41-793.01. Formula for building renewal monies; legislative appropriations
A. The joint committee on capital review shall develop and approve a uniform formula for computing annual funding needs of building systems for building renewal. In developing a formula, the committee shall take into consideration at least the following factors:
1. The current replacement value of buildings, including structures capitalized as part of the original cost of the buildings.
2. The original construction cost of buildings, including structures capitalized as part of the original cost of the buildings.
3. The current age of buildings.
4. The expected useful life of buildings, including any extraordinary use or functions of the building.
B. In developing a building renewal formula pursuant to subsection A of this section, the committee shall develop and approve a uniform format for all building systems for the collection of data required by the building renewal formula.
C. The amount computed pursuant to this section for building renewal for each building system shall be incorporated into the capital improvement plan required pursuant to section 41-793.
D. The agency responsible for a building system shall allocate and expend the amounts appropriated for building renewal within the building system. The department may use up to eight per cent of the amount appropriated for routine preventive maintenance.
E. Notwithstanding this section or any other law, monies that are appropriated or available for building renewal may be spent for state building modifications to comply with the federal Americans with disabilities act of 1990 (42 United States Code sections 12101 through 12213 and 47 United States Code sections 225 and 611).
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.