05-071-64 Me. Code R. § 6

Current through 2024-51, December 18, 2024

Section 071-64-6 - MAINE SCHOOL FACILITIES FINANCE PROGRAM LEASE-PURCHASE PROVISIONS

A. The Bank shall be responsible for the following:

1) The lease-purchase assistance program is for the lease-purchase of buildings only;

2) Only school administrative units approved for subsidy by the Department must participate in the lease-purchase assistance program;

3) Under the lease-purchase assistance program, the Bank shall establish a competitive bidding process for the financing of a lease-purchase agreement which takes into account the cost and reasonable terms and conditions of lease-purchase;

4) After the Department notifies the Bank that a school administrative unit is approved and eligible to acquire a school facility via a lease-purchase agreement, the Bank shall solicit quotations from two or more private institutions; and

5) After quotations for financing a lease-purchase agreement have been received by the Bank, the two lowest cost quotations shall be provided to the school administrative unit which shall retain the right to select the financing institution of its choice subject to the requirement of State law and local ordinance.

05-071 C.M.R. ch. 64, § 6