Michigan Laws 830.416 – Lease of facilities to state; term; provisions
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Terms Used In Michigan Laws 830.416
- Building authority: means the state building authority created by this act. See Michigan Laws 830.411
- Existing facilities: means all existing buildings and other facilities, the sites for the buildings or facilities, and furnishings or equipment for the buildings or facilities located on real property acquired by the building authority under the terms of this act. See Michigan Laws 830.411
- Facilities: means furnishings or equipment, capital maintenance improvements, existing facilities, and all new buildings, parking structures and lots, and other facilities, the sites for the buildings, structures, or facilities, and furnishings or equipment for the buildings, structures, or facilities in any way acquired or constructed by the building authority under this act. 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
- True rental: means the rental required to be paid by the state to the building authority under a lease between the state and the building authority entered into under this act. See Michigan Laws 830.411
The building authority may lease existing facilities or facilities defined by this act for the purposes specified in this act, to the state, or any of its agencies acting on its behalf. A lease authorized by this act shall be for a period not exceeding 40 years from the date of execution of the lease, and shall contain provisions for the payment of true rental by the state to the building authority. If bonds are issued by the building authority in accordance with the authorization provided in section 8 for the purpose of financing all or part of the cost of facilities, the true rental shall be fixed in the lease. A lease may contain other provisions relative to the construction, operation, use, and disposition of the facilities on payment of the bonds, and improvement of the facilities and remedies available to the authority upon default by the state of any of the state’s obligations under the lease within the scope and purposes provided in this act as may be agreed upon.