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127th MAINE LEGISLATURE |
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LD 1360 |
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LR 819(02) |
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An Act To Increase
the Number of Science, Technology, Engineering and Mathematics Professionals
in Maine |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Education and Cultural Affairs |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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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
makes the implementation of the loan program contingent upon an additional
$40,199,613 being appropriated in fiscal year 2015-16 to the General Purpose
Aid for Local Schools program within the Department of Education and an
additional $2,000,000 in fiscal year 2015-16 and $4,000,000 in fiscal year
2016-17 being appropriated to the Maine Community College System as part of
LD 1019, the 2016-2107 biennial budget.
Before final enactment in the Senate, this bill will be placed on the
Special Appropriations Table to await final legislative actions on the
budget, when it will be known whether or not the contingency requirements in
this bill have been met and if this legislation can move forward. |
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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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