Sec. B-1. Lease-purchase authorization. Resolved: That notwithstanding the Maine Revised Statutes, Title 5, section 1587, the Commissioner of Administrative and Financial Services on behalf of the Department of Education may enter into lease-purchase contracts or other financing arrangements in fiscal years 2003-04 and 2004-05 for the acquisition of school buses to replace 43 Carpenter buses that must be removed from service for safety reasons. The financing agreements may not exceed 7 years in duration and $2,500,000 in principal costs. The interest rate may not exceed 6% and the total interest costs may not exceed $595,000. The annual principal and interest costs must be paid from the appropriate line-category allocations in the Department of Education.
Effective September 13, 2003, unless otherwise indicated.
| Revisor of Statutes Homepage | Subject Index | Search | 121st Laws of Maine | Maine Legislature |
