63A-5b-801. Definitions.
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Effective 5/12/2020
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.
(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.
(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