LD 2684
pg. 12
Page 11 of 15 An Act to Improve Oversight and Accountability of Student Loan Programs Funded ... Page 13 of 15
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LR 4144
Item 1

 
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.

 
Sec. 17. 20-A MRSA §11427, as enacted by PL 1987, c. 807, §3, is
amended to read:

 
§11427. Accounts and reports

 
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 must cover the
preceding fiscal year and shall must include a complete operating
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 must
be paid by the authority from funds available to it pursuant to
this chapter.

 
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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