Sec. 20. (a) Except as provided in this section, contracts to acquire land for or to construct, purchase, lease, sublease, or otherwise acquire, or to engage architectural or engineering services in connection with any buildings, structures, equipment, and improvements to be financed in whole or in part by the issuance of bonds under this chapter may not be made by the board of trustees of a state educational institution without the specific approval of the budget agency and the governor.

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Terms Used In Indiana Code 21-35-2-20

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
     (b) This section does not apply to any contract relating to a facility, the cost of which does not exceed fifty thousand dollars ($50,000).

[Pre-2007 Higher Education Recodification Citation: 20-12-7-6.]

As added by P.L.2-2007, SEC.276.

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