LD 1163 LR 145(04)
An Act To Authorize a General Fund Bond Issue To Provide Funding for a Program of Student Debt Cancellation and Refinancing
Fiscal Note for Senate Amendment " " to Committee Amendment " "
Sponsor: Sen. Libby of Androscoggin
Fiscal Note Required: Yes
Fiscal Note
Bond Issues Term (years) Principal Rate (%) Interest Total Cost
General Fund - Taxable 10 $15,000,000 4.75% $3,918,750 $18,918,750
Fiscal Detail and Notes
This amendment increases the minority report by $15,000,000.  As amended the total amount of the bond is $40,000,000.
Increasing the bond amount from $25,000,000 to $40,000,000 will increase the estimated cost to the Finance Authority of Maine to establish and operate the Student Debt Cancellation and Refinance Program by between $45,000 and $60,000 per year, or between 3% and 4%, assuming additional annual bond activity of $1,500,000 per year over the 10 year period.