19-2421.

Leases authorized; term; option to purchase.

The mayor and city council of any city of the first class or city of the second class, and the chairperson and village board of trustees of any village, in addition to other powers granted by law, may enter into contracts for lease of real or personal property for any purpose for which the city or village is authorized by law to purchase property or construct improvements. Such leases shall not be restricted to a single year and may provide for the purchase of the property in installment payments.