Michigan Laws 380.1606a – Transfer of title of property to obtain capital financing for improvements; building school building upon leased site
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(1) The board of a school district that operates a community college under this part may transfer title of real or personal property owned by the school district to the state building authority in order to obtain capital financing from the state building authority for improvements to the property, even though the property continues to be required and used for community college or other school district purposes. The board of the school district shall give proper deeds, bills of sale, or other instruments necessary to pass title to the property.
(2) Notwithstanding section 1263, the board of a school district that operates a community college may build or contract to build a school building for the community college upon a site for which the school district has a lease from the state building authority of less than 50 years.
Terms Used In Michigan Laws 380.1606a
- community college: includes a junior college established prior to June 14, 1955. See Michigan Laws 380.1601
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o