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Please Read the following documents to make sure your purchase may fit the requirements of the program.
Budget Letter 06-27.
Management Memo 06-14
You may contact the $Mart Manager if you have any questions.
Assets to be financed must be essential to the department's mission.
Assets to be financed cost at least $50,000 (not including financing costs).
Tax-exempt financed assets must qualify under the federal Internal Revenue Service regulations.
Financed assets must be maintained in good working order at all times.
Funds are available for procurement costs including training, installation, freight and sales tax.
The financing period will be no longer than the useful life of the financed assets.
Payment schedules will be produced by Lenders in a standard format.
The department must keep the financed assets as personal property, not part of freehold or improvement to buildings (real property).
The department must notify a Lender and supplier prior to any asset relocation.
The department must forward a copy of the procurement contract to the Department of General Services (DGS) $Mart Manager and awarded Lender, in addition to the supplier, State Controller's Office and the department's accounting office.
With assistance from the Lenders, the DGS $Mart Manager will file all required reports with the federal Internal Revenue Service.
All documents needed for a funding close must be completed, and the dates specified on the payment schedule must be met, before the supplier can be paid.
The department agrees not to replace any non-appropriated assets for at least one fiscal year.
The department agrees to provide written notice to the Lender, if requested by the Lender, in event of non-appropriation.
The department must commit to making payments to the Lender per the payment schedule.
The department will use its best efforts to obtain funding for the financed assets.
The department will allow the Lender or its designee to remove the financed assets in case of non-appropriation.
The department agrees that there will be no Termination for Convenience provision related to financing in the contract.
The department is responsible for risk of loss of assets only after acceptance unless otherwise agreed to in the contract.
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