| | | 1. The loan must be made at the closing of the purchase of | | the Great Northern assets by the acquiring business. |
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| | | 2. The loan proceeds must be used to pay property taxes due | | the Town of Millinocket or the Town of East Millinocket for the | | 2002-03 property tax year at the closing of the purchase of the | | assets of Great Northern. |
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| | | 3. Interest may not be charged on the loan. The authority | | may charge an origination fee not to exceed 1% of the loan | | amount. The loan terms must provide for repayment at the time | | the acquiring business receives the Millinocket and East | | Millinocket mills BETR reimbursement. |
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| | | 4. Prior to the closing of the purchase of the assets of | | Great Northern, the bureau shall certify to the authority the | | amount of the Millinocket and East Millinocket mills BETR | | reimbursement. Upon request by the acquiring business, the | | bureau shall process and deliver this certificate to the | | authority prior to closing. |
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| | | 5. The bureau shall pay the Millinocket and East Millinocket | | mills BETR reimbursement up to the amount of the loan to the | | acquiring business and the authority as copayees. Any amount of | | Millinocket and East Millinocket mills BETR reimbursement in | | excess of the loan must be paid to the acquiring business. |
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| | | 6. The authority may establish prudent terms and conditions | | for the loan, including a first lien on the Millinocket and East | | Millinocket mills BETR reimbursement. |
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| | | Sec. 3. Source of fund. Notwithstanding any other provision of law | | to the contrary, the loan described in section 2 may be made by | | the authority out of the Economic Recovery Program Fund | | established in the Maine Revised Statutes, Title 10, section | | 1023-I. |
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| | | Sec. 4. Payment of BETR claims. Notwithstanding any provision of the | | Maine Revised Statutes, Title 36, chapter 915 to the contrary, | | the acquiring business is entitled to receive reimbursement under | | BETR of all property taxes assessed against Great Northern for | | 2002-03 and the subsequent property tax years that qualify for | | reimbursement under BETR, as long as such taxes are paid and were | | not previously reimbursed, regardless of whether the taxes are | | paid by Great Northern or the acquiring business. |
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| | | Notwithstanding any provision of the Maine Revised Statutes, | | Title 36, chapter 915 to the contrary, the acquiring business may |
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