Louisiana Revised Statutes 39:1771 – Approval by the legislature, State Bond Commission; rules and regulations by the Division of Administration
Terms Used In Louisiana Revised Statutes 39:1771
- 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.
- Equipment-lease-purchase contract: means the lease-purchase contract in the form approved by the State Bond Commission and the commissioner of administration between the state and a nonprofit lessor providing for an obligation to lease equipment approved pursuant to La. See Louisiana Revised Statutes 39:1763
- 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
- 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
A. No equipment-lease-purchase contract may be effected under the provisions of this Chapter unless the prior written approval of the form of the lease is obtained from the State Bond Commission and the commissioner of administration. Equipment to be included as the subject of an equipment-lease-purchase contract hereunder shall be approved by the Division of Administration and included in the executive budget as provided in Part II of Chapter 1 of Title 39 of the Louisiana Revised Statutes of 1950 and shall be approved by the legislature in the General Appropriation Act. Substitutions and deletions of equipment to be leased shall be authorized upon recommendation by the Division of Administration, provided that such substitution or deletion shall have the prior written approval of the Joint Legislative Committee on the Budget.
B. The Division of Administration shall promulgate rules and regulations necessary to the proper and efficient implementation of the provisions of this Chapter.
Acts 1985, No. 758, §2, eff. July 17, 1985.
{{NOTE: SEE ACTS 1985, NO. 758, §§3, 5 AND 6.}}