{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-2211","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-2211","heading":"Leases to nonprofit corporations","body":"In any instance in which the Board shall consider it preferable\n\nto acquire the building or additions to existing buildings and\n\nequipment therefor in the manner authorized in this section rather\n\nthan through the issuance of bonds by the Board, it may do so by\n\ncomplying with this section. In each such case the Board is\n\nauthorized to lease to any nonprofit corporation, organized for the\n\npurpose of constructing the building or additions to existing\n\nbuildings, such portion or portions of the campus of the institution\n\nas may be necessary as sites therefor. The lease shall contain such\n\nprovisions with respect to the type, construction, and operation of\n\nany such building or addition as the Board may consider desirable,\n\nand the Board may enter into agreements with the nonprofit\n\ncorporation as to the use which will be made of any such building or\n\naddition, the operation, maintenance, and supervision of said\n\nbuilding or addition, the imposition of fees and charges by the\n\nBoard for the use of the building or addition, and the collection\n\nand disposition to be made of the proceeds of such fees and charges.\n\nThe Board may agree to make such fees and charges adequate to\n\nprovide a sum sufficient to pay the cost of the maintenance and\n\noperation of the building or any addition to existing buildings and\n\nthe amortization of the cost of the building or any addition to\n\nexisting buildings and equipment therefor, over a specified period\n\nof years, and when such cost shall have been paid and any\n\nobligations issued by the nonprofit corporation to finance such cost\n\nshall have been fully paid as to principal and interest, the lease\n\nshall terminate and title to the building or any addition to\n\nexisting buildings and equipment shall vest in the Board. The\n\nagreements herein authorized to be entered into by the Board may, in\n\nthe discretion of the Board, include a lease of the buildings from\n\nthe nonprofit corporation and the payment of rentals therefor. The\n\nBoard may furnish, without charge, heat, light, water, power, and\n\nsimilar facilities for any building erected under the provisions of\n\nthis section and all buildings and additions to existing buildings\n\nso erected and equipment therefor shall be exempt from taxation.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3d2f8abdfa41656c4280e070529119a1bb62d8d9b903aacdc059f1679ac330d4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-2210","next":"us-ok/okla.-stat.-tit.-70-70-2212"},"notice":"GroundRules: Original legal text. Not legal advice."}