right to appeal the Chief Executive Officer's
				decision to the members.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-9 - Appeal to the Members

Current through 2024-29, July 17, 2024
In the event that an application is rejected by the Chief
				  Executive Officer, the applicant shall have the right to appeal the decision of
				  the Chief Executive Officer to the members, provided that such appeal shall not
				  affect processing of other applications received prior to the notice of appeal.
				  Notice of the appeal, together with a statement of the reasons why the Chief
				  Executive Officer's decision should be reversed or modified, shall be given to
				  the Chief Executive Officer in writing within 20 days after the date the Chief
				  Executive Officer mailed the notice of rejection to the applicant. The appeal
				  shall be heard at a meeting of the members, and the applicant must be present
				  to support the appeal. The appeal shall be based on the record before the Chief
				  Executive Officer on the date of the rejection. The decision of the Chief
				  Executive Officer shall be final unless the members determine that the
				  rejection by the Chief Executive Officer was arbitrary, capricious or an abuse
				  of discretion, in which event the members may overturn or modify the decision
				  of the Chief Executive Officer and may direct the Chief Executive Officer to
				  take further action with respect to the application. Priority of any
				  application with respect to which the Chief Executive Officer's rejection has
				  been overturned or modified shall be determined as of the date and time of
				  receipt of the notice of appeal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-10 - Waiver of Rule

Current through 2024-29, July 17, 2024
The Chief Executive Officer may waive any requirement of this
				  rule, except to the extent that the requirement is mandated by the Act, in
				  cases where the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-2 - PROGRAM IMPLEMENTATION AND ASSISTANCE PROVIDED

Current through 2024-29, July 17, 2024
The Program shall be administered by and is delegated to the
				  Chief Executive Officer. The Program may provide financial assistance in the
				  form of a direct loan in the amount actually necessary to complete a Project,
				  up to a maximum of $450,000, to an eligible Borrower on such terms and
				  conditions as the Authority may require or approve. Assistance under this
				  Program may be combined, to the extent possible, with assistance under other
				  Department or Authority programs, provided however, that funds from the Clean
				  Water State Revolving Fund may not be commingled with other
				  funds.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-3 - ELIGIBILITY

Current through 2024-29, July 17, 2024
A. To be eligible for financial assistance
				under the Program, a Borrower must demonstrate to the Department, and the
				Department must certify to the Authority, that:
1 the Project is eligible;
2 the Borrower is not a Concentrated Animal
				Feeding Operation (CAFO) under EPA regulations;
3 the Project has been designed or approved
				by a licensed engineer or qualified member of the Natural Resources
				Conservation Service (NRCS), if it relates to manure or milk house waste
				containment facilities, or by a qualified member of the NRCS, personnel of the
				Department or other qualified professional, as to other projects, and in all
				cases meets NRCS technical specifications;
4 the design, location and installation of
				all facilities to be financed is compliant with applicable State and local
				codes and regulations, and if a point source solution is a necessary part of
				the Project, the State Environmental Review Process;
5 any equipment purchased pursuant to the
				Program is proposed to be located and used only in the State and any facilities
				constructed with Program funds are for agricultural Borrowers whose primary
				place of business is within the State.
6 the Project has been completed in
				accordance with approved design and specifications.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-4 - APPLICATION PROCEDURE AND CONTENT

Current through 2024-29, July 17, 2024
Each Borrower shall submit a Program application, and
				  evidence that a copy has been delivered to the Commissioner, on such forms and
				  with such attachments as the Authority may require consistent with the purposes
				  of the Program and this Rule. The Authority will review each application for
				  completeness and eligibility. Applications which are not substantially complete
				  may be deemed not received until completed. The Authority shall determine when
				  an application is received, which determination shall be final. An application
				  shall contain, at a minimum, such general information identifying and
				  describing the Borrower, the proposed Project, and the proposed financing of
				  the Project as specified in the application form and as otherwise requested by
				  the Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-5 - CRITERIA AND CONSIDERATIONS

