Rental, lease, or lease purchase are methods allowed in the County Purchasing Act for acquiring equipment.
The county may rent, on a monthly basis, real or personal property as authorized by the board of county commissioners using appropriations made for that purpose. Any rental extending beyond June 30 of the fiscal year shall contain provisions for mutual ratification of renewal.
Note: The provisions listed in Title 62 O.S. § 430.1 in the Oklahoma Statutes as described above will apply.
The forms for lease and lease purchase of equipment, 120-A Lease Agreement for Equipment and 120B Lease Purchase Agreement, are required by the State Auditor and Inspector. These forms have been vetted by the Attorney General and meet the requirements of the Oklahoma Statutes. Any lease or lease purchase agreement extending beyond June 30 of the fiscal year shall contain provisions for mutual ratification of renewal.
No forms are prescribed by the State Auditor and Inspector for the leasing or lease purchase of real property. A recommended best practice is to consult with the county’s district attorney in these situations:
For any bidding requirement for leasing or renting of land or properties
Drafting of agreements
Leases and rentals are closely related in their functions, but neither allow for the ownership of the property.
Note: Any agreement to lease and purchase real or personal property must state the purchase price of the property. The lease cannot be extended so as to cause payment of more than the stated purchase price plus interest not to exceed ten percent (10%) simple interest. 62 O.S. § 430.1(D)
