Section 59-53-630 - Powers and funding of commission; ground lease agreements(A) The commission has the same powers as provided by Article 1, Chapter 53, Title 59 of the 1976 Code, and in addition must prepare and submit its annual budget for approval to the State Board of Technical and Comprehensive Education.(B) Denmark Technical College shall be funded in accordance with the provisions of Section 6 of Act 654 of 1976.(C) The Denmark Technical College Area Commission, with the approval of the State Department of Administration or State Fiscal Accountability Authority, as appropriate, may enter into one or more ground lease agreements with a private entity in which the private entity provides all services necessary for the creation and operation of an on-campus student housing facility including, but not limited to, financing, designing, constructing, managing, operating, maintaining, and related services. Upon expiration of the ground lease agreement term, the private entity shall surrender to the Denmark Technical College Area Commission such premises with the existing buildings, other structures, and improvements constructed and located on the premises, in the same condition as when the construction of the buildings, other structures, and improvements were completed, with only natural and normal wear and tear excepted. The State Department of Administration or State Fiscal Accountability Authority, as appropriate, must first approve all ground lease agreement terms and conditions including the consideration involved. The full faith and credit of the State toward the lease obligations must not be pledged, and a statement to the contrary is deemed null and void as a matter of public policy. The private entity may be a nonprofit organization. The State Department of Administration or State Fiscal Accountability Authority, as appropriate, approval required shall be in lieu of or a substitute for other approval required by another provision of law or regulation in connection with the undertaking of the private entity and Denmark Technical College. However, the private entity and the Denmark Technical College Area Commission shall adhere to fire, life, and safety codes as required by the Office of the State Engineer.(D) Neither this section, nor the approval required by this section, exempts any transaction or entity from complying with Chapter 35 of Title 11.2008 Act No. 275, Section 1, eff 6/5/2008; 1983 Act No. 135, Section 3.