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131st MAINE LEGISLATURE |
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LD 1472 |
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LR 1569(01) |
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Resolve, Directing
the Department of Education and the Maine Municipal Bond Bank to Amend Their
Rules Regarding the Maine School Facilities Finance Program and the School
Revolving Renovation Fund |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Sen. Ingwersen of York |
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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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Increases maximum total loans issued - School Revolving
Renovation Fund
Increases maximum loan amount issued per priority - School Revolving
Renovation Fund |
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| Fiscal Detail
and Notes |
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Increasing the
maximum amount of total loans from the School Revolving Renovation Fund for
repairs, renovations and improvement projects for school buildings that may
be outstanding at one time from $4.0 million to $8.0 million will increase
the amount of funding available for eligible priority projects. According to the Department of Education,
the current balance in the Fund is $7.824 million. Increasing the maximum loan amount for each
priority project from $1.0 million to $2.0 million may reduce the number of
projects that can be funded. |
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Additional costs
to the Maine Municipal Bond Bank and the Department of Education associated
with rulemaking can be absorbed within existing budgeted resources. |
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