|
|
|
|
|
|
|
|
128th MAINE LEGISLATURE |
|
|
LD 1163 |
|
LR 145(04) |
|
|
|
An Act To
Authorize a General Fund Bond Issue To Provide Funding for a Program of
Student Debt Cancellation and Refinancing |
|
Fiscal Note for
Senate Amendment " " to Committee Amendment " " |
|
Sponsor: Sen. Libby of Androscoggin |
|
Fiscal Note Required: Yes |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Note |
|
|
|
|
|
|
|
| Bond Issues |
Term (years) |
Principal |
Rate (%) |
Interest |
Total Cost |
|
General Fund - Taxable |
10 |
$15,000,000 |
4.75% |
$3,918,750 |
$18,918,750 |
|
|
|
|
|
|
|
| Fiscal Detail
and Notes |
|
|
|
|
|
|
This amendment
increases the minority report by $15,000,000.
As amended the total amount of the bond is $40,000,000. |
|
Increasing the
bond amount from $25,000,000 to $40,000,000 will increase the estimated cost
to the Finance Authority of Maine to establish and operate the Student Debt
Cancellation and Refinance Program by between $45,000 and $60,000 per year,
or between 3% and 4%, assuming additional annual bond activity of $1,500,000
per year over the 10 year period. |
|
|
|
|
|
|
|