Okla. Stat. tit. 70, § 70-7-107: Disposition of property

Once a school district has voted to dispense with grades one

through eight or one through twelve, it shall be illegal for the

board of education of such district to sell, exchange, trade, junk,

salvage, or otherwise dispose of any furniture, equipment, land,

buildings, or other such assets belonging to the school district

unless such sale, exchange, trade or disposal is made to, and only

to, another public school district in the State of Oklahoma. It

shall also be illegal for the board of education to expend the

school district's funds for any purpose after the end of the fiscal

year in which grades one through eight or one through twelve have

been dispensed with except in payment of legal transfer fees, bond

and property insurance premiums, utilities, salary of the clerk of

the board of education, audit expenses, and the expenses necessary

for the preservation and maintenance of school property; provided,

that a board or boards of education receiving the annexed district

shall have one (1) year after annexation to sell or convey the title

of land and buildings to a nonprofit corporation to be used for

community purposes after the same has been approved by a majority of

the electors of the annexed district, present and voting, at an

election called for such purpose; provided, that when such use

ceases, the title to said land and buildings shall be vested in the

receiving district or districts which shall be evidenced by

resolution of the annexed district.