Controlled Maintenance Financed Acquired Prop
Capital construction - controlled maintenance funding for buildings acquired through a lease-purchase agreement. The act specifies that any real property acquired by a state agency or a state institution of higher education through a lease-purchase agreement is not eligible for state controlled maintenance funding. The act specifies that any act enacted by the general assembly on or after the effective date of the legislation authorizing a lease-purchase agreement for the acquisition of real property must include a requirement that the state agency or state institution of higher education entering into the lease-purchase agreement present a plan to the capital development committee, by a specified date, that details how the state agency or state institution of higher education is prepared to fund the controlled maintenance needs of the real property so that at least a specified amount is available for the controlled maintenance needs of the real property. The plan may include an additional lease-purchase agreement for such controlled maintenance needs or may include a request for partial or complete state funding of such controlled maintenance needs.
(Note: This summary applies to this bill as enacted.)