Okla. Stat. tit. 62, § 62-139.42 — OK Code / Title 62 / Section 62-139.42
The State Emergency Fund
Status: in_force

There is hereby created in the State Treasury a special cash

fund to be known as "The State Emergency Fund", which fund shall be

composed of such money as may be transferred or appropriated thereto

by the Legislature. Said fund shall be a continuing fund not

subject to fiscal year limitations and shall be disbursed and

expended as hereinafter provided.
Okla. Stat. tit. 62, § 62-335 — OK Code / Title 62 / Section 62-335
Money due for property, royalty or services - Payment and
Status: in_force

crediting.

When any money is due any county, city, town or school district

in this state from sale, lease or rental or any public property, or

royalty, or for compensation for service of public employees or

other purpose, it shall be paid over to the lawful treasurer

thereof.

The governing board shall have authority to direct by written

resolution duly entered in the minutes of its meeting at the time

such money is received or prior thereto that such money shall be

credited to the fund account from which such property was derived or

from which payment has been or will be made for such services

rendered or other purposes.

If there be no resolution by the governing board directing the

disposition of the money received as contemplated herein it shall be

the duty of the treasurer to credit such money so received to the

general fund.

The governing board shall have authority to direct that a fund

derived for such sources as herein contemplated, where applicable to

a public utility, be created and used to repair, relocate or replace

any utility or part thereof new or hereafter existing.
Okla. Stat. tit. 62, § 62-2315 — OK Code / Title 62 / Section 62-2315
Renumbered from § 600.22 of Title 37 by Laws 2016, c
Status: in_force

366, § 186, eff. Oct. 1, 2018. Renumbered back to original number

as § 600.22 of Title 37 by Laws 2018, c. 270, § 3.366, § 185, eff. Oct. 1, 2018. Renumbered back to original number

as § 600.21 of Title 37 by Laws 2018, c. 270, § 2.
Okla. Stat. tit. 62, § 62-57.58 — OK Code / Title 62 / Section 62-57.58
Investment of sinking fund monies
Status: in_force

The State Treasurer shall invest all sinking fund monies in

direct obligations of the United States of America or in

certificates of deposits from banks in the State of Oklahoma

acceptable as depositories by the State Treasurer when such

certificates of deposits are secured by acceptable collateral and

yield as much or more than direct obligations of the United States

of America, to mature in time to meet the principal and interest

payments on the 1965 Building Bonds, which earnings shall be

deposited in the General Fund.
Okla. Stat. tit. 62, § 62-3101 — OK Code / Title 62 / Section 62-3101
Short title
Status: in_force

This act shall be known and may be cited as the “Oklahoma

Pension Legislation Actuarial Analysis Act”.
Okla. Stat. tit. 62, § 62-2306 — OK Code / Title 62 / Section 62-2306
Duties of Board of Investors
Status: in_force

A. The Board of Investors of the Tobacco Settlement Endowment

Trust Fund shall discharge their duties as trustees of the Tobacco

Settlement Endowment Trust Fund:

1. With the care, skill, prudence, and diligence, under the

circumstances then prevailing, that a prudent person acting in a

like capacity and familiar with such matters would use in the

conduct of an enterprise of a like character and with like aims;

2. By diversifying the investments in the trust fund so as to

minimize the risk of large losses, unless, under the circumstances,

it is clearly prudent not to do so; and

3. In accordance with the laws, documents, and instruments

governing the trust fund.

B. The Board of Investors shall retain qualified investment

managers to provide for the investment of the monies of the trust

fund. The investment managers shall be chosen by a solicitation of

proposals on a competitive basis pursuant to standards set by the

Board of Investors. The investment managers shall manage those

monies of the trust fund allocated to the investment managers in

compliance with the overall investment guidelines set by the Board

of Investors. The monies of the trust fund allocated to the

investment managers shall be managed by the investment managers in

accordance with the investment guidelines and other directions of

the Board of Investors. The investment managers may sell

investments and realize losses if such action is considered

advantageous to longer-term return maximization. Because of the

total return objective, no distinction shall be made for management

and performance evaluation purposes between realized and unrealized

capital gains and losses. The Board of Investors may have the State

Treasurer manage those monies not specifically allocated to the

investment managers.

C. The trust fund may be invested in the manner in which a

prudent person would invest it and consistent with the manner that

state retirement funds are invested.

D. The Board of Investors shall select a custodial bank to

settle transactions involving the investment of funds in the trust

fund and to hold custody of the securities in the trust fund

portfolio. The custodian shall be a bank or trust company offering

pension fund master trustee and master custodial services. The

custodian shall be chosen by a solicitation of proposals on a

competitive basis pursuant to standards set by the Board of

Investors. The Board of Investors may also select professional

Oklahoma Statutes - Title 62. Public Finance Page 643

investment consultants, auditors, and actuaries to assist the Board

of Investors in carrying out its fiduciary responsibilities. All

these professionals shall be selected by a solicitation of proposals

on a competitive basis pursuant to standards set by the Board of

Investors.

E. The Board of Investors shall choose the professional

custodians and managers of the assets of the trust fund, shall

establish investment and fund management guidelines, and shall adopt

an investment policy. The selection of investment managers,

investment consultants, auditors, and actuaries, and a custodian

bank shall be exempt from the provisions of the Oklahoma Central

Purchasing Act.

F. The Board of Investors shall set aside cash reserves from

the earnings of the Tobacco Settlement Endowment Trust Fund if

requested by the Board of Directors of the Tobacco Settlement

Endowment Trust Fund pursuant to subsection B of Section 10 of this

act.

G. The State Treasurer shall provide any necessary staff

support to the Board of Investors. The cost of up to two full-time-

equivalent employees for the Office of the State Treasurer may be

considered as an administrative expense of the trust fund. However,

the amount provided to the State Treasurer for this purpose shall be

determined by the Board of Directors of the Tobacco Settlement

Endowment Trust Fund.
Okla. Stat. tit. 62, § 62-34.7 — OK Code / Title 62 / Section 62-34.7
Experts and assistants of Director
Status: in_force

The Director of the Office of Management and Enterprise

Services, with the approval of the Governor, shall employ and make

the appointment of such experts and assistants as may be necessary

to execute the purposes of the Oklahoma State Finance Act. No

appointments to positions shall be made in excess of those positions

authorized by the Legislature for the Division of the Budget, the

Division of Central Accounting and Reporting and the Information

Services Division.
Okla. Stat. tit. 62, § 62-606 — OK Code / Title 62 / Section 62-606
Citation
Status: in_force

This act may be cited as the Uniform Facsimile Signature of

Public Officials Act.
Okla. Stat. tit. 62, § 62-690.11 — OK Code / Title 62 / Section 62-690.11
Issuance of bonds - Sale - Disposition of proceeds - Nature of bonds - Payment of
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 18Nature of bonds - Payment of principal and interest.

A. If at the election three-fifths of the voters of each county

or city or town voting thereon shall vote in favor of the issuance

of the bonds, the boards of county commissioners or the governing

bodies of each city and town of the enterprise district shall

proceed at once with the issuing of the bonds and shall deposit them

with the treasurer of the Authority. Said election shall be held in

accordance with the general election laws of the State of Oklahoma.

Oklahoma Statutes - Title 62. Public Finance Page 480

B. The bonds shall be sold by competitive bid. The Authority

shall award the purchase of the bonds to the highest responsible

bidder, but shall have the right to reject any and all bids. The

Authority shall in no event sell any of the bonds for less than par

with accrued interest.

C. All proceeds derived from the sale of said bonds shall be

deposited in an "Enterprise District Loan Fund" by the treasurer of

the Authority.

D. All such bonds shall be general obligation bonds, backed by

the full faith and credit of the member counties, cities or towns of

the enterprise district, and there is hereby pledged to the payment

of principal and interest of such bonds:

1. The net proceeds from repayment of loans and interest

received thereon;

2. Any monies available from other funds of the counties not

otherwise obligated; and

3. The proceeds of any tax imposed for such purpose in the

event funds available for use and pledge under paragraphs 1 and 2 of

this subsection should be insufficient.
Okla. Stat. tit. 62, § 62-331 — OK Code / Title 62 / Section 62-331
Consolidation of general and special funds - Budget
Status: repealed

accounts and funds - Appropriations - Apportionment.

For the purposes of simplifying budgetary accounting of the

several counties and other municipal subdivisions of the State of

Oklahoma, all public officers charged under the law with making

Oklahoma Statutes - Title 62. Public Finance Page 383

financial statements, budgets, levies, and accounting for public

funds of such municipal subdivisions of the state are hereby

directed and required to account for all such public funds in the

manner provided for in this act.

