Sec. 14. 30-A MRSA §6006-E, as enacted by PL 1997, c. 787, §13, is amended to read:

§6006-E. Maine school facilities finance lease-purchase program

In addition to and in furtherance of any other assistance available to a school administrative unit in this chapter, the bank, in cooperation with the Department of Education, shall establish a lease lease-purchase program for buildings to be used by all school administrative units whose school facility lease lease-purchase payments receive reimbursement, subsidy or other payment from the State. For the purposes of this section, a lease lease-purchase program is a system for awarding leases for a school administrative unit pursuant to a competitive bidding process. All proceeds from leases administered by the bank must be held and invested by the bank and paid to the school administrative unit to reimburse incurred costs associated with capital acquisitions, leases or improvements approved by the Department of Education.

Sec. 15. 30-A MRSA §6006-F, sub-§3, ¶B, as enacted by PL 1997, c. 787, §13, is amended to read:

B. To make loans to refund bonds or notes of a school administrative unit issued for the purpose of financing any repair to finance expenditures incurred after June 1, 1998 for repairs or renovations authorized under paragraph A and, certified under subsection 5, if sold after June 1, 1998 and initially approved by a school administrative unit on or after April 30, 1998;

SUMMARY

This bill accomplishes the following.

The bill clarifies the allocation of resources a school administrative unit will commit to a maintenance and capital improvement program for all school facilities within the school administrative unit to allow more flexibility in determining local allocation to maintenance and capital improvement plans and programs.