- Alaska Statutes.
- Title 36. Public Contracts
- Chapter 30. State Procurement Code
- Section 85. Lease-Purchase Agreements.
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AS 36.30.085. Lease-Purchase Agreements.
- (a) To perform its duties and statutory functions, the department, the Board of Regents of the University of Alaska, the
legislative council, or the supreme court may enter into lease-purchase agreements. The department, the Board of
Regents, the legislative council, or the supreme court may enter into a lease-purchase agreement only if the
department, the Board of Regents, the legislative council, or the supreme court is the lessee under the agreement.
- (b) When evaluating proposals to acquire or improve real property under a lease-purchase agreement, the department, the
Board of Regents, the legislative council, or the supreme court shall consider
- (1) in addition to lease costs, the life cycle costs, function, indoor environment, public convenience, planning, design,
appearance, and location of the real property proposed for acquisition or improvement; and
- (2) whether acquisition or improvement of the real property by lease-purchase agreement is likely to be the least costly
means to provide the space.
- (c) A lease-purchase agreement
- (1) may not provide for a period of occupancy under the full term of the lease-purchase agreement that is greater than 40
- (2) must provide that lease payments made by the department, the Board of Regents, the legislative council, or the supreme
court are subject to annual appropriation.
- (d) If the department, Board of Regents, legislative council, or supreme court intends to enter into or renew a
lease-purchase agreement for real property, the department, Board of Regents, legislative council, or supreme court
shall provide notice to the legislature. The notice must include the
- (1) anticipated total construction, acquisition, or other costs of the project;
- (2) anticipated annual amount of the rental obligation; and
- (3) total lease payments for the full term of the lease-purchase agreement.
- (e) The department, the Board of Regents, the legislative council, or the supreme court may not enter into a
lease-purchase agreement to acquire or improve real property unless the agreement has been approved by the legislature
- (f) The provisions of (d) and (e) of this section do not apply to a lease-purchase agreement
- (1) related to the refinancing of an outstanding balance owing on an existing lease-purchase agreement; or
- (2) by the University of Alaska if the lease-purchase agreement is secured by student fees or university receipts as
defined in AS 14.40.491.
- (g) In this section,
- (1) "full term of the lease-purchase agreement" includes all renewal options that are defined within the lease-purchase
- (2) "lease-purchase agreement" includes a lease-financing agreement.
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