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1999 Session

Budget Amendments - HB1450 (Conference Report)

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Treasury Capital Lease Approval (language only)

Item 4-3.03 #1c

Item 4-3.03 #1c

Debt
Capital Leases

Language
Page 521, line 45, after "APPROVAL OF FINANCINGS", insert "1".
Page 521, after line 47, insert:
"2.  For any project whose cost will exceed $5,000,000 and which is financed through a capital lease transaction, the Treasury Board shall approve the terms and structure of such capital lease in addition to such other reviews and approvals as may be required by law.  The Departments of Accounts, General Services, and Planning and Budget shall notify the Treasury Board upon their approval of any transaction which qualifies as a capital lease under the terms of this section.  The State Treasurer shall notify the Chairmen of the House Appropriations and Senate Finance Committees of the action of the Treasury Board as it regards this subsection 2."


Explanation
(This amendment requires the Treasury Board to approve the financing of any capital lease agreement which exceeds $5.0 million in aggregate cost to the Commonwealth.)