Maine § 30-A §6006-F School Revolving Renovation Fund

Maine Statutes

§ 30-A §6006-F — School Revolving Renovation Fund

Maine·Title 30-A MUNICIPALITIES AND COUNTIES·Part 2 MUNICIPALITIES·Ch. 225 MAINE MUNICIPAL BOND BANK

1.Fund established. The School Revolving Renovation Fund, referred to in this section as the "fund," is established in the custody of the bank.

2.Administration. The bank shall administer and invest the fund. The fund must be established and held separate and apart from any other funds or money of the State or the bank and must be used and administered exclusively for the purposes authorized in this section. The fund consists of:

3.Purposes. The fund may be used:

4.Priorities. Periodically, and at least annually, the Department of Education shall prepare and certify to the bank a project priority list of those school administrative units whose projects are eligible for loans under this section. In establishing the priority list, the department shall grant special consideration to proje

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1.
Fund established.
The School Revolving Renovation Fund, referred to in this section as the "fund," is established in the custody of the bank.
2.
Administration.
The bank shall administer and invest the fund. The fund must be established and held separate and apart from any other funds or money of the State or the bank and must be used and administered exclusively for the purposes authorized in this section. The fund consists of:
3.
Purposes.
The fund may be used:
4.
Priorities.
Periodically, and at least annually, the Department of Education shall prepare and certify to the bank a project priority list of those school administrative units whose projects are eligible for loans under this section. In establishing the priority list, the department shall grant special consideration to projects that include urgent health and safety needs. The department shall submit with the list the factors considered when determining the priorities.
5.
Eligibility terms.
The bank and the Department of Education shall develop by rule the terms of repayment of loans. A loan made pursuant to this section may not carry an interest rate higher than 0%. A loan may be made only if a project is certified by the Department of Education as eligible for financing under this section and is on the priority list prepared under subsection 4. The repayment period may vary depending upon the financial condition of a school administrative unit as identified by the Department of Education.
6.
Forgiveness of principal payments.
The fund must provide direct grants by forgiving the principal payments of a loan for an eligible school administrative unit. The amount of the forgiveness of principal payments must be determined by the school administrative unit's state share percentage as determined in Title 20‑A, section 15672, subsection 31, not to exceed 70% and not less than 30%.
7.
Establishment of accounts.
The bank may establish accounts and subaccounts within the fund as it determines desirable to effectuate the purposes of this section, including, but not limited to, accounts to segregate a portion or portions of the fund as security for bonds issued by the bank for deposit in the fund and to be invested for the benefit of specified projects receiving financial assistance from the fund.
8.
Rules.
The Department of Education and the bank shall adopt rules necessary to implement this section. Rules adopted by the Department of Education and the bank to implement this section are major substantive rules pursuant to Title 5, chapter 375, subchapter II‑A.

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Legislative History

PL 1997, c. 787, §13 (NEW). PL 1999, c. 81, §16 (AMD). PL 2001, c. 439, §OOOO2 (AMD). PL 2005, c. 2, §D65 (AMD). PL 2005, c. 2, §§D72,74 (AFF). PL 2005, c. 12, §WW18 (AFF). PL 2005, c. 272, §§1,2 (AMD). PL 2005, c. 386, §§L2,3 (AMD). PL 2005, c. 683, §§A53-55 (AMD). PL 2011, c. 153, §§1-7 (AMD). PL 2017, c. 389, §1 (AMD). PL 2019, c. 158, §2 (AMD). PL 2019, c. 343, Pt. ZZZZ, §1 (AMD).