Bill > LD242

This bill extends the maximum time period for certain school construction bonds from 25 to 30 years in two specific sections of Maine's school financing laws. Specifically, the bill modifies two existing statutes (20-A MRSA §1311, sub-§3, ¶B and 20-A MRSA §1490, sub-§3, ¶B) to allow school districts more flexibility in managing bond repayment periods when temporary notes are involved. The changes permit school districts to have bond issues and related temporary notes outstanding for up to 30 years, instead of the previous 25-year limit. This extension could provide schools with additional financial flexibility in funding construction and renovation projects by allowing for longer-term financing arrangements. The bill uses minor linguistic adjustments, such as changing "shall" to "may" and "shall be" to "is", which subtly modifies the legal tone while maintaining the core intent of the provision.

Education

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=242&snum=132