Go to previous versions
of
this Section
Arkansas Code of 1987 (2023)
Title 22 - PUBLIC PROPERTY (§§ 22-1-101 — 22-10-505)
Chapter 2 - ARKANSAS BUILDING AUTHORITY (§§ 22-2-101 — 22-2-121)
Section 22-2-115 - Lease-purchase agreements
Universal Citation:
AR Code § 22-2-115 (2023)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
- (a) For the express purpose of providing adequate office facilities, the Secretary of the Department of Transformation and Shared Services, acting as the primary lessor, may 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)
- (1) The secretary shall make the final determination regarding the location or construction of facilities with the advice and consent of the appropriate state agency.
- (2) 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.
Amended by Act 2019, No. 910,§ 6177, eff. 7/1/2019.
Amended by Act 2019, No. 910,§ 6176, eff. 7/1/2019.
Amended by Act 2016EX3, No. 3,§ 59, eff. 5/23/2016.
Amended by Act 2016EX3, No. 2,§ 59, eff. 5/23/2016.
Amended by Act 2015EX1, No. 8,§ 33, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 33, eff. 7/1/2015.
Acts 1979, No. 129, §§ 1-3; A.S.A. 1947, §§ 5-1025.1 -- 5-1025.3.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.