§ 74-6204 — Lease-purchase agreement authority - Funding.

The Office of Management and Enterprise Services shall have the authority to enter into a lease-purchase agreement for a period not to exceed twenty (20) years for the purposes of providing funding in the amount of Three Million Dollars ($3,000,000.00) for additional repairs, construction, and remediation to the land and improvements formerly known as the Hissom Memorial Treatment Center. The Legislature shall appropriate sufficient funds each year to the Hissom Memorial Treatment Center Surplus Fund to satisfy the obligations under the lease-purchase agreement authorized pursuant to this section. Upon the sale of the land or improvements funded through the lease-purchase agreement, the proceeds of the sale shall be used first to satisfy the remaining payments under the lease- purchase agreement, and then the balance of the proceeds shall be applied as otherwise provided by law.

Legislative History

Added by Laws 2009, c. 450, § 1. Amended by Laws 2012, c. 304, § 1048.