§1610-N. Additional securities; career and technical education centers and regions
(REALLOCATED FROM TITLE 4, SECTION 1610-M)
1. Additional securities. Notwithstanding any limitation on the amount of securities that may be issued pursuant to section 1606, subsection 2, the authority may issue additional securities in an aggregate amount not to exceed $20,000,000 for equipment purchases to career and technical education centers and career and technical education regions in accordance with this section, and the additional securities must be used for those purposes.
[PL 2021, c. 398, Pt. SSSS, §6 (NEW); RR 2021, c. 1, Pt. A, §2 (RAL).]
2. Delegation. The authority may delegate those powers that may be delegated to the Department of Administrative and Financial Services, Bureau of General Services pursuant to section 1604, subsection 26 to the career and technical education region cooperative board, as defined in Title 20-A, section 1, subsection 6, or the school administrative unit that governs a career and technical education center subject to the same terms and conditions.
[PL 2021, c. 398, Pt. SSSS, §6 (NEW); RR 2021, c. 1, Pt. A, §2 (RAL).]
3. Issuance. The authority may not issue any additional securities pursuant to this section after June 30, 2023.
[PL 2021, c. 398, Pt. SSSS, §6 (NEW); RR 2021, c. 1, Pt. A, §2 (RAL).]
4. Report. The authority shall report to the joint standing committee of the Legislature having jurisdiction over education and cultural affairs upon the allocation of all bond proceeds pursuant to this section. The joint standing committee of the Legislature having jurisdiction over education and cultural affairs may report out a bill to repeal this section and any related provisions of law upon receipt of that report.
[PL 2021, c. 398, Pt. SSSS, §6 (NEW); RR 2021, c. 1, Pt. A, §2 (RAL).]
5. Department of Education national industry standards evaluation. A career and technical education center or career and technical education region may submit an application for a project, projects or part of any project to the Department of Education. The Department of Education shall establish criteria, including an evaluation pursuant to Title 20-A, section 15688-A, subsection 6, for the approval of any project, projects or part of any project. The Department of Education shall notify the authority of any approved project, projects or part of any project under this subsection.
[PL 2021, c. 398, Pt. SSSS, §6 (NEW); RR 2021, c. 1, Pt. A, §2 (RAL).]
6. Debt service. Debt service costs for bonds issued by the authority to career and technical education centers and career and technical education regions for equipment purchases pursuant to this section must be paid by the State. On or before September 1st of each year, the authority shall prepare and submit to the Department of Education estimates of the appropriation requirements necessary to pay the debt service for each fiscal year of the ensuing biennium for bonds issued by the authority to career and technical education centers and career and technical education regions for equipment purchases.
Debt service costs must be paid by the Commissioner of Education to the authority according to each career and technical education center's or career and technical education region's debt retirement schedule developed by the authority.
All debt service costs must be paid by the Commissioner of Education to the authority one business day prior to the date of the career and technical education center's or career and technical education region's next debt service cost payment as outlined in the career and technical education center's or career and technical education region's debt retirement schedule. If the payment date falls on a Monday, payment must be made to the authority on the preceding Friday.
[PL 2021, c. 398, Pt. SSSS, §6 (NEW); RR 2021, c. 1, Pt. A, §2 (RAL).]
SECTION HISTORY
PL 2021, c. 398, Pt. SSSS, §6 (NEW). RR 2021, c. 1, Pt. A, §2 (RAL).