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127th MAINE LEGISLATURE |
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LD 1360 |
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LR 819(01) |
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An Act To
Increase the Number of Science, Technology, Engineering and Mathematics
Professionals in Maine |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Volk of Cumberland |
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Committee: Education and Cultural Affairs |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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FY 2015-16 |
FY 2016-17 |
Projections FY 2017-18 |
Projections FY 2018-19 |
| Net Cost
(Savings) |
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General Fund |
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$10,000,000 |
$0 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$10,000,000 |
$0 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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This bill
establishes the Maine Science, Technology, Engineering and Mathematics Loan
Program within the Finance Authority of Maine (FAME) and provides a one-time
General Fund appropriation of $10,000,000 in fiscal year 2015-16 to
capitalize a newly created Maine Science, Technology, Engineering and
Mathematics Loan Fund within FAME to provide loans to students pursuing
undergraduate and graduate degrees in the fields of science, computer
science, technology, engineering and mathematics. |
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This legislation
also provides that interest earnings from the fund may be used to cover the
expenses incurred by FAME to administer the program and the fund. FAME has indicated that this provision will
allow for sufficient resources to cover the administrative costs and no
additional General Fund appropriations will be required. |
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