Section 457-314-1 - DefinitionsDefined Terms. The following terms, some of which are defined in the Finance Authority of Maine Act, 10 MRSA §961et seq. (the "Act"), shall have the following meanings in this rule:
A. "Applicant" means a local, regional or statewide nonprofit or governmental economic development corporation or entity that may have submitted an application for program funds to the Authority.B. "Authority" means the Finance Authority of Maine.C. "Borrower" means a sole proprietorship, a limited liability company, partnership or corporation which has applied to receive financial assistance pursuant to this program from an applicant pursuant to this program, or, in the case of an applicant seeking a loan for a quality child care project, has applied to receive financial assistance from the Authority.D. "Chief Executive Officer" means the Authority's Chief Executive Officer or any person acting under the delegated authority and supervision of the Chief Executive Officer.E. "Commitment" means a letter from the Authority signed by the Chief Executive Officer to make a disbursement from the fund to an applicant, or with regard to a quality child care project, to a borrower, on the terms and conditions and subject to the requirements therein.F. "Community facilities" means buildings having available at least fifty-one percent (51%) of square footage to be used at least part of the time for public meetings and activities. Such meetings and activities may include services that foster job creation and provide access for individuals in the community to such services as long-term care, respite care, health care, education, and cultural activities.G. "Contract" means a contract between the Authority and any applicant for provision of a disbursement from the fund.H. "Eligible Project" means a project meeting the criteria set forth in this rule.I. "Fund" means the Regional Economic Development Revolving Loan Program Fund, established pursuant to 10 MRSA §1026-M and administered by the Authority.J. "Members" means the members of the Board of Directors of the Finance Authority of Maine.K. "Mixed-use real estate" means projects involving both housing and commercial activities wherein at least fifty-one percent (51%) of the square-footage is used for commercial purposes.L. "Prime Rate" means the lowest bank prime rate of interest as published in the Wall Street Journal.M. "Program" means the Regional Economic Development Revolving Loan Program as described in and governed by the Act and this rule.N. "Quality child care project" means physical improvements to be made to a site used or to be used for providing, for compensation, regular service of care and protection for any part of a day less than 24 hours to a child or children under 16 years of age whose parents work outside the home, attend an educational program or are otherwise unable to care for their children which (1) meets all required licensing standards; and (2) utilizes recognized quality indicators for child care services approved by the Department of Health and Human Services.O. "State" means the State of Maine.P. "Value-added natural resource enterprises" means business or commercial activity that adds some additional value to products derived from at least one of Maine's natural resources such as forests, land and plants, fish, water, wind, and sun. 94- 457 C.M.R. ch. 314, § 1