New Jersey Statutes 52:25-16.1. Contract provisions relating to any local contracting unit
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Terms Used In New Jersey Statutes 52:25-16.1
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
3. The Director of the Division of Purchase and Property may, at the director’s discretion, include, in any such contract or contracts on behalf of the State, a provision for the purchase of such materials, supplies, equipment or services by any local contracting unit from such contractor or contractors. Such purchase may be effectuated either as an outright purchase or by installment, lease or rental, so long as the vendor offers financing at an interest rate that is equal to or lower than the State line of credit. The local contracting unit shall have sole responsibility for any payment due the vendor for any such purchase. All purchases shall be subject to audit and inspection by the local contracting unit for which made. The local contracting unit shall file such reports as the Director of the Division of Purchase and Property may require setting forth the expenditure on such contracts. For the purposes of this section, “local contracting unit” means any public agency subject to the provisions of the “Local Public Contracts Law,” P.L.1971, c.198 (C. 40A:11-1 et seq.), the “Public School Contracts Law,” N.J.S. 18A:18A-1 et seq., the “State College Contracts Law,” P.L.1986, c.43 (C. 18A:64-52 et seq.), or the “County College Contracts Law,” P.L.1982, c.189 (C. 18A:64A-25.1 et seq.).
L.1969,c.104,s.3; amended 1999, c.440, s.91.