Montana Code 20-25-441. Lease of university of Montana-Missoula property for stadium authorized
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20-25-441. Lease of university of Montana-Missoula property for stadium authorized. The board of regents may lease land or land and facilities to a private, nonprofit foundation organized to solicit, manage, and administer gift revenues on behalf of the university of Montana-Missoula for the purpose of renovation or construction by the foundation of a football stadium for the university of Montana-Missoula. The terms of the lease must be advantageous to the state and must include a guarantee that no commitment of funds to any portion of the initial construction, other than as approved in Senate Joint Resolution No. 14 of the 48th Legislature, is expressed or implied.
Terms Used In Montana Code 20-25-441
- Board of regents: means the board of regents of higher education created by Article X, section 9, subsection (2), of the Montana constitution and 2-15-1505. See Montana Code 20-1-101
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Joint resolution: A legislative measure which requires the approval of both chambers.
- 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
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- University: means the university of Montana-Missoula. See Montana Code 20-1-101