2012 Arkansas Code
Title 22 - Public Property
Chapter 2 - Arkansas Building Authority
§ 22-2-115 - Lease-purchase agreements.

(a) For the express purpose of providing adequate office facilities, the Arkansas Building Authority Council, acting as the primary lessor, is authorized to 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) The council shall make final determination, with the advice and consent of the appropriate state agency, regarding the location or construction of facilities. 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.