{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-430.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-430.1","heading":"Counties, cities, towns and school districts authorized","body":"to rent real or personal property - Definition of personal property.\n\nA. The governing board of any county, city or town, or school\n\ndistrict is authorized to rent on a monthly basis real or personal\n\nproperty as authorized by the governing board and to pay the rental\n\ncharges thereon for usage during any fiscal period, or portion\n\nthereof, out of appropriations made and approved for such purposes\n\nfor, or during, such fiscal year. Any such rental contract\n\nextending beyond June 30 of the fiscal year shall contain provisions\n\nfor mutual ratification of renewal under the conditions provided in\n\nthis section.\n\nB. As used in this section, the term “personal property” shall\n\ninclude, but not be limited to:\n\n1. Portable, or otherwise moveable, buildings and structures;\n\n2. Prefabricated metal buildings and structures, along with\n\nnecessary utility services for such buildings or structures;\n\n3. Roofs placed over existing roof structures; provided, lease-\n\npurchase of retrofit metal roofs shall be awarded by competitive\n\nbids and the governing board of any county, city or town, or school\n\ndistrict shall comply with the Public Competitive Bidding Act of\n\n1974 where total payments of principle and interest provided by the\n\nlease-purchase contract are anticipated to exceed Twenty-five\n\nThousand Dollars ($25,000.00); and\n\n4. Other structures or property that can be disassembled after\n\ninstallation and removed without permanent physical damage to\n\nexisting property.\n\nNotwithstanding the provisions of Section 7 of Title 60 of the\n\nOklahoma Statutes, such personal property shall retain its status as\n\npersonal property and shall not be deemed to become attached to the\n\nreal estate for the duration of the lease-purchase agreement.\n\nC. It is the purpose of this section to authorize such\n\ngoverning boards to enter into lease and lease-purchase contracts\n\nbut not to incur any obligation upon the part of their respective\n\nmunicipal or governmental subdivisions in excess of the income and\n\nrevenue thereof provided for such purposes for the fiscal year in\n\nwhich the lease contract is effectively operative.\n\nD. Any agreement to lease and purchase real or personal\n\nproperty, where title is to be acquired by the municipal or\n\ngovernmental subdivision, shall state the purchase price of the real\n\nor personal property so leased and in no event shall the lease be\n\nextended so as to cause payment of more than the stated purchase\n\nprice of the real or personal property plus interest not to exceed\n\nten percent (10%) simple interest on the unpaid balance due as of\n\neach payment date. When the purchase price plus interest has been\n\npaid, the property shall belong to the lessee and the lessor shall\n\ndeliver a bill of sale to the property to the lessee. Any lease-\n\npurchase agreement may include an option to purchase, transfer and\n\nacquire title during the term of the lease upon payment of the\n\nbalance of the agreed purchase price, and each agreement shall\n\ninclude a provision to transfer title to the lessee at the end of\n\nthe completed lease term for nominal or no additional consideration.\n\nE. The payment for the lease or rental of real or personal\n\nproperty shall be made only from annual and supplemental\n\nappropriations specifically designated for such purpose, and no\n\nappropriation for the purpose of paying rentals on real or personal\n\nproperty shall be transferred or diverted to any other purpose,\n\nexcept as may be authorized by the terms of the agreement or by law.\n\nF. When any real or personal property has been leased or rented\n\nduring any fiscal year under any contract which permits continuance\n\nof such rental for the remainder of the fiscal year, the renting or\n\nleasing thereof shall be continued for the remainder of the fiscal\n\nyear unless the governing body renting or leasing the same, by\n\nproper resolution entered in the minutes of the governing body,\nF. When any real or personal property has been leased or rented\n\nduring any fiscal year under any contract which permits continuance\n\nof such rental for the remainder of the fiscal year, the renting or\n\nleasing thereof shall be continued for the remainder of the fiscal\n\nyear unless the governing body renting or leasing the same, by\n\nproper resolution entered in the minutes of the governing body,\n\nshall certify that the continuance of such rental is unnecessary and\n\ncontrary to the public interest. However, to affect a contract\n\ntermination of lease or lease-purchase equipment, written notice\n\nshall be sent by certified mail to the vendor thirty (30) days prior\n\nto the termination of the contract. Such notice shall be\n\naccompanied by payment of all sums then owed up to the date of the\n\ntermination of the contract and shall certify that the canceled\n\nequipment is not being replaced by equipment performing similar\n\nfunctions. All equipment covered by such contract termination shall\n\nbe returned to the vendor at the expense of the governmental agency\n\nterminating such contract. Such equipment shall be returned in good\n\ncondition to a location designated by the vendor and the equipment,\n\nwhen returned, shall be free of all liens and encumbrances.\n\nSatisfaction of all of the requirements of this section shall\n\nrelease the governmental agency terminating such contract from any\n\nfurther obligation to make any further payments to the vendor.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d95c84eb5d8aaff32ac8e45d73d550b131944c49ce3ae318dfc89a999ae83aaa","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-426c","next":"us-ok/okla.-stat.-tit.-62-62-430.5"},"notice":"GroundRules: Original legal text. Not legal advice."}