{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-4018","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-4018","heading":"Lease of buildings","body":"In any instance in which the board shall consider it preferable\n\nto acquire the building or additions to existing buildings or\n\nequipment in the manner authorized in this section rather than\n\nthrough 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\nbenefit of the college or university affected, or to a public trust\n\nsuch portion or portions of the campus of the institution as may be\n\nnecessary as sites therefor. The lease shall contain such provisions\n\nwith respect to the type, construction and operation of any such\n\nbuilding or addition as the board may consider desirable, and the\n\nboard may enter into agreements as to the use which will be made of\n\nany such building, addition or equipment, the operation, maintenance\n\nand supervision thereof, 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 thereof and the amortization of the cost of the building\n\nor any addition to existing buildings or equipment therefor, over a\n\nspecified period of years, and when such cost shall have been paid\n\nany obligations issued by any entity to finance such cost shall have\n\nbeen fully paid as to principal and interest, the lease shall\n\nterminate and title to the building or any addition to existing\n\nbuildings or equipment shall vest in the board. The agreements\n\nherein authorized to be entered into by the board may, in the\n\ndiscretion of the board, include a lease of the buildings, additions\n\nor equipment and the payment of rentals therefor. The board may\n\nfurnish without charge, heat, light, water, power and similar\n\nfacilities for any building erected under the provisions of this\n\nsection and all buildings and additions to existing buildings so\n\nerected 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":"0215441ce60b11ebf05fe96665e25bd335703f86c483972fdb2b16c344618640","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-4017","next":"us-ok/okla.-stat.-tit.-70-70-4019"},"notice":"GroundRules: Original legal text. Not legal advice."}