Previous PageTable Of ContentsNext Page

LAWS OF MAINE
First Special Session of the 118th

Resolves

CHAPTER 44

H.P. 444 - L.D. 594

Resolve, Authorizing the Maine Technical College to Achieve Cost Savings through the Lease-purchase of Facilities

     Sec. 1. Authorization of lease-purchase of buildings, equipment and real property for the Maine Technical College System. Resolved: That, in compliance with the Maine Revised Statutes, the Maine Technical College System is authorized to lease-purchase its current office space in Augusta, Maine together with related buildings, equipment and the site on which the buildings are located. The principal amount of the lease-purchase may not exceed $1,250,000. The interest rate must be approximately 5.6% and total interest costs may not exceed $735,000. The Maine Technical College System is authorized to encumber, mortgage or otherwise give security for the buildings, equipment and real property that are the subject of the lease-purchase in order to allow consummation of the lease-purchase and is authorized to transfer interests in real estate in order to provide for utility easements and other necessities. Any lease-purchase effected pursuant to this authorization must state that the Maine Technical College System may discontinue the lease-purchase in the event that annual appropriations of state funds necessary to pay for the lease-purchase, as determined by the system, are discontinued by the Legislature.

Effective September 19, 1997, unless otherwise indicated.

Revisor of Statutes Homepage Subject Index Search Laws of Maine Maine Legislature

About the Laws Of Maine

Previous PageTop Of PageTable Of ContentsNext Page

Office of the Revisor of Statutes
State House, Room 108
Augusta, Maine 04333
(207) 287-1650 Fax: (207) 287-6468

Contact the Office of the Revisor of Statutes