First. All funds for current requirements arising out of an ad

valorem tax levy assessed and collected under the provisions of

Section 9, Article 10, Constitution, as amended, except Separate

School Funds, are hereby declared to constitute the "General Fund"

of such county, city, town, independent or dependent school

district, or other municipal subdivisions of the state. All special

"funds" arising out of an ad valorem tax levy, within the

limitations of said Section 9, Article 10, Constitution, except

Separate School Funds, authorized or required by existing laws to be

devoted to a specific or special purpose, or that may hereafter be

so authorized or required, unless specifically excepted, shall, from

and after the effective date of this act, be accounted for as

integral "budget accounts" within and as a part of the said "General

Fund." Each such integral budget account shall bear the title

ascribed by law to such special purpose, and it shall be subject to

be so itemized for purpose of appropriation as the law may direct

for the accomplishment of such special purpose, and none of the

items of appropriation within such special budget account shall ever

be expended for any purpose other than provided by the law creating

such special fund (now budget account) nor shall any part of it ever

be available for transfer to any other budget account within the

General Fund. It is provided, however, that cancellation and/or

transfer between the several items of appropriation for a special

purpose within the limitations and in the manner provided by law is

hereby authorized.

The total of the items of appropriation for a special purpose

for which it is not mandatory to make a levy, if now or hereafter

limited to a fixed or maximum rate of ad valorem mill levy, shall be

limited in amount to the equivalent of the net proceeds of such ad

valorem tax rate, plus ninety percent (90%) of the miscellaneous

revenue collected from such source during the preceding fiscal year.

If a levy for a special purpose be mandatory, under legislative

exercise of the sovereign powers of the state to direct a

constitutional function, the total of the several items of

appropriation for such mandatory special purpose must be fixed by

the county excise board at the equivalent of the net proceeds of

such ad valorem rate as the law may direct, plus the amount of any

unexpended balance of appropriations for the same special purpose of

the preceding year; provided, however, that if the said governing

board of the municipality attach to the estimate of needs for the

ensuing year a certificate executed under oath that all of the

requirements of the legislative mandate involving such special fund

or account have been fully met, the total of appropriations then to

Oklahoma Statutes - Title 62. Public Finance Page 384

be approved shall be limited to the equivalent of the net proceeds

of such mandatory levy, plus ninety percent (90%) of the

miscellaneous revenue collected from such source during the

preceding fiscal year.

The total of the several items of appropriation currently

necessary for salaries generally and other governmental requirements

other than those authorized or required to be provided by special

funds, or budget accounts as herein provided, shall constitute an

integral account within the General Fund, to be known henceforth as

the "Governmental Budget Account" to be itemized as now provided by

law.

Out of such portion of the fifteen (15) mills that may be

apportioned to county purposes by the county excise board, or the

Legislature, under the provisions of Section 9, Article 10,

Constitution, as amended, there is hereby specifically apportioned,

and the equivalent of the net proceeds thereof required to be used

for:

crippled children, mandatory to provide aid to curable

defectives, one-tenth (1/10) mill;

County audit, mandatory to police county public funds, one-

tenth (1/10) mill; and the residue of that portion of the fifteen-

mill limit apportioned to county purposes shall be used, so far as

may be necessary, together with other income and surpluses legally

accruing to the county general fund, other than those indicated in

the "Fifth" provision of this section, to provide for the estimate

of needs submitted by the board of county commissioners, until

otherwise provided by law, as follows:

Governmental Budget Account, optional with board of county

commissioners; Highway Levy Budget Account, optional with board of

county commissioners; Free Fair Budget Account, optional within

limit of applicable statute; Free Fair Improvement Budget, optional

within net proceeds of one (1) mill; Free Fair Additional

Improvement Budget, optional within net proceeds of one (1) mill;

Library Budget Account, optional within net proceeds of one-half

(1/2) mill; Public Health Budget Account, optional within net

proceeds of one (1) mill; Tick Eradication Account, optional with

board of county commissioners; Bovine T. B. Budget Account, optional

within limit of Five Thousand Dollars ($5,000.00); Farm and Home

Demonstration Budget Account, optional within limitations fixed by

House Bill No. 649, Session Laws, 1933; and such other special

budget accounts as may hereafter be provided by law.

Such portion of the fifteen (15) mills that may be apportioned

to city and/or town purposes by the county excise board, or the

Legislature, under the provisions of Section 9, Article 10,

Constitution, as amended, shall be used, so far as may be necessary,

together with other income and surpluses legally accruing to the

general fund of such city or town, other than those indicated in the

Oklahoma Statutes - Title 62. Public Finance Page 385

"Fifth" provision of this section, as defined herein, to provide for

the estimate of needs as submitted by the governing board of such

city or town, until otherwise provided by law, as follows:

Library Budget Account, mandatory, where applicable under

provisions of House Bill No. 555, Session Laws, 1935, at not to

exceed net proceeds of two (2) mills; plus ninety percent (90%) of

the miscellaneous revenue collected from such source during the

preceding fiscal year; Governmental Budget Accounts, optional with

governing board; Cemetery Budget Account, optional within net

proceeds of one-half (1/2) mill, plus ninety percent (90%) of the

miscellaneous revenue collected from such source during the

preceding fiscal year; Street Paving Repair Budget, optional within

net proceeds of one (1) mill, plus ninety percent (90%) of the

miscellaneous revenue collected from such source during the

preceding fiscal year; Park Budget Account in cities having a

population of more than thirty thousand (30,000) under Section

12672, Oklahoma Statutes, 1931, optional within net proceeds of one

(1) mill, plus ninety percent (90%) of the miscellaneous revenue

collected from such source during the preceding fiscal year; and

such other special budget accounts as may hereafter be provided by

law; provided, that the provisions of this act with regard to

Cemetery Budget Account and restrictions as to the amount thereof

shall not apply to cities, towns or municipalities which derive

their revenue wholly from sources other than ad valorem taxes.

Such portion of the fifteen (15) mills that may be apportioned

to school purposes by the county excise board, or the Legislature,

together with the number of mills excess levy legally voted, under

the provisions of Section 9, Article 10, Constitution, as amended,

shall be used, so far as may be necessary, together with other

income and surpluses accruing to the General Fund of such school

district, other than those indicated in the "Fifth" provision of

this Section, to provide for the estimate of needs as submitted by

the governing boards of the several school districts as follows:

Governmental Budget Account, limited in ratio of the

nontransferred pupils to the enumerated pupils as to total

appropriation; Transfer Budget Account, limited in ratio of the

transferred pupils to the enumerated pupils as to total

appropriation; unless the Legislature should, at some future time,

provide for other special budget accounts within the General Fund.

When the totals of all "General Fund" appropriations as

integrated and defined under this subsection shall have been

determined for each municipality and the levy and/or levies

computed, according to law, the levy and/or levies so computed shall

thenceforth cease to be separate but shall be certified, extended,

collected, and distributed as a "General Fund Levy" for such

municipality, accounted for, together with any other current general

Oklahoma Statutes - Title 62. Public Finance Page 386

fund revenue, as its "General Fund," and expended by issuance of one

series of General Fund Warrants for such year.

Second. Repealed. Laws 1953, p. 445, Section 55.

Third. All funds created by tax levy under the provisions of

Section 10, Article 10, Constitution, are hereby declared to

constitute the "Building Fund" of such municipality as may authorize

such fund by legal election under the terms of said Section; and

such levy shall be separately computed, certified, distributed when

collected, and so expended.

Fourth. All funds required to be provided by ad valorem tax

levy to pay outstanding indebtedness created under authority of

Section 26 and/or Section 27, Article 10, Constitution, are hereby

declared to constitute the "Sinking Fund" of such county or other

municipal subdivision, to be used for the payment of coupons, bonds,

and judgments as provided by law.

