Section 457-318-1 - 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 meaning set forth in the Act unless clearly specified otherwise or unless the context clearly indicates otherwise.B.Defined Terms(1) "Chief Executive Officer" means the Authority's Chief Executive Officer or a person acting under the supervisory control of the Chief Executive Officer.(2) "Current Obligation(s)" means the portion of all outstanding debts including principal and interest owed by the recipient due within one year of the date of application, including payments on leases of real and personal property.(3) "Debt Service Coverage" means an amount equal to the quotient of a fraction, the numerator of which is the sum of the recipient's net income plus depreciation plus interest and the denominator of which is the sum of the recipient's current obligations, plus proposed payments of principal and interest. e.g. Debt Service Coverage = Net Income + Depreciation + Interest / Current Obligations + Proposed Loan Obligations)
(3-A-1) "De Minimis Settlement" means a final settlement, including cash payments and premiums, pursuant to Section 122(g)(1) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended ("CERCLA"), 42 U.S.C. Section 9622(g)(1).(3-A-2) "Institutional Controls" means implementation of those controls selected by the United States Environmental Protection Agency to prevent use of contaminated groundwater by residents near the Plymouth Waste Oil Disposal Site.(4) "Members" means the members of the Finance Authority of Maine.(5) "Net Income" means net income as determined by generally accepted accounting principles, as applied by the Authority. The determination of the recipient's net income shall be based on the financial statements and/or tax return for the recipient's most recent fiscal year and interim financial statements as the Authority may require. The Authority may request financial statements and tax returns from previous fiscal years if, in the discretion of the Authority, they are necessary to make a determination of net income.(6) "Net Worth" means, in the case of an individual or sole proprietorship, the total value of the equity of the recipient, the recipient's spouse, and dependents in all real and personal property, excluding the recipient's principal residence. In the case of a corporation, net worth shall be defined in accordance with generally accepted accounting principles and shall include the individual net worth of each stockholder owning 20% or more of the outstanding and issued stock of the corporation. In the case of a partnership, net worth shall be defined in accordance with generally accepted accounting principles and shall include the individual net worth of each general partner. In the case of a trust, net worth shall be defined in accordance with generally accepted accounting principles and shall include the individual net worth of each beneficiary of 20% or more of the proceeds of the trust. In the case of a co-op, net worth shall be defined in accordance with generally accepted accounting principles and may include the individual net worth of major owners in the discretion of the Authority.(7) "Orphan Share" means the percentage of the total response costs at the Wells Waste Oil Disposal Site attributable to parties who are deemed bankrupt, dissolved, insolvent, or no longer in business or whose current identity or location can not be determined, as determined and certified by a person assuming liability for total response costs, for the purposes of determining the price at which it is willing to settle with those Responsible Parties who desire to settle and sign a consent decree relating to payment of the Responsible Parties' share of the total response costs at the Wells Waste Oil Disposal Site. (7-A) "Oversight costs" means all costs incurred or to be incurred by the United States Environmental Protection Agency or the Maine Department of Environmental Protection in monitoring, supervising and overseeing work performed by Responsible Parties at the Plymouth Waste Oil Disposal Site, including costs of reviewing plans, reports and other documents submitted by Responsible Parties pursuant to applicable administrative orders or consent decrees.(8) "Past cost settlement" means the settlement between the potentially responsible parties, the United States and the State, embodied in the consent decree filed with the United States District Court for the District of Maine, Civil Docket Number 00-249-B(9) "Plymouth Applicant" means an applicant for participation in the Program based on potential liability for Response Costs at the Plymouth Waste Oil Disposal Site.(10) "Plymouth Waste Oil Disposal Site" means the Portland-Bangor Waste Oil Services site in Plymouth, Maine.(11) "Program" means the Wells and Plymouth Waste Oil Clean-up Program governed by the Act and this rule.(12) "Project" means, with respect to Wells Applicants under Section 3, the direct payment to a service provider, or reimbursement to a recipient of Response Costs incurred and/or paid by a recipient as a result of said recipient being a Responsible Party in relation to the Wells Waste Oil Disposal Site, and with respect to Plymouth Applicants under Section 4, the payment of or reimbursement for a portion of the costs of institutional controls, a Remedial Study, Time Critical Removal Action, remedial action, oversight costs, de minimis settlement, or a past cost settlement incurred and/or paid by a recipient as a result of said recipient being a Responsible Party in relation to the Plymouth Waste Oil Disposal Site.(13) "Recipient" means a person or entity that meets the eligibility requirements set forth in Section 3 or Section 4 of this rule, and includes a prospective recipient where the context requires. If the recipient is a real estate holding company or is a subsidiary or affiliate of or is related to an entity with 50% or more common ownership "recipient" shall include the parent, affiliated or related entity when determining eligibility, including the net worth and debt service coverage of the recipient. (13-A) "Remedial action" means those activities undertaken by Responsible Parties at the Plymouth Waste Oil Disposal Site to satisfy one or more parts of the final remedy for the Site in accordance with applicable administrative orders or consent decrees.(14) "Remedial Study" means a remedial investigation and feasibility study undertaken in connection with 40 CFR §300.430 with respect to the Plymouth Waste Oil Disposal Site.(15) "Response Costs" means some portion less than 100% of Total Response Costs, as defined in the Act.(16) "Responsible Party" means a responsible party as defined in the Act, as well as any party listed on the Portland-Bangor Waste Oil Transactional Database for a Waste Oil Disposal Site prepared by the Maine Department of Environmental Protection and/or its agents (as it may be amended from time to time) and, with respect only to Wells Applicants, who has signed a consent decree with the Maine Department of Environmental Protection providing for remediation of the Wells Waste Oil Disposal Site.(17) "Time-critical removal action" means the removal activities undertaken pursuant to the Administrative Order by Consent for Time-Critical Removal Action, United States Environmental Protection Agency Docket Number CERCLA 1-97-1080.(18) "State" means the State of Maine.(19) "Waste Oil Disposal Site" means either the Wells Waste Oil Disposal Site, or the Plymouth Waste Oil Disposal Site.(20) "Wells Applicant" means an applicant for participation in the Program based on potential liability for Response Costs at the Wells Waste Oil Disposal Site.(21) "Wells Waste Oil Disposal Site" means the Portland-Bangor Waste Oil Services site in Wells, Maine.94-457 C.M.R. ch. 318, § 1