Sec. E-1. PL 1997, c. 674, Pt. C, §§2 and 3 are amended to read:
Sec. C-2. Amended lease-purchase authorized for engineering vehicles or equipment. Pursuant to the Maine Revised Statutes, Title 5, section 1587, the Department of Transportation, Highway Fund, is authorized to establish lease-purchase contracts for the procurement of engineering vehicles or equipment. The term of the contracts may not be more than 7 years. The cumulative total principal value of the lease-purchase contracts may not exceed $10,000,000. The interest rate may not exceed 6% 8% and the total interest may not exceed $2,400,000.
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 of the lease-purchase contracts may not exceed $12,000,000. The interest rate may not exceed 6% 8% and total interest costs may not exceed $2,880,000.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective April 25, 2000.
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