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128th MAINE LEGISLATURE |
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LD 1163 |
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LR 145(01) |
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An Act To
Authorize a General Fund Bond Issue To Provide Funding for a Program of
Student Debt Payment and To Provide for the Establishment of That Program |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Libby of Androscoggin |
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Committee: Appropriations and Financial Affairs |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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| Current biennium cost increase - General Fund |
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| Bond Issues |
Term (years) |
Principal |
Rate (%) |
Interest |
Total Cost |
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General Fund - Taxable |
10 |
$250,000,000 |
4.75% |
$65,312,500 |
$315,312,500 |
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| Referendum
Costs |
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Month/Year |
Election Type |
Question |
Length |
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Nov-18 |
General |
Bond Issue |
Standard |
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The Secretary of
State's budget includes sufficient funds to accommodate one ballot of average
length for the general election in November.
If the number or size of the referendum questions requires production
and delivery of a second ballot, an additional appropriation of $107,250 may
be required. |
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| Fiscal Detail
and Notes |
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The Finance
Authority of Maine estimates its cost to establish and operate the Student
Debt Cancellation and Refinance Program to be between $750,000 and $1,000,000
per year, or between 3% and 4%, assuming annual bond activity of $25,000,000
per year over the 10 year period.
Because this legislation provides that a portion of the bond monies
may be used for administrative costs, no General Fund appropriations are
required. |
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