| 122nd MAINE LEGISLATURE | |||||||||
| LD 1655 | LR 2321(01) | ||||||||
| An Act To Establish the Maine Graduate Retention Loan Program | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Sen. Diamond of Cumberland | |||||||||
| Committee: Education and Cultural Affairs | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Undetermined current biennium cost increase - General Fund | |||||||||
| Fiscal Detail and Notes | |||||||||
| This bill establishes the Maine Graduate Retention Loan Program to be administered by the Finance Authority of Maine and creates a nonlapsing, interest-earning, revolving fund which is authorized to receive money from gifts, grants, bequests and donations in addition to money appropriated or allocated by the State in order to carry out the purposes of the program. The bill also allows the administrative costs incurred by the Authority to be paid out of the revolving fund. However, this legislation does not identify a source of funding for the program so it is not clear whether there are funds available from these sources to capitalize the fund or to provide ongoing support for the program. The Finance Authority of Maine has estimated the cost to establish and administer the program to be $55,200 in fiscal 2005-06 and $25,000 per year beginning in fiscal year 2006-07 for the ongoing administrative costs. | |||||||||