Section 457-203-4 - Small Issue RestrictionsSmall issue bonds must comply with applicable provisions of Federal and State law. In addition, no State ceiling allocation will be made for the following projects or bond issues:
A. Motels, hotels or other facilities charging for overnight transient accommodations, other than full service hotels containing meal service facilities and convention facilities which will be located in and result in rehabilitation or improvement of buildings which are unoccupied, and which meet the requirements of 10 M.R.S.A. §§1041-A(4) or 1061-A(3).B. Projects consisting primarily of storage or warehouse facilities, unless, at the time application is made to the Authority for a certificate of approval, one or more persons has agreed in writing to use an entire facility for its intended purpose for the term of the bond issue in connection with the user's primary business.C. Projects where agreements to occupy at least 75% of the project for not less than two years (one year in the case of the State of Maine or its departments, agencies or instrumentalities) from the date of closing of the bond issue (or from the date occupancy is permitted in the case of projects involving substantial rehabilitation or new construction) do not exist at the time of Authority approval of certain bond documents. This limitation shall not apply in the case of reconstruction of existing building projects meeting the requirements of 10 M.R.S.A. §§1041-A(4) or 1061A(3).D. Any project a significant element of which is space for retail sales of consumer goods for household use to customers who personally visit the space to view or obtain the goods. In determining whether a retail element of a project is significant, the Authority shall consider the principal purpose of the project, the portion of the project available for retail sales, and whether the project will provide economic benefits to the State which will be enhanced by the retail element, provided that no allocation of the Federal ceiling will be made if the space intended for retail sales exceeds 25% of the total building space available in the project. This limitation does not apply in the case of reconstruction of existing building projects meeting the requirements of 10 M.R.S.A. §§1041-(4) or 1061-A(3).E. Except as permitted by 10 M.R.S.A. §§1041-A and 1061-A, no allocation for any project 35% or more of the building space of which, on a square footage basis, is intended to be used for professional office space.F. Reconstruction of existing building projects which have been rehabilitated within five years before the date of the bond issue.H. Projects a significant purpose of which is to provide housing.94- 457 C.M.R. ch. 203, § 4