The Oklahoma State Regents for Higher Education may establish a master lease program to finance the acquisition of items of personal property, or refinance or restructure outstanding equipment lease obligations as may be required by or useful to institutions and entities within The Oklahoma State System of Higher Education in order to achieve cost-saving efficiencies. The funds used by the Regents for the purposes authorized by this section shall be available for lease transactions having a minimum value of Fifty Thousand Dollars ($50,000.00) and a maximum value of Ten Million Dollars ($10,000,000.00). Such leases shall have a term that is no more than the useful life of the personal property acquired by institutions pursuant to the provisions of this section, and, in no event, more than twenty (20) years. The amount of transactions financed in a calendar year through the personal property master lease program shall not exceed Fifty Million Dollars ($50,000,000.00).
Added by Laws 2002, c. 2, § 19, emerg. eff. Feb. 15, 2002. Amended by Laws 2002, c. 448, § 2, emerg. eff. June 5, 2002; Laws 2005, c. 2, § 5, emerg. eff. March 31, 2005; Laws 2005, c. 218, § 4, emerg. eff. May 24, 2005; Laws 2008, c. 303, § 1, emerg. eff. June 2, 2008; Laws 2010, c. 262, § 1, eff. July 1, 2010.
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