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131st MAINE LEGISLATURE |
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LD 280 |
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LR 251(01) |
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An Act to Make
Maine Schools Safer and Healthier by Increasing the Maximum Debt Service
Limit |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Millett of Cape Elizabeth |
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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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| Future biennium cost increase - General Fund |
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| Fiscal Detail
and Notes |
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Increasing the
major capital maximum debt service limit for school construction projects
from $150 million to $250 million beginning in fiscal year 2023-24 will not
increase the total state and local cost of K-12 public education or the
State's share of that cost in the 2024-2025 biennium. According to the
Department of Education, sufficient lead time is not available to bring new
projects online that would require funding for additional debt service
payments until fiscal year 2026-27 at the earliest. |
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The increased
total cost of K-12 public education in fiscal year 2026-27 and beyond from
increasing the debt service limit will depend on the number of projects
approved and the debt service required for those projects. Unless additional
funds are appropriated to cover the increased costs, the distribution of
state subsidy to local school administrative units may be impacted. |
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