Maine § 20-A §12105 Nonlapsing fund

Maine Statutes

§ 20-A §12105 — Nonlapsing fund

Maine·Title 20-A EDUCATION·Part 5 POST-SECONDARY EDUCATION·Ch. 424 MEDICAL EDUCATION AND RECRUITMENT

1.Fund created. A nonlapsing, interest-earning, revolving fund under the jurisdiction of the authority is created to carry out the purposes of this chapter and chapter 424‑A. The fund may be used only for the following purposes:

2.Separate account authorized. The authority may divide each of the funds under subsection 1 and section 12103‑A, subsection 6 into separate accounts it determines necessary or convenient for implementing this chapter or chapter 424‑A, including, but not limited to, accounts reserved for the purchase of positions and accounts reserved for loans under this chapter or chapter 424‑A and accounts reserved for scholarships under this chapter.

3.Allocation of repayments. The authority may allocate a portion of the annual loan repayments received under section 12104 fo

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1.
Fund created.
A nonlapsing, interest-earning, revolving fund under the jurisdiction of the authority is created to carry out the purposes of this chapter and chapter 424‑A. The fund may be used only for the following purposes:
2.
Separate account authorized.
The authority may divide each of the funds under subsection 1 and section 12103‑A, subsection 6 into separate accounts it determines necessary or convenient for implementing this chapter or chapter 424‑A, including, but not limited to, accounts reserved for the purchase of positions and accounts reserved for loans under this chapter or chapter 424‑A and accounts reserved for scholarships under this chapter.
3.
Allocation of repayments.
The authority may allocate a portion of the annual loan repayments received under section 12104 for the purpose of recruiting primary health care physicians for designated health professional shortage areas and a portion of any loan repayments received under chapter 424‑A for the purpose of recruiting veterinarians to areas of the State with insufficient veterinary services as defined in chapter 424‑A. Those portions may be used:
4.
Borrowing permitted.
The authority may borrow funds pursuant to chapter 417‑B for application to the fund established in subsection 1 and may pledge all or part of the fund or any assets or revenues of the fund in connection with any such borrowing.

Maine § 20-A §12105 (Nonlapsing fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1991, c. 830, §4 (NEW). PL 1991, c. 832, §10 (NEW). PL 1993, c. 410, §EEEE3 (AMD). PL 2001, c. 479, §§1-2 (AMD). PL 2009, c. 410, §§5-7 (AMD). PL 2009, c. 488, §§10-12 (AMD).