W. Va. Code R. § 170-6-21

Current through Register Vol. XLI, No. 45, November 8, 2024

Section 170-6-21 - Lease Purchases

21.1. A lease purchase contract is a contract that includes periodic lease payments, and in some cases a final lump sum payment, with ownership of the equipment being vested in the Division immediately or at the lease term expiration. The minimum purchase cost to consider a lease-purchase as an option is $500,000.00 unless the Director grants an exception to this minimum amount. A letter of justification must be prepared, signed by the Purchaser and submitted to the Procurement Section or the DAS - Purchasing Section prior to any attempt to enter into a Lease Purchase.