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2012 Maine Revised Statutes
TITLE 20-A: EDUCATION
Chapter 313: CAREER AND TECHNICAL EDUCATION
20-A §8467. Sale of career and technical education region capital assets


20-A ME Rev Stat § 8467 (2012 through 125th Legis) What's This?

Part 4: SPECIFIC EDUCATION PROGRAMS

Subpart 2: APPLIED TECHNOLOGY EDUCATION HEADING: PL 1991, C. 716, §5 (AMD)

Subchapter 4: CAREER AND TECHNICAL EDUCATION REGIONS

§8467. Sale of career and technical education region capital assets

1. Sale of capital assets. A region may sell any of its buildings, equipment or other capital assets if the sale is in compliance with the conditions of any indebtedness issued to finance such assets and if the sale is approved by the state board.

[ 1991, c. 518, §31 (AMD) .]

2. Use of proceeds of sale. The proceeds of a sale authorized by subsection 1 must be used as follows:

A. The proceeds of the sale must first be used to pay or assure payment of outstanding indebtedness on the capital asset; [1991, c. 518, §31 (AMD).]

B. Any remaining proceeds must then be used to meet outstanding obligations of the region; and [1991, c. 518, §31 (AMD).]

C. Any remaining proceeds must then be paid to the department. [1991, c. 518, §31 (AMD).]

[ 1991, c. 518, §31 (AMD) .]

SECTION HISTORY

1981, c. 693, §§5,8 (NEW). 1991, c. 518, §31 (AMD). 1991, c. 716, §6 (AMD). 2003, c. 545, §5 (REV).

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