Sec. 1. 20-A MRSA c. 419-E is enacted to read:

CHAPTER 419-E

MAINE EDUCATION FOUNDATION

§11701.__Establishment

The Maine Education Foundation, referred to in this chapter as the "foundation," is established to foster, support and assist qualified residents of the State with the resources necessary to participate in postsecondary education programs, including employment opportunities in this State, and to assist in economic revitalization efforts in the State.__The foundation shall carry out its purposes in complement to and in coordination with the postsecondary financing, student financial assistance and educational attainment activities of State Government, the Federal Government, institutions of higher education in the State and the private sector.

The foundation exists as a nonprofit corporation with a public purpose, and the exercise by the foundation of the powers conferred by this chapter is deemed an essential governmental function.

§11702.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Academic achievement.__"Academic achievement" means graduation in the top 25% of a class of graduating high school seniors or earning a grade point average of 2.5 or more, based on a 4.0 grade point system, or the equivalent, for currently enrolled college students and all other postsecondary applicants.__ Eligibility for applicants not currently enrolled must be based upon their most recent cumulative grade point average.

2.__Board of directors; board.__"Board of directors" or "board" means the board of directors of the foundation.

3.__Chief executive officer.__"Chief executive officer" means the chief executive officer of the foundation.

4.__College students.__"College students" means those students who graduated from a high school in the State or the equivalent and are residents of the State or who did not graduate