§ 39:1766 — Selection of nonprofit lessor; award of lease

A lease-purchase contract with a nonprofit lessor for one or more pieces of selected equipment may be executed between the state and a nonprofit lessor by competitive negotiation, provided that a notice stating the estimated principal amount of any proposed lease, the equipment to be leased, the interest rate factor to be computed in the lease payments, and the date, time, and place of the execution of the proposed lease shall be published in the official state journal at least twice within a fifteen-day period before such execution date with the last publication at least seven days prior to the proposed execution date. Any nonprofit lessor may submit a proposal as lessor under the lease. The nonprofit lessor submitting the proposal most advantageous to the state shall be selected as lessor under the lease-purchase contract. However, if it is determined that there is not a proposal which is advantageous to the state, the Division of Administration may reject all proposals. Publication of the notice shall be the responsibility of the proposed nonprofit lessor.
{{NOTE: SEE ACTS 1985, NO. 758, §§3, 5 AND 6.}}

Legislative History

Acts 1985, No. 758, §2, eff. July 17, 1985.