Okla. Stat. tit. 62, § 62-430.1

to rent real or personal property - Definition of personal property.

A. The governing board of any county, city or town, or school

district is authorized to rent on a monthly basis real or personal

property as authorized by the governing board and to pay the rental

charges thereon for usage during any fiscal period, or portion

thereof, out of appropriations made and approved for such purposes

for, or during, such fiscal year. Any such rental contract

extending beyond June 30 of the fiscal year shall contain provisions

for mutual ratification of renewal under the conditions provided in

this section.

B. As used in this section, the term “personal property” shall

include, but not be limited to:

1. Portable, or otherwise moveable, buildings and structures;

2. Prefabricated metal buildings and structures, along with

necessary utility services for such buildings or structures;

3. Roofs placed over existing roof structures; provided, lease-

purchase of retrofit metal roofs shall be awarded by competitive

bids and the governing board of any county, city or town, or school

district shall comply with the Public Competitive Bidding Act of

1974 where total payments of principle and interest provided by the

lease-purchase contract are anticipated to exceed Twenty-five

Thousand Dollars ($25,000.00); and

4. Other structures or property that can be disassembled after

installation and removed without permanent physical damage to

existing property.

Notwithstanding the provisions of Section 7 of Title 60 of the

Oklahoma Statutes, such personal property shall retain its status as

personal property and shall not be deemed to become attached to the

real estate for the duration of the lease-purchase agreement.

C. It is the purpose of this section to authorize such

governing boards to enter into lease and lease-purchase contracts

but not to incur any obligation upon the part of their respective

municipal or governmental subdivisions in excess of the income and

revenue thereof provided for such purposes for the fiscal year in

which the lease contract is effectively operative.

D. Any agreement to lease and purchase real or personal

property, where title is to be acquired by the municipal or

governmental subdivision, shall state the purchase price of the real

or personal property so leased and in no event shall the lease be

extended so as to cause payment of more than the stated purchase

Oklahoma Statutes - Title 62. Public Finance Page 425

price of the real or personal property plus interest not to exceed

ten percent (10%) simple interest on the unpaid balance due as of

each payment date. When the purchase price plus interest has been

paid, the property shall belong to the lessee and the lessor shall

deliver a bill of sale to the property to the lessee. Any lease-

purchase agreement may include an option to purchase, transfer and

acquire title during the term of the lease upon payment of the

balance of the agreed purchase price, and each agreement shall

include a provision to transfer title to the lessee at the end of

the completed lease term for nominal or no additional consideration.

E. The payment for the lease or rental of real or personal

property shall be made only from annual and supplemental

appropriations specifically designated for such purpose, and no

appropriation for the purpose of paying rentals on real or personal

property shall be transferred or diverted to any other purpose,

except as may be authorized by the terms of the agreement or by law.

F. When any real or personal property has been leased or rented

during any fiscal year under any contract which permits continuance

of such rental for the remainder of the fiscal year, the renting or

leasing thereof shall be continued for the remainder of the fiscal

year unless the governing body renting or leasing the same, by

proper resolution entered in the minutes of the governing body,
F. When any real or personal property has been leased or rented

during any fiscal year under any contract which permits continuance

of such rental for the remainder of the fiscal year, the renting or

leasing thereof shall be continued for the remainder of the fiscal

year unless the governing body renting or leasing the same, by

proper resolution entered in the minutes of the governing body,

shall certify that the continuance of such rental is unnecessary and

contrary to the public interest. However, to affect a contract

termination of lease or lease-purchase equipment, written notice

shall be sent by certified mail to the vendor thirty (30) days prior

to the termination of the contract. Such notice shall be

accompanied by payment of all sums then owed up to the date of the

termination of the contract and shall certify that the canceled

equipment is not being replaced by equipment performing similar

functions. All equipment covered by such contract termination shall

be returned to the vendor at the expense of the governmental agency

terminating such contract. Such equipment shall be returned in good

condition to a location designated by the vendor and the equipment,

when returned, shall be free of all liens and encumbrances.

Satisfaction of all of the requirements of this section shall

release the governmental agency terminating such contract from any

further obligation to make any further payments to the vendor.