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ME LD826
Bill
AI Summary
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Authorizes a $10,000,000 general obligation bond issue to capitalize the School Energy Savings Revolving Loan Fund, subject to voter approval at a November statewide election
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Establishes the School Energy Savings Revolving Loan Fund as a nonlapsing, interest-earning revolving fund administered by the Department of Education
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Provides low-interest loans ranging from $50,000 to $1,000,000 to school administrative units for energy efficiency projects including equipment upgrades, building insulation improvements, and HVAC system replacements
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Requires funded equipment and facility upgrades to have a useful life of at least 10 years, with loan repayment terms of up to 20 years
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Bonds must be issued within 5 years of voter ratification and may not exceed a 10-year term; unexpended bond proceeds after 10 years lapse to retire general obligation bonds
Legislative Description
An Act to Authorize a General Fund Bond Issue to Establish the School Energy Savings Revolving Loan Fund
School Facilities
Last Action
CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
6/25/2025