La. Admin. Code tit. 71 § III-907

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-907 - Procedure

A. On an as needed basis the staff of the Bond Commission shall mail to the commission members a notice of all leases submitted to the commission staff that meet the criteria for approval under this rule, and that are scheduled for approval by the executive director, along with a copy of the summary of lease form for each lease. Each lease so submitted shall be approved by the executive director of the Bond Commission 10 days following the mailing of the notice unless a member of the commission, prior to approval of a lease by the executive director, requests that the lease be placed on the agenda at the next Bond Commission meeting.

B. If any member of the commission requests that a lease submitted to the staff under the provisions of this rule be placed on the agenda, such lease shall be placed on the agenda for consideration at the next commission meeting in accordance with the commission's rules and regulations.

C. Certification of Compliance with Criteria for Approval of Lease under Expedited Procedure

CERTIFICATION OF COMPLIANCE WITH CRITERIA FOR APPROVAL OF LEASE UNDER EXPEDITED PROCEDURE

Name of Lessee __________________________________

Name of Lessor __________________________________

Equipment to be Leased ___________________________

Term of Lease ___________________________________

Amount of Lease _________________________________

Interest Rate _____________________________________

BEFORE ME, the undersigned authority, personally came and appeared ______________________________________ who declared that he is the ___________ for the Lessee, and does hereby certify that:

The proposed lease agreement is being entered into for the purpose of acquiring movable property necessary to provide essential governmental services, more specifically the following:

________________________________________________

________________________________________________

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, it has been let in accordance with the public bid laws.

The Lessee has excess or sufficient revenues to cover annual debt service on the lease pursuant to the provisions of R.S. 33:2922.

The total amount of the lease does not exceed the greater of $100,000 or 10 percent of the Lessee's annual revenues.

The Lessee has not been in default on any debt obligation within the previous five years.

The following documents are attached:

1. The Resolution of the Lessee authorizing the lease.

2. A copy of the lease agreement.

3. A copy of the Lessee's current year budget.

_______________________________

Lessee's Agent or Authorized Officer

Sworn to and subscribed before me, this _____ day of _______, ________, at __________________, Louisiana.

_____________________________

Notary Public

La. Admin. Code tit. 71, § III-907

Promulgated by the Department of the Treasury, Bond Commission, LR 19:659 (May 1993).

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:950 et seq.