94- 457 C.M.R. ch. 203, § 8

Current through 2024-36, September 4, 2024

Section 457-203-8 - Carryforward Projects

A. To the extent that the available State ceiling is not fully used in any one calendar year, allocation of the State ceiling amounts to carryforward projects will be made first to solid waste energy projects which have reservations pursuant to section 6, second to other waste energy projects, and third to other projects or uses eligible for the carryforward.

B. Solid waste energy projects will be ranked for allocation purposes based on the following considerations:

i. DEP or State priorities for landfill improvement or elimination;

ii. Existence of an inducement resolution or other official action by the issuer for the project;

iii. Power contract specifying the power price, completion deadline and any output limit;

iv. Put or pay contracts for waste or waste handling agreements with municipalities and other users, taking into consideration the number of municipalities or users which have executed such agreements, the population of the area to be served, and the likely cost to each user;

v. A certification by DEP that all licenses and permits required by DEP with respect to the project have been issued or that none are required;

vi. A firm, valid and binding bond purchase agreement wherein the purchaser agrees to purchase a stated principal amount of bonds for the project;

vii. A letter supporting the project from the chief municipal official of the municipality in which the project will be located;

viii. A certification of bond counsel to the issuer that the bonds will be exempt from Federal income tax, conditioned upon receipt of an allocation of the State ceiling;

ix. Contracts for design, construction, operation and maintenance of the project,; and

x. Other materials demonstrating that a bond issue will close, as determined by the Authority, within a stated time and that installation, construction and operation of a project will be expeditiously commenced.

C. Other projects or uses eligible for a carryforward allocation will be ranked based on the following considerations:

i. Existence of an inducement resolution or other official action of the issuer;

ii. A certification by DEP that all licenses and permits required by DEP with respect to the project have been issued or that none are required (not applicable for student loans);

iii. A letter supporting the project from the chief municipal official of the municipality in which the project will be located (not applicable for student loans);

iv. A firm, valid and binding bond purchase agreement wherein the purchaser agrees to purchase a stated principal amount of bonds for the project;

v. A certification of bond counsel to the issuer that the bonds will be exempt from Federal income tax, conditioned upon receipt of an allocation of the State ceiling; and

vi. Other materials demonstrating that a bond issue will close, as determined by the Authority, within a stated time and that installation, construction and operation of a project will be expeditiously commended or that any program will be expeditiously commenced.

D. Applications for carryforward elections must at least contain an inducement resolution or other official action and the certification of bond counsel referred to in this section and must be provided to the Authority on or before December 15 of each year unless otherwise agreed by the Authority.

E. Notwithstanding anything in this section to the contrary, the Authority may, in its discretion, award carryforward allocations to eligible projects on a pro rata or other equitable basis if the Authority determines that ranking such projects would not be equitable under the circumstances, provided that the priority for solid waste energy projects shall remain unless otherwise directed by applicable law or Executive Order.

94- 457 C.M.R. ch. 203, § 8