                                 CODE OF VIRGINIA

COVERED INSTITUTIONS; DUTIES; LEASES OF PROPERTY (§ 23.1-1028)

The governing board of each covered institution shall adopt such policies
relating to the leasing of real property, including capital or operating/income
leases, that reasonably ensure that such leases are efficiently procured on
appropriate terms and for appropriate purposes. With respect to capital or
operating/income leases for real property to be used for academic purposes or
for real property owned by the institution or a foundation relating to the
institution to be used for non-academic purposes in accordance with the
institution&#8217;s land use plan pursuant to § 2.2-1153, other than applicable
policies adopted by a covered institution&#8217;s governing board and provisions
of general law that expressly apply to covered institutions, such institutions
are exempt from any state or local statutes, ordinances, rules, regulations, and
guidelines relating to (i) operating/income leases of real property by public
entities and (ii) except as otherwise provided in §§ 23.1-1016 and 23.1-1019,
capital leases.

HISTORY: 2005, cc. 933, 945, § 23-38.113; 2016, c. 588.