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40 U.S.C. § 624 — Information on certain leasing authorities

submitted 10 years ago by Pub. L. 114-318 to r/title-40-PUBLIC-BUILDINGS-PROPERTY-AND-WORKS · 157 words · no verdicts yet

in plain englishAI-generated · not legal advice

Each Federal agency with independent leasing authority must annually give the Council information about its existing leases, unless an exception applies. The exception covers the Postal Service and property excluded by the Director for national security.

(a) Except under subsection (b), by December 31 each year after this subchapter’s enactment, a Federal agency with independent leasing authority must give the Council a list of all leases, including operating leases, that were in effect when this subchapter was enacted. For each lease, the list must state: (1) when it was executed; (2) when it expires; (3) the space size; (4) the property’s location; (5) the tenant agency; (6) total yearly rent; and (7) the net present value of the Federal Government’s total estimated legal obligations over the contract’s life.

(b) This does not apply to (1) the United States Postal Service or (2) property the Director excludes for national-security reasons.

the actual law source: uscode.house.gov ↗public domain
(a)In General.—

Except as provided in subsection (b), not later than December 31 of each year following the date of enactment of this subchapter, a Federal agency with independent leasing authority shall submit to the Council a list of all leases, including operating leases, in effect on the date of enactment of this subchapter that includes—

(1)

the date on which each lease was executed;

(2)

the date on which each lease will expire;

(3)

a description of the size of the space;

(4)

the location of the property;

(5)

the tenant agency;

(6)

the total annual rental payment; and

(7)

the amount of the net present value of the total estimated legal obligations of the Federal Government over the life of the contract.

(b)Exception.—

Subsection (a) shall not apply to—

(1)

the United States Postal Service; or

(2)

any other property the Director excludes from subsection (a) for reasons of national security.

Source credit: (Added Pub. L. 114–318, § 3(a), Dec. 16, 2016, 130 Stat. 1612.)

history & why it existsrecord from the source credit
  • 2016Enacted · Pub. L. 114-318 · 130 Stat. 1612

A history note hasn’t been published yet. The record shows enactment by Pub. L. 114-318 on 2016-12-16.

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