Fifth. All excise taxes collected by the State of Oklahoma and

distributed to the counties or other municipal subdivisions under

legislative enactment for specific purposes, and all contributions

by the State of Oklahoma out of its General Revenues to any of the

municipal subdivisions of the State to be expended under direction

of statute, and all local collections required by law to be

accounted for as cash funds, shall, when received by the treasurer

thereof, to set up in a distinct and separate "Cash Fund",

identified in the title thereof by the purpose for which such

distribution or contribution is made; and all warrants drawn thereon

shall be payable on demand. None of these excise taxes or state

contributions shall be appropriated by the county excise board

before the cash is actually on hand; then the governing board

involved shall prepare an estimate of needs to be met therefrom and

submit it to the county excise board, and if said excise board finds

said estimate to be for legal purposes and the treasurer thereof

certifies that the cash is actually on hand, then the excise board

shall approve such estimate.
Okla. Stat. tit. 62, § 62-887 — OK Code / Title 62 / Section 62-887
Expiration of act
Status: in_force

The provisions of the Oklahoma Housing Reinvestment Program Act

shall cease to be effective January 1, 2013; provided, any exemption

granted pursuant to the Oklahoma Housing Reinvestment Program Act

prior to January 1, 2013, which will extend for a period of time

after such date shall remain eligible for such exemption for the

period of time and under the terms and conditions under which it was

originally granted.
Okla. Stat. tit. 62, § 62-895 — OK Code / Title 62 / Section 62-895
Municipal development fees
Status: in_force

A. Municipalities that adopt ordinances, resolutions, or

regulations for the implementation and collection of development

fees shall provide that such development fees are adopted and

governed pursuant to the provisions of this section. As used in

this section:

1. “Development fee” means any payment of money imposed, in

whole or in part, as a condition of approval of any building permit,

plat approval, or zoning change, to the extent the fee is to pay for

public infrastructure systems that are attributable to new

development or to expand or modify existing development;

2. “Expanded or modified development” is one in which the

expansion or modification results in an increased demand or

increased impact upon the public infrastructure system as compared

to the demand or impact prior to the expansion or modifications;

3. “Public infrastructure system” includes any real property

improvement, fixture, or accession that is included within, but not

limited to, any of the following categories of public systems:

a. water systems, including supply, production,

treatment, and distribution facilities,

b. wastewater systems, including collection, treatment,

and disposal facilities,

c. street systems, including roads, streets, boulevards,

bridges, sidewalks, bicycle routes, drainage, traffic

signals and systems, traffic control devices and

signage, traffic calming devices, landscaping

associated with street rights-of-way, and any local

components of county, state, or federal highways to

the extent and to the proportionate cost that the

local components are not funded by state or federal

grants or other state or federal permanent funding

sources,

d. storm water systems, including collection, retention,

detention, treatment, channelization, disposal,

discharge, flood control, and bank and shoreline

protection facilities,

Oklahoma Statutes - Title 62. Public Finance Page 602

e. parks systems, including parks, open spaces, trails,

bicycle paths, and natural recreation areas and

related facilities,

f. public safety systems, including police, fire,

emergency medical, and rescue facilities,

g. solid waste systems, including facilities,

h. public transportation systems, including facilities,

and

i. public capital improvement communications facilities;

and

4. “Public infrastructure system costs” means capital

improvements that have a projected useful life of at least ten (10)

years or more, and that result in an increase or expansion to the

functional service capacity of that public infrastructure system.

B. New development and expanded or modified existing

development may only be charged the development fee for capital

improvement costs for increases or expansion to the capacity of

public infrastructure systems attributable to that development.

1. Development fees shall not exceed a clear, ascertainable,

and reasonably determined proportionate share of the cost of capital

improvement to the public infrastructure system attributable to the

expansion or increase in functional service capacity generated, or

to be generated by, the development being charged the fee. There

shall be a clearly established functional nexus between the purpose

and amount of the development fee being charged and the development

against which the fee is charged. In determining the development

fee, the municipality shall make a documented effort to quantify the

projected impact from development and determine that the proposed

development fee is reasonably and roughly proportional to the nature

and extent of the impact of development.

2. Development fees cannot be adopted or used to fund repairs,

maintenance, restorations, refurbishments, alterations,

improvements, or fixes to existing public infrastructure systems in

any way that does not result in an increase or expansion in the

functional service capacity of the system which is available to

serve new or expanded existing growth and development in the

applicable service area.

3. The development fees shall be based on actual system

improvement costs or reliable, ascertainable and reasonable

projected estimates of the costs. Any estimates of costs shall be

based upon factual and historically realized costs for similar

system capital improvements.

4. Development fees may only be imposed to recover or fund the

costs of public infrastructure system capital improvements,

including, but not limited to, the cost of real property interest

acquisitions, rights-of-ways, capital improvements, design,

construction, inspection, and capital improvement construction

Oklahoma Statutes - Title 62. Public Finance Page 603

administration, related to one or more public infrastructure

systems.

C. A municipal development fee ordinance, resolution, or

regulation shall provide for the following:

1. A schedule of development fees specifying the development

fee for various land uses per unit of development, the purpose for

the development fee, and termination of the development fee when the

applicable public infrastructure system has been fully funded and

the expanded or modified development has no additional impact on the

public infrastructure system; and

2. A component capital improvement plan that:

a. lists public infrastructure system capital projects or

facility expansions that are necessitated by

development of various land uses in designated areas,

b. provides reasonable notice to developers of specific

public infrastructure system impacts from development

of various land uses within the area of the

development, and

c. delineates the property locations that are clearly

served by the public infrastructure system that will

be funded through the development fee.

In the alternative, a municipality may establish one or more

service areas for the collection of development fees. As used in

this section, “service area” means a geographic area defined by a

municipality in which a defined public infrastructure system

provides service to developments within that service area. Service

areas shall be carefully drawn so as to include only property

locations that are clearly served by the cost of capital

improvements that increase or expand the functional service capacity

of the public infrastructure system that will be funded through the

development fee that is associated with the service area. The

determinations regarding the establishment of one or more service

areas will be a matter of legislative determination and discretion.

Different public infrastructure systems may have different and

separately defined service areas unique to each system’s coverage.

The development fees within a particular service area may be

different as applied to different types of land uses; and

3. An adoption process that provides for at least the following

before any development fees, capital improvement plan, service plan,

or creation of service areas shall become effective:

a. a public hearing before the municipal planning

commission. Notice of the time, date and place of the

hearing shall be published in a newspaper of general

circulation in the municipality at least fifteen (15)

days prior to the hearing,

b. a subsequent public hearing before the municipal

governing body. Notice of the time, date and place of

Oklahoma Statutes - Title 62. Public Finance Page 604

the hearing shall be published in a newspaper of

general circulation in the municipality at least

fifteen (15) days prior to the hearing.

All duly enacted ordinances, resolutions, or regulations

existing at the time of the effective date of this section shall

remain in full force and effect; provided, no existing impact or

development fees shall be amended, modified, or renewed except in

accordance with this act.

D. The development fees collected pursuant to a component

capital improvement plan or within a service area, and any interest

on the funds, shall be spent only for capital improvements that

expand or increase the functional service capacity of that

particular public infrastructure system to serve the area

encompassing the development or only within that service area from

which the funds were collected.

1. Every assessment of a development fee shall be in writing

and a copy shall be provided to the developer and property owner(s)

affected, as such names and addresses of the property owner(s) are

provided by the developer. The assessment shall specify the purpose

or service area for which the development fee is being collected,

the basis for calculation of the assessment, and the amount of the

assessment. No development fee collected for one purpose shall be

devoted to another purpose except as hereinafter provided.

2. If the purpose, component capital improvement plan, or

service area is changed or redrawn, or if a development spans more

than one component capital improvement plan or service area, the

development fees collected prior to the change shall be spent

proportionately pursuant to the new purpose or within the new

component capital improvement plan or service area or areas that

encompass the development at the time of expenditure from which the

fee was originally collected. Any change or expansion in a purpose,

component capital improvement plan, or service area shall be done

through the full hearing process as set forth in paragraph 3 of

subsection C of this section.

E. Each municipality shall present an annual report to its

governing body on:

1. The collection, investment, and expenditure of development-

fee funds as separately reported upon for each development capital

project or service area, and each public infrastructure system for

each development capital project or in each service area;

2. The recovery of costs from development-fee revenues; and

3. Estimates of the timing of system-capacity-expansion

improvements, as such construction is funded by development fees.

If the municipality determines that the development fees as

collected within a service area are no longer needed or desired for

the purpose for which they were collected, the municipality may

either refund the collected fees to the current owners of the

Oklahoma Statutes - Title 62. Public Finance Page 605

property within the development for which the fees were paid, or

proceed through the hearing process as set forth in paragraph 3 of

subsection C of this section in order to adopt a new purpose for the

fees.

F. Municipalities may establish a process for the collection of

development fees to occur at a point in time no earlier than the

issuance of a building permit.

G. Municipalities may enter into written agreements with

developers to construct capital improvements to expand or increase

the functional service capacity of a public infrastructure system

within the designated development area or to serve a service area

and provide a credit against or an adjustment to payment of all or

part of the development fee for that system and that development.

The credit or adjustment may not exceed the cost of the capital

improvement or the amount of the development fee that would have

been collected from that developer for the development and that

system. No credit or adjustment will be carried over or transferred

to a different development, a subsequent development, a subsequent

change to that development, or against a development fee for a

different system.

