§ 24-82-1003 — Leveraged leasing

(1) On and after May 14, 2003, the
executive director of the department of personnel, with the approval of the director
of the office of state planning and budgeting, may enter into leveraged leasing
agreements on behalf of the state.

(2) The executive director of the department of personnel may retain
attorneys, consultants, or financial professionals to the extent necessary to protect
the interests of the state and to ensure the proper execution of a leveraged leasing
agreement. The executive director shall use a competitive selection process
approved by the director of the office of state planning and budgeting to select any
attorneys, consultants, or financial professionals to be retained, but execution of
such retention agreements shall not be governed by the Procurement Code,
articles 101 to 112 of this title. Any fees charged by any persons retained shall be
paid only from the lump sum paid to the state in connection with the leveraged
leasing agreement and shall not be paid from any other source.

(3) The state treasurer shall credit all monetary consideration paid in a lump
sum to the state under the terms of a leveraged leasing agreement when the
agreement closes that is not required to be deposited into a specified account
established pursuant to a sublease contract as adequate cash reserves pledged
irrevocably for sublease payments in all future fiscal years to the controlled
maintenance trust fund created in section 24-75-302.5.

Legislative History

Source: L. 2003: Entire part added, p. 1719, � 1, effective May 14. L. 2004: (1) amended, p. 1057, � 4, effective May 21.