Sec. NN-1. Department of Administrative and Financial Services; lease-purchase authorization. Pursuant to the Maine Revised Statutes, Title 5, section 1587, the Department of Administrative and Financial Services upon advising the State Treasurer may enter into financing arrangements for the acquisition of motor vehicles for the Central Motor Pool in fiscal years 1997-98 and 1998-99. The financing agreements in fiscal year 1997-98 and 1998-99 may not exceed 4 years in duration and $3,000,000 in principal costs each year. The interest rate may not exceed 6% and total interest costs may not exceed $450,000 per agreement. The annual principal and interest costs must be paid from the appropriate line category allocations in the Central Motor Pool Internal Service Fund account.
Sec. NN-2. Transfer of funds. Notwithstanding any other provision of law, the State Controller may transfer $1,150,000 from the Bureau of Banking - Securities Division account in the Department of Professional and Financial Regulation to General Fund undedicated revenue no later than June 30, 1998.
Sec. NN-3. Carrying balance. Any unencumbered balance remaining on June 30, l997 in the General Fund "Elderly Householders' Tax Refund Program" in the Department of Administrative and Financial Services may not lapse but must be carried forward to June 30, l998 to be used for the same purpose.
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