Current through Register Vol. XLI, No. 50, December 13, 2024
Section 99-6-11 - Lease Purchases11.1. A lease purchase contract is a contract that includes periodic lease payments, and in some cases a final lump sum payment, with ownership of the equipment being vested in the agency immediately or at the lease term expiration. The minimum purchase cost to consider a lease-purchase as an option is $500,000.00 unless the Director grants an exception to this minimum amount. A letter of justification must be prepared, signed by the Purchaser and submitted to the division prior to any attempt to enter into a Lease Purchase.