Okla. Stat. tit. 70, § 70-2211
This is the official text of Okla. Stat. tit. 70, § 70-2211, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Leases to nonprofit corporations
Official statutory text
In any instance in which the Board shall consider it preferable
to acquire the building or additions to existing buildings and
equipment therefor 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
purpose of constructing the building or additions to existing
buildings, 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 with the nonprofit
corporation as to the use which will be made of any such building or
addition, the operation, maintenance, and supervision of said
building or addition, 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
Oklahoma Statutes - Title 70. Schools Page 1360
operation of the building or any addition to existing buildings and
the amortization of the cost of the building or any addition to
existing buildings and equipment therefor, over a specified period
of years, and when such cost shall have been paid and any
obligations issued by the nonprofit corporation 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 and 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 from
the nonprofit corporation 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.
to acquire the building or additions to existing buildings and
equipment therefor 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
purpose of constructing the building or additions to existing
buildings, 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 with the nonprofit
corporation as to the use which will be made of any such building or
addition, the operation, maintenance, and supervision of said
building or addition, 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
Oklahoma Statutes - Title 70. Schools Page 1360
operation of the building or any addition to existing buildings and
the amortization of the cost of the building or any addition to
existing buildings and equipment therefor, over a specified period
of years, and when such cost shall have been paid and any
obligations issued by the nonprofit corporation 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 and 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 from
the nonprofit corporation 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.
Status: in_force · Read it on the official government site
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