(a)
The department shall develop a financing process that requires, but shall not be limited to, all of the following:
(1)
Confirmation that the term of financing shall be limited to the average expected economic life of the asset or assets.
(2)
Certification that the asset or assets to be financed are eligible under Section 14934.
(3)
A submission of an opinion of counsel from an independent law firm of recognized standing in the field of law relating to the exemption from federal income taxation on state or local bonds confirming that the assets subject to the financing
qualify for tax exempt financing consistent with the Internal Revenue Code.
(4)
The preparation and submission of payment schedules to the Controller for use by the Controller in transferring funds appropriated in the annual Budget Act to the state agency for payments due under the financing program.
(5)
Prior approval by the Department of Finance and prior approval of the terms and conditions of the financing by the Treasurer for each financing over $10,000,000.
(b)
The Controller may direct the transfer of funds according to the schedule or schedules submitted by the department pursuant to the GS $Mart Program.
(c)
The department, in consultation with the Department of Finance, shall be responsible for the continued development and administration of,
at a minimum, financing applications, instructions, and application approval pursuant to the GS $Mart Program.