Louisiana Revised Statutes 39:1762 – Legislative findings and intent
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Terms Used In Louisiana Revised Statutes 39:1762
- Contract: A legal written agreement that becomes binding when signed.
- State: means the state of Louisiana, and for purposes of execution of equipment-lease-purchase contracts, the Division of Administration of the state, which shall be considered the lessee for all applicable purchasing agencies for the purposes of this Chapter. See Louisiana Revised Statutes 39:1763
The intent of the legislature in enacting this Chapter is to provide a cost effective means of acquiring essential equipment for the operation of state government. Commercial leases or renting agreements as well as lump sum purchases of equipment have created a burden on the finances of the state, and it has been determined that, pursuant to this Chapter, essential equipment may be obtained using an equipment-lease-purchase contract in conjunction with tax-exempt financing and earnings on investments by nonprofit lessors resulting in lower net equipment costs to the state.
Acts 1985, No. 758, §2, eff. July 17, 1985.
{{NOTE: SEE ACTS 1985, NO. 758, §§3, 5 AND 6.}}