Sec. N-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, Office of Information Technology may enter into financing arrangements on or after January 1, 2007 for the acquisition of hardware and software for the computer system in the Department of the Secretary of State, Bureau of Motor Vehicles. The financial agreements may not exceed 5 years in duration and $2,250,000 in principal costs. The interest rate may not exceed 7% and the interest cost may not exceed $460,000. Annual principal and interest costs must be paid from the appropriate line category allocations in the Department of the Secretary of State.