Sec. C-1. Lease-purchase authorization; Department of Administrative and Financial Services. Pursuant to the Maine Revised Statutes, Title 5, section 1587, the Department of Administrative and Financial Services on behalf of the Department of the Secretary of State may enter into financing arrangements for the acquisition of software and systems for a motor vehicle database and computer system to support the operations of the Department of the Secretary of State as approved in Public Law 2001, chapter 361, section 35. The financing agreements may not exceed 5 years in duration and $6,500,000 in principal costs. The interest rate may not exceed 5% and the total interest costs may not exceed $977,000. The annual principal and interest costs must be paid from the appropriate line category allocations in the Department of the Secretary of State.
Sec. C-2. Lease-purchase authorized for vans, buses and other transportation vehicles involved with public transit. Pursuant to the Maine Revised Statutes, Title 5, section 1587, the Department of Transportation, Special Revenue Fund, is authorized to establish lease-purchase contracts for the procurement of vans, buses and other transportation vehicles. The term of the contracts may not be more than 8 years. The outstanding principal debt may not exceed $1,000,000. The interest rate may not exceed 8% and outstanding debt for interest may not exceed $240,000.
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