Indiana Code 21-33-3-7. Board; authority to lease property
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Sec. 7. In addition to projects authorized by the general assembly, the board of trustees of a state educational institution may engage in a project:
(2) for which the annual cost of the project exceeds five hundred thousand dollars ($500,000);
(1) to lease, other than a project to lease-purchase, a building or facility; and
Terms Used In Indiana Code 21-33-3-7
- 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
only if the project is reviewed by the commission for higher education and approved by the governor, on recommendation of the budget agency. The review by the commission for higher education must be completed not later than ninety (90) days after the project is submitted for review.
[Pre-2007 Higher Education Recodification Citation: 20-12-5.5-2(a)(3).]
As added by P.L.2-2007, SEC.274. Amended by P.L.31-2010, SEC.6; P.L.143-2014, SEC.9.