| | | 6.__University of Maine System; distribution formula.__The | | Board of Trustees of the University of Maine System shall ensure | | that money from the endowment fund distributed to the University | | of Maine System is allocated to each of the universities in | | proportion to the respective amounts of education funds and funds | | appropriated to the General Fund allocated to the various | | universities. |
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| | | 7.__Reduction prohibited.__Appropriations to the fund must be | | in addition to any other funds appropriated to the University of | | Maine System, the Maine Technical College System and the Maine | | Maritime Academy and may not be used to reduce appropriations for | | other purposes. |
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| | | Sec. 2. Appropriation. The following funds are appropriated from the | | General Fund to carry out the purposes of this Act. |
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| | | Provides funds to establish a nonlapsing fund | | to match qualified private donations for | | academic purposes at the University of Maine | | System, the Maine Technical College System and | | the Maine Maritime Academy. |
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| | | This bill establishes the Endowment Incentive Fund for the | | University of Maine System, the Maine Technical College System | | and the Maine Maritime Academy to benefit academic purposes at | | the various campuses of Maine's publicly assisted postsecondary | | education institutions. The bill encourages private fund raising | | at Maine's publicly assisted postsecondary institutions by | | allowing campus donors to multiply the value of their gifts | | through state matching funds. |
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| | | The bill requires the following. |
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| | | 1. The Endowment Incentive Fund is established as a | | nonlapsing fund. The State Treasurer is responsible for the | | custodial care of the fund and may deposit state funds pursuant | | to the Maine Revised Statutes, Title 5, section 135; the |
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