§ 23-30.27:1. Acquisition and disposition of equipment.
A. The Authority is authorized to acquire equipment or any interest thereinby purchase, exchange, gift, lease or otherwise, to sell, exchange, donate,convey, lease and dispose of the same, or any portion thereof or interesttherein, including security interests therein, and to retain or receivesecurity interests in such equipment.
B. Without regard to the requirements, restrictions, limitations or otherprovisions contained in any other general, special or local law, educationalinstitutions are authorized to grant security interests in or other liens onequipment held or acquired by the educational institution under any lease oragreement of sale with the Authority.
C. The Authority is authorized to acquire equipment with any funds of theAuthority available for such purpose. Acquisition and disposition ofequipment may be at public or private sale and for such price and on suchterms as the Authority shall determine, provided that the Authority shallacquire equipment for, and shall lease or sell the same to, educationalinstitutions only pursuant to standards and procedures as approved throughthe Commonwealth's budget and appropriation process. The budget documentshall present the lease payments and corresponding total value of equipmentto be acquired by each institution. Each institution shall make availablesuch additional detail on specific equipment to be purchased as may berequested by the Governor or the General Assembly. If emergency acquisitionsand leases are necessary when the General Assembly is not in session, theGovernor may approve such acquisitions and leases. Prior to such acquisitionsand leases the Governor shall submit such proposed acquisitions and leases tothe House Appropriations Committee and the Senate Finance Committee for theirreview and approval.
D. The Authority is authorized to establish and maintain such funds as it maydeem appropriate from time to time to provide funds for acquisition ofequipment on a continuing basis. The Authority may deposit therein such fundsas it deems appropriate, including, but without limitation, the proceeds ofany Authority bonds issued to finance the purchase of equipment and paymentsmade to the Authority under equipment leases and sale agreements witheducational institutions and others. Any moneys held in such funds may alsobe used in the Authority's discretion to secure payment of principal of andinterest on any Authority bonds, whether issued to finance the purchase ofequipment, or to pay administrative costs of the authority, whether incurredin connection with the purchase, lease or sale of equipment, or may betransferred by the Authority to be used in connection with any other programof the Authority. However, no funds of the Authority derived from theequipment program authorized under this section may be used in connectionwith the issuance or securing of indebtedness for the benefit of privateinstitutions for higher education pursuant to Chapter 3.3 (§ 23-30.39 etseq.) of this title.
E. The Authority is authorized to determine and charge rent or sale pricesfor equipment leased or sold by the Authority to educational institutions andterminate such leases or sale agreements upon the failure of an educationalinstitution to comply with any of the obligations thereof, and may include insuch leases, options for the educational institution to renew such leases, orto purchase any or all of the leased equipment and provisions for theAuthority to repossess and sell equipment leased or sold upon any defaultunder the lease or agreement for the sale of such equipment.
§ 23-30.27:1. Acquisition and disposition of equipment.
A. The Authority is authorized to acquire equipment or any interest thereinby purchase, exchange, gift, lease or otherwise, to sell, exchange, donate,convey, lease and dispose of the same, or any portion thereof or interesttherein, including security interests therein, and to retain or receivesecurity interests in such equipment.
B. Without regard to the requirements, restrictions, limitations or otherprovisions contained in any other general, special or local law, educationalinstitutions are authorized to grant security interests in or other liens onequipment held or acquired by the educational institution under any lease oragreement of sale with the Authority.
C. The Authority is authorized to acquire equipment with any funds of theAuthority available for such purpose. Acquisition and disposition ofequipment may be at public or private sale and for such price and on suchterms as the Authority shall determine, provided that the Authority shallacquire equipment for, and shall lease or sell the same to, educationalinstitutions only pursuant to standards and procedures as approved throughthe Commonwealth's budget and appropriation process. The budget documentshall present the lease payments and corresponding total value of equipmentto be acquired by each institution. Each institution shall make availablesuch additional detail on specific equipment to be purchased as may berequested by the Governor or the General Assembly. If emergency acquisitionsand leases are necessary when the General Assembly is not in session, theGovernor may approve such acquisitions and leases. Prior to such acquisitionsand leases the Governor shall submit such proposed acquisitions and leases tothe House Appropriations Committee and the Senate Finance Committee for theirreview and approval.
