Section 376-1-2 - APPLICATIONS OF GOVERNMENTAL UNITSA. The governmental unit must file an application for a loan on the forms supplied by the Maine Municipal Bond Bank.B. The governmental unit must provide the Maine Municipal Bond Bank with financial statements and supporting documents as required by the Commissioners and Executive Director of the Maine Municipal Bond Bank.C. The governmental unit must provide the Maine Municipal Bond Bank with an approving legal opinion of a bond counsel of recognized standing in the field of municipal law whose opinions are generally accepted by purchasers of municipal bonds. (See Section 3 for qualification requirements).D. The governmental unit must obtain and provide to the Maine Municipal Bond Bank all required approvals from the applicable State and Federal agencies.E. In the event the governmental unit is a water or sewer district seeking financing for a start up or new system, then it must provide the Maine Municipal Bond Bank with a feasibility study.F. In the event the governmental unit is a hospital district, it must provide the Maine Municipal Bond Bank with a full fledged feasibility study done by a nationally recognized firm of hospital and management consultants acceptable to the Maine Municipal Bond Bank.G. The governmental unit must comply with and meet all of the requirements of Chapter 225 of Title 30-A of the Maine Revised Statutes Annotated.H. The Commissioners of the Maine Municipal Bond Bank must review all applications and make a decision to either accept, reject, table or conditionally approve all applications based upon prudent business judgment and practice.I. The governmental unit must be notified in writing of the decision of the Maine Municipal Bond Bank on its application within 30 days after final action of the Commissioners on said application.J. In the event an application is rejected, the governmental unit must be given written reasons for said rejection.K. In the event the project of the governmental unit is a school construction project approved for subsidy by the Department of Educational and Cultural Services, an Assignment must be executed assigning the subsidy check to the Maine Municipal Bond Bank or its designee.L. The governmental unit shall be afforded a rehearing and the right to appear at the rehearing on its application if it files a request for such rehearing within 30 days of receipt of the Bank's decision.M. Appeals from the decision of the Maine Municipal Bond Bank shall be governed by the Maine Administrative Procedures Act.N. After the project of the governmental unit has been completed a project cost form (supplied by the Maine Municipal Bond Bank) must be submitted to the Bond Bank.O. Any governmental unit that has an outstanding loan with the Maine Municipal Bond Bank must annually submit an audit report to the Bank as long as the loan remains outstanding.94- 376 C.M.R. ch. 1, § 2