§ 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.