8A.314 - PURCHASING REVOLVING FUND.
8A.314 PURCHASING REVOLVING FUND.
1. A purchasing revolving fund is established within the
department. The director shall keep an accurate itemized account for
each state agency purchasing through the department, using services
provided for by the department, and using postage supplied by the
department.
2. At the end of each month the director shall render a statement
to each state agency for the actual cost of items purchased through
the department, and the actual cost of services and postage used by
the agency. The monthly statement shall also include a fair
proportion of the administrative costs of the department during the
month. The portion of administrative costs shall be determined by
the director subject to review by the executive council upon
complaint from any state agency adversely affected.
3. Statements rendered to the various state agencies shall be
paid by the state agencies in the manner determined by the
department. When the statements are paid the sums shall be credited
to the purchasing revolving fund. If any funds accrue to the
revolving fund in excess of two hundred twenty-five thousand dollars
and there is no anticipated need or use for such funds, the governor
shall order the excess funds credited to the general fund of the
state. Section History: Recent Form
2003 Acts, ch 145, §33