CHAPTER 41

S.P. 549 - L.D. 1707

An Act to Authorize a General Fund Bond Issue in the Amount

of $15,000,000 to Capitalize the School Revolving

Renovation Fund for Repairs and Improvements in Public

School Facilities to Address Health, Safety and Compliance

Deficiencies, General Renovation Needs and Learning Space

Upgrades

Preamble. Two thirds of both Houses of the Legislature deeming it necessary in accordance with the Constitution of Maine, Article IX, Section 14 to authorize the issuance of bonds on behalf of the State of Maine to provide funds to further capitalize the School Revolving Renovation Fund for repair and improvements to school facilities that will address serious health, safety and compliance deficiencies and provide assistance for general renovations and learning space upgrades in the State's public school facilities.

Be it enacted by the People of the State of Maine as follows:

Sec. 1. Authorization of bonds to make capital repairs and improvements in public school facilities. The Treasurer of State is authorized, under the direction of the Governor, to issue bonds in the name and on behalf of the State in an amount not exceeding $15,000,000 for the purpose of raising funds to capitalize the School Revolving Renovation Fund for repairs and improvements to public schools to address serious health, safety and compliance deficiencies including those related to indoor air quality, roof system integrity, asbestos and accessibility; to support other repairs and improvements related to the school's structural integrity, heating system, doors and windows; and to provide for other learning space upgrades such as improvements to science laboratories, vocational space and increased classroom flexibility as authorized by section 6. The bonds are a pledge of the full faith and credit of the State. The bonds may not run for a period longer than 10 years from the date of the original issue of the bonds. At the discretion of the Treasurer of State, with the approval of the Governor, any issuance of bonds may contain a call feature.

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