10 §1023-L. Waste Oil Clean-up Fund
Title 10: COMMERCE AND TRADE
Part 2: BUILDING AND DEVELOPMENT
Chapter 110: FINANCE AUTHORITY OF MAINE
Subchapter 2: MORTGAGE INSURANCE PROGRAMS
§1023-L. Waste Oil Clean-up Fund
1. Fund established. The Waste Oil Clean-up Fund, referred to in this section as the "fund," is established under the jurisdiction and control of the authority.
[ 1999, c. 713, §2 (AMD) .]
2. Sources of money. The following money must be paid into the fund:
A. All money appropriated for inclusion in the fund or appropriated to the authority for use in providing financial assistance to responsible parties as defined in section 963-A, subsection 47-A, subject to any restrictions applicable to the appropriation; [1999, c. 505, Pt. A, §7 (NEW).]
B. Subject to any pledge, contract or other obligation, all interest, dividends or other pecuniary gains from investment of money of the fund; [1999, c. 505, Pt. A, §7 (NEW).]
C. Subject to any pledge, contract or other obligation any money the authority receives in repayment of advances from the fund; [1999, c. 505, Pt. A, §7 (NEW).]
D. Money transferred from the available balance in the Underground Oil Storage Replacement Fund, pursuant to Public Law 1999, chapter 505, Part A, section 15; and [2003, c. 451, Pt. X, §11 (AMD).]
E. [2003, c. 451, Pt. X, §12 (RP).]
F. Any other money available to the authority and directed by the authority to be paid into the fund. [1999, c. 505, Pt. A, §7 (NEW).]
[ 2003, c. 451, Pt. X, §§11, 12 (AMD) .]
3. Eligibility to participate in loan program.
[ 2001, c. 356, §6 (RP) .]
3-A. Use of funds by authority. The authority may use money in the fund to carry out any power of the authority under this section, sections 1020 and 1020-A, section 1023-M or section 1026-A, subsection 1, paragraph A, subparagraph (1), division (d) or (e), including, but not limited to, the pledge or transfer and deposit of money in the fund as security for and the application of money in the fund in payment of principal, interest and other amounts due on insured loans. For purposes of using money in the fund to carry out any power of the authority under sections 1020 and 1020-A, money in the fund may be used as if it were proceeds of revenue obligation securities as described in sections 1020 and 1020-A. Money in the fund not needed to meet the obligations of the authority as provided in this section or section 1023-M may be invested as permitted by law. Any costs incurred by the authority in administering this fund may be taken from interest from all sources of the fund.
[ 2007, c. 464, §7 (AMD) .]
4. Accounts within fund. The authority may divide the fund into separate accounts as it determines necessary or convenient for carrying out this section or section 1023-M, including, but not limited to, accounts reserved for direct loan funds for waste oil cleanup.
[ 1999, c. 713, §2 (AMD) .]
5. Payments on loans from fund; proceeds from mortgage or security interests. All proceeds of loans and proceeds from mortgage or security interests from the fund must be applied by the authority to the Underground Oil Storage Replacement Fund.
[ 1999, c. 505, Pt. A, §7 (NEW) .]
6. Lapse to Groundwater Oil Clean-up Fund upon cleanup of waste oil disposal site. Within 30 days after the Department of Environmental Protection notifies the authority that the waste oil disposal sites have been remediated and the response costs have been paid at the waste oil disposal sites identified in section 963-A, subsection 51-E, the authority shall transfer all amounts remaining in the fund and in the Waste Motor Oil Revenue Fund created in section 1020 to the Groundwater Oil Clean-up Fund.
[ 2007, c. 464, §8 (AMD) .]
7. Direct payment program.
[ 2001, c. 356, §6 (RP) .]
8. Determinations regarding eligibility.
[ 2001, c. 356, §6 (RP) .]
SECTION HISTORY
RR 1999, c. 1, §§12,13 (COR). 1999, c. 505, §A7 (NEW). 1999, c. 531, §H1 (AMD). 1999, c. 531, §H2 (AFF). 1999, c. 604, §§1,2 (AMD). 1999, c. 713, §2 (AMD). 2001, c. 356, §6 (AMD). 2003, c. 451, §§X11,12 (AMD). 2003, c. 537, §27 (AMD). 2003, c. 537, §53 (AFF). 2007, c. 464, §§7, 8 (AMD).