Code of Maine Rules
06 - DEPARTMENT OF ENVIRONMENTAL PROTECTION
096 - DEPARTMENT OF ENVIRONMENTAL PROTECTION - GENERAL
Chapter 595 - STATE REVOLVING FUND
Section 096-595-E - Prerequisites to Release of Funds

(a) Rate Schedule. The Eligible Applicant demonstrates to the Bank that it has established a rate, charge or assessment schedule which will generate annually sufficient revenue to pay, or has otherwise provided sufficient assurances that it will pay, the principal of and interest on the municipal bond or other debt instrument that evidences the loan made by the Bank to the municipality under subsection E(1) of this rule and to pay reasonably anticipated costs of operating and maintaining the financed Project and the system of which it is a part, if applicable;

(b) Dedicated Revenue. The Eligible Applicant certifies to the Bank that it has created a dedicated source of revenue, which may constitute general revenues of the Eligible Applicant through a general obligation pledge of the applicant, for repayment of the loan;

(c) Eligible. The Eligible Applicant and the Project to be financed by the proceeds of the loan have been designated by the Department as eligible to participate in a construction program funded wholly or in part by the State and from the proceeds of the revolving loan fund, in accordance with subsection C(7);

(d) Department Certification. The Department certifies to the Bank that the loan eligibility priority established under 30-A M.R.S.§6006-A(3) entitles the applicant to immediate financing or assistance under subsection C(7) of this Chapter, and

(e) Prior to the release of funds for construction, the Eligible Applicant shall certify that it has secured all permits, licenses and approvals necessary to construct the improvements to be financed by the loan.