Louisiana Revised Statutes 39:1797 – Sale, sale-back, lease or sublease transactions by the state
Terms Used In Louisiana Revised Statutes 39:1797
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
A. The state of Louisiana, through the division of administration, is hereby authorized to finance the construction, improvement, or expansion of public facilities by entering into a sale, sale-back, sale lease-back, lease or sublease transaction, or any combination of the foregoing, with the Louisiana Office Building Corporation, a quasi-public, nonprofit corporation, created pursuant to La. Rev. Stat. 44:8.
B. All contracts entered into pursuant to the provisions of this Section shall contain an annual appropriation dependency clause which shall provide that if such funds are not appropriated, such contract shall terminate on the last day of the fiscal year for which funds were appropriated and the state shall not be liable for the payment of further sums due on such contract. The use, control, and management of the public facilities shall at all times remain with the state, unless otherwise agreed to by the state, and the title to any such facilities, if transferred, shall revert to the state no later than the date upon which the terms of any financing agreement relative to the facilities are satisfied.
Acts 1988, No. 844, §1.