An officer or entity proposing to issue state
debt with an initial principal amount greater than $250,000 or a financing term
greater than five years must apply for Bond Review Board approval, unless
exemption from review has been granted by the Board. [excerpted from BRB Rules,
For lease purchase applications, the Bond Review Board
("Board") advises applicants against executing purchase orders prior to Board
approval. Applicants may be subject to cancellation and/or restocking fees in
the event that the application is not approved. In addition, all Energy Savings Performance Contracts (ESPCs) must receive
all required approvals before submitting a lease purchase application to the Board.
A flowchart of the ESPC process can be viewed here
and additional resources for ESPCs can be found on the Publications page.
Applicants must submit one application form with original
signature and eleven (11) copies to the Bond Review Board no later than the
first Tuesday of the month in which the applicant requests board consideration.
Applications submitted after the due date will be considered at the regular
meeting only with the approval of the governor or three or more board members.
Please remember to include any additional information as
specified in the application form. An application may include any other
relevant information the applicant wants to submit.
Revisions must be submitted in writing (one original and eleven
copies) not less than 72 hours prior to the board meeting.
An applicant may withdraw an application at any time before the
day of the board meeting.
The State Lease Purchase Application
shall be submitted by applicants requesting approval of a lease-purchase
For lease purchases related to energy savings performance contracts an additional ESPC Application shall also be submitted.
The State Bond Application
shall be submitted by applicants requesting approval for any state debt
issuance other than lease-purchase agreements. For applications related to energy savings
performance contracts an additional ESPC Application
and ESPC Addendum
shall also be submitted.
Please send questions or comments to
State Debt Analysts.