Laserfiche WebLink
HF2920 FIRST ENGROSSMENT (REVISOR ) MS H2920 -1 <br />1 repair, or maintenance of real property or capital assets owned <br />2 or leased by an organization, unless the board has first <br />3 specifically authorized the expenditures after finding that (i) <br />4 the real property or capital assets will be used exclusively for <br />5 one or more of the purposes in paragraph (a); (ii) with respect <br />6 to expenditures for repair or maintenance only, that the <br />7 property is or will be used extensively as a meeting place or <br />8 event location by other nonprofit organizations or community or <br />9 service groups and that no rental fee is charged for the use; <br />10 (iii) with respect to expenditures, including a mortgage payment <br />11 or other debt service payment, for erection or acquisition only, <br />12 that the erection or acquisition is necessary to replace with a <br />13 comparable building, a building owned by the organization and <br />14 destroyed or made uninhabitable by fire or natural disaster, <br />15 provided that the expenditure may be only for that part of the <br />16 replacement cost not reimbursed by insurance; or (iv) with <br />17 respect to expenditures, including a mortgage payment or other <br />18 debt service payment, for erection or acquisition only, that the <br />19 erection or acquisition is necessary to replace with a <br />20 comparable building a building owned by the organization that <br />21 was acquired from the organization by eminent domain or sold by <br />22 the organization to a purchaser that the organization reasonably <br />23 believed would otherwise have acquired the building by eminent <br />24 domain, provided that the expenditure may be only for that part <br />25 of the replacement cost that exceeds the compensation received <br />26 by the organization for the building being replaced; or (v) with <br />27 respect to an expenditure to bring an existing building into <br />28 compliance with the Americans with Disabilities Act under item <br />29 (ii), an organization has the option to apply the amount of the <br />30 board - approved expenditure to the erection or acquisition of a <br />31 replacement building that is in compliance with the Americans <br />32 with Disabilities Act; _ <br />33 (4) an expenditure by an organization which is a <br />34 contribution to a parent organization, foundation, or affiliate <br />35 of the contributing organization, if the parent organization, <br />36 foundation, or affiliate has provided to the contributing <br />Section 1 <br />Page 98 <br />