Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 201 - MUNICIPAL SECURITIES APPROVAL PROGRAM
Section 457-201-2 - Application
Current through 2024-13, March 27, 2024
Each application under this program will include the following:
A. The names of the user, and guarantor and the municipality.
B. Repealed.
C. Repealed.
D. Repealed.
E. Designation of the municipality's bond counsel for the issue.
F. Resolution of municipality authorizing the application.
G. A non-refundable administrative fee of $5,000.
The administrative fee required with the application is not credited against the administrative fee due upon issuance of the securities set forth below.
H. A statement of the municipality that adequate provision is being made to meet any increased demand upon public facilities that might result from the project or that there is no increased demand.
I. A letter of intent or a commitment from one or more purchasers or underwriters of the total amount of securities to be issued (required prior to scheduling a public hearing).
J. For securities exceeding $1,000,000, and other instances where the Authority deems it appropriate, the Authority shall be provided a written assessment from the Maine Department of Environmental Protection to the Authority of all environmental conditions known to exist. The Authority will not issue a certificate of approval for any such project until that department's assessment has been received and considered by the Authority.
K. A description of the proposed project sufficient to enable the chief executive officer to determine that it is an eligible project within the meaning of the Act.
L. Repealed.
M. A statement by the user explaining how the project will make a contribution to the economic growth of, the control of pollution in or the betterment of the health of the inhabitants of the State. The statement should include information on payroll and the number of new or retained jobs.
N. A statement by the user explaining why the project will not result in a substantial detriment to existing business in the State. To the extent known to the applicant or the user, the statement should describe the market to be served as a result of the proposed project and should set forth the names and addresses of any other businesses in the State known by the borrower to serve such market. If there are any such businesses known to the applicant, then, to the extent known to the applicant or the user, the statement should also describe the demand in such market, the capacity of such businesses serving such market, the efficiency of such businesses and why any arguably adverse economic effect of the project on such businesses is outweighed by the contribution which the project will make to the economic growth of, the control of pollution in or the betterment of the health of the inhabitants of the State.
O. A breakdown of the purposes and amounts for which the proceeds of the issue will be expended.
P. Repealed.
Q. Such other information as the Authority may reasonably require, including such information as may be required for purposes of Chapter 203, Allocation of State Ceiling on Private Activity Bonds.
