An Act To Require That Seed Money Generated at an Individual College of the Maine Community College System Be Returned to That College for the Purpose of Enhancement
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 20-A MRSA §12706, sub-§6, as enacted by PL 1985, c. 695, §11, is amended to read:
6. Loans and grants. To receive and accept, from any source, loans, aid or contributions of money, property, labor or other things of value to be held, used or applied to carry out the purposes of this chapter, subject to the conditions upon which the loans, grants and contributions may be made, including, but not limited to, loans, grants or gifts from any federal agency or governmental subdivision or the State and its agencies . Any seed money received as a result of the efforts of one college must be returned to that college to be used for the benefit of that college;
SUMMARY
This bill requires that seed money received as a result of the efforts of an individual college of the Maine Community College System be returned to and used to benefit that college.