| | | (2) The borrower must be an entrant to natural resource | | enterprises; |
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| | | (3) The loan must be made for the purpose of financing all | | or part of the purchase price of agricultural land and | | other eligible collateral; and |
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| | | (4) The interest rate on the loan must be significantly | | less than the market interest rate, if required by the | | authority; and |
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| | | Sec. 20. 10 MRSA §1023-D, sub-§3, as amended by PL 2001, c. 231, §3, | | is further amended to read: |
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| | | 3. Application of fund. Money in the fund may be applied to | | carry out any power of the authority under this section or under | or in connection with section 1026-F | | paragraph A, subparagraph (1), division (b), including, but not | | limited to, to pledge or transfer and deposit money in the fund | | as security for and to apply money in the fund in payment of | | principal, interest and other amounts due on insured loans. | | Except as otherwise prohibited under this subsection, money in | | the fund may be used for direct loans or grants for all or part | | of underground oil storage facility projects, underground oil | | storage tank projects, aboveground oil storage tank or facility | | construction or replacement projects or gasoline service station | | vapor control or petroleum liquids transfer vapor recovery | | projects when the authority determines that: |
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| | | A. One or more of the following circumstances exists: |
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| | | (1) The underground oil storage facility or tank is | | leaking or has been identified by the Department of | | Environmental Protection as posing an environmental | | threat, or removal is required by applicable law; |
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| | | (2) The applicant is required to install equipment | | related to the improvement of air quality pursuant to | | requirements for gasoline service station vapor control | | and petroleum liquids transfer vapor recovery; |
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| | | (3) The applicant is constructing, replacing or | | renovating a tank or facility used for the aboveground | | storage of oil and the work is supervised by a state- | | registered professional engineer with training and | | experience in aboveground oil storage facility | | installation; or |
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| | | (4) The applicant is renovating an underground oil storage tank | | or facility, the work is supervised by an |
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