8.316. Division to promulgate method to calculate replacement cost of buildings owned by public institutions of higher education. — The division of facilities management, design and construction shall promulgate a method to accurately calculate the replacement cost of all buildings owned by public institutions of higher education. The method shall be developed in cooperation with such institutions and shall include the necessary components and factors to accurately calculate a replacement cost. The division shall utilize a procedure to allow differences to be resolved and may include an alternative calculation where the original cost plus an inflation factor is utilized to determine a replacement cost value.
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(L. 1995 H.B. 622, A.L. 2014 H.B. 1299 Revision)
---- end of effective 28 Aug 2014 ----
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