§ 23.1-1028 — Covered institutions; duties; leases of property

Virginia § 23.1-1028

• Jurisdiction: Virginia
• Title 23.1: INSTITUTIONS OF HIGHER EDUCATION; OTHER EDUCATIONAL AND CULTURAL INSTITUTIONS
• Subtitle III: MANAGEMENT AND FINANCING
• Ch. 10: RESTRUCTURED HIGHER EDUCATION FINANCIAL AND ADMINISTRATIVE OPERATIONS ACT
• Art. 4: RESTRUCTURED FINANCIAL AND ADMINISTRATIVE AUTHORITY; COVERED INSTITUTIONS; MANAGEMENT AGREEMENTS

Text

The governing board of each covered institution shall adopt such policies relating to the leasing of real property, including capital or operating/income leases, that reasonably ensure that such leases are efficiently procured on appropriate terms and for appropriate purposes. With respect to capital or operating/income leases for real property to be used for academic purposes or for real property owned by the institution or a foundation relating to the institution to be used for non-academic purposes in accordance with the institution's land use plan pursuant to § 2.2-1153, other than applicable policies adopted by a covered institution's governing board and provisions of general law that expressly apply to covered institutions, such institutions are exempt from any state or local statutes, ordinances, rules, regulations, and guidelines relating to (i) operating/income leases of real property by public entities and (ii) except as otherwise provided in §§ 23.1-1016 and 23.1-1019, capital leases.

Legislative History

2005, cc. 933, 945, § 23-38.113; 2016, c. 588.