Washington Code 35.95.070 – Purchase of leased public transportation system — Purchase price
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In the event the corporate authorities of any municipality during the term of a lease or any renewal thereof of a public transportation system desire to purchase the said system, the purchase price shall be no greater than the fair market value of the said system at the commencement of the lease.
NOTES:
Authority to acquire and operate transportation facilities: RCW 35.92.060.
Terms Used In Washington Code 35.95.070
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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