Maine § 20-A §1311 Power to borrow money

Maine Statutes

§ 20-A §1311 — Power to borrow money

Maine·Title 20-A EDUCATION·Part 2 SCHOOL ORGANIZATION·Ch. 103 SCHOOL ADMINISTRATIVE DISTRICTS

A school administrative district may borrow money as follows.

1.Board of directors. The board of directors may borrow money to pay for:

2.Voter approval. Bonds or notes for school construction purposes shall first be approved by a majority of voters of the district voting at an election called by the board of directors and held as provided in sections 1351 to 1354, except as is otherwise provided in this section.

3.Temporary notes. Prior to issuing authorized school construction bonds or notes, the board of directors may borrow in anticipation of their sale by issuing temporary notes and renewal notes subject to the following.

4.Early redemption. Bonds or notes issued on behalf of a district may be made subject to call for redemption, with or without premium, at the election of the boa

Free access — add to your briefcase to read the full text and ask questions with AI

A school administrative district may borrow money as follows.
1.
Board of directors.
The board of directors may borrow money to pay for:
2.
Voter approval.
Bonds or notes for school construction purposes shall first be approved by a majority of voters of the district voting at an election called by the board of directors and held as provided in sections 1351 to 1354, except as is otherwise provided in this section.
3.
Temporary notes.
Prior to issuing authorized school construction bonds or notes, the board of directors may borrow in anticipation of their sale by issuing temporary notes and renewal notes subject to the following.
4.
Early redemption.
Bonds or notes issued on behalf of a district may be made subject to call for redemption, with or without premium, at the election of the board of directors before the date fixed for final payment of those bonds or notes. When these bonds or notes are issued, they shall contain provisions setting forth the method by which the option to call may be exercised, the procedure for payment in the event of call and the legal effect of making the call.
5.
District status.
Notes and bonds, and loans to pay current operating expenses, contracts, leases and agreements with the Maine School Building Authority, shall be legal obligations of the district. The district shall be a quasi-municipal corporation within the meaning of Title 30‑A, section 5701 and all the provisions of that section shall be applicable to them.
6.
Debt limit.
The aggregate principal amount of outstanding bonds or notes issued by a district for school construction purposes shall not exceed, at any one time, 10% of the total of the last preceding state valuation of all the municipalities within the district, plus an amount not to exceed 4% of that total district valuation set by the state board at the time of the initial approval of the school construction project.
7.
Bonds and notes under 1% of valuation.
The board of directors may issue bonds or notes not to exceed 1% of the last preceding state valuation of all the municipalities within the district:

Maine § 20-A §1311 (Power to borrow money) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1981, c. 693, §§5,8 (NEW). PL 1983, c. 422, §5 (AMD). PL 1985, c. 797, §15 (AMD). PL 1987, c. 737, §§C41,C106 (AMD). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 104, §§C8,C10 (AMD). PL 1991, c. 121, §A2 (AMD). PL 1993, c. 372, §4 (AMD). PL 2005, c. 2, §D8 (AMD). PL 2005, c. 2, §§D72,74 (AFF). PL 2005, c. 12, §WW18 (AFF). PL 2019, c. 398, §9 (AMD). PL 2023, c. 210, §1 (AMD). PL 2023, c. 405, Pt. A, §36 (AMD). PL 2025, c. 197, §1 (AMD).