Redraft 2

Capital Equipment Lease Program

Mr. Joyce moved that the bill be amended by inserting after section 2C the following section:-



Office of the Secretary

1100-9201 For costs associated with the procurement and purchase of capital equipment necessary for general government operations, provided that the secretary of administration and finance, in consultation with the state treasurer, shall adopt regulations establishing a program by which state agencies shall be assessed from their annual appropriations for the costs of debt service and administrative expense and the comptroller shall transfer agency assessments to the state treasurer for the repayment of debt without further appropriation; and provided further, that the comptroller may create such accounts on the books of the commonwealth as the comptroller deems necessary for the administration of this section………….......................... $2,000,000; and

by inserting after section 12 the following section:-

“SECTION 12A. (a) To meet the expenditures necessary to carry out section 2D, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time, but not exceeding, in the aggregate, $2,000,000. All bonds issued by the commonwealth under this section shall be designated on their face, Capital Equipment Financing Act of 2014, and shall be issued for a maximum term of years, not exceeding 5 years, as the governor may recommend to the general court under section 3 of Article LXII of the Amendments to the Constitution. All such bonds shall be payable not later than June 30, 2024.

(b) All interest and payments on account of principal of these obligations shall be payable from agency assessments charged under regulations established in section 2D.

(c) In lieu of issuing all or any portion of the bonds authorized by this section, the state treasurer, with the concurrence of the secretary of administration and finance, may enter into lease agreements or other alternate financing arrangements, which agreements or arrangements shall be payable from agency assessments and the amount of which, together with any bonds issued or to be issued, shall not exceed the amount specified in subsection (a). The General Laws applicable to bonds of the commonwealth shall also apply to any such agreements or arrangements.”