Oklahoma § 70-821.6 - Operation of project by lessee or operator

§ 70-821.6. Operation of project by lessee or operator

In the discretion of the governing body of such independent

school district (or within the discretion of the board of trustees,

if the Project is under control of a board of trustees) and for such

Oklahoma Statutes - Title 70. Schools

period of time as may be determined by such governing body or board

of trustees, such Project may be operated by, or leased for

operation to, a company, corporation, or individual, provided that

the fees, rent and tolls or rates charged for admission or use of

the Project shall be sufficient to yield in the aggregate money

necessary to pay the reasonable operation and maintenance expenses,

the annual consideration of rental, and a reasonable return to the

lessee or operator. The charges and tolls or rates to be charged by

such lessee or operator shall be under the control of the governing

body of the independent school district or such board of trustees as

the case may be. The annual consideration or lease rental to be

charged by the independent school district shall not be less than an

amount equal to the annual debt service requirements, plus an

additional amount to assure establishment and maintenance of the

reserves required in such resolution or Indenture. The operating or

lease contract may provide for payment of the annual consideration

or rental in monthly installments approximately equal, and that

failure to pay any required sum when due may be declared to be a

breach of contract entitling the independent school district (or

board of trustees), under regulations prescribed therein, to declare

the lease or operating contract forfeited and to take over the

operation and maintenance of such Project.

Laws 1947, p. 518, § 6.