The Lease/Purchase Program provides State agencies with an alternative way to finance essential real estate and equipment over a multi-year period. The program is structured to ensure agencies benefit from economies of scale and the State’s low tax-exempt financing rates.
Legal and administrative costs for each agency are minimized through the use of standardized documentation. All necessary tax and legal analysis and opinions are provided by counsel through the Office of the State Treasurer (OST). Once financing documents have been completed and borrowing rates set by the market, each agency receives a detailed schedule of semi-annual payments due on its outstanding leases. Funds are made available to agencies on a reimbursement basis upon receipt of detailed invoices and proof of payment.
To ensure compliance with tax and legal requirements, OST periodically requests information to monitor the spend-down of proceeds and the use of the facilities that have been financed.
See the Lease/Purchase Program Guide below for a more detailed description of the program parameters, the financing process and required documentation.
- State Agency Lease/Purchase Program Guide
- State Agency Lease/Purchase Program Forms
- Recent State Agency Lease/Purchase Interest Rates — Real Estate Only
- Recent State Agency Lease/Purchase Interest Rates — Equipment Only