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INFORMATONAL LETTER: 105
POLICY CODE: FD
TO: Superintendents of Schools
FROM: Susan A. Gendron, Commissioner
DATE: February 22, 2006
RE: School Revolving Renovation Fund
This Informational Letter is intended to provide you with an update on the current status of the Revolving Renovation Fund and to alert you to its immediate limitations. At present, funding for projects that are under construction and encumbrances for projects that have recently been approved have resulted in a low account balance.
Consequently, I find it necessary to temporarily suspend acceptance of new project applications. An exception will be made for projects that address emergency situations only. Projects that have received approval but the certificates for which have expired without initiation of construction will have their approvals withdrawn. The funds that had been dedicated for these projects will be unencumbered and returned to the School Revolving Renovation account. I am also planning to request supplemental funding from the Legislature to provide additional capital for new loans.
If through the retrieval of encumbered funds, loan repayments, and other sources the account balance reaches a level that can again fund Priority 1 and Priority 2 projects, I will ask my staff to resume the review and rating process for existing and new applications.
The School Revolving Renovation Fund has assisted school districts across the State in addressing serious health and safety issues and providing better learning environments for Maine students. I will make every effort to ensure continued funding for this important program.
For further information, please contact Ed Antz, Education Specialist, at (207) 624-6886 or by email at firstname.lastname@example.org .