As Amended
SEC. 37-101-413. Equipment leasing and purchase program.
(1) The Board of Trustees of the Institutions of Higher Learning is authorized and empowered to establish an Equipment Leasing and Purchase Program for the use of its institutions; to adopt policies and procedures to implement such program; to establish such offices or subordinate units as may be necessary for the administration of such program; to adopt rules and regulations pertaining to such program; to acquire by purchase, lease or lease/purchase contract and retain or transfer ownership or possession of instructional and other equipment; to contract for the leasing of such properties and for the financing of leases and purchases; to enter into contracts with others to provide any and all of the services deemed necessary and advisable by the board in carrying out the purposes of Sections 37-101-401 through 37-101-431; to make such purchases and enter into such leases according to the requirements of the purchase laws of the State of Mississippi and the requirements of the laws establishing the Central Data Processing Authority for the state; to enter into lease financing agreements in connection therewith; and to require the transfer of appropriations for general funds or self-generated funds from the institutions to the bond retirement fund or such other funds as the board may determine appropriate or useful in the repayment to the revolving fund or as may be required in connection with any lease financing agreements.
(2) The board is authorized and empowered to develop administrative methods for determining age, useful life, replacement value, current use, condition and other characteristics of instructional and research equipment at the state universities and research facilities; to determine obsolescence of such equipment and to establish priorities for replacement and/or provision of such equipment or its transfer to another institution which can continue to utilize it; to develop long-range plans for the orderly and systematic acquisition and utilization of such instructional and research equipment to eliminate waste and duplication and provide the maximum efficiency of use for expenditures and to achieve equitable allocations of equipment funds to such institutions consistent with the roles of such and disciplines served.
(3) All institutions of higher learning desiring to purchase, lease or lease/purchase equipment involving an expenditure or expenditures in excess of Five Thousand Dollars ($5,000.00) shall procure such equipment under the Equipment Leasing and Purchase Program, unless funds for the procurement of such equipment under the program are unavailable or such equipment can be procured elsewhere at an overall cost lower than that for which such equipment can be procured under the program.
SOURCES: Laws, 1989, ch. 498, Sec. 7, eff from and after passage (approved April 4, 1989).