§12523.__Maine Engineers Recruitment and Retention Advisory

Committee established

The Maine Engineers Recruitment and Retention Advisory Committee, referred to in this section as the "committee," is established.__The committee shall assist the chief executive officer of the authority in determining recipients annually.__The committee consists of the following 5 members appointed by the chief executive officer:

1.__University of Maine System.__One member representing the University of Maine System recommended by the Chancellor of the University of Maine System;

2.__Maine engineers.__Two members, each representing a statewide organization representing engineers in the State; and

3.__Public members.__Two members of the public representing a variety of businesses that employ engineers to perform a substantial part of their business.

Members serve for terms of 3 years and may be reappointed.

Members of the advisory committee are compensated in accordance with Title 5, chapter 379.

§12524.__Loan repayment agreement recipients

Each year eligible employers seeking to fill eligible employment positions may apply on behalf of individuals with an eligible degree seeking eligible employment positions who have outstanding loans from financial institutions to obtain one or more program loan repayment agreements.__Applications must be submitted to the authority at a time and in a format to be determined by the authority.

§12525.__Maximum loan repayment; participation

The maximum program loan repayment amount available to each employee is $2,500 per year, for a maximum of 4 years.__No more than 10 program loan repayment agreements may be awarded in any year.

§12526.__Eligibility requirements

1.__Program loan repayment agreement.__A program loan repayment agreement may be given only to an individual who is employed in this State in an eligible employment position and who has met other eligibility criteria established by rules of the authority.

2.__Matching funds.__An eligible employer must provide matching funds to be used for program loan repayment in an amount equal to the amount of the program loan repayment to be provided by the authority.

§12527.__Payment provisions

The authority shall enter into program loan repayment agreements with eligible students, on terms and conditions acceptable to the authority, which at a minimum must require the student and the student's employer to certify annually, before payment of any installment by the authority under the program loan agreement, that the student has been employed in an eligible employment position for the preceding 12-month period.__Payment of any installment by the authority must be made directly for credit to the student's account at the financial institution certified by the student as responsible for administration of that person's student loans.

§12528.__Nonlapsing revolving fund

1.__Creation of fund.__The Maine Engineers Recruitment and Retention Program Fund, referred to in this section as the "fund," is created as a nonlapsing, interest-earning, revolving fund to carry out the purposes of this chapter.__The fund must be deposited with, maintained and administered by the authority.__ Any unexpended balance in the fund carries over for continued use under this chapter.__The authority may receive, invest and expend on behalf of the fund money from gifts, grants, bequests, loans and donations in addition to money appropriated or allocated by the State.__Money received by the authority on behalf of the fund, except interest income, must be used for the purposes of this chapter; interest income may be used for the purposes of this chapter or to pay administrative costs incurred by the authority, as determined appropriate by the authority.

2.__Administrative expenses.__Costs and expenses of maintaining, servicing and administering the fund and administering the program may be paid out of amounts in the fund.

§12529.__Rules

The authority shall adopt rules to implement this chapter.__ Rules adopted by the authority pursuant to this chapter are routine technical rules pursuant to Title 5, chapter 375, subchapter II-A.

SUMMARY

This bill establishes the Maine Engineers Recruitment and Retention Program to provide financial assistance and incentives to any graduate of a college of engineering within the University of Maine System to become an employee in an engineering position in the State. The program provides loan repayment to up to 10 eligible engineers working in Maine businesses. The employers who apply for the loan repayment funds must match all funds received by their employees. The program is administered by the Finance Authority of Maine with assistance in determining recipients from an advisory committee.