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

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B. Repealed.

C. Repealed.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.