No provision of chapter 6, title 33 , or chapter 28, title 67 , Idaho Code, shall be construed to prevent a board of trustees from entering into lease-purchase agreements for goods, equipment, buses or portable classrooms, provided the agreement is in writing and meets all of the following requirements:

1. (1) The annual lease payments shall reflect reasonable compensation for use;
2. (2) No penalty shall be imposed on the school district for proper cancellation of the lease;
3. (3) The right to exercise the option to purchase shall be at the sole discretion of the school district; and

4. (4) The cost of purchase shall not exceed the reasonable value of the goods, equipment, buses or portable classrooms as of the time the option to purchase is exercised.

   For the purposes of this section, "portable classroom" means a facility which is not so related to particular real estate that an interest in it arises under real estate law.

[33-601A, added 1992, ch. 175, sec. 1, p. 552; am. 2005, ch. 213, sec. 6, p. 643.]