Utah Code 63A-5b-801. Definitions

63A-5b-801. Definitions.
As used in this part:

(1)	“Agency optional term” means an option that is exclusively exercisable by a leasing agency to extend the lease term.

Agency optional term: means an option that is exclusively exercisable by a leasing agency to extend the lease term. See Utah Code 63A-5b-801
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Department: means the Department of Government Operations. See Utah Code 63A-1-103
Division: means the Division of Facilities Construction and Management created in Section 63A-5b-301. See Utah Code 63A-5b-102
Institution of higher education: means an institution listed in Subsection 53B-2-101(1). See Utah Code 63A-5b-102
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}
Leasing agency: means a department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state. See Utah Code 63A-5b-801
Property: includes both real and personal property. See Utah Code 68-3-12.5
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

(2)

“High-cost lease” means a real property lease that:

(a)	has an initial term including any agency optional term of 10 years or more; or

(b)	will require lease payments of more than $5,000,000 over the term of the lease, including any agency optional term.

(3)

(a)	“Leasing agency” means a department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state.

(b)

“Leasing agency” does not include:

(i)	the legislative branch;

(ii)	the judicial branch; and

(iii)

an institution of higher education.

(4)	“Significant lease terms” includes the duration of the lease, the frequency of the periodic payments, a renewal clause, a purchase option, a cancellation clause, a repair and maintenance clause, and a restriction on use of the property.

Enacted by Chapter 152, 2020 General Session