(Note: OLPM sections on this page may be cited following the format of, for example, "BOT VI.E.1.1". These policies may be amended at any time, do not constitute an employment contract, and are provided here only for ease of reference and without any warranty of accuracy. See OLPM Main Menu for details.)
- General Policy on Leasing of Property
- The Chancellor, in collaboration with the Administrative Board, shall develop prudent procedures under which the University System may lease real or personal property for its use and may lease its own real or personal property to third parties. Those procedures shall contain sufficient safeguards to adequately protect the legal and financial interests of the University System.
- The Financial Affairs Committee must approve any proposal to lease real property (whether Â̾ÞÈËÊÓƵ is the lessor or lessee) under which the lease payments over the full term would total over the presidential limitations set forth in BOT VI.A.5.1. For lease proposals less than these limitations, the Chancellor must co-approve with the President any proposal to (a) lease real property (whether the University System is the lessor or the lessee) under which the lease payments over the full term would exceed $500,000 or (b) enter into a capital lease whereby there is a bargain purchase amount at the termination of the lease or the lease is merely a method to finance the acquisition of an asset over time. The Financial Affairs Committee must approve for recommendation to the full Board any proposal to lease where the payments would total over $20,000,000.
