37.2025 Six-year lease.

Cite as [A.S.C.A. § 37.2025]

No lease of real property owned or controlled by the Government may be entered into for a period longer than 6 years unless such lease contains a provision to adjust for inflation as provided in 37.2020, and, in addition, contains provisions satisfactory to the lessor which permit the rental to be renegotiated at the end of the third year, and annually thereafter, to adjust for changes in circumstances not related to inflation which increase or decrease the value of the leasehold. Changes in circumstances within the meaning of this section shall be those provided in regulations adopted under the provisions of the Administrative Procedure Act, 4.1001 et seq., such as, but not limited to, governmental actions increasing or decreasing the value of the leases, it being the purpose of this section that such adjustments shall be approximately one-half of the increment or decrement resulting from such governmental actions.

History: 1978 PL 15-69; readopted 1980 16-88 § 1; 1982 PL 17-31 § 1.