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, Sec. 181.3]

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 an electronic copy, with an authorized signature, of the state debt application or one application form with original signature and eleven (11) copies of the application to the Bond Review Board no later than 10 business days prior to the scheduled planning session to discuss the application. Applications submitted after the due date will be considered at the regular meeting only with the approval of the governor or two 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. Any revisions must be submitted in writing 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.

Application Forms

The State Debt 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.

The State Lease Purchase Application shall be submitted by applicants requesting approval of a lease-purchase agreement. For lease purchases related to energy savings performance contracts, an additional ESPC Application shall also be submitted.

Please send questions or comments to State Debt Analysts.