North Dakota Code 15-55-04.1 – Lease of revenue-producing buildings
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The state board of higher education may, at such times as it deems necessary, enter into agreements with other persons, including any federal or state agency, for the lease of revenue-producing buildings, constructed or purchased under the provisions of this chapter, upon such terms and conditions as the board deems proper. However, any such lease entered into pursuant to this section must be limited to a maximum term of ten years.
Terms Used In North Dakota Code 15-55-04.1
- 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
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49