Maine § 20-A §1490 Power to borrow money

Maine Statutes

§ 20-A §1490 — Power to borrow money

Maine·Title 20-A EDUCATION·Part 2 SCHOOL ORGANIZATION·Ch. 103-A REGIONAL SCHOOL UNITS

1.Regional school unit board. A regional school unit board may borrow money to pay for:

2.Voter approval. Bonds or notes for school construction purposes must first be approved by a majority of voters of the regional school unit voting at an election called by the regional school unit board and held as provided in this chapter, except as is otherwise provided in this section.

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

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

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1.
Regional school unit board.
A regional school unit board may borrow money to pay for:
2.
Voter approval.
Bonds or notes for school construction purposes must first be approved by a majority of voters of the regional school unit voting at an election called by the regional school unit board and held as provided in this chapter, except as is otherwise provided in this section.
3.
Temporary notes.
Prior to issuing authorized school construction bonds or notes, the regional school unit board may borrow in anticipation of their sale by issuing temporary notes and renewal notes subject to this subsection.
4.
Early redemption.
Bonds or notes issued on behalf of a regional school unit may be made subject to call for redemption, with or without premium, at the election of the regional school unit board before the date fixed for final payment of those bonds or notes. When these bonds or notes are issued, they must 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.
Regional school unit status.
Notes and bonds, and loans to pay current operating expenses and contracts, are legal obligations of the regional school unit. The regional school unit is a quasi-municipal corporation within the meaning of Title 30‑A, section 5701, and all the provisions of that section apply to it.
6.
Debt limit.
The aggregate principal amount of outstanding bonds or notes issued by a regional school unit for school construction purposes may not exceed, at any one time, 10% of the total of the last preceding state valuation of all the municipalities within the regional school unit plus an amount not to exceed 4% of that total regional school unit 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 regional school unit board may issue bonds or notes not to exceed 1% of the last preceding state valuation of all the municipalities within the regional school unit:

Maine § 20-A §1490 (Power to borrow money) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 2007, c. 240, Pt. XXXX, §13 (NEW). PL 2015, c. 181, §1 (AMD). PL 2019, c. 398, §§10, 11 (AMD). PL 2023, c. 210, §2 (AMD). PL 2025, c. 197, §2 (AMD).