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Arkansas Code Title 22. Public Property § 22-2-115. Lease-purchase agreements

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) For the express purpose of providing adequate office facilities, the Secretary of the Department of Transformation and Shared Services, acting as the primary lessor, may enter into lease-purchase agreements to obtain facilities for state agencies. Each lease-purchase agreement shall contain a provision whereby the agreement shall be cancelled at the close of each fiscal biennium, if necessary, if funds for the payment of the rent under the lease-purchase agreement will not be available.

(b)(1) The secretary shall make the final determination regarding the location or construction of facilities with the advice and consent of the appropriate state agency.

(2) All agreements and other matters concerning the buying, trading, selling, renting, renovating, or acquiring of any real or personal property as authorized by this section shall be matters of public record and available for public inspection.

(c) The General Accounting and Budgetary Procedures Law, § 19-4-101 et seq., the Arkansas Procurement Law, § 19-11-201 et seq., the Revenue Stabilization Law, § 19-5-101 et seq., and other applicable fiscal laws of this state shall be strictly complied with regarding this section.

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Cite this article: FindLaw.com - Arkansas Code Title 22. Public Property § 22-2-115. Lease-purchase agreements - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-22-public-property/ar-code-sect-22-2-115/

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