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or partially eligible as debt service costs for subsidy purposes | under section 15603 8 | | subparagraph (1) or subparagraph (3). "Permanent space lease- | | purchase project" does not mean the purchase, lease-purchase or | | construction of portable temporary classroom space, as defined in | section 1560319-A | of bus garage and maintenance facilities, as defined in section | 15603, subsection 6-A |
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| | | Sec. B-15. 20-A MRSA §15904, sub-§6, as enacted by PL 1999, c. 81, | | §12, is amended to read: |
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| | | 6. Permanent space lease-purchase projects. A permanent | | space lease-purchase project, as defined in section 15901, | | subsection 4-B, whose costs are wholly eligible as debt service | costs for subsidy purposes under section 15603 | 8 | | legislative body of the school administrative unit. A permanent | | space lease-purchase project whose lease-purchase costs are not | | eligible as debt service costs for subsidy purposes under section | 15603 8 | | favorable vote of the legislative body conducted in accordance | | with this section, except that subsection 4 does not apply. The | | vote may authorize the school board or school committee to enter | | into a mortgage, security interest or other encumbrance on the | | permanent space lease-purchase project determined to be necessary | | for the permanent space lease-purchase project. |
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| | | Sec. B-16. 20-A MRSA §15905, sub-§7, as enacted by PL 1997, c. 397, | | §1, is amended to read: |
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| | | 7. Interest-only interim local financing. Notwithstanding | | any provision of law or rule to the contrary, the state board may | | accelerate the dates on which it grants concept approval and | | funding approval for a school construction project that has been | | placed on the special priority list of the state board on the | | condition that the school administrative unit provide interest- | | only interim local financing for the project in accordance with | | this subsection. The period of interest-only interim local | | financing must be determined by the state board at the time | | concept approval is granted for a project and must be based on | | the time difference between the date that final funding approval | | is expected to be granted on an accelerated basis and the date | | that final funding approval would have been expected to be | | granted in the normal course. The period of interim local | | financing for a project may not exceed 5 years. |
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| | | Notwithstanding any provision of law or rule to the contrary, a | | school administrative unit, including a school administrative | | unit established by private and special law, authorized to issue |
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