§ 46-15.1-6 - Purchase or lease from state.
SECTION 46-15.1-6
§ 46-15.1-6 Purchase or lease from state.– The state properties committee is authorized on behalf of the state, from timeto time, to sell and convey or lease to the board, for the purposes of thischapter, any property (which may include water sources or the right to takewater) held by the state for water supply purposes, or any interest therein.Any such sale of property shall be for fair market value as determined by theboard and the state properties committee. Any such lease shall be for a termnot exceeding fifty (50) years and shall be for such fair rental value as maybe set forth in the lease or determined in accordance with the lease.