§70-9-112. Lease of equipment.

173 words·~1 min read·/ok/title-70-schools/70-9-112

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any such eligible school district and the State Board of Education may enter into a lease contract, in writing, for the use by such school district of one or more of such pupil-transportation equipment units during the then current fiscal year, at the annual rental value of such unit or units determined in the manner provided for herein, but which contract may be entered into only against a then current item of appropriation for "Transportation Operation."

Any school district which lawfully leases one or more of such pupil- transportation equipment units from the State Board of Education during any fiscal year shall be eligible to enter into a like contract for the same unit or units during and for the ensuing fiscal year, and shall also be eligible to purchase the same such units, as provided for herein, even though such district then has sufficient funds available or may then legally issue its bonds for the purchase of other pupil-transportation equipment. Added by Laws 1971, c. 281, § 9-112, eff. July 2, 1971.