The Oklahoma State Regents for Higher Education may establish a master lease program to finance the acquisition of items of personal property as may be required by or useful to institutions and entities within The Oklahoma State System of Higher Education in order to achieve cost-saving efficiencies. The funds used by the Regents for the purposes authorized by this section shall be available for lease transactions having a minimum value of Fifty Thousand Dollars ($50,000.00) and a maximum value of Ten Million Dollars ($10,000,000.00). Such leases shall have a term that is no more than the useful life of the personal property acquired by institutions pursuant to the provisions of this section or no more than twenty (20) years.

Added by Laws 2002, SB 1486, c. 2, § 19, emerg. eff. February 15, 2002; Amended by Laws 2002, SB 1358, c. 448, § 2, emerg. eff. June 5, 2002 (superseded document available).