Maine Revised Statutes Title 20-A Sec. 8467 – Sale of career and technical education region capital assets
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1. Sale of capital assets. A region may sell any of its buildings, equipment or other capital assets if the sale is in compliance with the conditions of any indebtedness issued to finance such assets and if the sale is approved by the state board.
[PL 1991, c. 518, §31 (AMD).]
Terms Used In Maine Revised Statutes Title 20-A Sec. 8467
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
- Region: means a quasi-municipal corporation established by the Legislature to provide career and technical education to secondary students and middle school level students that is comprised of all the school administrative units within the geographical boundaries set forth for each career and technical education region in section 8451. See Maine Revised Statutes Title 20-A Sec. 8301-A
- State board: means the State Board of Education. See Maine Revised Statutes Title 20-A Sec. 1
2. Use of proceeds of sale. The proceeds of a sale authorized by subsection 1 must be used as follows:
A. The proceeds of the sale must first be used to pay or assure payment of outstanding indebtedness on the capital asset; [PL 1991, c. 518, §31 (AMD).]
B. Any remaining proceeds must then be used to meet outstanding obligations of the region; and [PL 1991, c. 518, §31 (AMD).]
C. Any remaining proceeds must then be paid to the department. [PL 1991, c. 518, §31 (AMD).]
[PL 1991, c. 518, §31 (AMD).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1991, c. 518, §31 (AMD). PL 1991, c. 716, §6 (AMD). PL 2003, c. 545, §5 (REV).