Current through 2024-29, July 17, 2024
A. No application
				will be approved unless the Commissioner has certified to the Authority that
				Project for which the loan is sought is an eligible Project.
B. No application will be approved unless the
				Authority determines that the application is complete and that information
				sufficient to make an informed decision on the application has been
				received.
C. No application will be
				approved unless the applicant demonstrates to the Authority the existence of a
				viable source of repayment for the loan, including, without limitation, the
				ability to repay the loan from cash flow from operations, liquidation of
				collateral, or other sources.
D.
				The Authority shall rely upon information provided to it by the Department
				regarding whether a Project is eligible.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-6 - TERMS AND CONDITIONS; PREMIUMS, FEES AND OTHER CHARGES

Current through 2024-29, July 17, 2024
A. Periodic payments of principal, together
				with interest at the annual rate of 2%, shall be established in accordance with
				a Borrower's individual needs. In all cases the first principal payment shall
				be required to be made within one year of Project completion, except loans
				under §3(C), in which case the first principal payment shall be required
				to be made within 1 (one) year of loan closing.
B. Direct loans shall not exceed terms of 20
				(twenty) years or the useful life of the assets financed, whichever is
				less.
C. Additional requirements
				and covenants of each loan may be established by the Authority, provided that
				each Borrower shall at a minimum be required to maintain and repair collateral,
				maintain adequate insurance covering public liability, hazard, and flood
				insurance if Borrower is located in a flood plain, and comply with all
				applicable federal, State and local laws, regulations, ordinances and
				orders.
D. The Borrower shall pay a
				loan origination fee to the Authority equal to 2% of the loan amount at closing
				and shall be responsible for the Authority's out of pocket costs and expenses
				of closing, administering and collecting the loan. CLOSING COSTS, BUT NOT LOAN
				ORIGINATION OR LOAN ADMINSTRATION FEES, MAY BE FINANCED. Commencing on the
				first anniversary date of the date of the loan and annually on the same date
				thereafter, the Borrower shall pay to the Authority an annual loan
				administration fee in an amount equal to 1% of the outstanding principal
				balance of the loan remaining due on each such anniversary date.
E. Any loan made pursuant to this Program may
				be assumed by a purchaser of the premises on which the Project is located,
				provided that the loan may only be assumed by a for-profit entity, which would
				be eligible for a loan on the same terms and conditions as the original
				Borrower. The eligibility of any such assuming entity shall be determined in
				the discretion of the Authority.
F.
				All Project work must be completed by or under the direction of a person
				approved by the Department (and, if required, licensed under applicable law),
				provided however that the Department, the Authority and each of their agents
				and employees shall have no liability, and do not and shall not make any
				representations or warranties (express or implied), with respect to any
				Project, including without limitation, liability for defective design,
				defective construction, inadequate financing to complete the Project or the
				Project's fitness for any purpose. The Department shall require evidence and
				certification from the Borrower of compliance with these conditions, and
				provide the same to the Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-7 - COLLATERAL

Current through 2024-29, July 17, 2024
A. Repayment of any loan pursuant to the
				Program shall be secured by such collateral as the Authority may require,
				including without limitation, a mortgage or security interest in real estate,
				buildings or personal property of the business entity, subject only to such
				other encumbrances as the Authority may approve, assignment or pledges of
				leases, and personal or corporate guarantees. Personal guarantees of the
				principals shall be required unless compelling reasons are presented justifying
				not requiring a guarantee.
B. Loans
				may, at the discretion of the Authority, be secured by collateral valued for
				collateral purposes at less than the amount of the loan, provided that other
				viable sources of repayment exist.
C. Real estate or stationary machinery or
				equipment constituting a significant portion of collateral for repayment of a
				loan shall be located within the State. Mobile machinery or equipment,
				including vessels, constituting a significant portion of collateral for
				repayment of the loan shall be registered with and taxed by the State or
				municipal authorities, if the State or municipal authorities register or tax
				machinery or equipment of a type similar to the collateral, and shall be stored
				or berthed in the State when not in use. The Borrower must covenant to locate
				and use the equipment purchased with loan proceeds only in the State for the
				life of the loan.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-8 - COMMITMENT; REJECTION

Current through 2024-29, July 17, 2024
A. Upon approval of
				a direct loan, a commitment will be issued by the Authority setting forth the
				terms and conditions upon which the loan will be extended.
B. In the event the Authority rejects any
				application, the Authority will promptly send the applicant notice containing
				reasons for the rejection.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-9 - APPEAL TO THE MEMBERS

