(1) A lease may grant the user of a project an option to purchase all or a part of the project at a stipulated purchase price or at a price to be determined upon appraisal as is provided in the lease.
(2) The option may be exercised at such time as the lease may provide.
(3) The county or municipality and the user may agree and provide in the lease that all or a part of the rentals paid by the user prior to and at the time of the exercise of such option shall be applied toward the purchase price and shall be in full or partial satisfaction thereof.
Source: L. 67: p. 675, § 15. C.R.S. 1963: § 36-24-15. L. 73: p. 480, § 13.
ANNOTATION
Section held constitutional under § 2 art. XI, Colo. Const. Allardice v. Adams County, 173 Colo. 133, 476 P.2d 982 (1970).
Authorization. This section authorizes the county to grant the lessee an option to purchase the project at a stipulated price, and it also authorizes the county, as lessor, and the lessee to agree that the rentals paid by the lessee prior to and at the time of the exercise of such an option be applied toward the purchase price and that such rentals shall be in full or partial satisfaction thereof. Allardice v. Adams County, 173 Colo. 133, 476 P.2d 982 (1970).
The option to purchase a project financed with revenue bonds is an appropriate and integral part of the entire transaction between the county and the lessee. Allardice v. Adams County, 173 Colo. 133, 476 P.2d 982 (1970).