CODE OF VIRGINIA

APPROVAL OF FINANCIAL TERMS OF CERTAIN CONTRACTS; USING AGENCIES TO PROCURE
CERTAIN FINANCIAL SERVICES THROUGH TREASURY BOARD (§ 2.2-2417)

A. The Board, or its designee, shall review and approve the financial terms of
all contracts for the purchase or financing of the purchase by agencies,
institutions, boards and authorities which receive appropriations from the
Commonwealth, i.e., the using agencies, of personal property, including personal
property to be affixed to realty, whether by lease-purchase, installment
purchase or otherwise, where payment of the purchase price is deferred through
installment payments, includes the payment of interest, or is otherwise financed
by the seller, lessor, or third parties.

B. The Board may specifically exempt from its review and approval specific
purchases, and purchases below a stated amount, and may adopt regulations
governing the financial terms of contracts, as described in subsection A,
including but not limited to the authority to negotiate with a seller or lessor
the public or private sale of securities, the security interest which may be
granted to a seller or lessor, and the types and value of property which may be
acquired under such contracts. Approval of the Board or its designee and
compliance with regulations adopted pursuant to this section shall be required
in addition to and notwithstanding any other provision of law pertaining to the
review, approval or award of contracts by agencies and institutions of the
Commonwealth.

C. Notwithstanding any of the foregoing and except as the Board shall direct and
authorize otherwise, every using agency shall procure through the Board all
contracts for the financing of the purchases described in subsection A or other
financial services needed for the purpose of financing such purchases. The Board
may acquire such financing services, including, but is not limited to employing
financial advisors and private or public placement agents.

D. An agency, institution, board, or authority which receives appropriations
from the Commonwealth shall procure state agency energy efficiency projects
under this section. State agency energy efficiency projects may include personal
property, the installation or modification of an installation in a building, and
professional, management, and other special services which are primarily
intended to reduce energy consumption and demand, or allow the use of an
alternative energy source, and which may contain integral control and
measurement devices.

HISTORY: 1986, c. 280, § 2.1-179.2; 1987, c. 613; 1991, c. 578; 1994, c. 231;
2001, c. 844.