A. The board of county commissioners of any county qualifying, pursuant to Section 15-142 of this title, may lease the grounds, buildings, equipment and facilities owned and acquired by the county for the purpose of conducting annual agricultural and industrial fairs and expositions to a Public Trust Authority, created pursuant to the laws of the State of Oklahoma as they relate to public trusts, for the purposes of managing the grounds, buildings, equipment and facilities as well as conducting annual agricultural and industrial fairs and expositions.

B. The Public Trust Authority shall have all rights, powers, authority, duties and responsibilities which are now or hereafter provided by general law for public trusts in Oklahoma, pursuant to Sections 176 through 180.4 of Title 60 of the Oklahoma Statutes, and the Oklahoma Trust Act, which are not inconsistent with the provisions of this article.

C. The Trust Authority, with the approval of the county commission, may issue revenue bonds for not to exceed twenty-five-year terms in accordance with trust laws of the State of Oklahoma.

D. The trust may sublease any facilities, provided any lease in excess of two (2) years shall be approved by the board of county commissioners.

E. Any capital expenditure in excess of One Hundred Thousand Dollars ($100,000.00) on any project shall not be made without prior approval of the board of county commissioners.

Added by Laws 1970, c. 335, § 3, emerg. eff. April 23, 1970. Amended by Laws 2001, c. 146, § 237, emerg. eff. April 30, 2001. Renumbered from § 157.3 of this title by Laws 2001, c. 146, § 271, emerg. eff. April 30, 2001.