Indiana Code 21-35-3-21. Contracts; approval of the budget agency and governor
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Sec. 21. (a) Subject to this section, contracts to:
(2) construct, purchase, lease, sublease, or otherwise acquire; or
(1) acquire land for;
Terms Used In Indiana Code 21-35-3-21
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) engage architectural or engineering services in connection with;
any property to be financed in whole or in part by the issuance of bonds under this chapter may not be made by any state educational institution without the specific approval of the budget agency and the governor.
(b) This section does not apply to any contract relating to property, the cost of which does not exceed fifty thousand dollars ($50,000).
[Pre-2007 Higher Education Recodification Citation: 20-12-8-6.]
As added by P.L.2-2007, SEC.276.