HB 18-1374 Summary

• Prohibits state agencies and higher education institutions from using controlled maintenance funding for real property acquired through lease-purchase agreements that require authorization under section 24-82-801.

• Requires all bills authorizing lease-purchase agreements exceeding $500,000 to include a requirement that the agency or institution present a funding plan to the Capital Development Committee by December of the fourteenth year or January of the fifteenth year after construction completion or acquisition.

• Mandates the funding plan ensure at least one percent of the property's insured value is available annually for controlled maintenance needs for twenty-five years beginning in the sixteenth year after acquisition or completion.

• Allows funding plans to request additional lease-purchase agreements, partial state funding, or complete state funding for controlled maintenance; higher education institution plans using cash funds require only Capital Development Committee majority approval.

• Defines "controlled maintenance" to include maintenance needs ordinarily funded in operating budgets and "insured value" as the amount determined through the state risk management program.