Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 9 - Expedited Review of Certain Leases › Section III-907 - Procedure

Current through Register Vol. 50, No. 6, June 20, 2024
A. On an as needed
				basis the staff of the Bond Commission shall mail to the commission members a
				notice of all leases submitted to the commission staff that meet the criteria
				for approval under this rule, and that are scheduled for approval by the
				executive director, along with a copy of the summary of lease form for each
				lease. Each lease so submitted shall be approved by the executive director of
				the Bond Commission 10 days following the mailing of the notice unless a member
				of the commission, prior to approval of a lease by the executive director,
				requests that the lease be placed on the agenda at the next Bond Commission
				meeting.
B. If any member of the
				commission requests that a lease submitted to the staff under the provisions of
				this rule be placed on the agenda, such lease shall be placed on the agenda for
				consideration at the next commission meeting in accordance with the
				commission's rules and regulations.
C. Certification of Compliance with Criteria
				for Approval of Lease under Expedited Procedure
CERTIFICATION OF COMPLIANCE WITH CRITERIA FOR APPROVAL OF
				  LEASE UNDER EXPEDITED PROCEDURE
Name of Lessee __________________________________
Name of Lessor __________________________________
Equipment to be Leased ___________________________
Term of Lease ___________________________________
Amount of Lease _________________________________
Interest Rate _____________________________________
BEFORE ME, the undersigned authority, personally came and
				  appeared ______________________________________ who declared that he is the
				  ___________ for the Lessee, and does hereby certify that:
The proposed lease agreement is being entered into for the
				  purpose of acquiring movable property necessary to provide essential
				  governmental services, more specifically the following:
________________________________________________
________________________________________________
If the lease agreement transfers ownership of the leased
				  property to the Lessee at the end of the lease term or contains an option to
				  purchase the leased property at a nominal price, it has been let in accordance
				  with the public bid laws.
The Lessee has excess or sufficient revenues to cover annual
				  debt service on the lease pursuant to the provisions of
				  R.S.
				  33:2922.
The total amount of the lease does not exceed the greater of
				  $100,000 or 10 percent of the Lessee's annual revenues.
The Lessee has not been in default on any debt obligation
				  within the previous five years.
The following documents are attached:
1. The Resolution of the Lessee authorizing
				the lease.
2. A copy of the lease
				agreement.
3. A copy of the
				Lessee's current year budget.
_______________________________
Lessee's Agent or Authorized Officer
Sworn to and subscribed before me, this _____ day of _______,
				  ________, at __________________, Louisiana.
_____________________________
Notary Public