An Act To Allow Municipalities To Establish Foundations To Support Education
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 30-A MRSA §5652, first ¶, as enacted by PL 1987, c. 737, Pt. A, §2 and Pt. C, §106 and amended by PL 1989, c. 6; c. 9, §2; and c. 104, Pt. C, §§8 and 10, is further amended to read:
The municipal officers may accept a donation of money to the municipality to supplement a specific appropriation already made, to reduce the tax assessment , to endow a municipal education foundation pursuant to section 5724, subsection 10 or to reduce the permanent debt.
Sec. 2. 30-A MRSA §5652, sub-§2 is enacted to read:
2. Funding municipal education foundations. A municipality may accept endowment funds from citizens, estates, municipal contributions and bond money to fund a municipal education foundation to support local education pursuant to section 5724, subsection 10. The foundation may not spend the funds until it meets certain growth standards recommended by the Executive Department, State Planning Office.
Sec. 3. 30-A MRSA §5724, sub-§10 is enacted to read:
10. Municipal education foundations. A municipal education foundation is established with the assistance of the Executive Department, State Planning Office and must contain the following provisions. A. The endowment of a municipal education foundation is funded by contributions by citizens, estates, municipalities and bond money if the foundation meets the Executive Department, State Planning Office standards pursuant to section 5652, subsection 2.
B. Trustees of a municipal education foundation must be citizens of the municipality and contain at least one member who is a teacher or administrator in the municipality’s education system to be a liaison between the school system and the municipal education foundation.
Sec. 4. Executive Department, State Planning Office to create template. The Executive Department, State Planning Office shall create a template for municipalities to use in establishing municipal education foundations pursuant to the Maine Revised Statutes, Title 30-A, section 5724, subsection 10. The template must include:
1. Recommendations for the structure of the board and bylaws of the municipal education foundation;
2. Standards for a municipality to have reached in order to qualify for endowment funds from any dedicated bond proceeds to act as seed money of at least $20,000 to begin the municipal education foundation; and
3. Recommendations of investment standards to the municipalities.
Effective September 20, 2007