Utah Code 63A-5b-801. Definitions
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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.
Terms Used In Utah Code 63A-5b-801
- Agency: means a board, commission, institution, department, division, officer, council, office, committee, bureau, or other administrative unit of the state, including the agency head, agency employees, or other persons acting on behalf of or under the authority of the agency head, the Legislature, the courts, or the governor, but does not mean a political subdivision of the state, or any administrative unit of a political subdivision of the state. See Utah Code 63A-1-103
- Agency optional term: means an option that is exclusively exercisable by a leasing agency to extend the lease term. See Utah Code 63A-5b-801
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Government Operations. See Utah Code 63A-1-103
- Division: means the Division of Facilities Construction and Management created in Section
63A-5b-301 . See Utah Code 63A-5b-102 - Institution of higher education: means an institution listed in Subsection
53B-2-101 (1). See Utah Code 63A-5b-102 - 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) “High-cost lease” means a real property lease that:
(2)(a) has an initial term including any agency optional term of 10 years or more; or
(2)(b) will require lease payments of more than $5,000,000 over the term of the lease, including any agency optional term.
(3)
(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.
(3)(b) “Leasing agency” does not include:
(3)(b)(i) the legislative branch;
(3)(b)(ii) the judicial branch; and
(3)(b)(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.