RS 39:1763

580 words·~3 min read·/la/title-39/39-493

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RS 39:1763

§1763. Definitions

As used in this Chapter, the words defined in this Section shall have the meanings set forth below, unless the context in which they are used clearly requires a different meaning or a different definition is prescribed for a particular provision:

(1)"Annual appropriation dependency requirement" means a provision which shall be included in the contract and the documents relating to each equipment-lease-purchase contract which provides that after a diligent and good faith effort by the state legislature to appropriate funds for the payment of sums due under such lease for the next ensuing fiscal year, if such funds are not appropriated for such fiscal year, such lease shall terminate in accordance with the terms of the lease at the end of the current fiscal year and the state shall not be liable for the payment of further rental payments not already incurred due on such lease past the then current fiscal year, provided the equipment is returned to the nonprofit lessor or his agent, as provided in the equipment-lease-purchase contract.

(2)"Applicable purchasing agency" shall mean the Division of Administration of the state except as provided in R.S. 39:1572, in which case those agencies listed therein shall have the option to participate in the program established by the provisions of this Chapter and on exercising that option shall be the applicable purchasing agency for equipment for use by that agency which is the subject of a lease-purchase contract under this Chapter, provided that the secretary of the Department of Wildlife and Fisheries, when acquiring equipment for the Department of Wildlife and Fisheries using monies from the Rockefeller Fund, the Marsh Island Fund, or the State Wildlife Refuge Fund, shall have the option to participate under the provisions of this Chapter.

(3)"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 R.S. 39:1771 and the lease of selected equipment designated by an applicable purchasing agency.

(4)"Lessee" shall mean the state of Louisiana through the Division of Administration on behalf of all applicable purchasing agencies which have equipment included in any equipment-lease-purchase contract.

(5)"Nonprofit lessor" or "lessor" means a public corporation or public trust organized pursuant to state law having for its beneficiary the state, organized as a not-for-profit entity no portion of the net earnings or other assets of which inure to the benefit of any private shareholder or individual, and which shall be authorized under state law to issue obligations for equipment acquisition the interest on which is exempt from calculation of gross income for federal income tax purposes.

(6)"Selected equipment" means the equipment, as determined by the applicable purchasing agency, which shall be the subject of a lease-purchase contract under the provisions of this Chapter, as approved by the legislature and the State Bond Commission.

(7)"Selected vendor" means a supplier, manufacturer, retailer, wholesaler, dealer, or other source for selected equipment which has been selected by the applicable purchasing agency pursuant to general state law.

(8)"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.

Acts 1985, No. 758, §2, eff. July 17, 1985.