Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 3 - CERTIFICATE OF APPROVAL PROCESS FOR LORING DEVELOPMENT AUTHORITY PROJECTS
Section 457-3-1 - Definitions
Universal Citation: 94 ME Code Rules ยง 457-3-1
Current through 2024-38, September 18, 2024
A. Reference to Act Definitions.
Certain terms used in this rule, which are defined in the Finance Authority of Maine Act, 10 M.R.S.A. Section961 and following (the Act), shall have the meanings set forth in the Act, unless clearly specified otherwise or unless the context clearly indicates otherwise.
B. Defined Terms.
1. "Authority" means the Finance Authority of
Maine.
2. "Borrower" means a person
or entity that is the principal user of a project financed by bonds issued by
the Loring Development Authority and includes the Loring Development Authority
when appropriate.
3. "Certificate
of Approval" means a certificate of the Authority recommending the terms of
financing for a bond project, which recommendation may be subject to the
satisfaction of reasonable conditions.
4. "Chief executive officer" means the
Authority's chief executive officer or a person acting under the supervisory
control of the chief executive officer.
5. "Members" means the members of the
Authority's board of directors appointed pursuant to the Act.
6. "Project" means the facility, equipment or
other business assets acquired or financed with the proceeds of bonds issued by
the Loring Development Authority pursuant to
5 M.R.S.A.
§13080-G(2).
7. "State" means the State of
Maine.
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