Oklahoma § 70-2211 - Leases to nonprofit corporations

§ 70-2211. Leases to nonprofit corporations

In any instance in which the Board shall consider it preferable

to acquire the building or additions to existing buildings and

equipment therefor in the manner authorized in this section rather

than through the issuance of bonds by the Board, it may do so by

complying with this section. In each such case the Board is

authorized to lease to any nonprofit corporation, organized for the

purpose of constructing the building or additions to existing

buildings, such portion or portions of the campus of the institution

as may be necessary as sites therefor. The lease shall contain such

provisions with respect to the type, construction, and operation of

any such building or addition as the Board may consider desirable,

and the Board may enter into agreements with the nonprofit

corporation as to the use which will be made of any such building or

addition, the operation, maintenance, and supervision of said

building or addition, the imposition of fees and charges by the

Board for the use of the building or addition, and the collection

and disposition to be made of the proceeds of such fees and charges.

The Board may agree to make such fees and charges adequate to

provide a sum sufficient to pay the cost of the maintenance and

Oklahoma Statutes - Title 70. Schools

operation of the building or any addition to existing buildings and

the amortization of the cost of the building or any addition to

existing buildings and equipment therefor, over a specified period

of years, and when such cost shall have been paid and any

obligations issued by the nonprofit corporation to finance such cost

shall have been fully paid as to principal and interest, the lease

shall terminate and title to the building or any addition to

existing buildings and equipment shall vest in the Board. The

agreements herein authorized to be entered into by the Board may, in

the discretion of the Board, include a lease of the buildings from

the nonprofit corporation and the payment of rentals therefor. The

Board may furnish, without charge, heat, light, water, power, and

similar facilities for any building erected under the provisions of

this section and all buildings and additions to existing buildings

so erected and equipment therefor shall be exempt from taxation.

Added by Laws 1961, p. 561, § 11, emerg. eff. June 29, 1961.