A. The Office of State Treasurer is authorized to make installment loans to boards, commissions, institutions, and agencies of state government for the purpose of renting, leasing, or purchasing office equipment, telecommunications equipment, energy conservation equipment, medical equipment, data processing equipment, and related software in accordance with procurement statutes and regulations. When these loans are made, they must be at an interest rate not less than seven percent a year nor greater than fifteen percent a year.

B. For the purpose of carrying out the provisions of subsection (A), the Office of State Treasurer may borrow up to thirty-five million dollars from the State Insurance Reserve Fund at an interest rate of six and one-half percent a year but these loans may not be made in an amount that jeopardizes the actuarial soundness of the fund.

C. When making these loans, the Office of State Treasurer shall insure that sufficient sums are raised to reimburse the principal and interest payments to the Insurance Reserve Fund and to defray the cost of administering the provisions of this program, which costs may be retained by the Office of State Treasurer. Any excess funds must be deposited in the general fund of the State.

D. The Budget and Control Board may from time to time review the interest rates assigned in subsections (A) and (B) and may adjust them as it considers appropriate.

E. The Office of State Treasurer shall prescribe the procedures necessary to administer this program.