BOT VI.E.1

(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.)

E. Leasing of Property

1. Trustee Delegation of Authority

1.1 The Board of Trustees delegates to the Chancellor the responsibility for administering the real property leasing program of the University System.

2. General Policy on the Leasing of Real Property

2.1 The Chancellor shall develop prudent procedures under which the University System may lease real property for its use and may lease its own real property to third parties. Those procedures shall contain sufficient safeguards to adequately protect the legal and financial interests of the University System.

2.2 The Financial Affairs Committee must approve any proposal to lease real property (whether the University System is the lessor or the lessee) under which the lease payments over the full term would total between $1,000,000 and $5,000,000. The Financial Affairs Committee must approve for recommendation to the full Board any such proposal to lease where the payments would total over $5,000,000.

3. General Policy on the Leasing of Equipment, Supplies, or Materials

3.1 The Chancellor shall develop prudent procedures under which the University System may lease equipment, supplies, and materials for its use and may lease its own equipment, supplies, or materials to third parties. These procedures shall contain sufficient safeguards to adequately protect the legal and financial interests of the University System.

This page last updated December 1, 2005. For information on the adoption and effective dates of policies please see explanation on the OLPM Main Menu.

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