8.46 - LEASE-PURCHASE -- REPORTING.
8.46 LEASE-PURCHASE -- REPORTING.
1. For the purposes of this section, unless the context otherwise
requires:
a. "Installment acquisition" includes, but is not limited
to, an arrangement in which title of ownership passes when the first
installment payment is made.
b. "Lease-purchase arrangement" includes, but is not
limited to, an arrangement in which title of ownership passes when
the final installment payment is made.
c. "State agency" means any executive, judicial, or
legislative department, commission, board, institution, division,
bureau, office, agency, or other entity of state government.
2. At least thirty days prior to entering into a contract
involving a lease-purchase or installment acquisition arrangement in
which any part or the total amount of the contract is at least fifty
thousand dollars, a state agency shall notify the legislative
services agency concerning the contract. The legislative services
agency shall compile the notifications for submission to the
legislative fiscal committee of the legislative council. The
notification is required regardless of the source of payment for the
lease-purchase or installment acquisition arrangement. The
notification shall include all of the following information:
a. A description of the object of the lease-purchase or
installment acquisition arrangement.
b. The proposed terms of the contract.
c. The cost of the contract, including principal and interest
costs. If the actual cost of a contract is not known at least thirty
days prior to entering into the contract, the state agency shall
estimate the principal and interest costs for the contract.
d. An identification of the means and source of payment of
the contract.
e. An analysis of consequences of delaying or abandoning the
commencement of the contract.
3. The legislative fiscal committee shall report to the
legislative council concerning the notifications it receives pursuant
to this section. Section History: Recent Form
91 Acts, ch 268, §606; 95 Acts, ch 214, § 2; 2003 Acts, ch 35,
§45, 49
Referred to in § 12.28