53B-2a-113 - College campuses -- Leasing authority -- Lease-purchase agreements -- Report.

53B-2a-113. College campuses -- Leasing authority -- Lease-purchase agreements --Report.
(1) In accordance with Subsection 53B-2a-112(2), a college campus may enter into alease with other higher education institutions, school districts, charter schools, state agencies, orbusiness and industry for a term of:
(a) one year or less with the approval of the campus board of directors; and
(b) more than one year with the approval of the board of trustees and:
(i) the approval of funding for the lease by the Legislature prior to a college campusentering into the lease; or
(ii) the lease agreement includes language that allows termination of the lease withoutpenalty.
(2) (a) In accordance with Subsection 53B-2a-112(2), a college campus may enter into alease-purchase agreement if:
(i) there is a long-term benefit to the state;
(ii) the project is included in both the campus and Utah College of Applied Technologymaster plans;
(iii) the lease-purchase agreement includes language that allows termination of the lease;
(iv) the lease-purchase agreement is approved by the campus board of directors and theboard of trustees; and
(v) the lease-purchase agreement is:
(A) reviewed by the Division of Facilities Construction and Management;
(B) reviewed by the State Building Board; and
(C) approved by the Legislature.
(b) An approval under Subsection (2)(a) shall include a recognition of:
(i) all parties, dates, and elements of the agreement;
(ii) the equity or collateral component that creates the benefit; and
(iii) the options dealing with the sale and division of equity.
(3) (a) Each college campus shall provide an annual lease report to the board of trusteesthat details each of its leases, annual costs, location, square footage, and recommendations forlease continuation.
(b) The president of the Utah College of Applied Technology shall compile anddistribute an annual combined lease report for all college campuses to the Division of FacilitiesConstruction Management and to others upon request.
(4) The Utah College of Applied Technology shall use the annual combined lease reportin determining planning, utilization, and budget requests.

Amended by Chapter 346, 2009 General Session