For the purposes of this section, unless the context otherwise requires, "state agency" means any executive, judicial, or legislative department, commission, board, institution, division, bureau, office, agency, or other entity of state government.
1. Before entering into a contract involving a lease- purchase arrangement in which any part or the total amount of the contract is at least fifty thousand dollars, a state agency shall notify the legislative fiscal committee of the legislative council regarding the contract. The notification is required regardless of the source of payment for the lease- purchase arrangement. The notification shall include all of the following information:
a. A description of the object of the lease-purchase arrangement.
b. The cost of the contract.
c. The terms of the contract.
d. The total cost of the contract, including principal and interest costs.
e. An identification of the means and source of payment of the contract.
f. An analysis of consequences of delaying or abandoning the commencement of the contract.
2. The legislative fiscal committee shall report to the legislative council concerning the notifications it receives pursuant to this section.
3. A state agency shall report quarterly to the legislative fiscal committee concerning its contracts involving a lease-purchase arrangement. The format of the report shall be determined by the legislative fiscal bureau in consultation with the department of management. The report shall include all of the following information:
a. A description of the objects of a lease-purchase arrangement under contract.
b. The total costs of the contracts.
c. Total principal and interest cost in each fiscal year of each contract.
d. An identification of the means and source of payment for each contract.
91 Acts, ch 268, §606
Iowa General Assembly
Search: Iowa Code 1995
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