Maine Revised Statutes Title 10 Sec. 1023-G – Waste Reduction and Recycling Loan Fund
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1. Creation. The Waste Reduction and Recycling Loan Fund, referred to in this section as the “fund,” is created under the jurisdiction and control of the authority.
[PL 1989, c. 878, Pt. A, §26 (NEW).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1023-G
- Authority: means the Finance Authority of Maine as established by this chapter. See Maine Revised Statutes Title 10 Sec. 963-A
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Loan: means an extension of credit made in consideration of a written promise of repayment or any other conditions that may be established by the authority, performance of which may be secured by mortgage. See Maine Revised Statutes Title 10 Sec. 963-A
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Project: means any eligible project. See Maine Revised Statutes Title 10 Sec. 963-A
- security: means a note, bond, interim certificate, debenture or other evidence of indebtedness, including any recovery zone facility bond or qualified energy conservation bond, payment of which is secured by a pledge of revenues, as provided in section 1045?A or 1065, or by assignment or pledge of other eligible collateral. See Maine Revised Statutes Title 10 Sec. 963-A
2. Sources of money. The fund shall consist of the following:
A. All money appropriated or allocated for inclusion in the fund; [PL 1989, c. 878, Pt. A, §26 (NEW).]
B. Subject to any pledge, contract or other obligation, all interest, dividends or other pecuniary gains from investment of money from the fund; [PL 1989, c. 878, Pt. A, §26 (NEW).]
C. Subject to any pledge, contract or other obligations, any money that the authority receives in repayment of advances from the fund; and [PL 1989, c. 878, Pt. A, §26 (NEW).]
D. Any other money available to the authority and directed by the authority to be paid into the fund. [PL 1989, c. 878, Pt. A, §26 (NEW).]
[PL 1989, c. 878, Pt. A, §26 (NEW).]
3. Application of fund. Money in the fund may be used for direct loans to finance all or part of any project when the authority determines that:
A. The project is:
(1) Designed to substantially reduce or eliminate the production in a trade or business of solid waste or hazardous waste as defined in Title 38, section 1303?C;
(2) A project devoted to resource recovery, as defined in Title 38, section 1303?C, except that the combustion of solid or hazardous waste shall not be considered resource recovery for the purposes of this section; or
(3) A project devoted to the reuse of post-consumer materials; [PL 1989, c. 878, Pt. A, §26 (NEW).]
B. There is a reasonable likelihood that the applicant will be able to repay the loan; [PL 1989, c. 878, Pt. A, §26 (NEW).]
C. The amount and terms of the loan are reasonable to provide an incentive to the applicant to undertake the project, which may include a below-market interest rate, and the project will not result in a net increase in solid or hazardous waste to be disposed of within the State; and [PL 1989, c. 878, Pt. A, §26 (NEW).]
D. The project will contribute to achieving the goals identified in the state waste management and recycling plan adopted under Title 38, chapter 24 and is determined by the Department of Environmental Protection to be consistent with that plan. Prior to adopting the state waste management and recycling plan, the fund may be used for projects that help achieve the goals identified in the state recycling plan approved under former Title 38, section 1310?M. [PL 2011, c. 655, Pt. GG, §4 (AMD); PL 2011, c. 655, Pt. GG, §70 (AFF).]
The authority, pursuant to Title 5, chapter 375, subchapter II, shall adopt rules for determining eligibility, feasibility, terms, conditions and security for the loans. Money in the fund not needed currently to meet the obligations of the authority as provided in this section may be invested in such a manner as permitted by law.
[PL 2011, c. 655, Pt. GG, §4 (AMD); PL 2011, c. 655, Pt. GG, §70 (AFF).]
4. Accounts within fund. The authority may divide the fund into separate accounts as it determines necessary or convenient for carrying out this section, including, but not limited to, accounts reserved for direct loan funds.
[PL 1989, c. 878, Pt. A, §26 (NEW).]
5. Revolving fund. The fund shall be a nonlapsing, revolving fund. All money in the fund shall be continuously applied by the authority to carry out this section.
[PL 1989, c. 878, Pt. A, §26 (NEW).]
SECTION HISTORY
PL 1989, c. 878, §A26 (NEW). PL 1995, c. 656, §A2 (AMD). PL 2011, c. 655, Pt. GG, §4 (AMD). PL 2011, c. 655, Pt. GG, §70 (AFF).