Michigan Laws 830.415 – Conveyance to building authority of property owned by state or institution of higher education
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Terms Used In Michigan Laws 830.415
- Board: means the board of trustees of the building authority. See Michigan Laws 830.411
- Building authority: means the state building authority created by this act. See Michigan Laws 830.411
- Institution of higher education: means a college or university listed in section 4 or 5 of article VIII of the state constitution of 1963 or described in section 6 of article VIII of the state constitution of 1963 or a community or junior college established under section 7 of article VIII of the state constitution of 1963. See Michigan Laws 830.411
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: means the legislative, executive, and judicial branches of state government and includes institutions of higher education. See Michigan Laws 830.411
(1) Property owned by the state may be conveyed to the building authority for any purpose expressed in this act, subject, however, to prior approval by the state administrative board, by the attorney general, and as provided in an appropriations act. After approval as provided in this subsection, a conveyance shall be executed for and on behalf of the state by the governor and secretary of state, or in the event of the absence or disability of either of them, by the lieutenant governor or deputy secretary of state.
(2) In addition to other authority granted by law, property owned by an institution of higher education may be conveyed to the building authority for any purpose expressed in this act, subject, however, to approval by the governing body of the institution of higher education, by the state administrative board, and as provided in an appropriations act. After approval as provided in this subsection, a conveyance shall be executed for and on behalf of the institution of higher education by authorized officers of the institution of higher education. In addition to other authority granted by law, an institution of higher education may enter into a lease with the building authority under section 6 for the period provided in that section.