Current through 2024-29, July 17, 2024
In the event that an application is rejected by the Chief
				  Executive Officer, the applicant shall have the right to appeal the decision of
				  the Chief Executive Officer to the members, provided that such appeal shall not
				  affect processing of other applications received prior to the notice of appeal.
				  Notice of the appeal, together with a statement of the reasons why the Chief
				  Executive Officer's decision should be reversed or modified, shall be given to
				  the Chief Executive Officer in writing within 20 days after the date the Chief
				  Executive Officer mails the notice of rejection to the applicant. The appeal
				  shall be heard at a meeting of the members. The applicant must be present to
				  support the appeal. The appeal shall be based on the record before the Chief
				  Executive Officer on the date of the rejection. The decision of the Chief
				  Executive Officer shall be final unless the members determine that the
				  rejection by the Chief Executive Officer was arbitrary, capricious or an abuse
				  of discretion, in which event the members may overturn or modify the decision
				  of the Chief Executive Officer and may direct the Chief Executive Officer to
				  take further action with respect to the application. Priority of any
				  application with respect to which the Chief Executive Officer's rejection has
				  been overturned or modified shall be determined as of the date and time of
				  receipt of the notice of appeal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 317 - NUTRIENT MANAGEMENT LOAN PROGRAM › Section 457-317-10 - WAIVER OF RULE

Current through 2024-29, July 17, 2024
The Chief Executive Officer may waive any requirement of this
				  rule, except to the extent that the requirement is mandated by the Act, other
				  applicable law or by the terms imposed on the Clean Water State Revolving Fund
				  by the Maine Municipal Bond Bank or Maine Department of Environmental
				  Protection, 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 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-2 - Program Implementation and Assistance Provided

Current through 2024-29, July 17, 2024
The program shall be administered by and is delegated to, the
				  Chief Executive Officer. The Authority may provide financial assistance in the
				  form of a direct loan or (with respect only to eligible Wells Applicants) a
				  grant. Assistance under this program may be combined, to the extent possible,
				  with assistance under other Authority programs.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-4 - Eligibility (Plymouth Applicants)

Current through 2024-29, July 17, 2024
A.
General
				eligibility
To be eligible for financial assistance under the program, a
				  recipient must demonstrate each of the following:
(1) The recipient has been identified by the
				United States Environmental Protection Agency ("EPA") as a potentially
				responsible party with respect to the Plymouth Waste Oil Disposal Site and has
				been alleged by the EPA to have generated waste oil from an address or location
				within the State;
(2) The recipient
				has signed the Administrative Order by Consent pursuant to EPA Docket Number
				CERCLA 1-2000-0004;
(3) The
				recipient has signed the West Site/Hows Corner RI/FS Group Agreement;
(4) The recipient is not a federal or state
				agency;
(5) The recipient has
				demonstrated a reasonable likelihood that it will be able to repay the
				loan;
(6) The recipient has been
				determined by the EPA to have an ability to pay; and
(7) To the extent that money in the fund will
				be used for all or part of the costs of the remedial design, the recipient has
				signed the Administrative Order by Consent for remedial design in the matter of
				the Plymouth Waste Oil Disposal Site (West Site/Hows Corner).
(8) To the extent that money in the fund will
				be used for all or part of the remedial action costs, the recipient has signed
				the Remedial Action Consent Decree for the Plymouth Waste Oil Disposal Site
				(West Site/Hows Corner).
(9) To the
				extent that money in the fund will be used for all or part of a de minimis
				settlement, the recipient has signed all settlement documents required by the
				EPA or the Maine Department of Environmental Protection.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-5 - Application Procedure and Content

Current through 2024-29, July 17, 2024
Each recipient shall submit an application to the Chief
				  Executive Officer on such forms and with such attachments as the Chief
				  Executive Officer may require consistent with the purposes of the program and
				  this rule. The Chief Executive Officer will review each application for
				  completeness and eligibility. Applications that are not substantially complete
				  may be deemed not received until completed. The Chief Executive Officer shall
				  determine when an application is received, which determination shall be final.
				  An application shall contain, at a minimum, such general information
				  identifying and describing the recipient, 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. ALL APPLICATIONS FOR LOANS
				  UNDER SECTION 4 M UST BE COMPLETE AND SUBMITTED SO AS TO BE RECEIVED BY THE
				  AUTHORITY ON OR PRIOR TO the deadline set forth in
				   10 M.R.S.A.
				  §1023-M, as it may be amended. To the
				  extent the Authority is authorized to extend the deadline for good cause shown,
				  good cause shall be as determined by the Authority in its discretion.
				  Applications received after such date will be considered only if funds remain
				  available after all applications received by the deadline are fully
				  funded.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-6 - Criteria and Considerations

