H.P. 444 - L.D. 594
Resolve, Authorizing the Maine Technical College to Achieve Cost Savings through the Lease-purchase of Facilities
Sec. 1. Authorization of lease-purchase of buildings, equipment and real property for the Maine Technical College System. Resolved: That, in compliance with the Maine Revised Statutes, the Maine Technical College System is authorized to lease-purchase its current office space in Augusta, Maine together with related buildings, equipment and the site on which the buildings are located. The principal amount of the lease-purchase may not exceed $1,250,000. The interest rate must be approximately 5.6% and total interest costs may not exceed $735,000. The Maine Technical College System is authorized to encumber, mortgage or otherwise give security for the buildings, equipment and real property that are the subject of the lease-purchase in order to allow consummation of the lease-purchase and is authorized to transfer interests in real estate in order to provide for utility easements and other necessities. Any lease-purchase effected pursuant to this authorization must state that the Maine Technical College System may discontinue the lease-purchase in the event that annual appropriations of state funds necessary to pay for the lease-purchase, as determined by the system, are discontinued by the Legislature.
Effective September 19, 1997, unless otherwise indicated.
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