{"data":{"id":"us-me/5-m.r.s.-1587","jurisdiction":"us-me","citation":"5 M.R.S. §1587","heading":"Lease-purchase agreements","body":"Notwithstanding any other provision of law, no agent or officer of the State or any department or agency thereof may enter into a lease-purchase or other similar agreement whereby the State would become the ultimate owner of buildings or equipment, if the outright purchase price of such capital items is more than $2,000, or $40,000 for telecommunications related equipment, without specific prior approval of the Legislature through the usual budget procedure.  That request for approval shall be submitted as a separate line item. All agreements relating to telecommunications equipment that are $40,000 or less shall be subject to review by a subcommittee of the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs.  All lease-purchase agreements submitted for review or approval shall include the total amount of interest charged.\nUpon execution of any lease-purchase agreements that exceed the amounts listed above, all departments and agencies shall provide information to the Treasurer of State pertaining to the actual amount of the lease-purchase, including the term and the interest cost of the lease-purchase agreement.","path":["TITLE 5: ADMINISTRATIVE PROCEDURES AND SERVICES","PART 4: FINANCE","CHAPTER 145: APPROPRIATIONS"],"source_url":"https://legislature.maine.gov/statutes/5/title5sec1587.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:22Z","sha256":"2bd83e54d5bb57a94bc8355a1c4c6b6511bf6c72d63fdaba1d8d14849553c88a","source_id":"us-me","stale":false,"prev":"us-me/5-m.r.s.-1586","next":"us-me/5-m.r.s.-1588"},"notice":"GroundRules: Original legal text. Not legal advice."}