Louisiana Administrative Code
Title 71 - TREASURY-PUBLIC FUNDS
Part III - Bond Commission-Debt Management
Chapter 9 - Expedited Review of Certain Leases
Section III-903 - Criteria
Universal Citation: LA Admin Code III-903
Current through Register Vol. 50, No. 9, September 20, 2024
A. In order for a proposal lease agreement to be eligible for the expedited review process, all of the following criteria must be met and that fact must be certified in writing by an authorized agent of the government entity seeking approval under the expedited review process.
1. The leased
equipment must be specially identified in the proposed lease agreement and the
lease must be used to acquire movable property necessary to provide essential
governmental services such as those related to safety, sanitation, road and
highway construction and repair, health services, communication, education, and
transportation.
2. If the lease
agreement transfers ownership of the leased property to the lessee at the end
of the lease term or contains an option to purchase the leased property at a
nominal price, the lease agreement must have been entered into in compliance
with the public bid law.
3. The
governmental entity must have excess or sufficient revenues to cover annual
debt service on the lease pursuant to the provisions of
R.S.
33:2922.
4. The total amount of the lease cannot
exceed the greater of $100,000 or 10 percent of the government entity's annual
revenues.
5. There must have been
no default on any debt obligation within the previous five years.
AUTHORITY NOTE: Promulgated in accordance with R.S. 49:950 et seq.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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