Utah Code 63B-13-301. Lease-purchase authorizations
Current as of: 2024 | Check for updates
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(1) It is the intent of the Legislature that the Mountainland Applied Technology Campus of the Utah College of Applied Technology may use existing funds to enter into a lease-purchase agreement with Alpine School District for the acquisition of the Pacific Avenue Applied Technology Facility costing up to $2,900,000.
Terms Used In Utah Code 63B-13-301
- Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
- 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 a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) It is further the intent of the Legislature that a lease may not be executed until the Division of Facilities Construction and Management has determined that the lease-purchase option is less costly to the state than the current lease.