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priorities of assistance to owners and operators of preschool | | and small preschool facilities.__These priorities must be | | based on the assets of the owner or operator; availability to | | owners and operators of credit or assistance or income from | | other sources, including financial institutions, federal and | | state programs, investments, trust funds and other similar | | sources; the amount of abatement required to be performed; the | | immediacy of the need for assistance; and any other variables | | determined to be important by the state authority. |
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| | | B.__Loans from the fund may not exceed $4,000 per owner or | | operator at rates of interest not to exceed 1% below the | | prime rate. |
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| | | C.__Loans from the fund may be made for periods of up to 5 | | years.__In the event that an owner or operator cannot repay | | a loan in full within the 5-year period, the state authority | | may extend the repayment period if the state authority | | determines that the loan can be repaid during the extension | | period.__The state authority may waive the payment of | | interest on any loan or portion of a loan for which the | | interest payment poses an undue hardship on an owner or | | operator. |
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| | | D.__Money in the fund may be used to reduce interest rates | | on loans provided by financial institutions located in this | | State to owners or operators who are required to perform | | lead abatement. |
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| | | 3.__Loan insurance.__The state authority may insure payments | | due under a loan and may pledge money in the fund as security for | | a loan, which may be in addition to or in lieu of insurance | | provided under other provisions of this chapter.__Loans may not | | constitute any debt or liability on the part of the state | | authority or the State, except to the extent specifically | | provided by contract executed by the state authority. |
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| | | 4.__Procedures.__The state authority shall adopt rules in | | accordance with the Maine Administrative Procedure Act by which | | this subchapter is implemented.__Rules adopted pursuant to this | | subchapter are routine technical rules as defined in Title 5, | | chapter 375, subchapter II-A. |
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| | | Sec. 2. 36 MRSA §5217-C is enacted to read: |
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| | | §5217-C.__Lead abatement credit |
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| | | A preschool or small preschool facility, as defined in Title | | 22, section 1315, subsections 6-B and 6-C, that incurs |
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