Sec. KKK-1. PL 1999, c. 401, Pt. VV, §1 is amended to read:
Sec. VV-1. University of Maine System. Pursuant to the Maine Revised Statutes, Title 20-A, section 10952, subsection 7, the University of Maine System shall borrow money and issue evidences of indebtedness in an amount up to $25,000,000 to fund capital improvements to support research and development in the system. The financing agreement may not exceed 15 years in duration and the interest rate may not exceed 6 6.5%.
Sec. KKK-2. PL 1999, c. 401, Pt. VV, §2, under the caption "UNIVERSITY OF MAINE SYSTEM, BOARD OF TRUSTEES OF THE," in that part relating to "Debt Service - University of Maine System", is amended by amending the blocked paragraph to read:
Provides funds for the first of an estimated 15 years of debt service payments on $25,000,000 of university bonds to be issued in fiscal year 2000-01 for capital improvements to support research and development in the University of Maine System. The financing agreement may not exceed 15 years in duration and the interest rate may not exceed
6%6.5%. It is the intent of the Legislature that the University of Maine System absorb the additional debt service costs associated with an increase in the interest rate within its existing resources if the costs exceed the amounts appropriated for this purpose.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
