SB 0303 Allows school districts to directly enter into lease purchases with vendors
LR Number:1043S.01T Fiscal Note:1043-01
Last Action:07/10/01 - Signed by Governor Journal page:
Effective Date:August 28, 2001
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Current Bill Summary

SB 303 - This act allows school districts to directly enter into lease purchase agreements with vendors. This authority is in addition to current authority under Section 177.088, RSMo, which allows a school district to enter into a lease purchase agreement with a not-for-profit corporation. Any lease purchase allowed by this act must allow the school district an opportunity to terminate the agreement at least annually with no penalty. Lease purchase expenditures shall be considered "capital outlay" and shall be expended from the Capital Projects Fund, except for classroom instructional capital outlay, which may be expended from the Incidental Fund.