Introduced
by
To eliminate specific limitations on the payback period of installment purchases by local governments and schools of real estate or equipment. Under current law, an installment contract for “real or personal property” cannot be longer than 15 years, and no longer than six years for school buses. These limits would be repealed, and the only limit would be “the useful life of the property” as determined by a resolution of the governing body.
Referred to the Committee on Education
