1994-05-16                     Senate Journal                      Page 4770
SB 247                                                                       
HOUSE CS FOR CS FOR SENATE BILL NO. 247(FIN) am H "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, with certain                
exceptions, 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,            
setting limits on the duration of these agreements; and providing              
definitions for applicable terms; and providing for an effective date"         
was enrolled, signed by the President and Secretary, Speaker and               
Chief Clerk and the engrossed and enrolled copies transmitted to the           
Office of the Governor at 10:40 a.m., May 16, 1994.