Maine Revised Statutes Title 20-A Sec. 15909 – Financing
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1. Rate of construction aid.
[PL 2011, c. 678, Pt. C, §4 (RP).]
Terms Used In Maine Revised Statutes Title 20-A Sec. 15909
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- School administrative unit: means a school administrative unit as defined by section 1, subsection 26 and a career and technical education region as defined by section 8301-A, subsection 6, except that in section 15907, the reference to "unit" or "school administrative unit" means a unit within a career and technical education region. See Maine Revised Statutes Title 20-A Sec. 15901
- School construction project: means :
A. See Maine Revised Statutes Title 20-A Sec. 15901State board: means the State Board of Education. See Maine Revised Statutes Title 20-A Sec. 1
2. Bonds. A school administrative unit shall sell bonds in its name for the total cost of a school construction project minus the amounts listed in paragraph A. Bond sales must be consistent with rules adopted or amended by the state board.
A. The amount to be bonded must be determined as follows. The total cost of the project must be reduced by:
(2) Proceeds from insured losses;
(3) Money from federal sources; and
(4) Other noneducational funds, except gifts and money from federal revenue sharing sources. [PL 2011, c. 678, Pt. C, §5 (AMD).]
B. A school administrative unit may borrow money for projects in anticipation of bond sales. Borrowing must be consistent with rules adopted or amended by the state board. [PL 2011, c. 678, Pt. C, §5 (AMD).]
[PL 2011, c. 678, Pt. C, §5 (AMD).]
3. Deductions; cost of project. Proceeds from insured losses, money from federal sources and other noneducational funds must be deducted from the total cost of a school construction project to determine the amount on which the state’s share must be calculated. Proceeds from gifts or moneys from federal revenue sharing sources must be treated as local appropriations.
[PL 2011, c. 678, Pt. C, §6 (AMD).]
4. Construction projects approved in fiscal year 1984-85.
[PL 2011, c. 678, Pt. C, §7 (RP).]
5. Records. All records for a school construction project must be kept for 7 years after the final compliance review.
[PL 2013, c. 167, Pt. B, §6 (AMD).]
6. Compliance review. All records for state-funded school construction projects must be reviewed for compliance by department staff or certified public accountants under contract with the department.
[PL 2013, c. 167, Pt. B, §6 (AMD).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1983, c. 426, §§5,6 (AMD). PL 1985, c. 248, §§8-10 (AMD). PL 1985, c. 506, §§B17,18 (AMD). PL 1987, c. 402, §A133 (AMD). PL 1987, c. 803, §§3,5 (AMD). PL 2011, c. 678, Pt. A, §8 (AMD). PL 2011, c. 678, Pt. C, §§4-7 (AMD). PL 2013, c. 167, Pt. B, §6 (AMD).