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eligible as debt service costs for subsidy purposes under section | | 15603, subsection 8, paragraph B must receive a favorable vote of | | the legislative body conducted in accordance with this section, | | except that subsection 4 does not apply.__The vote may authorize | | the school board or school committee to enter into a mortgage, | | security interest or other encumbrance on the permanent space | | lease-purchase project determined to be necessary for the permanent | | space lease-purchase project. |
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| | | Sec. 13. 20-A MRSA §15905, sub-§1, as amended by PL 1997, c. 469, §2, | | is further amended to read: |
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| | | 1. Approval authority. The state board must approve each | | school construction project, unless it is a small scale school | | construction project as defined in section 15901, subsection 4- | A, or | | a permanent space lease-purchase project. |
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| | | A. The state board may approve projects as long as no | | project approval will cause debt service costs, as defined | | in section 15603, subsection 8, paragraph A, to exceed the | | maximum limits specified in Table 1 in subsequent fiscal | | years. |
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| | | Fiscal year | Maximum Debt Service Limit |
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| | | A-1. Beginning with the second regular session of the | | Legislature in fiscal year 1990 and every other year | | thereafter, on or before March 1st, the commissioner shall | | recommend to the Legislature and the Legislature shall | | establish maximum debt service limits for the next biennium | | for which debt service limits have not been set. |
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| | | B. Nonstate funded projects, such as school construction | | projects or portions of projects financed by proceeds from |
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