Louisiana § RS 39:1771 - Approval by the legislature, State Bond Commission; rules and regulations by the Division of Administration

§ RS 39:1771. Approval by the legislature, State Bond Commission; rules and regulations by the Division of Administration

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.}}