1994-02-11                     House Journal                      Page 2334
SB 247                                                                       
CS FOR SENATE BILL NO. 247(2d FIN) by the Senate Finance                       
Committee, entitled:                                                           
                                                                               
"An Act making subject to prior legislative approval contracts                
entered into or renewed by the executive branch of state                       
government, the legislative council, the Alaska Court System, and              
the University of Alaska for the lease of real property if the lease           
has an annual rent payable that is anticipated to exceed $500,000              
or has total payments that exceed $2,500,000 for the term of the               
lease, including any renewal options that are defined in the lease;            
                                                                               

1994-02-11                     House Journal                      Page 2335
SB 247                                                                       
prohibiting these entities from entering into or renewing a lease of          
real property if any or all renewal periods in the lease exceed the            
original term of the lease; making subject to prior legislative                
approval lease-purchase agreements that may be entered into by                 
these entities to acquire real property, other than lease-purchase             
agreements to refinance outstanding balances on existing                       
lease-purchase agreements and lease-purchase agreements secured                
by University of Alaska student fees and university receipts;                  
authorizing these entities to enter into lease-purchase agreements             
only in the capacity of lessee under the proposed lease-purchase               
agreement; defining procedures that these entities must follow                 
when considering whether or not to enter into lease-purchase                   
agreements, and setting limits on the duration of these agreements;            
providing definitions for applicable terms; and providing for an               
effective date."                                                               
                                                                               
was read the first time and referred to the Finance Committee.