13-39A-24. Lease-purchase agreements between LEAs and health and educational facilities authority or board for capital improvements.

119 words·~1 min read·/sd/title-13/chapter-13-39/13-39a-24

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any LEA may enter into a lease-purchase agreement with the health and educational facilities authority or the board for capital improvements for the design, acquisition, construction, equipping, or improvement of facilities the LEA considers necessary or appropriate. In addition, the board may enter into any lease-purchase agreement for the capital improvements either with an LEA or the health and educational facilities authority.

Any lease-purchase agreement shall include any terms the health and educational facilities authority considers necessary, including without limitation, terms of default, remedies, representations, and covenants of the lessee.

No lease-purchase agreement entered into after July 1, 2017 may be effective until approved by the board. The term, lease-purchase agreement, as used in this chapter includes any sublease.