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2017 Utah Code
Title 53B - State System of Higher Education
Chapter 2a - Utah System of Technical Colleges
Section 113 - Technical colleges -- Leasing authority -- Lease-purchase agreements -- Report.
Universal Citation: UT Code § 53B-2a-113 (2017)
Effective 7/1/2017
53B-2a-113. Technical colleges -- Leasing authority -- Lease-purchase agreements -- Report.
Amended by Chapter 382, 2017 General Session
53B-2a-113. Technical colleges -- Leasing authority -- Lease-purchase agreements -- Report.
- (1) In accordance with Subsection 53B-2a-112(2), a technical college may enter into a lease with other higher education institutions, school districts, charter schools, state agencies, or business and industry for a term of:
- (a) one year or less with the approval of the technical college board of directors; or
- (b) more than one year with the approval of the board of trustees and:
- (i) the approval of funding for the lease by the Legislature prior to a technical college entering into the lease; or
- (ii) the lease agreement includes language that allows termination of the lease without penalty.
- (2)
- (a) In accordance with Subsection 53B-2a-112(2), a technical college may enter into a lease-purchase agreement if:
- (i) there is a long-term benefit to the state;
- (ii) the project is included in both the technical college and Utah System of Technical Colleges master plans;
- (iii) the lease-purchase agreement includes language that allows termination of the lease;
- (iv) the lease-purchase agreement is approved by the technical college board of directors and the board of trustees; and
- (v) the lease-purchase agreement is:
- (A) reviewed by the Division of Facilities Construction and Management;
- (B) reviewed by the State Building Board; and
- (C) approved by the Legislature.
- (b) An approval under Subsection (2)(a) shall include a recognition of:
- (i) all parties, dates, and elements of the agreement;
- (ii) the equity or collateral component that creates the benefit; and
- (iii) the options dealing with the sale and division of equity.
- (a) In accordance with Subsection 53B-2a-112(2), a technical college may enter into a lease-purchase agreement if:
- (3)
- (a) Each technical college shall provide an annual lease report to the board of trustees that details each of the technical college's leases, annual costs, location, square footage, and recommendations for lease continuation.
- (b) The board of trustees shall compile and distribute an annual combined lease report for all technical colleges to the Division of Facilities Construction and Management and to others upon request.
- (4) The board of trustees shall use the annual combined lease report in determining planning, utilization, and budget requests.
Amended by Chapter 382, 2017 General Session
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