(a) Lease. All contracts for the lease of a commodity which exceed a cost of seventy-five thousand dollars ($75,000) during the initial period of the contract shall be awarded on the basis of competitive sealed bids. All contracts for the lease of a commodity that do not exceed seventy-five thousand dollars ($75,000) during the initial period of the contract but contain an option to purchase a commodity costing more than seventy-five thousand dollars ($75,000) will be awarded on the basis of competitive sealed bids. No lease duration including renewals can extend beyond a seven-year period. The term “lease” includes rent.

(b) Purchase of Commodities Subject to the Arkansas Constitution, Amendment 54. Commodities subject to the Arkansas Constitution, Amendment 54 (printing, stationery and supplies) may be purchased only by the State Procurement Director or his designee.