Oklahoma Administrative Code › Title 405 - Oklahoma Department of Libraries › Chapter 10 - Public Library Systems › Subchapter 7 - Withdrawal From or Termination of System › Section 405:10-7-6 - Disposal of assets

Current through Vol. 41, No. 20, July 1, 2024
Upon the withdrawal of a county or counties from a library
				  system, the disposal of assets shall be as follows:
(1)
Disposal formula.
The
				withdrawing area's share of the assets acquired by the system during the
				service period will be equal to the ratio that the total library ad valorem tax
				and other local revenues derived from the withdrawing area during the service
				period bear to the total of such revenues received by the system during the
				service period. Thus,
When
A = Total library ad valorem tax and other local revenues
				  received by the system during the service period
B = Total of such revenues derived from the withdrawing area
				  during the service period
C = Net appraised value of system assets acquired during the
				  service period less assets purchased with funds received from sources other
				  than ad valorem tax and local revenues.
Then
B
A × C = withdrawing area's share of system assets which
				  were acquired during the service period
(2)
Exception to disposal
				formula.
In the case of assets which can be identified as deriving from
				gifts or grants made under special terms or conditions or for specific
				purposes, the Board will order disposal of such assets in a manner which will
				be consistent with the special terms, conditions, and purposes of the gifts or
				grants.
(3)
Disposal of books
				and other informational materials.
Books and other library informational
				materials will be physically divided in an equitable manner taking into
				consideration the size of the collection at the time the withdrawing area
				entered the system and the additions to the collection made during the period
				of service to the withdrawing area. Initial collections transferred to the
				system by the Department of Libraries at the time the system was created shall
				not be included in the division, but shall continue to be used for system
				library service. Such division shall be made by the library system and the
				withdrawing area and shall be negotiated in a fair and equitable manner, and
				any negotiated division shall be subject to approval by the Department Board.
				Any disposal of other assets shall not be delayed by the Board's consideration
				of the disposal of books and other informational materials.
(4)
Application of disposal formula to
				equipment, vehicles, and fixed assets.
(A) The formula in (1) of this subsection
				shall be applied to the appraised value of furniture and equipment, vehicles,
				land, and buildings acquired during the service period, to determine the dollar
				share of these assets which is to be distributed to the withdrawing area.
				Alternatively, the Board may order disposal of this share by a physical
				division of assets or a payment in cash.
(B) Furniture, equipment, and vehicles
				transferred to the system by the Department of Libraries as initial grants at
				the time the system was created shall not be included in the distribution, but
				shall continue to be used for system services.