Terms Used In Utah Code > Title 63A > Chapter 5b > Part 8 - Acquisitions of Real Property Interests

• 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
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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
• Director: means the division director, appointed under Section 63A-5b-302. See Utah Code 63A-5b-102
• Division: means the Division of Facilities Construction and Management created in Section 63A-5b-301. See Utah Code 63A-5b-102
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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. See Utah Code 63A-5b-801 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 Oversight: Committee review of the activities of a Federal agency or program. Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Property: includes both real and personal property. See Utah Code 68-3-12.5 real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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. See Utah Code 63A-5b-801 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 Utah Board of Higher Education: means the Utah Board of Higher Education established in Section 53B-1-402. See Utah Code 63A-5b-102