Oklahoma § 69-636.4 - Department authorized to lease or lease-purchase road

§ 69-636.4. Department authorized to lease or lease-purchase road

equipment and machinery - Eligibility of counties - Sales - Rental

rate - Interest - Disposition of proceeds.

A. The Department of Transportation may enter into a written

lease or lease-purchase agreement providing new, surplus or used

road machinery and equipment for the use by a county during the then

current fiscal year. Any county leasing road machinery or equipment

from the Department shall be eligible to enter into a like contract

for the ensuing fiscal year, and shall also be eligible to purchase

the same such units, as provided for herein.

B. The Department of Transportation may sell any particular

unit of road machinery or equipment to a county at any time after

such unit has been leased for one (1) fiscal year for an amount not

less than the original total cost of purchase, less rentals actually

paid for the use of the unit, or any expenses incurred in

reconditioning the unit; provided however, in so selling such unit,

preference shall be given to the county leasing the unit during the

then preceding fiscal year.

C. Whenever the Department of Transportation has agreed to sell

a unit of road machinery or equipment to a county, the title to said

machinery or equipment shall be transferred to the county upon

receipt of the final payment by the Department.

D. Road machinery and equipment leased or lease-purchased by a

county shall be leased or lease-purchased at the annual rental rate,

which shall be fixed at an amount not less than that required to

amortize the original purchase cost of the unit by ten (10) years'

rental thereof.

E. The Department of Transportation may charge a county

interest on any lease or lease-purchase agreement for road machinery

or equipment provided the Oklahoma Department of Transportation

County Advisory Board determines and approves the rate to be

charged.

F. All proceeds derived from the lease or lease-purchase of

road machinery and equipment by the Department of Transportation

shall be deposited with the State Treasurer to be credited to the

County Road Machinery and Equipment Revolving Fund.

Added by Laws 1982, c. 286, § 5. Amended by Laws 1996, c. 179, § 3,

eff. Nov. 1, 1996.