37-29-133 - Option to purchase; fair market value.
§ 37-29-133. Option to purchase; fair market value.
All such leases shall contain an option granting the board the right to purchase the leased property upon the expiration of the primary term or upon such earlier date as may be agreed upon. With respect to leased machinery, furniture, fixtures and equipment, the purchase price shall be specified in the lease contract separately and distinctly from that portion of lease payments attributable to interest. With respect to other property, the purchase price, excluding payments attributable to interest, shall not exceed the appraised fair market value of the leased property at the time the college takes possession of the property for occupancy.
Sources: Laws, 1990, ch. 432, § 2, eff from and after passage (approved March 15, 1990).