MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Universities and Colleges; Appropriations

By: Senator(s) Burton, Hyde-Smith

AN ACT TO AUTHORIZE AND EMPOWER THE STATE BOARD FOR COMMUNITY AND JUNIOR COLLEGES TO ESTABLISH AN EQUIPMENT LEASING AND PURCHASE PROGRAM FOR THE USE OF THE COLLEGES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The State Board for Community and Junior Colleges is authorized and empowered to establish an Equipment Leasing and Purchase Program for the use of the colleges; 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 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 Mississippi Department of Information Technology Services for the state; to enter in 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 (the 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. Interest earned on any funds held in the fund on behalf of the separate colleges shall be credited to the colleges on a pro rata basis based upon purchases through the fund.

SECTION 2. This act shall take effect and be in force from and after July 1, 2000.