Section 12. Estimated useful life and term of debt.
(a) Estimated useful life.--The General Assembly states that the estimated useful life of the public improvement projects itemized in this act is as follows:
(1) Public improvement projects, redevelopment assistance projects and flood control projects, 30 years except for public improvement projects for modular units at State correctional institutions, 15 years.
(2) Furniture and equipment projects, 10 years.
(3) Transportation assistance projects:
(i) Rolling stock, 15 years.
(ii) Passenger buses, 12 years.
(iii) Furniture and equipment, 10 years.
(iv) All others, 30 years.
(b) Term of debt.--The maximum term of the debt authorized to be incurred under this act is 30 years.