1-33-53. Contracts with leasing companies for purchase and lease of data processing equipment.
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/sd/title-1/chapter-1-33/1-33-53A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A state agency using leased automatic data processing equipment may, with the approval of the commissioner of the Bureau of Information and Technology, enter into a contract with a leasing company for the lease or purchase by the agency of automatic data processing equipment with nonstate funds furnished by the company, and may transfer the title of the equipment to the leasing company for lease back to the agency at a rate which takes into account the value of any accruals applied to the equipment.
A state agency may also transfer nonstate funds from a leasing company to the seller of automatic data processing equipment without complying with the requirements of law relating to the deposit of funds in the state treasury.