Utah Code § 63A-5b-801

Current through the 2024 Fourth Special Session

Section 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.

(3)

(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.

Utah Code § 63A-5b-801

Added by Chapter 152, 2020 General Session ,§ 48, eff. 5/12/2020.