H. Nothing in this section will:

1. Preclude a municipality from requiring the developer to

donate or dedicate real property or capital improvements, or to

install, construct, operate, maintain, or repair capital

improvements; or

2. Require a credit against or an adjustment to a development

fee for contribution of, or to the cost of, any real property or

capital improvement provided by a developer if the direct cost of

the specific contribution is not specifically and directly included

in the calculation of the applicable development fees.

I. No credit or adjustment shall be carried over from one

development to a development at a different location. No credit or

adjustment will be carried over from one development to a subsequent

development at the same location, unless the development fee

collected previously is for the same purpose, making any subsequent

collection a repeat charge for the same purpose.

J. Development fees shall be deemed dedicated and restricted

revenues and therefore shall require accounting for development

proceeds as restricted funds. Interest earned on development fees

shall be considered funds of the account on which it is earned and

shall be subject to all restrictions placed on the use of

development fees under the provisions of this section. The

accounting records and details thereof shall be maintained as public

records of the municipality, be accessible to the public through

open records requests, and include at least the following

information, as relates both to each development capital project or

Oklahoma Statutes - Title 62. Public Finance Page 606

service area and each public infrastructure system for each

development capital project or within each service area:

1. The receipt of development fees;

2. The development capital project or service area from which

the development fee was collected;

3. The accumulation of interest on the development fee funds;

4. The type of public infrastructure system for which the funds

were collected;

5. The cost of the capital improvements to which the

development fees were applied; and

6. The dates when development fee funds were expended to fund,

or applied to reimburse, the cost of capital improvements to public

infrastructure systems.

K. Any ordinance, resolution, or regulation adopted in

compliance with this section which is thereafter challenged in any

future court action shall be reviewed through rational-basis

scrutiny, such that it shall be upheld if it substantially complies

with this section and if the municipality documented reasonably

conceivable facts that provided a rational basis for the adoption.

L. No municipality is required to adopt development fees and it

is within the discretion of the municipality as to whether

development fees should be considered for adoption. Any municipal

development fee ordinance, resolution, or regulation may provide for

appeal to the governing body for exemption of all or part of

particular development projects from development fees if:

1. The projects are determined to create desirable economic

development, quality jobs, a type of desirable land use that is in

short supply within the municipality, or affordable housing; or

2. The exempt development project's proportionate share of the

system expansion improvements is funded through a revenue source

other than development fees.

M. Any payment of a development fee by a payor shall not be

deemed to have waived the standing or rights of the payor to later

challenge or protest the payment as being invalid and not required.

N. A municipality may not recover the public infrastructure

system costs as a development fee by way of connection fees, hook-up

fees or other fees in any manner that results in charges beyond the

public infrastructure system cost that the development fee already

collected. Any connection fees, hook-up fees or any other fees

charged by a municipality as related to the cost of capital

improvements necessary to increase or expand the functional service

capacity of public infrastructure systems shall be determined

relative to the functional service capacity actually being provided

or made available to the fee payor, and any amounts in excess

thereof shall be considered development fees and may only be applied

if put forth in accordance with this section. Nothing herein shall

prevent a municipality to separately impose and collect connection

Oklahoma Statutes - Title 62. Public Finance Page 607

fees, hook-up fees or any other fees that are reasonably related in

character and amount charged to the costs of regulation of the

activities for which the fees were enacted or enforcement of

municipal health or safety codes.

O. This section shall not prohibit municipalities from self-

funding capital improvements by use of pay-back agreements utilizing

recoupment districts or lease-purchase agreements in order to

finance improvements to public infrastructure systems, by borrowing

or on a cash basis, so long as such procedures are utilized in a

manner that is consistent with the requirements of this section to

the extent such procedures pertain to development fees. Nothing in

this section shall limit, regulate, or prohibit a municipality from

investing public resources in public infrastructure systems in

anticipation of development, recovering those public resources

through proportional reimbursement payments equal to the total cost

of the public investment in those public infrastructure systems, and

subsequently expending the proceeds from those reimbursement

payments for any purpose determined by the jurisdiction.
Okla. Stat. tit. 62, § 62-34.62 — OK Code / Title 62 / Section 62-34.62
Encumbrance requirements for payment of state funds
Status: in_force

Encumbrance requirements for payments from funds of the state

shall include the following:

1. Whenever agencies of this state enter into contracts for, or

on behalf of the state for the purchase of tangible or intangible

property, or for services or labor, such agreement shall be

evidenced by written contracts or purchase orders, and must be

transmitted to the Director of the Office of Management and

Enterprise Services within a reasonable time from the date of the

awarding of the contract or purchase order, as determined by the

Director;

2. The Director of the Office of Management and Enterprise

Services shall charge such contracts or purchase orders against the

proper account as an outstanding order until it is liquidated by

payment of a claim, or claims, against the contracts or purchase

orders, or by cancellation of the contract or purchase order;

3. The Director of the Office of Management and Enterprise

Services shall have the power to authorize agencies of the state to

make acquisitions without the submission of competitive bids or

compliance with the state purchase card program as otherwise

required by the Oklahoma Central Purchasing Act, for or on behalf of

the state whenever the Director determines that it is in the best

interests of the state. The administrative head of any agency shall

be personally liable for obligations incurred in excess of the

authorization granted by the Director;

4. The Director of the Office of Management and Enterprise

Services shall never authorize payment of claims for any agency of

the state unless they are supported by:

a. contracts or purchase orders of the Office of

Management and Enterprise Services,

b. institutional purchase orders or contracts,

c. departmental purchase orders or contracts, or

Oklahoma Statutes - Title 62. Public Finance Page 102

d. authorizations for purchases granted by the Director

as provided by paragraph 3 of this section;

5. Any invoice or claim dated prior to the date of any of the

above-mentioned encumbrance documents shall be rejected by the

Office of Management and Enterprise Services;

6. Any encumbrance document that is outstanding on the records

in the Office of Management and Enterprise Services when its funding

source or sources lapse shall be canceled, unless another current

funding source is assigned; and

7. The Commissioners of the Land Office shall be authorized to

make payment of fees to its custodial banks, investment consultants

and investment managers from the proceeds of total realized

investment gains and such payments may be made from a special fund

hereby created in the State Treasury for this purpose. Total

payments for this purpose in a fiscal year shall not exceed one-half

percent (0.5%) of the market value of the funds under the

Commissioners' management on June 30 of the previous fiscal year.
Okla. Stat. tit. 62, § 62-254 — OK Code / Title 62 / Section 62-254
Oklahoma Pension Improvement Revolving Fund
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the retirement systems of the State of Oklahoma to be designated

the "Oklahoma Pension Improvement Revolving Fund". The fund shall

be a continuing fund, not subject to fiscal year limitations, and

shall consist of all monies received and placed in the fund for the

benefit of retired members and beneficiaries of the retirement

systems of the State of Oklahoma from such sources as may be

designated by law. Expenditures from the fund shall be made only

pursuant to legislative appropriation from the Oklahoma Pension

Improvement Revolving Fund to pay for the cost of any legislatively

authorized cost-of-living adjustment for the retirees or

beneficiaries of the retirement systems of the State of Oklahoma or

to reduce the unfunded liabilities of any of the state retirement

systems.
Okla. Stat. tit. 62, § 62-57.35 — OK Code / Title 62 / Section 62-57.35
Advertisement and sale of bonds
Status: in_force

The Commission shall advertise said bonds for sale in the manner

hereinafter provided. Notice of such sale shall be published at

least twenty (20) days prior to the date fixed for such sale. Such

notice shall be published for at least two (2) consecutive weeks in

a newspaper having general circulation in the State of Oklahoma, and

at least once in a financial periodical or newspaper known to have

general circulation among bond dealers and bond purchasers. Such

Oklahoma Statutes - Title 62. Public Finance Page 215

notice shall state the time and place when and where the Commission

will receive written bids for the purchase of the bonds so offered

for sale and shall also state that the bonds will be sold to the

bidder bidding the lowest interest rate to the State of Oklahoma

stating also, however, that the Commission may, in its discretion,

reject all bids submitted and readvertise the bonds for sale. Such

notice may contain such other conditions, information and details as

the Commission deems appropriate and desirable to secure

understanding of the offer and to assure maximum competition between

bidders. Upon acceptance of the low bid (which shall not exceed an

average rate of interest exceeding three and six-tenths percent (3

6/10%) per annum), the bonds shall be issued in accordance therewith

and shall be delivered to said purchaser upon payment of the

purchase price thereof, which shall be not less than par plus

accrued interest to date of delivery. Provided, however, no tender

of the bonds shall be valid until after the expiration of the period

of contestability, provided for herein. All bidders shall be

required to submit with their bids such good faith deposit as may to

the Commission seem appropriate. Upon the acceptance of a bid, the

Commission shall return to all of the unsuccessful bidders the

deposits so made by them. All such deposits by the successful

bidder shall become the property of the State of Oklahoma, and shall

be credited upon the purchase price of the bonds so sold and with

the further agreement that if the purchaser shall fail for five (5)

days after the tender of the bonds, to pay the balance of the

purchase price, said sale shall be thereby annulled and the deposit

shall in such event be retained by the State of Oklahoma and

credited to the General Revenue Fund of the state.
Okla. Stat. tit. 62, § 62-181 — OK Code / Title 62 / Section 62-181
Composition of fund
Status: in_force

The said revolving fund shall consist of all appropriations

made for such purpose, and shall include all proceeds from the sale

of livestock and all products produced therefrom, the proceeds from

the sale of all farm and institutional commodities, and earnings

derived from the services of the girls of the institution rendered

in connection with the serving of meals to civic clubs, women's

clubs, churches, or other like organizations, and proceeds from the

sale of articles and products made by the girls of said institution.
Okla. Stat. tit. 62, § 62-2011 — OK Code / Title 62 / Section 62-2011
Administrative expenses not to be paid from Rural
Status: in_force

Economic Action Plan funds - Treble damages - Initial planning

expenditures.

