Sec. L-1. Department of Corrections; lease-purchase authorization. Pursuant to the Maine Revised Statutes, Title 5, section 1587, the Department of Corrections in cooperation with the Treasurer of State may enter into financing arrangements related to fiscal years 2003-04 and 2004-05 for the acquisition of energy-savings equipment and installation such as variable-speed drives for the Department of Corrections facilities. The financing agreements may not exceed 5 years in duration and $1,200,000 in principal costs. The interest rate may not exceed 6% and total interest costs may not exceed $360,000. The annual principal and interest costs must be paid from the appropriate All Other line categories appropriations in the affected Department of Corrections accounts.
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