OK SB1332

Expands the master lease program to allow refinancing or restructuring of outstanding equipment lease obligations in addition to acquiring new personal property for higher education institutions.

Personal property master lease transactions must have minimum value of $50,000 and maximum value of $10,000,000, with lease terms not exceeding 20 years or the useful life of the property.

Expands the real property master lease program to permit refinancing or restructuring of outstanding real property obligations, with lease terms not exceeding 30 years or the useful life of improvements.

Requires Oklahoma State Regents for Higher Education to submit itemized lists of proposed real property projects to the Governor and legislative leaders, with Legislature having 45 calendar days to disapprove by concurrent resolution.

Becomes effective July 1, 2010, with emergency clause for immediate implementation upon passage and approval.