§ 166. Requirements for financed equipment acquisition or financed
creation or improvement of information technology systems and related
research and development. 1. a. No financed equipment acquisition may be
approved by the state comptroller unless the acquisition has been
approved by the director of the budget and the outright purchase cost of
the equipment is at least fifty thousand dollars for new financed
equipment acquisitions during the fiscal year nineteen hundred
eighty-eight--eighty-nine, and at least one hundred thousand dollars for
new financed acquisitions during subsequent fiscal years provided,
however, that the comptroller may issue regulations establishing higher
minimum outright purchase costs. Multiple items of the same type of
equipment or related items of equipment procured pursuant to a single
request for proposals may be grouped under one or several contracts as
part of a procurement package to reach the applicable minimum. The
financing of the creation or improvement of information technology
systems and related research and development is authorized pursuant to
this section.

b. Notwithstanding the provisions of paragraph a of this subdivision,
which shall not apply to financed equipment acquisitions for units of
the state university and city university of New York, no financed
equipment acquisition may be approved by the state comptroller for such
units until the director of the budget has determined whether such
financed equipment acquisition shall be financed by certificates of
participation pursuant to section sixty-six-b of this chapter. The
director of the budget shall make such determination no later than
thirty days following the submission of documentation, satisfactory to
the director from the state university or city university of New York.
If within such period of time the director does not indicate that such
financed equipment acquisition shall be financed by certificates of
participation, the state university or city university of New York may
proceed with a financed equipment acquisition in accordance with any
other applicable provision of law. The board of trustees of the city
university of New York and the board of trustees of the state university
of New York shall each promulgate regulations in consultation with the
comptroller and subject to the approval of the director of the budget
regarding the circumstances under which units of the respective
universities may use certificates of participation or other financed
equipment acquisitions. Such regulations shall include but not be
limited to: the establishment of minimum finance acquisition cost;
restrictions on the use of certificates of participation; and annual
ceilings on financed equipment acquisitions. Each board shall file
copies of its regulations with the director of the budget, the
comptroller, and the chairs of the senate finance committee and the
assembly ways and means committee.

2. The director of the budget shall transmit to the state comptroller
and the chairs of the senate finance committee and assembly ways and
means committee a quarterly report on new financed equipment
acquisitions approved by the director of the budget during the previous
quarter. The report shall identify the following:

a. The agency and program procuring the equipment.

b. A brief description of the equipment.

c. The cost of the equipment if purchased outright.

d. The interest rates and terms of such financing.

e. The total lease purchase or installment purchase payments for the
equipment.

f. The lease purchase or installment purchase payments by fiscal year
for the current fiscal year and the next five fiscal years.

g. The anticipated source of funds to make lease purchase or
installment purchase payments.