Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 202 - REVENUE OBLIGATION SECURITIES PROGRAM
Section 457-202-2 - Application
Current through 2024-38, September 18, 2024
In order to provide the Authority with a basis to make the determinations required by the Act and these regulations, an applicant shall make an application, in one or more parts, which will include the following:
A. [Repealed]
B. [Repealed]
C. [Repealed]
D. An application fee calculated pursuant to section 8. The application fee is non-refundable.
E. A statement of the municipality in which the project is to be located 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.
F. A commitment from one or more purchasers or a letter of intent from one or more underwriters of the total amount of securities to be issued (required prior to scheduling a public hearing except for applications under Chapter 105 of the Authority's rules).
G. For securities exceeding $1,000,000, and other instances where the Authority deems appropriate, the Authority shall be provided with a written assessment from the Maine Department of Environmental Protection of the environmental conditions known by the Department to exist. The Authority will not issue a certificate of approval for any project until that department's assessment has been received and considered by the Authority.
H. A description of the proposed project.
I. A statement by the applicant explaining how the project will make a contribution to the economic growth of, the control of pollution in or the betterment of the health, welfare or safety of the inhabitants of the State. The statement should include information on payroll and the number of new or retained jobs.
J. A statement by the applicant explaining why the project will not result in a substantial detriment to existing business in the State. To the extent known to the applicant, 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, 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, welfare or safety of the inhabitants of the State.
K. A breakdown of the purposes and amounts for which the proceeds of the issue will be expended.
L. A statement that the applicant will, to the extent possible, cooperate with representatives of the Department of Labor and the Department of Health and Human Services regarding opportunities for employment for recipients of services provided by those Departments.
M. With respect to Recovery Zone Facility Bonds, a statement by the applicant describing why the project will be beneficial to the county or counties in which it is located.
N. 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, or for the purposes of 10 MRSA §§1074-A and 1074-B.
O. For credit enhanced projects, such financial and other information as the authority shall reasonably require regarding the financial condition or other aspects of the Borrower, Guarantors, and the Project, including but not limited to any information required by any other Rule of the Authority that may be applicable.
