A. The Department of Transportation may enter into a written lease or lease-purchase agreement providing new, surplus or used road machinery and equipment for the use by a county during the then current fiscal year. Any county leasing road machinery or equipment from the Department shall be eligible to enter into a like contract for the ensuing fiscal year, and shall also be eligible to purchase the same such units, as provided for herein.
B. The Department of Transportation may sell any particular unit of road machinery or equipment to a county at any time after such unit has been leased for one (1) fiscal year for an amount not less than the original total cost of purchase, less rentals actually paid for the use of the unit, or any expenses incurred in reconditioning the unit; provided however, in so selling such unit, preference shall be given to the county leasing the unit during the then preceding fiscal year.
C. Whenever the Department of Transportation has agreed to sell a unit of road machinery or equipment to a county, the title to said machinery or equipment shall be transferred to the county upon receipt of the final payment by the Department.
D. Road machinery and equipment leased or lease-purchased by a county shall be leased or lease-purchased at the annual rental rate, which shall be fixed at an amount not less than that required to amortize the original purchase cost of the unit by ten (10) years' rental thereof.
E. The Department of Transportation may charge a county interest on any lease or lease-purchase agreement for road machinery or equipment provided the Oklahoma Department of Transportation County Advisory Board determines and approves the rate to be charged.
F. All proceeds derived from the lease or lease-purchase of road machinery and equipment by the Department of Transportation shall be deposited with the State Treasurer to be credited to the County Road Machinery and Equipment Revolving Fund.
Added by Laws 1982, c. 286, § 5. Amended by Laws 1996, c. 179, § 3, eff. Nov. 1, 1996.