The board of trustees of a school district is hereby authorized to lease school buses. Such leasing agreements may be entered into only when commercial bus transportation is not reasonably available. For any school bus leased, the school district shall charge an amount not less than the school district’s current total cost per mile. All revenue in excess of operating costs incurred under the lease received from leasing school buses shall be placed in a fund designated for replacement of school buses.
Whenever any school bus is leased, the lettering designating the vehicle as a school bus shall be covered and concealed and the admonitions to stop while loading and unloading pupils shall not be used in the operation of the vehicle.