SECTION 428:10-1-3. Definitions

  The following words and terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"The Act" means the State Capital Improvement Planning Act, 62 O.S., Section 900 et.seq.

"Capital project" is defined as a planned expense for a facility or physical item requiring a minimum expenditure of $25,000, having a useful lifespan of five years or more, and meeting one of the following definitions:

(A)   Involves the acquisition or construction of any physical facility;

(B)   Involves the acquisition of land;

(C)   Involves the acquisition or construction of public utilities;

(D)   Involves the acquisition of major equipment or physical systems, such as computer technology, communications systems, major specialized vehicles, etc.;

(E)   Involves modifications to facilities, including additions to existing facilities, which increases the useful life of the facility, and/or

(F)   Capital maintenance or replacement projects on existing facilities, which are defined as non-recurring projects to repair, maintain or replace existing facilities for the purpose of protecting the state's investment in a facility and minimizing future maintenance and replacement costs. To be considered a capital maintenance project, a project must have an interval between expenditures of at least five years. Capital projects do not include normal operating expenditures for salaries, routine maintenance or repair, or activities associated with or consumed during a single fiscal year.

"Commission" means the Long-Range Capital Planning Commission established pursuant to 62 O.S., Section 901.

"Decision package" means the capital project information and supporting documentation that an agency submits as a capital outlay request.

"Inventory of capital facilities" means a schedule of capital items held by state government entities. Such schedule shall include, but not be limited to, a description of property, date of acquisition, useful/remaining life, and replacement value.

"Plan" means the state capital plan to be prepared annually by the Long-Range Capital Planning Commission.

"Remaining useful life" means an estimate of the period of time over which the facility or item shall continue to serve its intended function, based on its current condition. The current condition should be assessed each year at the time the inventory is prepared and the remaining useful life should be determined according to this annual assessment.

"Replacement cost" means the cost to replace the item at the time the inventory is being prepared. That is, the current replacement cost, rather than the cost of replacing the item at the end of its useful life.

[Source: Added at 10 Ok Reg 2449, eff 6-11-93; Amended at 34 Ok Reg 1769, eff 9-11-17]