Senate Bill NO. 3178

By Representative(s) Committee

SECTION 1. (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 state master lease-purchase laws (as provided under Section 31-7-10) 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 community and junior colleges to the Community and Junior Colleges Equipment Leasing and Purchase Program Repayment Fund, which is established as a separate fund in the State Treasury, or such other funds as the board may determine appropriate or useful 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.

(2) There is created in the State Treasury a special fund to be known as the "Community and Junior Colleges Equipment Leasing and Purchase Program Proceeds Fund," into which shall be deposited all funds used to implement the Equipment Leasing and Purchase Program created under subsection (1) of this section. Any unexpended balance in the fund at the end of the fiscal year shall carry over into the subsequent fiscal year and shall not lapse into the State General Fund. Disbursements from the fund shall be made upon requisition of the Executive Director of the State Board for Community and Junior Colleges.

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