Oklahoma § 70-3206.6 - Master lease program - Acquisition of personal property

§ 70-3206.6. Master lease program - Acquisition of personal property

- Refinance of lease obligations.

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.

§70-3206.6a. Master lease program - Acquisition of, improvements

to, or refinance of outstanding obligations for real property.

A. The Oklahoma State Regents for Higher Education may finance

acquisition of or improvements to, or refinance or restructure

outstanding obligations for real property pursuant to the master

lease program. The funds used by the Regents for the purposes

authorized by this section shall be available for lease transactions

having a term that is no more than the useful life of any real

property or improvements acquired by institutions pursuant to the

Oklahoma Statutes - Title 70. Schools

provisions of this section, and in no event, more than thirty (30)

years.

B. After May 24, 2005, any bonds issued pursuant to this

section shall be subject to the approval of the Legislature as

provided by this subsection. The Oklahoma State Regents for Higher

Education shall submit an itemized list of the proposed projects and

the terms of the financing to the Governor, the Speaker of the House

of Representatives, the President Pro Tempore of the Senate and all

members of the Legislature within the first seven (7) legislative

days of an annual legislative session and prior to the time any such

obligations are sold. The submission to such elected officials

shall occur upon the same date for purposes of computing the time

within which action must be taken as further prescribed by this

subsection. The Legislature shall have a period of forty-five (45)

calendar days from the date on which the information is submitted to

pass a concurrent resolution disapproving all or part of the

proposed issuance. If the Legislature does not disapprove the

proposed issuance by concurrent resolution by the end of the fortyfifth day following the date upon which the proposed issuance is

submitted, the proposed issuance shall be deemed to have been

approved by the Legislature.

C. The amount of transactions financed in a calendar year

through the real property master lease program authorized by this

section shall not exceed the combined total of:

1. The submission described in subsection B of this section, or

portion thereof, approved by the Legislature;

2. Any issuance for additional proposed individual projects

submitted by institutions under the coordination of the Oklahoma

State Regents for Higher Education and approved by the Legislature;

3. Any projects approved by the Legislature in a prior calendar

year for which no financing action was taken in the prior calendar

year; and

4. Any projects refunded from a previous issuance.

Added by Laws 2005, c. 218, § 5, emerg. eff. May 24, 2005. Amended

by Laws 2008, c. 303, § 2, emerg. eff. June 2, 2008; Laws 2010, c.

262, § 2, eff. July 1, 2010; Laws 2016, c. 102, § 1, eff. Nov. 1,

2016; Laws 2025, c. 84, § 2, eff. Nov. 1, 2025.

§70-3206.6b. Master lease program - Revolving lease fund.

Within the master lease program, the Legislature hereby

designates the sum of Twenty-five Million Dollars ($25,000,000.00)

to be a permanent revolving lease fund to be funded by bonds to be

issued under the master lease program. It is the intent of the

Legislature to make annual appropriations as may be necessary from

the Oklahoma Education Lottery Trust Fund to retire such bonded

indebtedness. Such bonds may be issued on either a taxable or taxexempt basis. The lien on such Lottery Trust Fund revenues may be

Oklahoma Statutes - Title 70. Schools

subordinate to other pledges of revenue from this fund. Any bonds

issued pursuant to this section shall not be subject to the

provisions of Section 4 of Enrolled House Bill No. 1191 of the 1st

Session of the 50th Oklahoma Legislature.

Added by Laws 2005, c. 218, § 6, emerg. eff. May 24, 2005.