C.M.R. 99, 346, ch. 12 - RESIDENTIAL PROPERTY MUNICIPAL SECURITIES APPROVAL RULE

  1. § 346-12-1 - Definitions
  2. § 346-12-2 - Scope and Applicability
  3. § 346-12-3 - Application
  4. § 346-12-4 - Consideration of the Application
  5. § 346-12-5 - Criteria for Issuance of Certificate of Approval
  6. § 346-12-6 - Approvals
  7. § 346-12-7 - Expenses
  8. § 346-12-8 - Application Fee Rebate
  9. § 346-12-9 - Location of Collateral
  10. § 346-12-10 - Refunding urities

Summary: This rule sets forth standards pursuant to which the Authority may issue certificates of approval under the Municipal Securities Approval Program for issuances of revenue obligation securities to provide financing for projects consisting of multi-family or single family residential property.

BASIS STATEMENT: This rule implements the Authority's participation in the Municipal Securities Approval Program which the Authority is authorized and directed to undertake by 10 MRSA §1061-A(4) and 30 MRSA§ 30MRSA § 4601-A(1)(T) . Since proposed Federal legislation and recently enacted State legislation has resulted in no system being in place for municipalities wishing to issue housing related bonds to comply with the Municipal Securities Approval Program, the Authority has adopted this rule by emergency enactment.

In response to the rulemaking proceedings to permanently adopt the rule one comment suggested that the authority to require reimbursement for out-of-pocket expenses should be limited to extraordinary expenses or eliminated since the application fee should cover these expenses. The fee is designed primarily to cover personnel costs, not out-of-pocket expenses. The Authority wishes to maintain flexibility in responding to expenses generated by particular applications and has decided to retain the present language.

Notes

C.M.R. 99, 346, ch. 12
EFFECTIVE DATE: April 30, 1986 (EMERGENCY)
EFFECTIVE DATE OF PERMANENT RULE: June 17, 1986
EFFECTIVE DATE (ELECTRONIC CONVERSION): May 8, 1996

AUTHORITY: 30 M.R.S.A. §4651(1); 30 M.R.S.A. §4601-A(1)(T)

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