Legislature(2007 - 2008)
04/09/2008 10:24 AM Senate FIN
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
CS FOR HOUSE BILL NO. 419(FIN) "An Act relating to state lease-purchases of equipment and other personal property; and providing for an effective date." Senator Huggins MOVED to ADOPT SCS CSHB 419(FIN), labeled 25-LS1567\V, Cook, 4/9/08, as the working draft before the Committee. Co-Chair Stedman OBJECTED. TOM WRIGHT, STAFF, REPRESENTATIVE MIKE CHENAULT, explained that the new CS mirrors the bill that passed from the House. Section 1 clarifies that lease-purchase agreements must be for real property. Section 2 deals with lease-purchase of personal property. It allows all agencies to enter into lease-purchase agreements. If the agreement is worth over $100,000 notice must be given. Mr. Wright related that Section 3 says that by January 15 of each year each agency, through OMB, has to submit a report of every lease-purchase agreement. Co-Chair Stedman WITHDREW his OBJECTION. There being NO OBJECTION, SCS CSHB 419 (FIN) was adopted. Co-Chair Stedman commented on a concern about the restrictiveness of the bill. As a compromise, the House version of the bill was adopted. There will be an on-going opportunity to review the outcome of the bill and a chance to tighten it up if necessary. Senator Huggins asked if the sponsor supports the bill as it is. Mr. Wright said he did. He further explained the cap option, which was not incorporated in the bill. The issue will be revisited as needed. 6:54:38 PM Senator Thomas MOVED to REPORT SCS CS HB 419(FIN) from Committee with individual recommendations and the accompanying fiscal note. There being NO OBJECTION, it was so ordered. SCS CSHB 419(FIN) was REPORTED out of Committee with "no recommendation" and with zero fiscal note #1 by the House Finance Committee for the Department of Administration and zero fiscal note #2 by the House Finance Committee for the Office of the Governor. AT-EASE: 6:55:22 PM RECONVENED: 6:56:38 PM
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