Bill > LD826

This bill authorizes the State of Maine to issue $10 million in general obligation bonds to establish the School Energy Savings Revolving Loan Fund, which will provide low-interest loans to school administrative units for energy efficiency and conservation projects. The fund will support improvements such as energy equipment upgrades, building insulation, heat recovery systems, clean energy generation, and heating/cooling system replacements. Loans will range from $50,000 to $1,000,000, with repayment terms up to 20 years, and must focus on projects with equipment and facility upgrades having a useful life of at least 10 years. The bill requires the Department of Education to administer the fund and work to maximize eligibility for federal tax credits and energy program funding, potentially consulting with the Governor's Energy Office and Efficiency Maine Trust. The bond issue is contingent on voter approval in a statewide referendum, where voters will be asked whether they support a $10 million bond issue to support energy and energy efficiency projects in Maine schools. If approved, the fund will be established as a non-lapsing, interest-earning revolving fund that can receive money from state appropriations, loan repayments, investment income, and other sources.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=826&snum=132