Maine § 10 §1023-D Underground Oil Storage Replacement Fund

Maine Statutes

§ 10 §1023-D — Underground Oil Storage Replacement Fund

Maine·Title 10 COMMERCE AND TRADE·Part 2 BUILDING AND DEVELOPMENT·Ch. 110 FINANCE AUTHORITY OF MAINE

1.Creation. The Underground Oil Storage Replacement Fund is created and established under the jurisdiction and control of the authority.

2.Sources of money. There must be paid into the fund the following:

3.Application of fund. Money in the fund may be applied to carry out any power of the authority under this section or under or in connection with section 1026‑A, subsection 1, paragraph A, subparagraph (1), division (b), including, but not limited to, to pledge or transfer and deposit money in the fund as security for and to apply money in the fund in payment of principal, interest and other amounts due on insured loans. Except as otherwise prohibited under this subsection, money in the fund may be used for direct loans or grants for all or part of underground oil storage facility proj

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1.
Creation.
The Underground Oil Storage Replacement Fund is created and established under the jurisdiction and control of the authority.
2.
Sources of money.
There must be paid into the fund the following:
3.
Application of fund.
Money in the fund may be applied to carry out any power of the authority under this section or under or in connection with section 1026‑A, subsection 1, paragraph A, subparagraph (1), division (b), including, but not limited to, to pledge or transfer and deposit money in the fund as security for and to apply money in the fund in payment of principal, interest and other amounts due on insured loans. Except as otherwise prohibited under this subsection, money in the fund may be used for direct loans or grants for all or part of underground oil storage facility projects, underground oil storage tank projects, aboveground oil storage tank or facility construction or replacement projects or gasoline service station vapor control or petroleum liquids transfer vapor recovery projects when the authority determines that:
4.
Accounts within fund.
The authority may divide the fund into such separate accounts as it determines are necessary or convenient for carrying out this section, including, but not limited to, accounts reserved for direct loan funds or grants for underground oil storage facility removal and direct loan funds or grants for tank removal.
5.
Revolving fund.
The fund is a nonlapsing, revolving fund. All money in the fund must be continuously applied by the authority to carry out this section and section 1026‑A, subsection 1, paragraph A, subparagraph (1), division (b).

Maine § 10 §1023-D (Underground Oil Storage Replacement Fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1987, c. 521, §4 (NEW). PL 1989, c. 543, §3 (AMD). PL 1991, c. 439, §5 (AMD). PL 1993, c. 601, §2 (AMD). PL 1995, c. 399, §1 (AMD). PL 1995, c. 399, §21 (AFF). PL 1997, c. 613, §1 (AMD). PL 1999, c. 505, §A6 (AMD). PL 2001, c. 231, §3 (AMD). PL 2003, c. 537, §§20,21 (AMD). PL 2003, c. 537, §53 (AFF).