Current through 2024-29, July 17, 2024
A.
[Repealed]
>
B.
				No application will be approved unless the Chief Executive Officer determines
				that the recipient is eligible and that the loan proceeds will be used for a
				project.
C. No application will be
				approved unless the Chief Executive Officer determines that the application is
				complete and that information sufficient to make an informed decision on the
				application has been received.
D.
				The Authority may rely upon information provided to it by the Department of
				Environmental Protection and/or the United States Environmental Protection
				Agency regarding whether a project is eligible.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-7 - Loan Terms and Conditions; Premiums, Fees and Other Charges

Current through 2024-29, July 17, 2024
A. Periodic payments of principal and
				interest on direct loans shall be established in accordance with section 3(C)
				or 4(B) and a recipient's individual needs.
B. Direct loans shall not have repayment
				periods that exceed ten (10) years.
C. Additional requirements and covenants of
				each direct loan may be established, provided that each recipient shall at a
				minimum be required to maintain and repair collateral, maintain adequate
				insurance covering public liability, hazard, and flood insurance if recipient
				is located in a flood plain, and comply with all applicable federal, State and
				local laws, regulations, ordinances and orders.
D. In the case of a grant, the Authority
				shall be entitled to charge the interest earnings on the Waste Oil Clean-up
				Fund an origination and processing fee equal to $200.00. In the case of a
				direct loan, the Authority shall be entitled to charge the interest earnings on
				the Waste Oil Clean-up Fund an origination and processing fee equal to 2% of
				the loan amount at closing, and the recipient shall be responsible for the
				Authority's out of pocket costs and expenses of closing, administering and
				collecting the loan. Commencing on the first anniversary date of the date of
				the loan and annually on the same date thereafter, the Authority shall be
				entitled to charge the interest earnings on the Waste Oil Clean-up Fund an
				annual loan administration fee in an amount equal to 1% of the outstanding
				principal balance of the loan remaining due on each such anniversary
				date.
E.
[Repealed]
>
F.
				The Authority, in the sole discretion of the Chief Executive Officer, may
				reduce the rate of interest, increase the term of any loan including loans with
				original terms of ten (10) years, or otherwise change the terms of loans in the
				event a recipient can show adverse circumstances resulting in financial
				hardship.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-8 - Collateral

Current through 2024-29, July 17, 2024
A. Repayment of any loan pursuant to the
				program shall be secured by such collateral as the Chief Executive Officer may
				require, including without limitation, a mortgage or security interest in real
				estate, buildings or personal property of the recipient, subject only to such
				other encumbrances as the Chief Executive Officer may approve, assignment or
				pledges of leases, and personal or corporate guarantees. Personal guarantees of
				the principals shall be required unless compelling reasons are presented
				justifying not requiring a guarantee.
B. Loans may, at the discretion of the Chief
				Executive Officer, be secured by collateral valued for collateral purposes at
				less than the amount of the loan, when necessary to ensure the payment of
				Response Costs.
C. Real estate or
				stationary machinery or equipment constituting a significant portion of
				collateral for repayment of a loan shall be located within the State. Mobile
				machinery or equipment, including vessels, constituting a significant portion
				of collateral for repayment of the loan shall be registered with and taxed by
				the State or municipal authorities, if the State or municipal authorities
				register or tax machinery or equipment of a type similar to the collateral, and
				shall be stored or berthed in the State when not in use.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-9 - Commitment

Current through 2024-29, July 17, 2024
A. Upon approval of a direct loan or grant
				application by the Chief Executive Officer, a commitment will be issued setting
				forth the terms and conditions upon which the loan or grant will be
				extended.
B.
[Repealed]
>
C.
[Repealed]
>
D.
				In the event the Chief Executive Officer rejects any application, the Chief
				Executive Officer will promptly send the applicant notice containing reasons
				for the rejection. The notice shall include a statement of the applicant's
				right to appeal the Chief Executive Officer's decision to the
				members.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-10 - Appeal to the Members

