The general assembly hereby finds and declares that: Section 20 of article X of the state constitution limits state fiscal year spending. Section 20 (2)(e) of article X defines “fiscal year spending” to include all revenues and expenditures except those for refunds and those from certain sources, such as property sales. Monetary consideration paid to […]
As used in this part 10, unless the context otherwise requires: “Leveraged leasing agreement” means an agreement or a series of agreements between the state and a private person under which: In exchange for monetary consideration paid in a lump sum when the lease closes, the state leases a qualified state capital asset to a […]
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. The executive director of the department of personnel may retain attorneys, consultants, or financial professionals to […]
A qualified state capital asset that is the subject of a leveraged leasing agreement shall be treated for tax purposes as tax-exempt property owned by the state. Source: L. 2003: Entire part added, p. 1719, § 1, effective May 14.
The lease of a qualified state capital asset by the state to a private person and the sublease of the asset back to the state by the private person pursuant to a leveraged leasing agreement shall not cause the private person to whom the qualified state capital asset is being leased to incur any liability […]
