Louisiana Administrative Code › Title 34 - GOVERNMENT CONTRACTS, PROCUREMENT AND PROPERTY CONTROL › Part I - Purchasing › Subpart 3 - Equipment-Lease-Purchase Program › Chapter 51 - General Provisions › Section I-5103 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Applicable Purchasing Agency
- the
					 Division of Administration except as provided in
					 R.S.
					 39:1572.
Equipment Lease Purchase Contract
- the
					 lease purchase contract in the form approved by the State Bond Commission and
					 the Commissioner of Administration between the state and nonprofit
					 lessor.
Exempt Agency
- those agencies set out at
					 R.S.
					 39:1572 which are not required to procure
					 goods and services through the Division of Administration, Office of State
					 Purchasing.
Lessee
- the state of Louisiana through
					 the Division of Administration.
Nonexempt Agency
- those agencies which
					 are mandated by law to procure their goods and services through the Division of
					 Administration, Office of State Purchasing.
Nonprofit Lessor or Lessor
- public
					 corporation or public trust organized pursuant to state law having for its
					 beneficiary the state.
Procurement Period
- that period of time
					 as established by the equipment lease purchase contract in which the state may
					 procure selected equipment under the state equipment-lease-purchase program.
					 Any equipment not purchased within this time period will be removed from said
					 program.
Program
- the equipment-lease-purchase
					 program of the state of Louisiana wherein a nonprofit lessor purchases and
					 finances equipment to lease to the state with funds belonging to the nonprofit
					 lessor, and upon the completion of payment of lease amounts the title of the
					 selected equipment shall vest in the state.
Purchase Order
- a written agreement
					 confirming all terms, conditions, delivery date and price acquired by bids
					 received by state purchasing or exempt agency for item(s) on the selected
					 equipment list.
Purchase Requisition
- a written request
					 to procure equipment in accordance with law, rules and regulations from the
					 selected equipment list by exempt or nonexempt agencies.
Release Order
- a written agreement
					 wherein a using agency purchases an item on the selected equipment list from a
					 state contract conforming with all terms, conditions, delivery date, and
					 prices, which shall be issued by exempt or nonexempt agencies.
Selected Equipment
- equipment, as
					 determined by the applicable purchasing agency, and approved by the Division of
					 Administration, which shall be the subject of a lease-purchase contract.
Selected Vendor
- a supplier,
					 manufacturer, retailer, wholesaler, dealer, or other source for selected
					 equipment which has been selected by the applicable purchasing agency pursuant
					 to state law.
Trustee Bank
- the bank which the
					 nonprofit lessor selects to administer the funds, make payments to selected
					 vendors, accept payment from the state on the equipment-lease-purchase contract
					 and which performs all the necessary and required functions for the
					 administration of this program.
Using Agency
- that agency which will
					 receive the selected equipment after it is procured and will be ultimately
					 responsible for the lease payment under the equipment-lease-purchase
					 contract.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S.
					 39:1761-1771.