Section 457-205-2 - ApplicationA. The authority may establish a deadline for applications to use the proceeds of each issuance of tax exempt bonds.B. Each application under this program will include the following: 1 The name of the eligible financial institution or, for an application submitted by a group of financial institutions, the name of each financial institution, the name of the financial institution primarily responsible for the application and a contact person at each financial institution in the group.2 A request for an amount of funds to be used to make education loans to borrowers.3 A description of the applicant's recent history in making education loans, including its volume of loans originated in the two most recent years, its student loan servicing capabilities for its existing education loans and education loans it proposes to originate with program funds.4 The applicant's current financial statement in the form requested by the authority in the application or request for applications.5 A statement by the eligible financial institution explaining how it will use the bond proceeds to benefit the inhabitants of the State. The statement should include information on any benefits passed on to borrowers as a result of using the proceeds of tax exempt bonds to fund education loans, including:(a) Discounts in interest rate and any terms or conditions of obtaining such a discount;(b) Targeting of loans to individuals who live in areas where there has not historically been sufficient access to education loans;(c) Targeting of loans to low income individuals or others, who have not historically had sufficient access to education loans;(d) Outreach services the lender will provide to borrowers;(e) Any other benefit the applicant will provide to Maine residents.(f) A breakdown of the purposes and amounts for which the proceeds of the bond issue will be expended.(g) A statement from the eligible financial institution that education loans will only be made to a borrower who is: (i) A resident of the State; or(ii) A student attending an institution of higher education in the State; or(iii) A borrower who previously obtained an education loan from the eligible financial institution, while a resident of the State or while attending an institution of higher education located in the State.C. Such other information as the Authority may reasonably require, including without limitation, information required for purposes of complying with requirements of the Internal Revenue Code or the purchasers of the tax exempt bonds issued by the authority.94- 457 C.M.R. ch. 205, § 2