8.316. Division to promulgate method to calculate replacement cost of buildings owned by public institutions of higher education.
Division to promulgate method to calculate replacement cost ofbuildings owned by public institutions of higher education.
8.316. The division of design and construction shall promulgate amethod to accurately calculate the replacement cost of all buildings ownedby public institutions of higher education. The method shall be developedin cooperation with such institutions and shall include the necessarycomponents and factors to accurately calculate a replacement cost. Thedivision shall utilize a procedure to allow differences to be resolved andmay include an alternative calculation where the original cost plus aninflation factor is utilized to determine a replacement cost value.
(L. 1995 H.B. 622)