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§ 12-205. Maximum rent authorized

West's Annotated Code of MarylandState Finance and Procurement

West's Annotated Code of Maryland
State Finance and Procurement
Division II. General Procurement Law [Titles 11-End] (Refs & Annos)
Title 12. Organization and Supervision of State Procurement (Refs & Annos)
Subtitle 2. Supervision of Capital Expenditures and Real Property Leases (Refs & Annos)
MD Code, State Finance and Procurement, § 12-205
§ 12-205. Maximum rent authorized
Currentness
Scope of section
(a) This section does not apply to a lease entered into on or before May 31, 1967, unless the lease is renewed after that date.
Fair market value
(b) An appropriation may not be obligated or spent for the lease of a building or part of a building to be occupied by the State or a unit of the State government for a State purpose at an annual rent that exceeds 15% of the fair market value of the leased premises on the date of the lease.

Credits

Added by Acts 1988, c. 48, § 2, eff. Oct. 1, 1988.
MD Code, State Finance and Procurement, § 12-205, MD STATE FIN & PROC § 12-205
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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