Section 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.