Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 312 - INTERMEDIARY RELENDING PROGRAM
Section 457-312-1 - DEFINITIONS

(1) "Agricultural production" means the cultivation, production (growing), harvesting, either directly or through integrated operations, of agricultural products (crops, animals, birds and marine life, either for fiber or food for human consumption, and disposal or marketing thereof, the raising, housing, feeding, breeding, hatching, control and/or management of farm and domestic animals).

(2) "Authorized fees" means loan packaging fees, environmental data collection fees, and other professional fees rendered by professionals generally licensed by the State or accreditation associations, such as engineers, architects, lawyers,, accountants, and appraisers. Such fees must be fully documented and reasonable and customary in the opinion of the chief executive officer.

(3) "Aquaculture" means the culture or husbandry of aquatic animals or plants by private industry for commercial purposes including the culture and growing of fish by private industry for the purpose of granting or augmenting publicly-owned or regulated stocks of fish.

(4) "Borrower" means a person or entity which meets the eligibility requirements set forth in section 3 of this rule, and includes a prospective Borrower where the context requires and is referred to as the ultimate recipient in FmHA Instruction 1948-C. For the purposes of determining eligibility, any affiliate, parent, subsidiary, entity, trust or individual with 20% or greater common ownership with the borrower shall be considered the borrower.

(5) "Chief executive officer" means the Authority's chief executive officer or a person acting under the supervisory control of the chief executive officer.

(6) "Loan commitment" means a letter from the chief executive officer to a Borrower agreeing to make a loan to a Borrower on the terms and conditions and subject to the requirements stated therein.

(7) "Low-income" means the level of income of a person or family which is at or below the Poverty Guidelines as defined in Section 673(2) of the Community Services Block Grant Act ( 42 U.S.C. §9902(2).

(8) "Market value" means the most probable price which property should bring, as of a specific date in a competitive and open market, assuming the buyer and seller are prudent and knowledgeable, and the price is not affected by undue stimulus such as forced sale or loan interest subsidy.

(9) "Members means the members of the Authority appointed pursuant to the Act.

(10) "Principals of intermediary" means the members, officers and directors directly involved in the operation and management of the Authority.

(11) "Program" means the Intermediary Relending Program governed by 7 U.S.C. § 2007 a, the rules and regulations promulgated thereunder and this rule.

(12) "Rural area" means all areas of the State not within the outer boundary of any city having a population of twenty-five thousand or more.

(13) "State" means the State of Maine.

(14) "Working capital" means the excess of current assets over current liabilities. It identifies the liquid portion of total enterprise capital which constitutes a margin or buffer for meeting obligations within the ordinary operating cycle of the business.