RS 39:1798

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RS 39:1798

CHAPTER 17-D. OFFICE FACILITIES CORPORATION

§1798. Definitions

As used in this Chapter, the following words and terms shall have the following meanings, unless the context clearly indicates or requires another or different meaning or intent:

(1)"Act" means this Office Facilities Corporation Act.

(2)"Bonds" means bonds, notes, or any other evidence of indebtedness issued by the corporation.

(3)"Certificates" means certificates of participation executed and delivered by a trustee evidencing ownership interests in any lease entered into by the state, as lessee, and the corporation, as lessor.

(4)"Corporation" means the nonprofit corporation authorized to be formed by this Chapter, or any corporation succeeding to the principal functions thereof or to which the powers conferred upon the corporation by this Chapter shall be given by law. It is further declared that any such corporation shall not constitute a state agency, board, or commission.

(5)"Public facilities" means buildings, parking garages, and related facilities used or to be used to house personnel, equipment, and/or services of the various agencies of the state government.

(6)"Division of administration" means the division of administration created within the office of the governor by Title 39 of the Louisiana Revised Statutes of 1950.

(7)"Lease-purchase financing" is the financing and acquisition of property by a corporation pursuant to an arrangement under which such corporation acquires title to property and enters into a lease-purchase agreement with the state providing for the leasing of the property by such corporation to the state and acquisition by the state at the end of the lease period of title to the property.

(8)"Project" means the acquisition, purchase, construction, renovation, improvement, or expansion of a public facility by the corporation, to be financed with funds provided in whole or in part pursuant to this Chapter.

(9)"Annual appropriation dependency clause" shall mean a clause which shall be included in any lease-purchase financing document which provides that if, after a diligent and good faith effort by the state to appropriate funds for the payment of sums due under a lease-purchase financing agreement, such funds are not appropriated, such lease-purchase agreement shall terminate in accordance with the terms of the lease-purchasing financing agreement and the state shall not be liable for the payment of further sums due on such agreements past the then current fiscal year; provided possession of the project is returned to the corporation. Such lease-purchase financing document shall further provide that in the event of an inability to appropriate sufficient funds such inability shall not constitute a default under such agreement.

(10)"State" means the state of Louisiana or any agency or instrumentality thereof.

Acts 1989, No. 805, §1, eff. July 8, 1989.