University of Maine System Board of Trustees Meeting Minutes March 2026
Board Extends Master Lease Equipment Financing with Bank of America
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Description
The Board authorized continued use of its master lease agreement with Bank of America to finance up to $1.5 million in capital equipment on a tax-exempt basis. The reimbursement resolution enables the University of Maine System to reimburse prior equipment expenditures and structure future purchases under the lease.
Contract Details
Contract Amount
up to $1,500,000 aggregate; individual projects of $500,000 or more require separate Board approval
Vendor
BANK OF AMERICA
Agency
University of MSBT|Audit Committee, ME
Contract Type
FINANCIAL_SERVICES
Document Date
March 16, 2026
Renewal Info
Reimbursement resolution tied to the existing master lease agreement, permitting aggregate financings up to $1.5 million and reimbursement of eligible capital equipment expenditures made up to 60 days before approval.
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