Terms Used In Maine Revised Statutes Title 10 Sec. 1099-A

• Authority: means the Finance Authority of Maine. See Maine Revised Statutes Title 10 Sec. 1099-A
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Eligible entity: means any person, business, corporation, association, firm, partnership, municipality or other organization located in the State but does not include any agency of the State. See Maine Revised Statutes Title 10 Sec. 1099-A
• Fund: means the Waste Oil Furnace Loan Fund established by this subchapter. See Maine Revised Statutes Title 10 Sec. 1099-A
• 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}
• 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
• Municipality: means any municipality as defined in Title 30?A, section 2001, subsection 8. See Maine Revised Statutes Title 10 Sec. 963-A
• NFPA: means the National Fire Protection Association. See Maine Revised Statutes Title 10 Sec. 1099-A
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Program: means the Waste Oil Furnace Loan Program established by this subchapter. See Maine Revised Statutes Title 10 Sec. 1099-A
• Properly installed: means a boiler or furnace installed in accordance with NFPA Standard 31 or subsequent NFPA installation standards adopted by the Maine Fuel Board. See Maine Revised Statutes Title 10 Sec. 1099-A
• Qualified boiler or furnace: means any new or replacement boiler or furnace fueled wholly or in part by waste oil that produces energy for space heating or cooling or for use in a manufacturing process and is listed by the Maine Fuel Board as a waste oil boiler or furnace. See Maine Revised Statutes Title 10 Sec. 1099-A
• tank: means any aboveground container, less than 10% of the capacity of which is beneath the surface of the ground, that is used or intended to be used for the storage or supply of oil. See Maine Revised Statutes Title 10 Sec. 963-A
• Waste oil: means a petroleum-based oil that, through use or handling, has become unsuitable for its original purpose due to the presence of impurities or the loss of original properties. See Maine Revised Statutes Title 10 Sec. 1099-A