Maine Revised Statutes Title 20-A Sec. 15695 – Bonds; notes; other
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All bonds, notes or other evidences of indebtedness issued for school purposes by a school administrative unit for major capital expenses, bus purchases or current operating expenses, including tax or other revenue anticipation notes, are general obligations of the unit. [PL 2005, c. 2, Pt. D, §62 (NEW); PL 2005, c. 2, Pt. D, §§72, 74 (AFF); PL 2005, c. 12, Pt. WW, §18 (AFF).]
1. Tax assessments. The municipal officers or school board shall require the sums that are necessary to meet in full the principal of and interest on the bonds, notes or other evidences of indebtedness issued pursuant to this section payable in each year to be assessed and collected in the manner provided by law for the assessment and collection of taxes.
[PL 2005, c. 2, Pt. D, §62 (NEW); PL 2005, c. 2, Pt. D, §§72, 74 (AFF); PL 2005, c. 12, Pt. WW, §18 (AFF).]
Terms Used In Maine Revised Statutes Title 20-A Sec. 15695
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Commissioner: means the Commissioner of Education or the commissioner's designee. See Maine Revised Statutes Title 20-A Sec. 1
- Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72
- Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1
- School administrative unit: means a school administrative unit as defined by section 1, subsection 26, paragraphs A to G. See Maine Revised Statutes Title 20-A Sec. 15672
- School board: means the governing body with statutory powers and duties for a school administrative unit. See Maine Revised Statutes Title 20-A Sec. 1
- Year: means a fiscal year starting July 1st and ending June 30th of the succeeding year. See Maine Revised Statutes Title 20-A Sec. 15672
2. Reduction. The sums to be assessed and collected under subsection 1 must be reduced by the amount of an allocation of funds appropriated by the Legislature to pay the principal and interest owed by the school administrative unit in a given year as certified to the unit by the commissioner. The commissioner shall certify the amount due to the unit within 30 days of its appropriation by the Legislature.
[PL 2005, c. 2, Pt. D, §62 (NEW); PL 2005, c. 2, Pt. D, §§72, 74 (AFF); PL 2005, c. 12, Pt. WW, §18 (AFF).]
3. Collection. After assessment and reduction under subsection 2, the remaining sum must be paid from ad valorem taxes, which may be levied without limit as to rate or amount upon all the taxable property within the school administrative unit.
[PL 2005, c. 2, Pt. D, §62 (NEW); PL 2005, c. 2, Pt. D, §§72, 74 (AFF); PL 2005, c. 12, Pt. WW, §18 (AFF).]
SECTION HISTORY
PL 2005, c. 2, §D62 (NEW). PL 2005, c. 2, §§D72,74 (AFF). PL 2005, c. 12, §WW18 (AFF).