53G-4-1004. Minimal school facilities — Lease-purchase or lease with option to purchase agreement authorized.
| (1) |
If a school district is unable to find any private builder who is capable of furnishing minimal school facilities in new or existing communities, on terms acceptable to the district and to the state board, the developers of the industrial plant, or plants, may agree to provide minimal school facilities under a lease-purchase agreement or lease with option to purchase agreement with the district. |
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Terms Used In Utah Code 53G-4-1004
- 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: 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) |
The district shall pay the developers according to the terms of the agreement from sources listed for such payments in this part. |
Amended by Chapter 293, 2019 General Session
