Okla. Stat. tit. 69, § 69-636.4
This is the official text of Okla. Stat. tit. 69, § 69-636.4, part of Oklahoma’s Stat. tit. 69, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 69,." Browse the sections below, each linked to its official government source.
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Department authorized to lease or lease-purchase road
Official statutory text
equipment and machinery - Eligibility of counties - Sales - Rental
rate - Interest - Disposition of proceeds.
A. The Department of Transportation may enter into a written
lease or lease-purchase agreement providing new, surplus or used
road machinery and equipment for the use by a county during the then
current fiscal year. Any county leasing road machinery or equipment
from the Department shall be eligible to enter into a like contract
for the ensuing fiscal year, and shall also be eligible to purchase
the same such units, as provided for herein.
B. The Department of Transportation may sell any particular
unit of road machinery or equipment to a county at any time after
such unit has been leased for one (1) fiscal year for an amount not
less than the original total cost of purchase, less rentals actually
paid for the use of the unit, or any expenses incurred in
reconditioning the unit; provided however, in so selling such unit,
preference shall be given to the county leasing the unit during the
then preceding fiscal year.
C. Whenever the Department of Transportation has agreed to sell
a unit of road machinery or equipment to a county, the title to said
machinery or equipment shall be transferred to the county upon
receipt of the final payment by the Department.
D. Road machinery and equipment leased or lease-purchased by a
county shall be leased or lease-purchased at the annual rental rate,
which shall be fixed at an amount not less than that required to
amortize the original purchase cost of the unit by ten (10) years'
rental thereof.
E. The Department of Transportation may charge a county
interest on any lease or lease-purchase agreement for road machinery
or equipment provided the Oklahoma Department of Transportation
County Advisory Board determines and approves the rate to be
charged.
F. All proceeds derived from the lease or lease-purchase of
road machinery and equipment by the Department of Transportation
shall be deposited with the State Treasurer to be credited to the
County Road Machinery and Equipment Revolving Fund.
rate - Interest - Disposition of proceeds.
A. The Department of Transportation may enter into a written
lease or lease-purchase agreement providing new, surplus or used
road machinery and equipment for the use by a county during the then
current fiscal year. Any county leasing road machinery or equipment
from the Department shall be eligible to enter into a like contract
for the ensuing fiscal year, and shall also be eligible to purchase
the same such units, as provided for herein.
B. The Department of Transportation may sell any particular
unit of road machinery or equipment to a county at any time after
such unit has been leased for one (1) fiscal year for an amount not
less than the original total cost of purchase, less rentals actually
paid for the use of the unit, or any expenses incurred in
reconditioning the unit; provided however, in so selling such unit,
preference shall be given to the county leasing the unit during the
then preceding fiscal year.
C. Whenever the Department of Transportation has agreed to sell
a unit of road machinery or equipment to a county, the title to said
machinery or equipment shall be transferred to the county upon
receipt of the final payment by the Department.
D. Road machinery and equipment leased or lease-purchased by a
county shall be leased or lease-purchased at the annual rental rate,
which shall be fixed at an amount not less than that required to
amortize the original purchase cost of the unit by ten (10) years'
rental thereof.
E. The Department of Transportation may charge a county
interest on any lease or lease-purchase agreement for road machinery
or equipment provided the Oklahoma Department of Transportation
County Advisory Board determines and approves the rate to be
charged.
F. All proceeds derived from the lease or lease-purchase of
road machinery and equipment by the Department of Transportation
shall be deposited with the State Treasurer to be credited to the
County Road Machinery and Equipment Revolving Fund.
Status: in_force · Read it on the official government site
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