N.Y. State Finance Law § 166: Requirements for financed equipment acquisition or financed creation or improvement of information technology systems and related researc...

§ 166. Requirements for financed equipment acquisition or financed

creation or improvement of information technology systems and related

research and development. 1. a. No financed equipment acquisition may be

approved by the state comptroller unless the acquisition has been

approved by the director of the budget and the outright purchase cost of

the equipment is at least fifty thousand dollars for new financed

equipment acquisitions during the fiscal year nineteen hundred

eighty-eight--eighty-nine, and at least one hundred thousand dollars for

new financed acquisitions during subsequent fiscal years provided,

however, that the comptroller may issue regulations establishing higher

minimum outright purchase costs. Multiple items of the same type of

equipment or related items of equipment procured pursuant to a single

request for proposals may be grouped under one or several contracts as

part of a procurement package to reach the applicable minimum. The

financing of the creation or improvement of information technology

systems and related research and development is authorized pursuant to

this section.

b. Notwithstanding the provisions of paragraph a of this subdivision,

which shall not apply to financed equipment acquisitions for units of

the state university and city university of New York, no financed

equipment acquisition may be approved by the state comptroller for such

units until the director of the budget has determined whether such

financed equipment acquisition shall be financed by certificates of

participation pursuant to section sixty-six-b of this chapter. The

director of the budget shall make such determination no later than

thirty days following the submission of documentation, satisfactory to

the director from the state university or city university of New York.

If within such period of time the director does not indicate that such

financed equipment acquisition shall be financed by certificates of

participation, the state university or city university of New York may

proceed with a financed equipment acquisition in accordance with any

other applicable provision of law. The board of trustees of the city

university of New York and the board of trustees of the state university

of New York shall each promulgate regulations in consultation with the

comptroller and subject to the approval of the director of the budget

regarding the circumstances under which units of the respective

universities may use certificates of participation or other financed

equipment acquisitions. Such regulations shall include but not be

limited to: the establishment of minimum finance acquisition cost;

restrictions on the use of certificates of participation; and annual

ceilings on financed equipment acquisitions. Each board shall file

copies of its regulations with the director of the budget, the

comptroller, and the chairs of the senate finance committee and the

assembly ways and means committee.

2. The director of the budget shall transmit to the state comptroller

and the chairs of the senate finance committee and assembly ways and

means committee a quarterly report on new financed equipment

acquisitions approved by the director of the budget during the previous

quarter. The report shall identify the following:

a. The agency and program procuring the equipment.

b. A brief description of the equipment.

c. The cost of the equipment if purchased outright.

d. The interest rates and terms of such financing.

e. The total lease purchase or installment purchase payments for the

equipment.

f. The lease purchase or installment purchase payments by fiscal year

for the current fiscal year and the next five fiscal years.

g. The anticipated source of funds to make lease purchase or

installment purchase payments.