| 122nd MAINE LEGISLATURE | |||||||||
| LD 786 | LR 1687(01) | ||||||||
| An Act To Authorize a General Fund Bond Issue for Maine Resident College Graduates Employed in Maine | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Cummings of Portland | |||||||||
| Committee: Appropriations and Financial Affairs | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $105,200 | $60,000 | $60,000 | $60,000 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $105,200 | $60,000 | $60,000 | $60,000 | |||||
| Bond Issues | Term(years) | Principal | Rate (%) | Interest | Total Cost | ||||
| General Fund - Non-taxable | 10 | $50,000,000 | 3.7% | $10,175,000 | $60,175,000 | ||||
| Referendum Costs | Month/Year | Election Type | Question | Length | |||||
| Nov-05 | General | Referendum | Standard | ||||||
| The Secretary of State's budget includes sufficient funds to accommodate one ballot of average length for the general election in November. If the number or size of the referendum questions increases the ballot length, an additional appropriation of $8,000 or more may be required. | |||||||||
| Fiscal Detail and Notes | |||||||||
| The Finance Authority of Maine estimates the cost to administer the loan repayment program to be $105,200 in fiscal year 2005-06 and $60,000 per year beginning in fiscal year 2006-07. These estimates include one-time costs of $45,200 in fiscal year 2005-06 associated with rulemaking, printing and mailing costs, and programming costs to set up the database. The on-going costs to administer the program are estimated to be approximately $60,000 per year for the costs associated with eligibility determination, tax reporting, preparation of loan repayment agreements and annual programming updates. General Fund appropriations will be required beginning in fiscal year 2005-06. | |||||||||