A. Except as otherwise provided by subsection C of this

section, the funds available pursuant to the provisions of Section

2006 of this title shall not be used to pay any administrative

expenses of the entity requesting the funds. The Oklahoma

Department of Commerce shall monitor expenditures made pursuant to

the Rural Economic Action Plan Act to ensure compliance with the

provisions of this section. Such funds shall be audited by the

State Auditor and Inspector in the manner provided by law for audits

of other state funds. Misuse of funds by an entity shall disqualify

the entity from further funding for a period of one (1) year from

the date as of which any report by the Oklahoma Department of

Commerce is issued revealing a violation of the requirements of this

section.

B. Except for funds authorized by subsection C of this section,

an entity which violates the provisions of this section shall be

liable to the State of Oklahoma for treble the amount of funds

identified as having been impermissibly used for the payment or

reimbursement of administrative expenses. The payment shall be made

to the Oklahoma Department of Commerce for deposit in the Rural

Oklahoma Statutes - Title 62. Public Finance Page 628

Economic Action Plan Fund and such funds shall become available for

distribution as otherwise provided by Section 2001 et seq. of this

title except that no such funds shall be paid to an entity which has

been required to make the treble damage payment.

C. Upon verification by the Oklahoma Department of Commerce

that an entity is qualified to receive funds for a purpose

authorized by this section, the entity shall be eligible for an

initial planning expenditure payment of not to exceed five percent

(5%) of the amount contained in the account created for the entity

pursuant to Section 2006 of this title.
Okla. Stat. tit. 62, § 62-908 — OK Code / Title 62 / Section 62-908
Oklahoma State Government Asset Reduction and Cost Savings
Status: in_force

Program.

A. There is hereby established the Oklahoma State Government

Asset Reduction and Cost Savings Program.

B. No later than December 31 each year, the Director of the

Office of Management and Enterprise Services shall publish a

comprehensive report detailing state-owned properties.

C. The report mandated in accordance with the provisions of

this section shall list the five percent (5%) most underutilized

state-owned properties. The report shall describe the value of

properties falling within the description in this subsection, assess

the potential for purchase should the properties be offered for

sale, and describe the impact on local-level tax rolls in the event

the properties are purchased by a nongovernmental entity.

D. The Director of the Office of Management and Enterprise

Services shall promulgate rules establishing procedures by which

each state agency, board, commission, and public trust having the

state as a beneficiary, excluding those otherwise exempted under

Section 327 of Title 61 of the Oklahoma Statutes, shall submit the

necessary data to the Office of Management and Enterprise Services

for the development of this report.

E. State agencies, boards, commissions, and public trusts

having the state as a beneficiary shall comply with procedures

promulgated pursuant to the terms of this section.

F. The report and data collected pursuant to this section shall

be published as a data feed on the data.ok.gov website.

G. In addition to the requirements of subsection C of this

section, the Office of Management and Enterprise Services may make

recommendations for the sale of other state-owned properties based

upon the value of the property and the potential for net gain for

Oklahoma Statutes - Title 62. Public Finance Page 614

the state based upon the data obtained for the Oklahoma State

Government Asset Reduction and Cost Savings Program.

H. There is hereby created the Maintenance of State Buildings

Revolving Fund. The fund shall be a continuing fund, not subject to

fiscal year limitations, and shall serve as the depository for

proceeds from the sale of state-owned properties pursuant to the

Oklahoma State Government Asset Reduction and Cost Savings Program.

The fund shall further consist of monies appropriated thereto and

other funds designated for deposit therein. All monies accruing to

the credit of the fund are hereby appropriated and may be expended

exclusively for maintaining and repairing state-owned properties and

buildings pursuant to the procedures set forth in Section 901.1 of

Title 62 of the Oklahoma Statutes and for acquisition of information

technology tools or resources that state agencies, boards,

commissions, and public trusts having the state as a beneficiary

shall use in carrying out their obligations in accordance with this

act. The total expenditure for information technology resources

shall not exceed One Hundred Thousand Dollars ($100,000.00).

Expenditures from the fund shall be made upon warrants issued by the

State Treasurer against claims filed as prescribed by law with the

Director of the Office of Management and Enterprise Services for

approval and payment. Expenditures from the Maintenance of State

Buildings Revolving Fund shall be detailed in a data feed and made

available through the data.ok.gov web portal.

I. The Director of the Office of Management and Enterprise

Services shall notify entities found by the Office to be out of

compliance with the reporting provisions of this section in writing.

J. This section shall not be applicable to the following or

their lands, properties, buildings, funds, or revenue:

1. The Oklahoma Ordnance Works Authority;

2. The Commissioners of the Land Office; and

3. Institutions comprising The Oklahoma State System of Higher

Education, except as to the data reporting requirements in this

section.

K. The report required in subsection B of this section shall

include an indication of whether a property is owned by the Oklahoma

Historical Society, is listed on the National Register of Historic

Places or with the National Trust for Historic Preservation, or is

potentially of historical significance. The Office of Management

and Enterprise Services shall notify the Oklahoma Historical Society

and obtain its approval prior to the sale of any such property.
Okla. Stat. tit. 62, § 62-57.309 — OK Code / Title 62 / Section 62-57.309
Interim bonds
Status: in_force

The Commission is authorized to issue one or more interim bonds

representative of the bonds so sold, which may be in any

denomination, shall have all the qualities and be secured by all the

covenants and pledges made to secure the bonds so sold; however, the

interim bonds shall represent the bonded debt only until such time

as the definite bonds are printed, executed and delivered to the

purchaser thereof. Tender of any such interim bonds shall not be

valid until the expiration of the period of contestability provided

in this act. Simultaneous with delivery of the definitive bonds,

any such interim bonds shall be surrendered for cancellation and

canceled by the State Treasurer of Oklahoma.
Okla. Stat. tit. 62, § 62-310.7 — OK Code / Title 62 / Section 62-310.7
Partial invalidity
Status: in_force

If any part of this act is for any reason held unconstitutional

such decision shall not affect the validity of the remaining

portions of this act. The Legislature hereby declares that it would

have passed this act and each and every part thereof, irrespective

of the fact that any part be declared unconstitutional.
Okla. Stat. tit. 62, § 62-827 — OK Code / Title 62 / Section 62-827
Voter approval of bond authorization – Determination of
Status: in_force

sufficient financial resources.

If the voters of one or more of the municipalities or counties

listed in the Final Project Plan approve the authorization of bonds

issued pursuant to this act, the Governor shall determine, with the

assistance of the Department, whether the bonds authorized by such

entity or entities will provide sufficient financial resources to

allow for the project to be undertaken. If the Governor determines

that sufficient financial resources are available and that the

project is feasible, then the Governor shall, by executive order,

establish a Regional District comprised of those municipalities and

counties whose voters approved the issuance of bonds pursuant to

this act. No municipality or county whose voters failed to

Oklahoma Statutes - Title 62. Public Finance Page 526

authorize the issuance of bonds shall be a part of the Regional

District established by the Governor.
Okla. Stat. tit. 62, § 62-57.53 — OK Code / Title 62 / Section 62-57.53
Issuance and sale of bonds - Pledges and covenants -
Status: in_force

Sinking fund.

