11-1432. Lease of health system assets to nonprofit corporation
155 words·~1 min read·
/az/title-11/11-1432A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. As part of the operating agreement, the board of supervisors of the sponsoring county may agree to lease health system assets to the nonprofit corporation for purposes prescribed in section 11-1402.
B. If the board of supervisors leases the health system assets to the corporation, the board of supervisors may convey, sell or otherwise transfer title to any of those health system assets, including personal property and improvements to real property, except that:
1. The sponsoring county shall retain title to any fee interest in the land underlying any conveyed improvements.
2. The lease agreement, including any amendments, renewals or extensions of the lease agreement, remains binding and effective according to its terms regardless of ownership of any health system assets.
C. If, under the lease agreement, any of the health system assets or operations are conveyed to the nonprofit corporation, they are presumed to have been conveyed for their current fair market value.