23 NCAC 02C .0504. ACQUISITION OF EQUIPMENT

(a)  Boards of trustees may use state funds to support lease purchase and installment purchase contracts to acquire equipment. Contracts that exceed one hundred thousand dollars ($100,000) or a three-year term shall meet the following conditions:

(1)           Prior to obligating any state funds, the State Board shall approve each lease purchase or installment purchase contract.

(2)           Prior to submitting a lease purchase or installment purchase contract to the State Board for approval, the college board of trustees shall have approved the contract.

(b)  A board of trustees shall not have in effect at any one time more than five state-funded contracts which are permitted under this rule.

(c)  The Department shall make an annual report to the State Board on system-wide use of state-funded lease purchase and installment purchase contracts exceeding one hundred thousand dollars ($100,000) or three-year terms.  The report shall include the amount of state funds obligated for the next fiscal year.

 

History Note:        Authority G.S. 115D-58.5(b); 115D-58.15;

Temporary Adoption Eff. October 21, 1998;

Temporary Adoption Expired August 13, 1999;

Eff. August 1, 2000.