Oklahoma Statutes - Title 62. Public Finance Page 220

The Commission, acting for and on behalf of of the State of

Oklahoma, shall issue, sell and deliver as hereinafter provided,

"State of Oklahoma Building Bonds of 1965" in a total principal

amount of Seven Million Dollars ($7,000,000.00). It is hereby

expressly provided and pledged for the benefit of the purchasers,

owners and holders of said bonds that three cents ($0.03) of the

five cents ($0.05) of the tax on each package of cigarettes levied

by 68 O.S.1961, as amended, Section 586a constituting the remainder

of revenue available from the revenues lawfully levied and collected

by the State of Oklahoma on the sale of cigarettes not already

committed to other obligations of the State of Oklahoma, or so much

as may be necessary, shall be devoted irrevocably to the payment and

discharge of the interest on, and the principal of, the bonds issued

hereunder as the same become due, and to create an adequate reserve

to assure such payments when due; and said revenues shall be, and

hereby are, irrevocably pledged for such purposes. There is hereby

created in the State Treasury, a fund to be known as the "State of

Oklahoma Building Bonds of 1965 Sinking Fund" which sinking fund is

hereby irrevocably pledged to the payment of the interest on, and

principal of, the bonds issued hereunder; and monies to the credit

thereof shall be paid out only in the manner and at the time and

places provided for in the resolution or resolutions of the

Commission authorizing the issuance of the bonds. Beginning July 1,

1965, the Oklahoma Tax Commission, when transmitting to the State

Treasurer the monthly collection of the tax on cigarettes, shall

also transmit to the State Treasurer a schedule showing the net

proceeds of three cents ($0.03) of the tax on each package of

cigarettes levied by 68 O.S.1961, Section 586a, as amended. It

shall be the duty of the State Treasurer, upon receiving said taxes

and schedules from the Oklahoma Tax Commission, to deposit in said

sinking fund, such portions of the cigarette tax or taxes

hereinabove pledged to the payment of the bonds issued hereunder as

may be necessary to assure prompt payment of the interest on, and

the principal of, said bonds as the same falls due and to comply

with the covenants hereof with respect to reserve requirements. The

State Treasurer in each fiscal year commencing July 1, 1967, to and

including the fiscal year commencing July 1, 1988, shall deposit in

the above-created sinking fund, the sum of Three Hundred Thousand

Dollars ($300,000.00), plus interest for each fiscal year, and in

the fiscal year commencing July 1, 1989, the sum of Four Hundred

Thousand Dollars ($400,000.00). In the event that the payments into

the above-created sinking fund in any fiscal year plus the

accumulation in such sinking fund is not sufficient to pay the

principal and interest due the following July 15 then it shall be

the duty of the State Treasurer to pay into said sinking fund from

the cigarette funds such sum of money as may be necessary to pay

said principal and interest. The cigarette tax monies hereinabove

Oklahoma Statutes - Title 62. Public Finance Page 221

pledged to the retirement of said bonds shall constitute the primary

revenue dedicated to the payment of the interest on, and the

principal of, the bonds issued hereunder, but it is further pledged,

for the purchasers, owners and holders of said bonds, that the State

of Oklahoma, if and when it shall appear to be necessary hereby

devotes irrevocably to the payment of the interest on, and principal

of said bond, any monies in the General Revenue Fund of the State of

Oklahoma not otherwise obligated, committed or appropriated, and the

State Treasurer is directed to apply such General Revenue Fund of

the State of Oklahoma for such purpose. The State of Oklahoma

further pledges to the purchasers, owners and holders of said bonds

that it will if and when it shall appear to be necessary, impose and

collect a tax and devote the proceeds thereof, or so much thereof as

may be necessary for the purpose of paying the principal and

interest of the bonds issued hereunder as they come due. The bonds

issued hereunder, and the interest thereon, shall be general

obligations of the State of Oklahoma, and the full faith, credit and

resources of the State of Oklahoma are pledged to their payment. The

Commission is authorized to incorporate in the face of each of the

bonds issued under this act, pledges the same or substantially the

same as those made herein. The pledges and covenants so made by the

Commission shall constitute the commitment of the State of Oklahoma,

made in full good faith, in its sovereign capacity, and shall be

binding upon said state and the Legislature, officers,

instrumentalities and agents thereof, so long as any of the interest

on, or principal of, said bonds shall remain outstanding and unpaid.

The Commission is authorized to make such other equally-binding

covenants and agreements, not inconsistent with this act or Section

36 of Article X of the Constitution of the State of Oklahoma adopted

December 3, 1963, as it deems to be needful and appropriate to the

general purpose of effectuating this act.
Okla. Stat. tit. 62, § 62-57.103 — OK Code / Title 62 / Section 62-57.103
Institutional Building Bonds of 1965 Series D - Pledges
Status: in_force

of cigarette tax and sinking fund - General obligation.

The Commission, acting for and on behalf of the State of

Oklahoma, shall issue, sell and deliver, as hereinafter provided, a

series of bonds designated "State of Oklahoma Institutional Building

Bonds of 1965" (herein called the "Series D Bonds"), in the

principal sum of Sixteen Million Five Hundred Twenty-five Thousand

Dollars ($16,525,000.00). It is hereby expressly provided and

pledged for the benefit of the purchasers, owners and holders of

said bonds that seven cents ($0.07) of the tax on each package of

cigarettes levied by Section 302 of House Bill No. 511, enacted by

the Thirtieth Oklahoma Legislature, constituting the remainder of

revenue available for the revenues lawfully levied and collected by

the State of Oklahoma on the sale of cigarettes not already

committed to other obligations of the State of Oklahoma, or so much

as may be necessary, shall be devoted irrevocably to the payment and

discharge of the interest on, and the principal of, the bonds issued

hereunder as the same become due, and to create an adequate reserve

to assure such payments when due; and said revenues shall be, and

hereby are, irrevocably pledged for such purposes. There is in the

State Treasury a fund known as the "State of Oklahoma Institutional

Building Bonds of 1965 Sinking Fund" (herein called the "sinking

fund"), established by said House Bill No. 1122, which is hereby

irrevocably pledged to the payment of the interest on, and principal

of, the Series D Bonds, in addition to other State of Oklahoma

Institutional Building Bonds of 1965, and monies to the credit

thereof shall be paid out only in the manner and at the time and

places provided for in the resolution or resolutions of the

Commission authorizing the issuance of such bonds. Beginning on the

Oklahoma Statutes - Title 62. Public Finance Page 245

first day of the month following the adoption of said constitutional

amendment, the Oklahoma Tax Commission, when transmitting to the

State Treasurer the monthly collection of the tax on cigarettes,

shall also transmit to the State Treasurer a schedule showing the

net proceeds of seven cents ($0.07) of the tax on each package of

cigarettes levied by Section 302 of House Bill No. 511, enacted by

the Thirtieth Oklahoma Legislature. It shall be the duty of the

State Treasurer, upon receiving said taxes and schedules from the

Oklahoma Tax Commission, to deposit in the sinking fund such

portions of the cigarette tax or taxes hereinabove pledged to the

payment of the bonds issued hereunder as may be necessary to assure

prompt payment of the interest on, and the principal of, the

outstanding State of Oklahoma Institutional Building Bonds of 1965

as the same fall due. The State Treasurer shall deposit in the

sinking fund, in addition to all other amounts required to be

deposited therein, the following sums for the following fiscal years

for the payment of the principal upon the Series D Bonds:

