Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 321 - WASTE MOTOR OIL DISPOSAL SITE REMEDIATION PROGRAM
Section 457-321-6 - Revenue Obligation urities

A. Upon compliance with the requirements of the Program and this Rule, the Authority shall issue revenue obligation securities pursuant to the Revenue Obligation Securities Program, 10 M.R.S.A. chapter 110, subchapter 3 and Chapter 202 of the Rules of the Authority, except as otherwise noted herein. Such revenue obligation securities may be issued on a taxable or tax-exempt basis as determined by the Chief Executive Officer.

B. The requirement of Chapter 202(2) of the Rules of the Authority pertaining to an application shall not be applicable to issuances of revenue obligation securities pursuant to this Program, except as described in Section 6(C) hereof. Either a PRP group or, if there is no PRP group, any eligible person acceptable to the Chief Executive Officer may be the applicant for purposes of 10 M.R.S.A. Section1043 with respect to revenue obligation securities to which that section applies.

C. The Authority may collect the fees otherwise required by Chapter 202 of the Rules of the Authority as described in Section 3 hereof.

D. The Authority may not issue revenue obligation securities for Program purposes in a principal amount that is expected to require payment of debt service (along with such amounts described in Section 3 hereof or necessary in the Authority's sole discretion to initially fund any capital reserve fund established pursuant to 10 M.R.S.A. Section1053, or other reserve fund) in any year in an aggregate amount that exceeds the amount that the Chief Executive Officer determines, upon consultation with such advisors as he or she may deem appropriate, can be paid on a timely basis from the revenues reasonably expected to be received pursuant to 10 M.R.S.A. Section1020(6-A) and to be available for such purpose without requiring a draw upon any capital reserve fund, without regard to whether the amount of the revenue obligation securities which the Authority determines to issue will be sufficient to pay the total amount described in Section 5(C)(ii) hereof.

E. If the amount of net proceeds of an issuance of revenue obligation securities pursuant to this Program, after payment of any other costs described in Section 6(D) hereof that the Chief Executive Officer determines are to be paid therefrom, will be insufficient, for whatever reason, to pay the total amount described in Section 5(C)(ii) hereof, the Authority shall first use such remaining net bond proceeds to pay the eligible costs, if any, to be incurred by responsible parties after the effective date of a consent decree or other final settlement agreement (and, within such class of eligible response costs, to pay such response costs on a pro-rata or on such other basis as the Chief Executive Officer may determine to be necessary to permit the issuance of such revenue obligation securities on a federally tax-exempt basis, if so determined pursuant to Section 6(A) hereof), and thereafter shall use any remaining bond proceeds to pay any remaining eligible response costs (and, within such class of eligible response costs, to pay such response costs on a pro-rata or on such other basis as the Chief Executive Officer may determine to be necessary to permit the issuance of such revenue obligation securities on a federally tax-exempt basis, if so determined pursuant to Section 6(A) hereof).

F. Notwithstanding the foregoing, however, to the extent that any responsible party is eligible to receive proceeds of revenue obligation securities as reimbursement for expenses that party has paid through the Authority's Plymouth Waste Oil Loan Program set forth in 10 M.R.S.A. Section1023-M, such obligations to the Authority shall be paid as a first application of net proceeds of any revenue securities obligations issued for such site, after payment of any other costs described in Section 6(D) hereof that the Chief Executive Officer determines are to be paid therefrom, with any remaining proceeds, and shall be paid in full to the extent possible and if not possible, then pro-rata or on such other basis as the Chief Executive Officer may determine to be necessary to permit the issuance of such revenue obligations securities on a federally tax-exempt basis, if so determined pursuant to Section 6(A) hereof, before any other eligible response costs are paid with remaining proceeds.