§ 59-53-2430 — Lease and lease purchase agreements; approval; compliance with Title 11, Chapter 35 and Section 1-11-65.

(A) An authority must comply with the provisions of Chapter 47, Title 2, but only State Department of Administration or State Fiscal Accountability Authority, as appropriate, approval is required for leases and lease purchase agreements, including ground lease agreements, the terms and conditions thereof, and the consideration involved, for the construction or use of facilities on an enterprise campus. Upon the expiration of the lease purchase agreements, including ground lease agreements, the private entity shall surrender to an authority the premises with the existing buildings, other structures, and improvements constructed and located on an enterprise campus, in the same condition as when the construction of the buildings, other structures, and improvements were completed, only natural and normal wear and tear excepted. Subject to the provisions of this article, the approval of the State Department of Administration or State Fiscal Accountability Authority, as appropriate, required for leases and lease purchase agreements, including ground lease agreements, is in lieu of or a substitute for any other approval required by another provision of law or regulation. The full faith and credit of the State toward the lease obligations may not be pledged, and a statement to the contrary is void as a matter of public policy. (B) Notwithstanding another provision of this chapter, all powers granted to an authority must be exercised in a manner consistent with the provisions of Title 11, Chapter 35 and Section 1-11-65. Approval by the State Fiscal Accountability Authority is not a substitute for the requirements of Title 11, Chapter 35. An authority shall adhere to fire, life, and safety codes as required by the Office of State Engineer.

Legislative History

HISTORY: 2009 Act No. 71, SECTION 3, eff June 16, 2009.