1.  If a county wants to lease from the Secretary of State mechanical voting systems or mechanical recording devices which have been approved pursuant to NRS 293B.1045 by the Secretary of State, the Secretary of State and the county shall enter a written agreement designated as ‘Lease of Equipment with Option to Purchase.’ Each agreement must provide in substance:

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(a) That the systems and devices particularly described in the agreement are leased by the State, as lessor, to the county, as lessee, for a term of 2 years from the date of the agreement, with an exclusive option in the lessee to extend the term for like periods of 2 years at a time, for an agreed maximum term not exceeding 20 years after the date of the agreement.

(b) That the lessee will maintain and insure the systems and devices for the original term and each succeeding agreed term.

(c) That the aggregate of rental payments provided for under the maximum term of the lease agreement must equal the aggregate of the purchase price of the mechanical voting systems and mechanical recording devices covered by the agreement, together with all interest, shipping, installation and other costs paid or agreed to be paid by the State. Upon payment of the latter aggregate sum by any lessee to the State, the State shall forthwith convey to that lessee legal title to the systems and devices covered by the paid agreement.

2.  All rental payments received under all such agreements entered into pursuant to this section must be deposited into a separate account in the State General Fund to be used to replace aging and outdated mechanical voting systems and mechanical recording devices.