Title 7, Chapter 1, Section 282
( 7-1-282)
Notwithstanding any other provision of law to the contrary and
subject to such regulations as the department may prescribe, a bank
may: (1) Become the owner and lessor of personal property acquired upon the specific request and for the use of a customer and may incur such additional obligations as may be incident to becoming an owner and lessor of such property. At the end of any lease, the bank shall, within six months, enter into a new lease with respect to the property or dispose of it. The leasing shall constitute an indebtedness under Code Section 7-1-285 and shall be subject to the lending limitations of such Code section; and (2) Become the owner and lessor of certain public real property
and facilities. A bank may purchase or construct a municipal
building, school building, or other similar state, local, or other
governmental authority facility if, as holder of legal title, such
purchase is for the purpose of leasing the facility to a
municipality or other public or governmental authority which has
the authority to enter into such lease, is authorized to levy
taxes or is backed by the taxing authority of another political
subdivision, and has the resources sufficient to make lease
payments as they come due. The lease agreement must provide that
the lessee will become the owner of the building or facility upon
the expiration of the lease. |