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 several territories of the United States. See Tennessee Code 1-3-105
(1) Accept grants of funds from any county or municipality or from any public or private entity, to be used for the purposes authorized in this part; and(2) Accept, purchase or lease from any local school system, or from any public or private entity, any school plant facilities or other property, including the land upon which the facilities or other property are located, that the board of regents may deem necessary in carrying out this part.(b) Any local school system, upon a majority vote of its governing body, is authorized to donate, sell or lease to the board of regents, land or facilities, or both, or other property to be used for a state college of applied technology; provided, that the board of regents shall be vested with full, complete and clear title to the property that may be sold or donated to the board of regents.(c) Any county or municipality, upon a majority vote of its governing body, is authorized to make an outright grant of funds to the board of regents for the purposes authorized in this part.
