3320.1
Purchasing
Procedures
Procedures for Entering
into a Lease Purchase/Agreement
These regulations are provided to ensure
proper authorization and recording of Lease/Purchase obligations of the East
Haddam Public Schools.
Definition:
A Lease/Purchase agreement is a
commitment to acquire equipment or materials where payments will be made from
more than one fiscal year, and where the Board has the option to take permanent
title to the equipment or materials at the end of the lease for a nominal or
zero payment.
1.
Lease/purchase
agreements will be coordinated by the Business Manager.
2.
Lease/purchase
agreements will be executed by the Superintendent or his/her designee.
3.
All
lease/purchase agreements will contain a non-appropriation clause permitting
early termination of the agreement if sufficient funds are not appropriated.
4.
All
lease/purchase agreements will be reviewed by the Town Attorney prior to
execution.
5.
Within 30
days of execution of the agreement, the Business Manager will submit a schedule
of payments to the Town Finance Department.
Regulation approved: February 11, 2003 EAST HADDAM PUBLIC SCHOOLS
Moodus,
Connecticut