Sec.* C-3. Amended lease-purchase authorized for vehicles or equipment. Pursuant to the Maine Revised Statutes, Title 5, section 1587, the Department of Transportation, Motor Transport Service, is authorized to establish lease-purchase contracts for the procurement of vehicles or equipment. The term of the contracts may not be more than 7 years. The cumulative total principal value outstanding principal debt of the lease- purchase contracts may not exceed $12,000,000. The interest rate may not exceed 8% and total interest costs outstanding debt for interest may not exceed $2,880,000.

PART E

Sec. E-1. Highway Fund Salary Plan; lapsed balances. Notwithstanding any other provision of law, $4,000,000 in the Compensation and Benefit Plan, Highway Fund account in the Department of Administrative and Financial Services lapses to the unallocated balance of the Highway Fund in fiscal year 2002- 03.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

This bill does the following.

Part A makes allocations of funds for fiscal year 2002-03.

Part B makes allocations of funds for approved reclassifications and range changes.

Part C authorizes the Department of Administrative and Financial Services on behalf of the Department of the Secretary of State to 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.

It also authorizes the Department of Transportation to establish lease-purchase contracts for the procurement of vans, buses and other transportation vehicles.

Part D amends Public Law 1997, chapter 674, the authority for lease-purchase for engineering vehicles or equipment and other vehicles and equipment for Motor Transportation Service.