Massachusetts General Laws ch. 75 sec. 13 – Purchases
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Section 13. The board of trustees shall have the authority to make any purchase or purchases in the amount of one hundred thousand dollars or less, and to purchase without limitation of amount library books and periodicals, educational and scientific supplies and equipment, printing and binding, emergency repairs and replacement parts, and perishable items, without recourse to any other state board. Such purchases shall be subject to competitive bids wherever practicable. The board of trustees shall promulgate regulations further defining the process for the purchase of said supplies.
Terms Used In Massachusetts General Laws ch. 75 sec. 13
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC