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capital reserve fund security provided by the authority; | | and |
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| | | (7) Whether collateral securing the repayment | | obligation is reasonably sufficient under the | | circumstances. |
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| | | Financing assistance for any one major business expansion | | project may not exceed $25,000,000 in loan amount. The | | authority may establish, pursuant to rules adopted in | | accordance with Title 5, chapter 375, subchapter II, | | application procedures, approval criteria and reasonable | fees for major business expansion projects. |
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| | | Sec. 7. 10 MRSA §1043, sub-§2, ¶K is enacted to read: |
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| | | K.__In the case of a paper industry job retention project, | | the applicant is creditworthy and there is a strong | | likelihood that the revenue obligation securities will be | | repaid through the revenues of the project and any other | | sources of revenues and collateral pledged to the repayment | | of those securities.__In making this determination, the | | authority shall consider factors it considers necessary to | | measure and evaluate the sufficiency of the pledged revenues | | to repay the securities, including: |
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| | | (1)__Whether individuals or entities obligated to repay | | the securities have demonstrated sufficient revenues | | from the project or from other sources to repay the | | securities and a strong probability that those revenues | | will continue to be available for the term of the | | securities; |
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| | | (2)__Whether the applicant demonstrates a strong | | probability that the project will continue to operate | | and to provide the public benefits projected to be | | created for the term of the securities.__If, as a | | condition of the financial assistance, a significant | | interest in the owner of the project will be owned or | | controlled by or for the benefit of all of the | | employees of the project at the time financial | | assistance is provided, then such ownership is prima | | facie evidence that the project will benefit the | | public; |
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| | | (3)__Whether the applicant demonstrates that the | | benefits projected to be created by the project are | | enhanced through the use of financial assistance from | | the authority; |
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| | | (4)__Whether the applicant's creditworthiness is demonstrated by | | such factors as historical financial |
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