1.__Program loan repayment agreement.__A program loan repayment agreement may be given only to an individual who is employed in this State in an eligible employment position and who has met other eligibility criteria established by rules of the authority.

2.__Matching funds.__An eligible employer must provide matching funds to be used for program loan repayment in an amount equal to the amount of the program loan repayment to be provided by the authority.

§12527.__Payment provisions

The authority shall enter into program loan repayment agreements with individuals with eligible degrees, on terms and conditions acceptable to the authority, that at a minimum must require the individual and the individual's employer to certify annually, before payment of any installment by the authority under the program loan agreement, that the individual has been employed in an eligible employment position for the preceding 12-month period.__Payment of any installment by the authority must be made directly for credit to the individual's account at the financial institution certified by the individual as responsible for administration of that person's student loans.

§12528.__Nonlapsing revolving fund

1.__Creation of fund.__The Maine Engineers Recruitment and Retention Program Fund, referred to in this section as "the fund," is created as a nonlapsing, interest-earning, revolving fund to carry out the purposes of this chapter.__The fund must be deposited with, maintained and administered by the authority.__Any unexpended balance in the fund carries over for continued use under this chapter.__The authority may receive, invest and expend on behalf of the fund money from gifts, grants, bequests, loans and donations in addition to money appropriated or allocated by the State.__Money received by the authority on behalf of the fund, except interest income, must be used for the purposes of this chapter; interest income may be used for the purposes of this chapter or to pay administrative costs incurred by the authority, as determined appropriate by the authority.

2.__Administrative expenses.__Costs and expenses of maintaining, servicing and administering the fund and administering the program may be paid out of amounts in the fund.