RS 39:1796

226 words·~1 min read·/la/title-39/39-518

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RS 39:1796

CHAPTER 17-C. FINANCING OF STATE BUILDINGS

§1796. Lease-purchase contracts for state buildings

A. The state of Louisiana, through the division of administration, is hereby authorized to enter into lease-purchase contracts for the acquisition of public facilities with the Louisiana Office Building Corporation, a quasi-public, nonprofit corporation created pursuant to R.S. 44:8. Provided however, before any contract can be entered into pursuant to this Chapter, the Joint Legislative Committee on the Budget shall approve such contract.

B. "Lease-purchase contract", for the purposes of this Chapter, means any contract by which the state leases property for a fixed term, at the end of which term the state acquires title to the property without any obligation on the part of the state to pay any additional sum of money or other consideration in order to acquire title.

C. No lease-purchase contract entered into pursuant to the provisions of this Chapter shall be for a term of more than twenty years. All lease-purchase contracts entered into pursuant to the provisions herein shall contain an annual appropriation dependency clause which shall provide that if such funds are not appropriated, such lease-purchase contract shall terminate on the last day of the fiscal year for which funds were appropriated and the state shall not be liable for the payment of further sums due on such contract.

Acts 1988, No. 844, §1.