2006 New York Code - Requirements For Financed Equipment Acquisition.

 
    §  166.  Requirements  for  financed equipment acquisition.   1. a. No
  financed equipment acquisition may be approved by the state  comptroller
  unless  the  acquisition has been approved by the director of the budget
  and the outright purchase cost  of  the  equipment  is  at  least  fifty
  thousand  dollars  for  new  financed  equipment acquisitions during the
  fiscal year nineteen hundred eighty-eight--eighty-nine, and at least one
  hundred thousand dollars for new financed acquisitions during subsequent
  fiscal  years  provided,  however,  that  the  comptroller   may   issue
  regulations   establishing   higher  minimum  outright  purchase  costs.
  Multiple items of the  same  type  of  equipment  or  related  items  of
  equipment  procured  pursuant  to  a single request for proposals may be
  grouped under one or several contracts as part of a procurement  package
  to reach the applicable minimum.
    b.  Notwithstanding the provisions of paragraph a of this subdivision,
  which shall not apply to financed equipment acquisitions  for  units  of
  the  state  university  and  city  university  of  New York, no financed
  equipment acquisition may be approved by the state comptroller for  such
  units  until  the  director  of  the  budget has determined whether such
  financed equipment acquisition shall  be  financed  by  certificates  of
  participation  pursuant  to  section  sixty-six-b  of  this chapter. The
  director of the budget shall  make  such  determination  no  later  than
  thirty  days  following the submission of documentation, satisfactory to
  the director from the state university or city university of  New  York.
  If  within  such period of time the director does not indicate that such
  financed equipment acquisition shall  be  financed  by  certificates  of
  participation,  the  state university or city university of New York may
  proceed with a financed equipment acquisition  in  accordance  with  any
  other  applicable  provision  of  law. The board of trustees of the city
  university of New York and the board of trustees of the state university
  of New York shall each promulgate regulations in consultation  with  the
  comptroller  and  subject  to the approval of the director of the budget
  regarding  the  circumstances  under  which  units  of  the   respective
  universities  may  use  certificates  of participation or other financed
  equipment acquisitions.  Such  regulations  shall  include  but  not  be
  limited  to:    the  establishment  of minimum finance acquisition cost;
  restrictions on the use of certificates  of  participation;  and  annual
  ceilings  on  financed  equipment  acquisitions.  Each  board shall file
  copies of its regulations with the director of budget, the  comptroller,
  and the chairs of the senate finance committee and the assembly ways and
  means committee.
    2.  The director of the budget shall transmit to the state comptroller
  and the chairs of the senate finance committee  and  assembly  ways  and
  means   committee   a   quarterly   report  on  new  financed  equipment
  acquisitions approved by the director of the budget during the  previous
  quarter. The report shall identify the following:
    a. The agency and program procuring the equipment.
    b. A brief description of the equipment.
    c. The cost of the equipment if purchased outright.
    d. The interest rates and terms of such financing.
    e.  The  total lease purchase or installment purchase payments for the
  equipment.
    f. The lease purchase or installment purchase payments by fiscal  year
  for the current fiscal year and the next five fiscal years.
    g.  The  anticipated  source  of  funds  to  make  lease  purchase  or
  installment purchase payments.