20-A §15909. Financing
Title 20-A: EDUCATION
Part 7: SCHOOL FINANCE
Chapter 609: SCHOOL CONSTRUCTION
§15909. Financing
1. Rate of construction aid. A school administrative unit's initial local share of the total cost of a project shall be either 5% of the total cost or the equivalent of one mill multiplied by the unit's state valuation, whichever is less.
A. The one mill shall be calculated on the state valuation in effect at the time the project is first approved by the state board. [1981, c. 693, §§5,8 (NEW).]
B. The unit's initial local share shall be applied to the project costs during the period of construction. [1981, c. 693, §§5,8 (NEW).]
C. The unit's initial local share may be derived from local appropriations or gifts. [1981, c. 693, §§5,8 (NEW).]
D. The unit's initial local share shall not be considered an educational cost for inclusion in the unit's state-local allocation under chapter 605. [1983, c. 426, §5 (AMD).]
E. This subsection does not apply to projects approved in local referendum under section 15904 after June 30, 1985. [1985, c. 248, §8 (NEW).]
[ 1985, c. 248, §8 (AMD) .]
2. Bonds. A school administrative unit shall sell bonds in its name for the total cost of the project minus the amounts listed in paragraph A. Bond sales shall be consistent with rules adopted or amended by the state board.
A. The amount to be bonded shall be determined as follows. The total cost of the project shall be reduced by:
(2) Proceeds from insured losses;
(3) Money from federal sources; and
(4) Other noneducational funds, except gifts and money from federal revenue sharing sources. [1987, c. 803, §§3,5 (AMD).]
B. A school administrative unit may borrow money for projects in anticipation of bond sales. Borrowing shall be consistent with rules adopted or amended by the state board. [1981, c. 693, §§5,8 (NEW).]
[ 1987, c. 402, Pt. A, §133 (AMD); 1987, c. 803, §§3,5 (AMD) .]
3. Deductions; cost of project. Proceeds from insured losses, money from federal sources and other noneducational funds shall be deducted from the total cost of the project to determine the amount on which the state's share shall be calculated. Proceeds from gifts or moneys from federal revenue sharing sources shall be treated as local appropriations.
[ 1981, c. 693, §§5,8 (NEW) .]
4. Construction projects approved in fiscal year 1984-85. School administrative units which received voter approval on a school construction project in a referendum under section 15904 in fiscal year 1984-85 shall include the initial local share under subsection 1 in the total cost of the project under subsection 2, paragraph A.
[ 1985, c. 248, §10 (NEW) .]
SECTION HISTORY
1981, c. 693, §§5,8 (NEW). 1983, c. 426, §§5,6 (AMD). 1985, c. 248, §§8-10 (AMD). 1985, c. 506, §§B17,18 (AMD). 1987, c. 402, §A133 (AMD). 1987, c. 803, §§3,5 (AMD).