Sec. R-1. P&SL 1941, c. 37, §2, 2nd ¶, as amended by P&SL 1969, c. 57, is further amended to read:
The Maine Maritime Academy by action of its board may borrow money, not in excess of $4,000,000 $10,000,000 in the aggregate at any one time outstanding, make and issue negotiable notes, bonds and other evidences of indebtedness or obligations of the academy for the construction of dormitories, dining facilities, student union, and any other buildings and improvements, including land acquisition in connection therewith, and equipment and furnishings therefor, or in anticipation of appropriated state or federal funds, and secure the payment of such obligations or any part thereof by mortgaging its properties or pledging any part of its revenues, and do all other lawful things necessary and incidental to the foregoing powers. Maine Maritime Academy may borrow money or accept grants from federal and state governments and agencies thereof and from any other sources, or both. Such construction shall be under the supervision of the Bureau of Public Improvements General Services.
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