Lease-purchase agreement and sale and issuance of certificates of participation authorized to fund improvements to or replacement of state's MAXIS system.

Summary

The bill authorizes the state commissioner to enter lease‑purchase agreements and sell certificates of participation to raise money for modernizing or replacing the MAXIS system, which processes state financial data. It limits the lease term to the project's useful life or ten years, requires lease‑payment money to be appropriated in the same fiscal year, and sets rules for how the proceeds are handled. The goal is to give the state a flexible financing tool while safeguarding taxpayer funds.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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