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extent possible, follow the rules and procedures with respect to | | the competitive bidding process set forth in Title 5, chapter 155, | | subchapter I-A.__The authority may not enter into any contract | | except after review of the proposals by the members and approval of | | the contract by the members after consideration of written | | recommendations of the executive director.__Rules adopted pursuant | | to this subsection are routine technical rules as defined in Title | | 5, chapter 375, subchapter II-A. |
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| | | Sec. 17. 20-A MRSA §11427, as enacted by PL 1987, c. 807, §3, is | | amended to read: |
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| | | §11427. Accounts and reports |
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| | | The authority shall keep full and accurate accounts of its | | activities and operations and shall, within 120 days after the | | end of each of its fiscal years, make and deliver a report to the | | Governor, the Speaker of the House, the President of the Senate | | and the joint standing committee of the Legislature having | jurisdiction over education. The report shall | preceding fiscal year and shall | | and financial statement for that year and a breakdown showing the | | geographic distribution and distribution between institutions of | | higher learning of its student loans among residents of this | | State.__The report must demonstrate that all revenues, including | | reserves, that are acquired with proceeds of tax-exempt bonds | | using a portion of the state ceiling on private activity bonds, | | are being used in a manner consistent with the public purpose for | | which the bonds are issued. The authority shall cause an audit | | of its books and accounts to be made at least once each year by | independent certified public accountants and the cost shall | | be paid by the authority from funds available to it pursuant to | | this chapter. |
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| | | Sec. 18. Study. The members of the Maine Educational Loan | | Authority, referred to in this section as "MELA," shall conduct a | | study and make recommendations with respect to the issue of | | whether the Maine Educational Loan Authority should be moved | | under the auspices of the Finance Authority of Maine or whether | | other changes to the structure and governance of MELA should be | | made. In conducting its study, the members of MELA shall consult | | with the Finance Authority of Maine as to the costs and other | | factors involved in moving MELA under its auspices. The members | | of MELA shall also examine the issue of MELA's need for statutory | | authority to delegate its powers and duties to a nonprofit | | corporation and recommend whether the language in the Maine | | Revised Statutes, Title 20-A, section 11417, subsection 1, | | paragraph H should be retained. A report and recommendations, | | including any necessary implementing legislation, must be | | submitted to the joint standing committee of the Legislature |
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