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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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STATE FINANCE AND PROCUREMENT |
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DIVISION II. GENERAL PROCUREMENT LAW |
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TITLE 12. ORGANIZATION AND SUPERVISION OF STATE PROCUREMENT |
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SUBTITLE 2. SUPERVISION OF CAPITAL EXPENDITURES AND REAL PROPERTY LEASES |
§ 12-205. Maximum rent
Latest version.
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(a) Scope of section. -- This section does not apply to a lease entered into on or before May 31, 1967, unless the lease is renewed after that date.
(b) Fair market value. -- An appropriation may not be obligated or spent for the lease of a building or part of a building to be occupied by the State or a unit of the State government for a State purpose at an annual rent that exceeds 15% of the fair market value of the leased premises on the date of the lease.