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OK HB1799
Bill
Status
2/7/2011
Primary Sponsor
Paul Roan
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AI Summary
HB 1799 Summary
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Department of Corrections may establish a master lease program to finance acquisition of personal property for institutions and facilities within the department to achieve cost-saving efficiencies.
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Lease transactions must have a minimum value of $50,000 and maximum value of $250,000, with lease terms not exceeding the useful life of property and no more than 20 years.
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Annual transactions financed through the personal property master lease program cannot exceed $5,000,000 in a calendar year.
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New law to be codified as Section 560.1 of Title 57, Oklahoma Statutes.
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Effective date: November 1, 2011.
Legislative Description
Prisons and reformatories; authorizing the Department of Corrections to establish certain lease financing program; effective date.
Prisons and Correctional Institutions
Last Action
Third Reading, Measure failed: Ayes: 41 Nays: 51
3/17/2011