1994-02-02                     Senate Journal                      Page 2658
SB 247                                                                       
The Finance Committee considered SENATE BILL NO. 247 "An                       
Act relating to state leases and to state lease-purchase and                   
lease-financing agreements, and repealing a legislative authorization          
previously given for acquisition of a facility through a lease-purchase        
agreement; and providing for an effective date" and recommended it             
be replaced with                                                               
                                                                               
CS FOR SENATE BILL NO. 247(2d FIN), 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;                                 
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."                                                            
                                                                               

1994-02-02                     Senate Journal                      Page 2659
SB 247                                                                       
and further recommends the previous Finance Committee Letter of                
Intent offered on page 2581 be adopted.                                        
                                                                               
Signing do pass: Senators Frank, Pearce, Cochairs, Senators Jacko,             
Kelly, Kerttula, Sharp.                                                        
                                                                               
Zero fiscal note for the second finance committee substitute                   
published today from Department of Administration.  Previous zero              
fiscal note applies to the second finance committee substitute.                
                                                                               
SENATE BILL NO. 247 was referred to the Rules Committee.