N.Y. STF Law § 166 — New York Code / Act STF / Article 11 / Section 166
Requirements for financed equipment acquisition or financed creation or improvement of information technology systems and related researc...
Status: in_force

§ 166. Requirements for financed equipment acquisition or financed\ncreation or improvement of information technology systems and related\nresearch and development. 1. a. No financed equipment acquisition may be\napproved by the state comptroller unless the acquisition has been\napproved by the director of the budget and the outright purchase cost of\nthe equipment is at least fifty thousand dollars for new financed\nequipment acquisitions during the fiscal year nineteen hundred\neighty-eight--eighty-nine, and at least one hundred thousand dollars for\nnew financed acquisitions during subsequent fiscal years provided,\nhowever, that the comptroller may issue regulations establishing higher\nminimum outright purchase costs. Multiple items of the same type of\nequipment or related items of equipment procured pursuant to a single\nrequest for proposals may be grouped under one or several contracts as\npart of a procurement package to reach the applicable minimum. The\nfinancing of the creation or improvement of information technology\nsystems and related research and development is authorized pursuant to\nthis section.\n  b. Notwithstanding the provisions of paragraph a of this subdivision,\nwhich shall not apply to financed equipment acquisitions for units of\nthe state university and city university of New York, no financed\nequipment acquisition may be approved by the state comptroller for such\nunits until the director of the budget has determined whether such\nfinanced equipment acquisition shall be financed by certificates of\nparticipation pursuant to section sixty-six-b of this chapter. The\ndirector of the budget shall make such determination no later than\nthirty days following the submission of documentation, satisfactory to\nthe director from the state university or city university of New York.\nIf within such period of time the director does not indicate that such\nfinanced equipment acquisition shall be financed by certificates of\nparticipation, the state university or city university of New York may\nproceed with a financed equipment acquisition in accordance with any\nother applicable provision of law. The board of trustees of the city\nuniversity of New York and the board of trustees of the state university\nof New York shall each promulgate regulations in consultation with the\ncomptroller and subject to the approval of the director of the budget\nregarding the circumstances under which units of the respective\nuniversities may use certificates of participation or other financed\nequipment acquisitions. Such regulations shall include but not be\nlimited to: the establishment of minimum finance acquisition cost;\nrestrictions on the use of certificates of participation; and annual\nceilings on financed equipment acquisitions. Each board shall file\ncopies of its regulations with the director of the budget, the\ncomptroller, and the chairs of the senate finance committee and the\nassembly ways and means committee.\n  2. The director of the budget shall transmit to the state comptroller\nand the chairs of the senate finance committee and assembly ways and\nmeans committee a quarterly report on new financed equipment\nacquisitions approved by the director of the budget during the previous\nquarter. The report shall identify the following:\n  a. The agency and program procuring the equipment.\n  b. A brief description of the equipment.\n  c. The cost of the equipment if purchased outright.\n  d. The interest rates and terms of such financing.\n  e. The total lease purchase or installment purchase payments for the\nequipment.\n  f. The lease purchase or installment purchase payments by fiscal year\nfor the current fiscal year and the next five fiscal years.\n  g. The anticipated source of funds to make lease purchase or\ninstallment purchase payments.\n