For the fiscal years commencing July 1, 1971, 1972 and 1973, the

sum of Two Hundred Thousand Dollars ($200,000.00) each year; for the

fiscal years commencing July 1, 1974, 1975, and 1976, the sum of

Four Hundred Thousand Dollars ($400,000.00) each year; for the

fiscal years commencing July 1, 1977, to and including the fiscal

year commencing July 1, 1982, the sum of Seven Hundred Thousand

Dollars ($700,000.00) each year; for the fiscal years commencing

July 1, 1983, to and including the fiscal year commencing July 1,

1991, the sum of One Million Dollars ($1,000,000.00) each year; for

the fiscal year commencing July 1, 1992, the sum of One Million Five

Hundred Twenty-five Thousand Dollars ($1,525,000.00) and, in

addition thereto, in each of said fiscal years the amount necessary

for the payment of interest on the Series D Bonds. In the event

that the payments into the sinking fund in any fiscal year plus the

accumulation in such sinking fund is not sufficient to pay the

principal and interest due the following July 15 on the State of

Oklahoma Institutional Building Bonds of 1965, then it shall be the

duty of the State Treasurer to pay into said sinking fund from the

cigarette funds such sum of money as may be necessary to pay said

principal and interest. The cigarette tax monies hereinabove

pledged to the retirement of the Series D Bonds shall constitute the

primary revenue dedicated to the payment of the interest on, and the

principal of, said bonds issued hereunder, but it is further

pledged, for the purchasers, owners and holders of said bonds, that

the State of Oklahoma, if and when it shall appear to be necessary,

hereby devotes irrevocably to the payment of the interest on, and

principal of said bonds, any monies in the General Revenue Fund of

the State of Oklahoma not otherwise obligated, committed or

appropriated, and the State Treasurer is directed to apply such

General Revenue Fund of the State of Oklahoma for such purpose. The

Oklahoma Statutes - Title 62. Public Finance Page 246

State of Oklahoma further pledges to the purchasers, owners and

holders of said bonds that it will, if and when it shall appear to

be necessary, impose and collect a tax and devote the proceeds

thereof, or so much thereof as may be necessary, for the purpose of

paying the principal of and interest on the Series D Bonds issued

hereunder as they come due. The Series D Bonds issued hereunder, and

the interest thereon, shall be general obligations of the State of

Oklahoma, and the full faith, credit and resources of the State of

Oklahoma are pledged to their payment. The Commission is authorized

to incorporate on the face of each of the bonds issued under this

act, pledges the same or substantially the same as those made

herein. The pledges and covenants so made by the Commission shall

constitute the commitment of the State of Oklahoma, made in full

good faith, in its sovereign capacity, and shall be binding upon

said state and the Legislature, officers, instrumentalities and

agents thereof, so long as any of the interest on, or principal of,

said bonds shall remain outstanding and unpaid. The Commission is

authorized to make such other equally binding covenants and

agreements, not inconsistent with this act or House Joint Resolution

No. 522 (552) of the Thirtieth Oklahoma Legislature, as it deems to

be needful and appropriate to the general purpose of effectuating

this act.
Okla. Stat. tit. 62, § 62-34.46 — OK Code / Title 62 / Section 62-34.46
Allocation of revenues - Accounts with agencies -
Status: in_force

Nonfiscal year appropriations - Supplemental appropriations.

A. Revenues deposited in the State Treasury to the credit of

the General Revenue Fund or of any special fund which derives its

revenue in whole or part from state taxes or fees shall be allocated

monthly to each state agency or special appropriation on a

percentage basis, in that ratio that the total appropriation for

each such state agency or special appropriation from each fund for

that fiscal year bears to the total of all appropriations from each

fund for that fiscal year. Appropriation allocations to the State

Board of Education for the financial support of public schools shall

be effective August 1 of the fiscal year in which they apply.

B. A cash account shall be maintained by the agency of the

state charged with the allocation of revenues for each agency or

special appropriation which receives appropriations from the general

fund or any special fund, and no check or warrant shall be issued in

excess of the unexpended balance of said cash account at the time

such check or warrant is issued.

C. Cash allocations to each cash account shall be cumulative

and shall be available for the payment of any claim incurred within

the appropriations for which such cash was allocated, including

claims incurred against nonfiscal year appropriations which are

available for contracts for thirty (30) months from date such acts

are passed.

D. Revenue allocations shall be made to nonfiscal

appropriations. During the applicable fiscal year such

appropriations shall become available for expenditure. Such

appropriations may be expended only in that fiscal year. This

limitation applies equally to those revenue allocations made to such

appropriation.

E. Measures passed by the Legislature appropriating revenues

from the General Revenue Fund, which are supplemental to the

original budget in effect on July 1 of any fiscal year, shall be

considered supplemental appropriations and shall receive revenue

allocations for the first time in the month in which such acts

become effective in compliance with Section 23 of Article X of the

Oklahoma Constitution.

F. Supplemental appropriations from the General Revenue Fund

passed by the Legislature in excess of the Board of Equalization's

estimate for that fiscal year shall be null and void.
Okla. Stat. tit. 62, § 62-34.45 — OK Code / Title 62 / Section 62-34.45
Governor-elect and Lieutenant Governor-elect - Expenses
Status: in_force

prior to assuming office.

The Office of Management and Enterprise Services is hereby

authorized to provide the Governor-elect and Lieutenant Governor-

elect with such reasonable and necessary services as the Governor-

elect or Lieutenant Governor-elect may request in the performance of

their duties prior to taking office and in preparation for assuming

the duties of office. The Office of Management and Enterprise

Services is further authorized to allocate from the funds

appropriated to the Office of Management and Enterprise Services the

sum of Thirty Thousand Dollars ($30,000.00), or so much thereof as

may be necessary for use by the Governor-elect, if not incumbent,

and the sum of Ten Thousand Dollars ($10,000.00), or so much thereof

as may be necessary for use by the Lieutenant Governor-elect, if not

incumbent, for expenses of personal services, office expense,

supplies, materials, travel and other necessary expenses incurred by

such Governor-elect or Lieutenant Governor-elect in the performance

of his or her duties prior to taking office and in preparation for

assuming the duties of office.
Okla. Stat. tit. 62, § 62-57.125 — OK Code / Title 62 / Section 62-57.125
Sinking fund
Status: in_force

There is hereby created in the State Treasury a fund to be known

as the "State of Oklahoma Building Bonds of 1968 Sinking Fund"

(herein called the "sinking fund"), which is hereby irrevocably

pledged to the payment of the interest on, and principal of, the

bonds issued hereunder, and monies to the credit thereof shall be

paid out only in the manner and at the time and places provided for

in the resolution or resolutions of the Commission authorizing the

issuance of such bonds. Beginning on the first day of the month

following the adoption of said constitutional amendment, the

Oklahoma Tax Commission, when transmitting to the State Treasurer

the monthly collection of the tax on cigarettes, shall also transmit

to the State Treasurer a schedule showing the net proceeds of the

tax on each package of cigarettes levied by Section 1, Chapter 47,

1968 Oklahoma Session Laws. It shall be the duty of the State

Treasurer, upon receiving said taxes and schedules from the Oklahoma

Tax Commission, to deposit in the Sinking Fund such portions of the

cigarette tax or taxes hereinabove pledged to the payment of the

bonds issued hereunder as may be necessary to assure prompt payment

Oklahoma Statutes - Title 62. Public Finance Page 255

of the interest on, and the principal of, the outstanding State of

Oklahoma Building Bonds of 1968 as the same fall due.
Okla. Stat. tit. 62, § 62-350 — OK Code / Title 62 / Section 62-350
Task Force on Municipal Finance – Members - Exemption
Status: in_force

A. There is hereby created the Task Force on Municipal Finance.

B. The Task Force shall be composed of nine (9) persons to be

selected as follows:

1. The Governor shall appoint two persons representing

municipalities as follows:

a. one person representing a municipality with a

population of less than fifty thousand (50,000)

persons, and

b. one person representing a municipality with a

population in excess of fifty thousand (50,000)

persons but not in excess of one hundred thousand

(100,000) persons;

2. The Speaker of the Oklahoma House of Representatives shall

appoint:

a. one person representing a municipality with a

population in excess of one hundred thousand (100,000)

but not in excess of four hundred thousand (400,000)

persons according to the latest Federal Decennial

Census, and

b. a member of the Oklahoma House of Representatives;

3. The President Pro Tempore of the Oklahoma State Senate shall

appoint:

a. one person representing a municipality with a

population in excess of four hundred thousand

(400,000) persons according to the latest Federal

Decennial Census, and

b. a member of the Oklahoma State Senate;

4. One member to be appointed by a statewide nonprofit

organization the membership of which consists primarily of

municipalities organized under the laws of the State of Oklahoma and

which organization supports the functions of such municipalities;

5. One member who shall be the Director of the Office of State

Finance or a designee; and

6. One member to be appointed by the Oklahoma Tax Commission.

C. Members of the Task Force shall serve at the pleasure of the

appointing authority. Vacancies shall be filled in the same manner

as the original appointment.

D. The Task Force shall hold an organizational meeting not

later than September 30, 2010.

Oklahoma Statutes - Title 62. Public Finance Page 394

E. The Task Force shall select from among its membership a

chair and cochair.

F. A quorum of the members present at a meeting of the Task

Force shall be sufficient to conduct any business or to take any

action authorized or required.

G. The Task Force shall be exempt from the Oklahoma Open

Meeting Act, but shall provide a reasonable notice of its meetings

at least seven (7) days prior to a meeting. The notice shall be

posted electronically on the website of the Oklahoma House of

Representatives or the Oklahoma State Senate or both. Notices may

be posted at such location or locations within the Oklahoma State

Capitol as the Task Force may direct.

H. Travel reimbursement for members of the Task Force who are

legislators shall be made pursuant to Section 456 of Title 74 of the

Oklahoma Statutes. Travel reimbursement for other members of the

Task Force shall be made by the respective appointing authorities

pursuant to the State Travel Reimbursement Act.

I. Staff assistance for the Task Force shall be provided by the

staff of the Oklahoma House of Representatives and the Oklahoma

State Senate.