Current through 2024-29, July 17, 2024
In the event that an application is rejected by the Chief
				  Executive Officer, the applicant shall have the right to appeal the decision of
				  the Chief Executive Officer to the members, provided that such appeal shall not
				  affect processing of other applications received prior to the notice of appeal.
				  Notice of the appeal, together with a statement of the reasons why the Chief
				  Executive Officer's decision should be reversed or modified, shall be given to
				  the Chief Executive Officer in writing within 20 days after the date the Chief
				  Executive Officer mailed the notice of rejection to the applicant. The appeal
				  shall be heard at a meeting of the members, and the applicant must be present
				  to support the appeal. The appeal shall be based on the record before the Chief
				  Executive Officer on the date of the rejection. The decision of the Chief
				  Executive Officer shall be final unless the members determine that the
				  rejection by the Chief Executive Officer was arbitrary, capricious or an abuse
				  of discretion, in which event the members may overturn or modify the decision
				  of the Chief Executive Officer and may direct the Chief Executive Officer to
				  take further action with respect to the application. Priority of any
				  application with respect to which the Chief Executive Officer's rejection has
				  been overturned or modified shall be determined as of the date and time of
				  receipt of the notice of appeal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 318 - WELLS AND PLYMOUTH WASTE OIL CLEAN-UP PROGRAM › Section 457-318-11 - Waiver of Rule

Current through 2024-29, July 17, 2024
The Chief Executive Officer may waive any requirement of this
				  rule, except to the extent that the requirement is mandated by the Act, in
				  cases where the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 319 - MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM › Section 457-319-1 - 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 MRSA
				Section961 and following (the Act), shall
				have the meanings set forth in the Act, unless clearly specified otherwise or
				unless the context clearly indicates otherwise.
B. Defined Terms.
1. "Authority" means the Finance Authority of
				Maine.
2. "Chief Executive Officer"
				means the chief executive officer of the Finance Authority of Maine, or a
				person acting under the supervisory control of the chief executive
				officer.
3. "Investment" means a
				transaction in which an eligible fund receives cash from the authority, subject
				to the provisions of the program.
4. "Members" means the members of the Finance
				Authority of Maine.
5. "Program"
				means the Maine Economic Development Venture Capital Revolving Investment
				Program governed by this rule.
6.
				"Program fund" means the Maine Economic Development Venture Capital Revolving
				Investment Program Fund established by
				
				10 MRSA §1026-N.
7. "Qualifying investment fund" means a
				private venture capital fund or other investment fund that meets the applicable
				eligibility criteria of Section
				4.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 319 - MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM › Section 457-319-2 - Program Implementation

Current through 2024-29, July 17, 2024
The authority shall solicit applications at such times as the
				  authority determines that there is a sufficient amount available in the program
				  fund to make investments in qualifying investment funds. The authority shall
				  publicize the availability of the funds and the application process and shall
				  provide an application to any qualifying investment fund that has requested
				  notification of the availability of funds for investment at any time during the
				  18 months preceding the solicitation of applications. At the time of
				  publication of the solicitation of applications, the authority shall state the
				  amount of funds available for investment and set a deadline for the submission
				  of applications.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 319 - MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM › Section 457-319-3 - Application Procedures

Current through 2024-29, July 17, 2024
A. A qualifying
				investment fund seeking an investment shall submit an application which
				complies with the requirements of this rule on such forms as may be required by
				the chief executive officer.
B. The
				chief executive officer shall be responsible for making application forms
				available.
C. No application will
				be considered complete unless substantially all questions are answered and all
				supporting information is provided.
D. The application shall include general
				information identifying and describing the qualifying investment fund,
				including:
1. Its sources of funds;
2. The region it serves;
3. Its methods and criteria for qualifying
				investments, including targeted investing and economic development
				strategy;
4. Its expertise in
				investing in small and emerging businesses;
5. How it will leverage funds from sources
				other than the authority's investment.
6. Evidence of compliance with each of the
				eligibility criteria set forth in section 4.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 319 - MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM › Section 457-319-4 - Eligibility Criteria

