SENATE AMENDMENT

    Bill No. SB 2058

    Amendment No. 1   Barcode 655288

                            CHAMBER ACTION
              Senate                               House
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11  The Committee on Governmental Oversight and Productivity

12  recommended the following amendment:

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14         Senate Amendment 

15         On page 3, line 13, after the period

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17  insert:  The department shall include in its standard contract

18  document a requirement that any state funds provided for the

19  purchase of or improvements to real property are contingent

20  upon the contractor granting to the state a security interest

21  in the property at least to the amount of the state funds

22  provided for at least 5 years from the date of purchase or the

23  completion of the improvements or as further required by law.

24  The contract must include a provision that, as a condition of

25  receipt of state funding for this purpose, the contractor

26  agrees that, if it disposes of the property before the

27  department's interest is vacated, the contractor will refund

28  the proportionate share of the state's initial investment, as

29  adjusted by depreciation.

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    12:15 AM   03/12/02                                s2058.go.01