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California Code, Government Code - GOV § 14934

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Notwithstanding any other law, state agencies that are statutorily authorized to acquire assets listed in subdivision (b) are hereby eligible to apply to the GS $Mart Program to enter into agreements for financing those assets without further competitive bidding.

(b) Assets eligible for financing pursuant to the GS $Mart Program include all of the following:

(1) Energy conservation measures as described in Section 4217.11 or energy savings contracts as described in Section 388 of the Public Utilities Code.

(2) Goods as defined in Section 10290 of the Public Contract Code.

(3)(A) Technology goods or services as described in Section 11532 or information technology as defined in subparagraph (B) that are capital assets eligible for tax exempt financing consistent with the Internal Revenue Code as confirmed by an opinion of bond counsel, as described in paragraph (3) of subdivision (a) of Section 14936.

(B) Information technology includes, but is not limited to, all electronic technology systems and services, automated information handling, system design and analysis, conversion of data, computer programming, information storage and retrieval, telecommunications, including voice, video, and data communications, requisite system controls, simulation, electronic commerce, and all related interactions between people and machines.

(c) State agencies may refinance any eligible asset through the GS $Mart Program for the purpose of lowering financing costs or consolidating payments, or when refinancing will achieve an overall benefit and cost savings to the state.

(d) The department shall annually provide a report by September 1 of each year to the Joint Legislative Budget Committee, the Treasurer's Office, and the Department of Finance that shall include, but not be limited to, the following information for each financing entered into during the preceding fiscal year:

(1) Each state agency that entered into a GS $Mart financing.

(2) The physical address at which the asset being financed is installed or located.

(3) The amount financed by each financing.

(4) The term of each financing.

(5) A description of the item, good, or service financed by each financing.

(6) The total amount of outstanding GS $Mart financings.

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Cite this article: FindLaw.com - California Code, Government Code - GOV § 14934 - last updated January 01, 2025 | https://codes.findlaw.com/ca/government-code/gov-sect-14934/

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