177.082. Lease purchase agreements permitted, when. - Missouri Statutes

Lease purchase agreements permitted, when.

177.082. The school board may purchase apparatus, equipment andfurnishings for its schools and operations by entering into lease purchaseagreements with vendors. Any agreement which may result in school districtownership of the leased object must contain a provision which allows thedistrict an option to terminate the agreement on at least an annual basiswithout penalty. All expenditures related to lease purchase agreementsshall be considered expenditures for capital outlay and shall be madepursuant to the provisions of section 165.011, RSMo.

(L. 2001 S.B. 303)