1. A. The Oklahoma State Regents for Higher Education may establish a master lease program to finance the acquisition of items of personal property and acquisition of or improvements to real 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. Except as provided by subsection B of this section, 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, the useful life of any real property or improvements acquired by institutions pursuant to the provisions of this section and, in no event, more than thirty (30) years.
2. B. Within the master lease program, the Legislature hereby designates the sum of Twenty-five Million Dollars ($25,000,000.00) to be a permanent revolving lease fund to be funded by bonds to be issued under the master lease program. It is the intent of the Legislature to make annual appropriations as may be necessary from the Oklahoma Education Lottery Trust Fund to retire such bonded indebtedness.

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 June 5, 2002 (superseded document available); Amended by Laws 2005, HB 1191, c. 2, § 5, emerg. eff. March 31, 2005 (superseded document available).