15-1682.01. Lease-purchase agreements
141 words·~1 min read·
/az/title-15/15-1682-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Any lease-purchase agreement executed by the board relating to land acquisition, capital projects, energy systems or energy management systems shall provide that:
1. The obligation of this state to make any payment under the agreement is a current expense of the board and is not a general obligation indebtedness of this state or the board.
2. If the legislature fails to appropriate monies or the board fails to allocate monies for any periodic payment or renewal term of the agreement, the agreement terminates at the end of the current term and this state and the board are relieved of any subsequent obligation under the agreement.
3. The joint committee on capital review shall review the project before the lease-purchase agreement takes effect.
B. A lease-purchase agreement under this section shall comply with the constitution and other laws of this state.