37-29-131 - Lease limitation; machinery, equipment, furnishings, and fixtures. - Mississippi Statutes

§ 37-29-131. Lease limitation; machinery, equipment, furnishings, and fixtures.
 

The board of trustees of any community or junior college is hereby authorized and empowered to enter into lease agreements or service contracts with any governmental agency or political subdivision, corporation, partnership, joint venture, or individual under which the college may acquire by lease, lease purchase or service contract for a primary term not to exceed twenty (20) years lands, buildings and related facilities which the board may determine necessary to provide additional facilities, services or educational opportunities to the college, its students, faculty and the community. 
 

Any machinery, furnishings, fixtures and equipment for these facilities and use by the college may be acquired by lease or lease purchase provided that the primary term of such lease shall not exceed the estimated useful economic life of such machinery or equipment. 
 

Sources: Laws,  1990, ch. 432, § 1, eff from and after passage (approved March 15, 1990).