Maine Revised Statutes Title 20-A Sec. 1505 – Bonds; notes; other
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All bonds, notes or other evidences of indebtedness issued for regional school unit purposes by a regional school unit for major capital expenses, bus purchases or current operating expenses, including tax or other revenue anticipation notes, are general obligations of the regional school unit. [PL 2007, c. 240, Pt. XXXX, §13 (NEW).]
1. Tax assessments. The municipal officers or regional school unit board shall require the sums that are necessary to meet in full the principal of and interest on the bonds, notes or other evidences of indebtedness issued pursuant to this section payable in each year to be assessed and collected in the manner provided by law for the assessment and collection of taxes.
[PL 2007, c. 240, Pt. XXXX, §13 (NEW).]
Terms Used In Maine Revised Statutes Title 20-A Sec. 1505
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Commissioner: means the Commissioner of Education or the commissioner's designee. See Maine Revised Statutes Title 20-A Sec. 1
- Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72
- Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1
- Regional school unit: means the state-approved unit of school administration as established pursuant to chapter 103?A. See Maine Revised Statutes Title 20-A Sec. 1
- Regional school unit board: means the board of directors that is the governing body with statutory powers and duties of a regional school unit. See Maine Revised Statutes Title 20-A Sec. 1
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Reduction. The sums to be assessed and collected under subsection 1 must be reduced by the amount of an allocation of funds appropriated by the Legislature to pay the principal and interest owed by the regional school unit in a given year as certified to the regional school unit by the commissioner. The commissioner shall certify the amount due to the regional school unit within 30 days of its appropriation by the Legislature.
[PL 2007, c. 240, Pt. XXXX, §13 (NEW).]
3. Collection. After assessment and reduction under subsection 2, the remaining sum must be paid from ad valorem taxes, which may be levied without limit as to rate or amount upon all the taxable property within the regional school unit.
[PL 2007, c. 240, Pt. XXXX, §13 (NEW).]
SECTION HISTORY
PL 2007, c. 240, Pt. XXXX, §13 (NEW).