Code of Maine Rules › 05 - DEPARTMENT OF EDUCATION › 071 - EDUCATION - GENERAL › Chapter 61 - STATE BOARD OF EDUCATION RULES FOR MAJOR CAPITAL SCHOOL CONSTRUCTION PROJECTS › Section 071-61-1 - DEFINITIONS

Current through 2024-29, July 17, 2024
For the purposes of this Chapter, the following terms have
				  the following meanings:
1. "Approved
				Projects List" - Projects from the Final Priority List that have been
				designated by the State Board of Education for funding.
2. "Arbitrage" - In the municipal market, the
				difference in interest earned on funds borrowed at a lower tax-exempt rate and
				interest on funds that are invested at a higher-yielding taxable rate. Under
				the 1986 Tax Act, with very few exceptions, arbitrage earnings must be rebated
				back to the federal government.
3.
				"Bond" - The written evidence of debt, bearing a stated rate or stated rates of
				interest, or stating a formula for determining that rate, that matures on a
				date certain on which date and upon presentation a fixed sum of money plus
				interest is payable to the holder or owner.
4. "Bond Anticipation Note (BAN)" - A note
				issued in anticipation of a later issuance of bonds, usually payable from the
				proceeds of the sale of the bonds or of renewal notes. BANs can also be general
				obligations of the issuer. A general obligation bond is a bond secured by the
				pledge of the issuer's full faith, credit, and taxing power.
5. "Bond Bank" - The Maine Municipal Bond
				Bank created by
				30-A M.R.S.A.
				§5951. The Bond Bank may make loans to
				an SAU to promote efficient capital financing activities for the construction,
				renovation and maintenance of school facilities.
6. "Career and Technical Education" - A
				course or program of education designed to create or improve job-related skills
				that is part of a secondary school curriculum and approved by the commissioner
				according to
				20-A M.R.S.A.
				§8301-A(2-A).
7. "Career and Technical Education Center "-
				An administrative entity established pursuant to this chapter that provides
				career and technical education to secondary students. Unless otherwise
				specifically provided for by
				20-A M.R.S.A.
				§8301-A(3). For
				purposes of this chapter, a center is governed, operated and administered by a
				single SAU. A center shall make its programs available to serve secondary
				students from SAUs with which it is affiliated. A center may include within its
				administrative structure career and technical education satellite programs
				operated by SAUs with which it is affiliated.
8. "Career and Technical Region" - A
				quasi-municipal corporation established by the Legislature to provide career
				and technical education to secondary students that is comprised of all the SAUs
				within the geographical boundaries set forth for each career and technical
				education region in
				20-A M.R.S.A.
				§8451. A region is governed by a
				cooperative board formed and operating in accordance with 20-A M.R.S.A. Chapter
				313.
9. "Commissioning" - A
				systematic documented process by an independent entity which shall include
				visual examination and functional performance testing to demonstrate that
				installed components or systems meet the intent of the original
				design.
10. "Completed Building
				Project" - The project is considered completed when all punch list items are
				completed; all invoices have been paid; all existing litigation/arbitration
				issues have been resolved; all applicable arbitrage computations have been
				prepared by bond counsel, the SAU auditor, or other authorized person; and no
				further financial transactions are anticipated. Where required, certificates of
				occupancy shall have been obtained.
11. "Compliance Review" - An examination of
				the SAU's school construction project. For purposes of
				20-A M.R.S.A.
				§15909(6) audit is
				referred to herein as compliance review.
12. "Compliance Review Staff" - Staff within
				the Department of Education having the responsibility of reviewing an SAU's
				records relating to a school construction project.
13. "Concept Approval" - The initial approval
				of a school construction project by the State Board which indicates:
A. Acknowledgement of the local
				need;
B. Approval of the
				preliminary design;
C. Approval of
				estimated costs; and
D. The State
				Board's intent to issue Design and Funding Approval subject to a favorable
				local vote and approval of final cost estimates.