§ 24-82-1202. Leases of Buildings
Subject to the provisions of this part 12, the executive director of a state department, or the governing board of an institution of higher education, is authorized to execute a lease agreement for up to thirty years for the rental of an approved building project. Prior to executing a lease agreement authorized pursuant to this […]
§ 24-82-1203. Payment Obligations Subject to Annual Appropriation by the General Assembly
Each lease agreement entered into pursuant to the provisions of this part 12 shall provide that all payment obligations of the state under the lease agreement are subject to annual appropriation by the general assembly and that the obligations shall not be deemed or construed as creating an indebtedness of the state within the meaning […]
§ 24-82-1204. Terms and Conditions of Lease Agreements
A lease agreement, financed purchase of an asset agreement, or certificate of participation agreement entered into pursuant to this part 12 may contain such terms, provisions, and conditions as the executive director of the leasing state department or the governing board of the leasing institution may deem appropriate. Any lease agreement entered into pursuant to […]
§ 24-82-1205. Ancillary Agreements
The executive director of a leasing state department or the governing board of the leasing institution may enter into or execute, or may negotiate with an officer of the state to enter into or execute, a deed, conveyance, escrow agreement, or other agreement or instrument that he or she or the board deems necessary or […]
§ 24-82-1206. Fiscal Rules Inapplicable – Independent Powers
The provisions of section 24-30-202 (5)(b) shall not apply to a lease agreement or ancillary agreement entered into pursuant to this part 12. Any provision of the fiscal rules promulgated pursuant to section 24-30-202 (1) or (13) which the controller deems to be incompatible with or inapplicable to a lease agreement entered into pursuant to […]
§ 24-82-1207. Inapplicability of Part 7
The provisions of part 7 of this article shall not apply to leases entered into pursuant to this part 12. Source: L. 2005: Entire part added, p. 1335, § 1, effective June 3.
§ 24-82-1301. Legislative Declaration
The general assembly hereby finds and declares that: Due to insufficient funding, necessary high-priority state highway projects and state capital construction projects, including projects at state institutions of higher education, in all areas of the state have been delayed, and the state has also delayed critical controlled maintenance and upkeep of state capital assets; By […]
§ 24-82-1302. Definitions
As used in this part 13, unless the context otherwise requires: “Capital construction” has the same meaning as set forth in section 24-30-1301 (2). “Controlled maintenance” has the same meaning as set forth in section 24-30-1301 (4). “Eligible state facility” means any financially unencumbered building, structure, or facility that is owned by the state, including […]
§ 24-82-1303. Financed Purchase of an Asset or Certificate of Participation Agreements for Capital Construction and Transportation Projects
Repealed. Notwithstanding the provisions of sections 24-82-102 (1)(b) and 24-82-801, and pursuant to section 24-36-121, no sooner than July 1, 2018, the state, acting by and through the state treasurer, shall execute financed purchase of an asset or certificate of participation agreements, each for no more than twenty years of annual payments, for the projects […]
§ 24-82-1002. Definitions
As used in this part 10, unless the context otherwise requires: “Leveraged leasing agreement” means an agreement or a series of agreements between the state and a private person under which: In exchange for monetary consideration paid in a lump sum when the lease closes, the state leases a qualified state capital asset to a […]