§ 30-A §5953-E — Maine School Facilities Finance Program

There is established the Maine School Facilities Finance Program to promote efficient capital financing activities for the construction, renovation and maintenance of school facilities and the lease-purchase of school facilities.
1.
Loan application.
In addition to the other forms of financial assistance available under this chapter, a public school, school administrative district, municipality, community school district or other school administrative unit may apply for a loan from the School Revolving Renovation Fund under section 6006‑F, in this section called the "fund," the proceeds of which must be used to finance the cost of school repair and renovation under section 6006‑F, subsection 3, as designated by the Department of Education.
2.
Loan; loan agreements.
Loans from the fund are subject to this subsection.
3.
Loan management.
Proceeds from any indebtedness from the fund incurred by a school administrative unit for the purposes of new construction, renovation or capital acquisition must be deposited in the bank. Proceeds from any other indebtedness incurred by a school administrative unit for the purposes of new construction, renovation or capital acquisition may be deposited in the bank. Any proceeds held must be invested by the bank for the benefit of the school administrative unit. The bank shall pay to a school administrative unit those amounts necessary for incurred costs or for reimbursement for incurred costs associated with the project for which the indebtedness was incurred. Funds from any indebtedness from the fund remaining after payment of all eligible project and financing costs must be deposited in the fund.
4.
Eligibility certification.
A loan to a school administrative unit may not be made under this section until:

Legislative History

PL 1997, c. 787, §12 (NEW). PL 1999, c. 81, §14 (AMD).