Current through 2024-29, July 17, 2024
A. The fund must
				submit a complete application.
B.
				The fund must have a strategy for the creation and retention of jobs.
C. The fund must have a marketing and
				technical assistance plan.
D. The
				fund must have available appropriate technical assistance to analyze, document
				and monitor its investments.
E. The
				fund must have available appropriate technical assistance to assist the
				businesses in which it invests.
F.
				The fund must propose standards and goals and a process for monitoring
				compliance with proposed measurement and goals.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 319 - MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM › Section 457-319-5 - Investments

Current through 2024-29, July 17, 2024
A. An investment in any qualifying investment
				fund ordinarily will not exceed $1,000,000. Provided however, the members may,
				by a vote of two-thirds of all members in attendance, but not less than seven
				(7) affirmative votes, authorize the investment of more than $1,000,000 in a
				qualifying investment fund.
B. In
				determining the amount of investment to make in a qualifying investment fund,
				the authority shall consider:
1. The size of
				the region served by the qualifying investment fund and the expected demand for
				venture capital investments in that region;
2. The demand for venture capital investments
				from other eligible qualifying investment funds in relation to the total amount
				available in the program fund and whether a qualifying investment fund will
				serve a geographic area or segment of potential businesses not served by other
				applicants; and
3. Whether the
				qualifying investment fund will be able to prudently and effectively administer
				venture capital investments.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 319 - MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM › Section 457-319-6 - Investment Contract

Current through 2024-29, July 17, 2024
The authority will enter into a contract with each qualifying
				  investment fund that has been approved for participation in the program. The
				  contract must provide that a qualifying investment fund shall, at a minimum,
				  conform to the following terms and conditions:
A. The qualifying investment fund shall
				certify that it will use funds only for eligible purposes and that it will make
				best efforts to invest an amount equal to the authority's investment in the
				fund in for-profit enterprises located within the State of Maine, which:
1. Are manufacturers;
2. Are sellers of goods or providers of
				services, 60% or more of the customers of which are located or are from out of
				the State and the employment functions are carried out predominantly within the
				State, as determined by the chief executive officer;
3. Are engaged in the development or
				application of advanced technologies; or
4. Bring capital into the State on a
				permanent basis in the ordinary course of business, as determined by the chief
				executive officer.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 319 - MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM › Section 457-319-7 - Pubic [Public] Information

Current through 2024-29, July 17, 2024
The names of qualifying investment funds receiving funds, the
				  amount invested in a fund, the names of businesses benefiting from investments,
				  the nature of the business and the intended use of proceeds shall be public
				  information.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 319 - MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM › Section 457-319-8 - Waiver of Rule

Current through 2024-29, July 17, 2024
The chief executive officer may waive any requirements of
				  this rule, except to the extent that the requirement is mandated by statute, in
				  cases where the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-1 - Definitions

Current through 2024-29, July 17, 2024
A. "Authority" means the Finance Authority of
				Maine.
B. "BETR" means the business
				equipment tax reimbursement program established under the Maine Revised
				Statutes, Title 36, chapter 915.
C.
				"Bureau" means the Department of Administrative and Financial Services, Bureau
				of Revenue Services.
D. "Chief
				Executive Officer" means the Authority's Chief Executive Officer or a person
				acting under the direction of the Chief Executive Officer.
E. "Fund" means the BETR Reimbursement Loan
				Fund established by PL 2001, ch. 714, Section QQ-1.
F. "Eligible borrower" means a Maine business
				that meets the criteria specified in Section 3 of this Rule and includes a
				prospective borrower where the context requires.
G. "Loan" means any payment disbursed from
				the BETR Reimbursement Loan Fund.
H. "Loan Commitment" means a letter from the
				Chief Executive Officer or designee to an applicant agreeing to make a loan
				subject to terms, conditions and requirements stated therein.
I. "Members" means the members of the Finance
				Authority of Maine.
J.
				"Predetermined to be eligible" means that the business had filed a complete
				application for reimbursement with the bureau under BETR, and the bureau has
				determined that the business meets the criteria for eligibility and the amount
				of the reimbursement to which the business is entitled.
K. "Program" means BETR Reimbursement Loan
				Program.
L. "Substantial hardship"
				means a materially negative impact on their business operations.
M. "Wall street prime" means the highest rate
				of interest as published in the
Wall Street
				Journal
>.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-2 - Program Implementation

