Maine Revised Statutes Title 20-A. Education § 15909. Financing

1. Repealed. Laws 2011, c. 678, § C-4.

2. Bonds. A school administrative unit shall sell bonds in its name for the total cost of a school construction project minus the amounts listed in paragraph A. Bond sales must be consistent with rules adopted or amended by the state board.

3. Deductions; cost of project. Proceeds from insured losses, money from federal sources and other noneducational funds must be deducted from the total cost of a school construction project to determine the amount on which the state's share must be calculated. Proceeds from gifts or moneys from federal revenue sharing sources must be treated as local appropriations.

4. Repealed. Laws 2011, c. 678, § C-7.

5. Records. All records for a school construction project must be kept for 7 years after the final compliance review.

6. Compliance review. All records for state-funded school construction projects must be reviewed for compliance by department staff or certified public accountants under contract with the department.