This bill amends the existing law regarding the leasing of town-owned real property by selectmen. It introduces new provisions that require selectmen to obtain a vote from the legislative body for any lease agreements exceeding one year, with the maximum lease term extended to 99 years. Specifically, if a lease is for one year or less, selectmen can proceed without legislative approval. However, for leases longer than one year, a majority vote from the legislative body is necessary to authorize the lease. Additionally, if the legislative body grants universal authority, selectmen can lease property for up to five years without further votes.

The bill also clarifies that the legislative body may authorize selectmen to rent or lease any municipal property for a term of up to five years without additional ratification. This authority remains in effect until it is rescinded by the legislative body at a duly warned meeting, ensuring that any leases established prior to rescission remain valid. The amendments aim to streamline the leasing process while maintaining oversight by the legislative body. The effective date of the act is set for 60 days after its passage.

Statutes affected:
Introduced: 41:11-a
As Amended by the House: 41:11-a
Version adopted by both bodies: 41:11-a
CHAPTERED FINAL VERSION: 41:11-a