Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM
Section 457-202-14-B - Provisions applicable only to tax-exempt bond issues

When application is made to the Authority to issue tax-exempt bonds, the Authority may contract with an underwriter for assistance in marketing the bonds and with bond counsel, and may select a trustee for the bondholders. All such selections shall be based primarily on demonstrated experience and ability on tax-exempt issuances. The Authority shall, in addition to the other requirements of this Rule, determine that the proposed financing qualifies as a tax-exempt bond under applicable provisions of the Internal Revenue Code, and shall require that the borrower covenant to take such action as may be necessary to preserve the tax-exempt status of the bonds.