D. The Authority is authorized to establish and maintain such funds as it maydeem appropriate from time to time to provide funds for acquisition ofequipment on a continuing basis. The Authority may deposit therein such fundsas it deems appropriate, including, but without limitation, the proceeds ofany Authority bonds issued to finance the purchase of equipment and paymentsmade to the Authority under equipment leases and sale agreements witheducational institutions and others. Any moneys held in such funds may alsobe used in the Authority's discretion to secure payment of principal of andinterest on any Authority bonds, whether issued to finance the purchase ofequipment, or to pay administrative costs of the authority, whether incurredin connection with the purchase, lease or sale of equipment, or may betransferred by the Authority to be used in connection with any other programof the Authority. However, no funds of the Authority derived from theequipment program authorized under this section may be used in connectionwith the issuance or securing of indebtedness for the benefit of privateinstitutions for higher education pursuant to Chapter 3.3 (§ 23-30.39 etseq.) of this title.
E. The Authority is authorized to determine and charge rent or sale pricesfor equipment leased or sold by the Authority to educational institutions andterminate such leases or sale agreements upon the failure of an educationalinstitution to comply with any of the obligations thereof, and may include insuch leases, options for the educational institution to renew such leases, orto purchase any or all of the leased equipment and provisions for theAuthority to repossess and sell equipment leased or sold upon any defaultunder the lease or agreement for the sale of such equipment.
§ 23-30.27:1. Acquisition and disposition of equipment.
A. The Authority is authorized to acquire equipment or any interest thereinby purchase, exchange, gift, lease or otherwise, to sell, exchange, donate,convey, lease and dispose of the same, or any portion thereof or interesttherein, including security interests therein, and to retain or receivesecurity interests in such equipment.
B. Without regard to the requirements, restrictions, limitations or otherprovisions contained in any other general, special or local law, educationalinstitutions are authorized to grant security interests in or other liens onequipment held or acquired by the educational institution under any lease oragreement of sale with the Authority.
C. The Authority is authorized to acquire equipment with any funds of theAuthority available for such purpose. Acquisition and disposition ofequipment may be at public or private sale and for such price and on suchterms as the Authority shall determine, provided that the Authority shallacquire equipment for, and shall lease or sell the same to, educationalinstitutions only pursuant to standards and procedures as approved throughthe Commonwealth's budget and appropriation process. The budget documentshall present the lease payments and corresponding total value of equipmentto be acquired by each institution. Each institution shall make availablesuch additional detail on specific equipment to be purchased as may berequested by the Governor or the General Assembly. If emergency acquisitionsand leases are necessary when the General Assembly is not in session, theGovernor may approve such acquisitions and leases. Prior to such acquisitionsand leases the Governor shall submit such proposed acquisitions and leases tothe House Appropriations Committee and the Senate Finance Committee for theirreview and approval.
D. The Authority is authorized to establish and maintain such funds as it maydeem appropriate from time to time to provide funds for acquisition ofequipment on a continuing basis. The Authority may deposit therein such fundsas it deems appropriate, including, but without limitation, the proceeds ofany Authority bonds issued to finance the purchase of equipment and paymentsmade to the Authority under equipment leases and sale agreements witheducational institutions and others. Any moneys held in such funds may alsobe used in the Authority's discretion to secure payment of principal of andinterest on any Authority bonds, whether issued to finance the purchase ofequipment, or to pay administrative costs of the authority, whether incurredin connection with the purchase, lease or sale of equipment, or may betransferred by the Authority to be used in connection with any other programof the Authority. However, no funds of the Authority derived from theequipment program authorized under this section may be used in connectionwith the issuance or securing of indebtedness for the benefit of privateinstitutions for higher education pursuant to Chapter 3.3 (§ 23-30.39 etseq.) of this title.
E. The Authority is authorized to determine and charge rent or sale pricesfor equipment leased or sold by the Authority to educational institutions andterminate such leases or sale agreements upon the failure of an educationalinstitution to comply with any of the obligations thereof, and may include insuch leases, options for the educational institution to renew such leases, orto purchase any or all of the leased equipment and provisions for theAuthority to repossess and sell equipment leased or sold upon any defaultunder the lease or agreement for the sale of such equipment.
