Section 457-3-1 - DefinitionsA. Reference to Act Definitions. Certain terms used in this rule, which are defined in the Finance Authority of Maine Act, 10 M.R.S.A. Section961 and following (the Act), shall have the meanings set forth in the Act, unless clearly specified otherwise or unless the context clearly indicates otherwise.
B. Defined Terms.1. "Authority" means the Finance Authority of Maine.2. "Borrower" means a person or entity that is the principal user of a project financed by bonds issued by the Loring Development Authority and includes the Loring Development Authority when appropriate.3. "Certificate of Approval" means a certificate of the Authority recommending the terms of financing for a bond project, which recommendation may be subject to the satisfaction of reasonable conditions.4. "Chief executive officer" means the Authority's chief executive officer or a person acting under the supervisory control of the chief executive officer.5. "Members" means the members of the Authority's board of directors appointed pursuant to the Act.6. "Project" means the facility, equipment or other business assets acquired or financed with the proceeds of bonds issued by the Loring Development Authority pursuant to 5 M.R.S.A. §13080-G(2).7. "State" means the State of Maine.