Georgia-2011-SB220-Engrossed

To amend Part 1 of Article 2 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated, relating to the Board of Regents, so as to provide for multiyear lease agreements; to provide for related matters; to provide for a contingent effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

Part 1 of Article 2 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated, relating to the Board of Regents, is amended by adding a new Code section to read as follows:

The board of regents shall be authorized to enter into any necessary annual and multiyear agreements to rent or lease space, whether existing or to be constructed, and shall include space rented or leased by the board of regents from the Georgia Building Authority or from any other public or private person, firm, or corporation. Any such agreement shall provide for the termination of the agreement in the event of insufficient funds and shall not exceed ten years, or in the case of a sale and leaseback, shall not exceed 20 years. All agreements to rent or lease office space with a term greater than one year shall be publicly advertised for a minimum of four consecutive weeks. Selections are to be based on the criteria set forth in the advertisement and the qualifications of the lessor."

This Act shall become effective on January 1, 2013; provided, however, that this Act shall only become effective on January 1, 2013, upon the ratification of a resolution at the November, 2012, state-wide general election, which resolution amends the Constitution so as to authorize the Board of Regents of the University System of Georgia to enter into lease and rental contracts exceeding one year. If such resolution is not so ratified, this Act shall not become effective and shall stand repealed in its entirety on January 1, 2013.