Sec. E-1. Authorization of financing for Department of Transportation headquarters building renovation. Pursuant to the Maine Revised Statutes, Title 5, section 1587, the Commissioner of Administrative and Financial Services may enter into a financing arrangement for the renovation and furnishing of the Department of Transportation headquarters building located in Augusta under which the principal for the financing agreements may not exceed $5,000,000. The rate of interest is estimated to be 6.0% over a 10-year period and to result in a total interest cost of approximately $1,651,233. The commissioner may encumber, mortgage or otherwise grant security interests in the building and real property appurtenant to the building. The annual costs of this agreement must be paid from the Highway Fund allocations to the Department of Administrative and Financial Services. An annual Highway Fund allocation is required for this purpose to meet principal and interest costs beginning in fiscal year 2002-03. The agreement must provide a nonallocation clause in the event funds are not allocated or that funds are not available for this purpose.
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