Current through 2024-29, July 17, 2024
The program shall be administered by, and is delegated to,
				  the Chief Executive Officer. The Authority may provide financial assistance to
				  eligible borrowers in the form of direct loans to eligible borrowers on such
				  terms and conditions as the Chief Executive Officer may require or
				  approve.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-3 - Eligibility

Current through 2024-29, July 17, 2024
To be eligible for financial assistance under the program, a
				  borrower must demonstrate each of the following:
A. It has been certified by the bureau as
				predetermined to be eligible for BETR reimbursement in 2003;
B. It will suffer a substantial hardship, as
				determined by the Authority, as a direct result of the change in timing of the
				application for and receipt of reimbursement under BETR as enacted by PL 2001,
				ch. 714;
C. The business is
				creditworthy and reasonably likely to repay its obligations, including the
				proposed loan; and
D. The Authority
				will be able to obtain a first priority lien on the BETR
				reimbursement.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-4 - Application Procedure and Content

Current through 2024-29, July 17, 2024
A. The Authority
				shall solicit applications for disbursements from the fund. All applicants
				seeking consideration must have submitted a complete application on or before
				April 1, 2003.
B. Each applicant
				shall submit an application to the Chief Executive Officer on such forms and
				with such attachments as the Chief Executive Officer may require. The
				application must include:
1 A completed
				Bureau Form 801 (Assessor's Notification) for 2001 and 2002, including:
i. A copy of the tax bill received for 2001
				and 2002; and
ii. Proof of payment
				of the taxes claimed.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-5 - Terms and Conditions; Premiums, Fees and Other Charges

Current through 2024-29, July 17, 2024
A. The maximum loan amount for any borrower
				is 90% of the amount of the BETR reimbursement for which the borrower is
				predetermined to be eligible.
B.
				The Authority may provide loans for less than 90% of the amount of BETR
				reimbursement for which the borrower has been predetermined to be eligible, if
				the Authority determines:
1 The total amount
				of requests received and the amount of hardship the business is facing as a
				result of the delay in payment of the BETR reimbursement requires such a
				reduction in the maximum loan amount to allow loan funds to be provided to the
				maximum number of eligible applicants; or
2 That such lesser amount is sufficient to
				overcome the substantial hardship created by the delay in the receipt of the
				BETR reimbursement
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-6 - Collateral

Current through 2024-29, July 17, 2024
All loans shall be secured by such collateral as the Chief
				  Executive Officer may require, including without limitation, a first priority
				  lien on the BETR reimbursement, a mortgage or security interest in real estate,
				  buildings or personal property of the business entity, subject only to such
				  other encumbrances as the Chief Executive Officer may approve, assignment or
				  pledges of leases, and personal or corporate guarantees. Personal guarantees of
				  the principals shall be required unless a compelling reason justifies the
				  waiver of this requirement.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-7 - Loan Commitment

Current through 2024-29, July 17, 2024
A. Upon approval of
				a loan application by the Chief Executive Officer, a Loan Commitment will be
				issued setting forth the terms and conditions upon which the loan will be
				extended.
B. In the event the Chief
				Executive Officer denies any application, the Chief Executive Officer will
				promptly send the applicant notice containing reasons for the rejection. The
				notice shall include a statement that the Chief Executive Officer's decision is
				final agency action appealable to the Superior Court and the Authority is not
				obligated to retain funds for any successful appeal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-8 - Loan Documentation

Current through 2024-29, July 17, 2024
The borrower will be required to provide and execute such
				  documentation as the Chief Executive Officer deems necessary to ensure that the
				  borrower and any guarantors have binding, enforceable obligations to repay the
				  loan and that the Authority has such valid and enforceable mortgages, security
				  interests and assignments as necessary to protect the interests of the
				  Authority. The Authority may require the borrower to have independent counsel
				  for the execution of the documents.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM › Section 457-320-9 - 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 enabling
				  legislation, in cases where the deviation from the rule is insubstantial and is
				  not contrary to the purposes of the program.