Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 12 - RESIDENTIAL PROPERTY MUNICIPAL SECURITIES APPROVAL RULE
Section 346-12-3 - Application

Universal Citation: 99 ME Code Rules ยง 346-12-3

Current through 2024-38, September 18, 2024

Each application for certificate of approval shall include the following:

A. A description of the proposed project sufficient to enable the Authority to determine that it is an eligible project.

B. Any reports available from nationally recognized rating agencies with respect to the user, the issuer or any guarantor.

C. The names of all participants in the financing including the user, any guarantor, the municipality, the municipality's bond counsel and the underwriter.

D. Resolution of municipality authorizing the application.

E. A statement of the municipality 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. Application to Maine Department of Environmental Protection requesting that department to issue its certificate that all licenses required by that department with respect to the project have been issued or that none are required.

G. A commitment from one or more purchasers or a letter of intent from one or more underwriters for the total amount of securities to be issued.

H. An opinion of bond counsel addressed to the Authority stating that the project constitutes an eligible project.

I. A statement by the user explaining how the project will make a contribution to the economic growth of, or the betterment of the health, welfare or safety of the inhabitants of the State.

J. A statement by the user explaining why the project will not result in a substantial detriment to existing housing in the State. The statement must set forth a name and address for any other housing in the State known by applicant to serve the same market. If there is an effect on existing housing the statement must state why any arguably adverse economic effect of the project is outweighed by the contribution which the project will make to the economic growth of, 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. An application fee computed as follows:

Amount of Securities Fees
0 - $500,000 $1,000
$500,001 - $1,000,000 $1,000 + 00.2% of amount over $500,000
$1,000,001 - over $2,000 + 00.1% of amount over $1,000,000

The application fee is non-refundable except as provided in section 8.

M. Applications received prior to July 15, 1986, shall also include the following:

i. Financial statements of the project user and any guarantor for at least the last three fiscal years. Audited statements are preferred.

ii. Pro forma projections of operating expenes and revenues during the construction period and for the first year of operation after completion of the project.

iii. An opinion of bond counsel that certain documents will, when executed assure that the municipality will be entitled to receive revenues sufficient to pay the principal and interest of the securities, when they become due and to pay for maintaining and repairing the project or that provision has been made for maintenance and repair.

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