99-346 C.M.R. ch. 12, § 3 - Application
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.
Notes
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