23-38.113 - Leases of property. - Virginia Statutes

§ 23-38.113. Leases of property.

The governing body of a covered institution shall adopt such policiesrelating to the leasing of real property, including capital oroperating/income leases, that reasonably ensure that such leases areefficiently procured on appropriate terms and for appropriate purposes. Withrespect to capital or operating/income leases for real property to be usedfor academic purposes, or for real property owned by the institution or afoundation related to the institution to be used for non-academic purposes inaccordance with the institution's land use plan pursuant to § 2.2-1153, otherthan applicable policies adopted by a covered institution's board of visitorsand provisions of general law that expressly apply to covered institutions,such institutions shall be exempt from any state or local statutes orordinances, rules, regulations, and guidelines relating to operating/incomeleases of real property by public entities and, except as otherwise providedin §§ 23-38.109 and 23-38.112, to capital leases.

(2005, cc. 933, 945.)