Oklahoma § 70-4018 - Lease of buildings

§ 70-4018. Lease of buildings

In any instance in which the board shall consider it preferable

to acquire the building or additions to existing buildings or

equipment 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

benefit of the college or university affected, or to a public trust

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 as to the use which will be made of

any such building, addition or equipment, the operation, maintenance

and supervision thereof, 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

operation thereof and the amortization of the cost of the building

or any addition to existing buildings or equipment therefor, over a

specified period of years, and when such cost shall have been paid

any obligations issued by any entity 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 or 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, additions

or equipment 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 1969, c. 396, § 1012. Amended by Laws 1984, c. 259, §

3, operative July 1, 1984; Laws 2000, c. 309, § 3, eff. Sept. 1,

2000. Renumbered from § 4012 of this title by Laws 2000, c. 309, §

5, eff. Sept. 1, 2000.