Whereas, this bill addresses housing shortages at the University of Maine at Fort Kent; and

Whereas, without immediate attention to these shortages, the University of Maine at Fort Kent could suffer a loss of students; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

Sec. 1. University of Maine System. Pursuant to the Maine Revised Statutes, Title 20-A, section 10952, subsection 7, the University of Maine System shall borrow money and issue evidences of indebtedness in an amount up to $8,750,000 to fund a dormitory to house up to 175 students at the University of Maine at Fort Kent. The financing may not exceed 15 years in duration and the interest rate may not exceed 6%.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

This bill requires the University of Maine System to borrow money and issue evidences of indebtedness in an amount up to $8,750,000 to fund a dormitory to house up to 175 students at the University of Maine at Fort Kent. This bill specifies that the financing may not exceed 15 years in duration and the interest rate may not exceed 6%.