§ 12-117. Lease or contract as security for bond

   (a) Applicability. -- This section applies to a lease or contract under which:

   (1) the State or a unit of the State will be an initial user or occupant of a facility financed by bonds issued under this subtitle; or

   (2) a facility financed by bonds issued under this subtitle will be built on property owned by the State.

(b) Required approvals. -- The State or a unit of the State may not enter into a lease or contract that is subject to this section and that forms a part of the security for bonds issued under this subtitle unless:

   (1) the Legislative Policy Committee has authorized the facility as being consistent with the capital budget; and

   (2) the Board of Public Works specifically has approved the bond issue for that facility.

HISTORY: An. Code 1957, art. 41, § 14-108; 2008, ch. 306, § 2.