§125.1. Disposal of projects which received funding through the capital outlay budget;
limitations; requirements
A. For projects included in the capital outlay budget for fiscal years beginning on or
after July 1, 2024, the owner of a project that received funding through the sale of general
obligation bonds for acquiring lands, buildings, equipment, or other permanent properties or
for the preservation or development of permanent improvements through the capital outlay
budget shall not sell or otherwise dispose of the project while repayment of the bonds,
including debt service, by the state is outstanding unless all of the following conditions are
met:
(1) The property owner obtains, at his own cost, an opinion from current bond
counsel to the state that the sale will not affect the tax exempt status of the bonds.
(2) The property owner receives prior written approval by the commissioner of
administration.
(3) All other conditions required for the disposal of the project by the property owner
have been met.
B. If the commissioner of administration approves a property owner disposing of a
project that received funding through the sale of general obligation bonds, the commissioner
shall notify the House Committee on Ways and Means and the Senate Committee on
Revenue and Fiscal Affairs in writing within ten days of the approval.
Acts 2023, No. 82, §1, eff. July 1, 2024.