Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 5 - CERTIFICATE OF APPROVAL PROCESS FOR MIDCOAST REGIONAL REDEVELOPMENT AUTHORITY PROJECTS
Section 457-5-6 - TERMS AND CONDITIONS

Universal Citation: 94 ME Code Rules ยง 457-5-6

Current through 2024-38, September 18, 2024

1. Loans must be secured by collateral having a fair market value (ordinarily determined by appraisal) sufficient to provide adequate security for the loan. The Authority may, in the reasonable exercise of its judgment, require assignments of leases or contracts in favor of the Midcoast Regional Redevelopment Authority or one or more trustees acting on behalf of the bondholders, as applicable, secured or unsecured personal or corporate guarantees, and letters of credit.

2. The Authority may condition its issuance of a Certificate of Approval as it may reasonably deem prudent or desirable to assure sale of bonds at reasonable rates, completion and continuation of the project, preservation of collateral and repayment of the bonds.

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