20-A §11427. Accounts and reports - Maine Statutes

Title 20-A: EDUCATION

Part 5: POST-SECONDARY EDUCATION

Chapter 417-A: MAINE EDUCATIONAL LOAN AUTHORITY HEADING: PL 1987, C. 807, §3 (NEW)

§11427. Accounts and reports

The authority shall keep full and accurate accounts of its activities and operations and shall, within 120 days after the end of each of its fiscal years, make and deliver a report to the Governor, the Speaker of the House, the President of the Senate and the joint standing committee of the Legislature having jurisdiction over education. The report must cover the preceding fiscal year and must include a complete operating and financial statement for that year and a breakdown showing the geographic distribution and distribution between institutions of higher learning of its student loans among residents of this State. The report must demonstrate that all revenues, including reserves, that are acquired with proceeds of tax-exempt bonds using a portion of the state ceiling on private activity bonds, are being used in a manner consistent with the public purpose for which the bonds are issued. The authority shall cause an audit of its books and accounts to be made at least once each year by independent certified public accountants and the cost must be paid by the authority from funds available to it pursuant to this chapter. [1999, c. 728, §17 (AMD).]

SECTION HISTORY

1987, c. 807, §3 (NEW). 1999, c. 728, §17 (AMD).