J. The Task Force shall be exempt from the Oklahoma Open

Records Act.

K. The Task Force shall examine the laws governing municipal

finance for all forms of municipal government and shall give

specific attention to:

1. The existing sources of revenues available to municipal

government;

2. The requirements for establishing and maintaining sinking

funds;

3. The laws governing the creation and maintenance of separate

accounts within municipal general funds;

4. The laws governing the investment or other use of municipal

revenues;

5. The laws governing the establishment of municipal reserve

funds similar to the Constitutional Reserve Fund created pursuant to

Section 23 of Article X of the Oklahoma Constitution for the State

of Oklahoma; and

6. Such other matters related to municipal finance as the Task

Force may deem to be relevant.

L. The Task Force shall make a final report containing any

recommendations for changes in the law governing municipal finance

to the Governor, the Speaker of the Oklahoma House of

Representatives and the President Pro Tempore of the Oklahoma State

Senate not later than January 31, 2011.

M. The Task Force shall terminate by operation of law on

February 1, 2011.
Okla. Stat. tit. 62, § 62-57.182 — OK Code / Title 62 / Section 62-57.182
Schedule for payments into Sinking Fund
Status: in_force

The State Treasurer shall deposit in the State of Oklahoma

Building Bonds of 1968 Sinking Fund, in addition to all other

amounts required to be deposited therein, the following sums for the

following fiscal years for the payment of the principal upon the

Series E Bonds:

Oklahoma Statutes - Title 62. Public Finance Page 271

FISCAL YEAR BEGINNING JULY 1

1974 $ -0-

1975 -0-

1976 855,000.00

1977 890,000.00

1978 925,000.00

1979 965,000.00

1980 1,005,000.00

1981 1,050,000.00

1982 1,100,000.00

1983 1,150,000.00

1984 1,200,000.00

1985 1,255,000.00

1986 1,310,000.00

1987 1,375,000.00

1988 1,440,000.00

1989 1,505,000.00

1990 1,580,000.00

1991 1,655,000.00

1992 1,735,000.00

1993 1,815,000.00

1994 1,895,000.00

1995 1,975,000.00
Okla. Stat. tit. 62, § 62-3103v2 — OK Code / Title 62 / Section 62-3103v2
Definitions
Status: in_force

As used in the Oklahoma Pension Legislation Actuarial Analysis

Act:

1. “Amendment” means any amendment, including a substitute

bill, made to a retirement bill by any committee of the House or

Senate, any conference committee of the House or Senate or by the

House or Senate;

2. “RB number” means that number preceded by the letters “RB”

assigned to a retirement bill by the respective staffs of the

Oklahoma State Senate and the Oklahoma House of Representatives when

the respective staff office prepares a retirement bill for a member

of the Legislature;

3. “Legislative Actuary” means the firm or entity that enters

into a contract with the Legislative Service Bureau pursuant to

Section 452.15 of Title 74 of the Oklahoma Statutes to provide the

actuarial services and other duties provided for in the Oklahoma

Pension Legislation Actuarial Analysis Act;

4. “Nonfiscal amendment” means an amendment to a retirement

bill having a fiscal impact, which amendment does not change any

factor of an actuarial investigation specified in subsection A of

Section 3109 of this title;

5. “Nonfiscal retirement bill” means a retirement bill:

a. which does not affect the cost or funding factors of a

retirement system,

b. which affects such factors only in a manner which does

not:

(1) grant a benefit increase under the retirement

system affected by the bill,

(2) create an actuarial accrued liability for or

increase the actuarial accrued liability of the

retirement system affected by the bill, or

(3) increase the normal cost of the retirement system

affected by the bill,

c. which authorizes the purchase by an active member of

the retirement system, at the actuarial cost for the

purchase as computed pursuant to the statute in effect

Oklahoma Statutes - Title 62. Public Finance Page 656

on the effective date of the measure allowing such

purchase, of years of service for purposes of reaching

a normal retirement date in the applicable retirement

system, but which cannot be used in order to compute

the number of years of service for purposes of

computing the retirement benefit for the member,

d. which provides for the computation of a service-

connected disability retirement benefit for members of

the Oklahoma Law Enforcement Retirement System

pursuant to Section 2-305 of Title 47 of the Oklahoma

Statutes if the members were unable to complete twenty

(20) years of service as a result of the disability,

e. which requires membership in the defined benefit plan

authorized by Section 901 et seq. of Title 74 of the

Oklahoma Statutes for persons whose first elected or

appointed service occurs on or after November 1, 2018,

if such persons had any prior service in the Oklahoma

Public Employees Retirement System prior to November

1, 2015,

f. which provides for a one-time increase in retirement

benefits if the increase in retirement benefits is not

a permanent increase in the gross annual retirement

benefit payable to a member or beneficiary, occurs

only once pursuant to a single statutory authorization

and does not exceed:

(1) the lesser of two percent (2%) of the gross

annual retirement benefit of the member or One

Thousand Dollars ($1,000.00) and requires that

the benefit may only be provided if the funded

ratio of the affected retirement system would not

be less than sixty percent (60%) but not greater

than eighty percent (80%) after the benefit

increase is paid,

(2) the lesser of two percent (2%) of the gross

annual retirement benefit of the member or One

Thousand Two Hundred Dollars ($1,200.00) and

requires that the benefit may only be provided if

the funded ratio of the affected retirement

system would be greater than eighty percent (80%)

but not greater than one hundred percent (100%)

after the benefit increase is paid,

(3) the lesser of two percent (2%) of the gross

annual retirement benefit of the member or One

Thousand Four Hundred Dollars ($1,400.00) and

requires that the benefit may only be provided if

the funded ratio of the affected retirement

Oklahoma Statutes - Title 62. Public Finance Page 657

system would be greater than one hundred percent

(100%) after the benefit increase is paid, or

(4) the greater of two percent (2%) of the gross

annual retirement benefit of the volunteer

firefighter or One Hundred Dollars ($100.00) for

persons who retired from the Oklahoma

Firefighters Pension and Retirement System as

volunteer firefighters and who did not retire

from the Oklahoma Firefighters Pension and

Retirement System as a paid firefighter.

As used in this subparagraph, “funded ratio” means the

figure derived by dividing the actuarial value of

assets of the applicable retirement system by the

actuarial accrued liability of the applicable

retirement system,

g. which modifies the disability pension standard for

police officers who are members of the Oklahoma Police

Pension and Retirement System as provided by Section

50-115 of Title 11 of the Oklahoma Statutes,

h. which provides a cost-of-living benefit increase

pursuant to the provisions of:

(1) Section 49-143.7 of Title 11 of the Oklahoma

Statutes,

(2) Section 50-136.9 of Title 11 of the Oklahoma

Statutes,

(3) Section 1104K of Title 20 of the Oklahoma

Statutes,

(4) Section 2-305.12 of Title 47 of the Oklahoma

Statutes,

(5) Section 17-116.22 of Title 70 of the Oklahoma

Statutes, or

(6) Section 930.11 of Title 74 of the Oklahoma

Statutes,

i. which modifies the computation of the line-of-duty

disability benefit pursuant to Sections 50-101 and 50-

115 of Title 11 of the Oklahoma Statutes,

j. which allows the purchase of military prior service

credit pursuant to the provisions of this act,

k. which increases the computation factor used to

calculate the accrued retirement benefit and normal

disability benefit pursuant to Section 50-101 of Title

11 of the Oklahoma Statutes,

l. which increases the municipal contribution, employee

contribution, or both for members of the Oklahoma

Police Pension and Retirement System pursuant to

Sections 50-109 and 50-110 of Title 11 of the Oklahoma

Statutes, or

Oklahoma Statutes - Title 62. Public Finance Page 658

m. which modifies the computation of a retirement annuity

pursuant to Section 50-111.1 of Title 11 of the

Oklahoma Statutes.

A nonfiscal retirement bill shall include any retirement bill that

has as its sole purpose the appropriation or distribution or

redistribution of monies in some manner to a retirement system for

purposes of reducing the unfunded liability of such system or the

earmarking of a portion of the revenue from a tax to a retirement

system or increasing the percentage of the revenue earmarked from a

tax to a retirement system;

6. “Reduction-in-cost amendment” means an amendment to a

retirement bill having a fiscal impact which reduces the cost of the

bill as such cost is determined by the actuarial investigation for

the bill prepared pursuant to Section 3109 of this title;

7. “Retirement bill” means any bill or joint resolution

introduced or any bill or joint resolution amended by a member of

the Legislature which creates or amends any law directly affecting a

retirement system. A retirement bill shall not mean a bill or

resolution that impacts the revenue of any state tax in which a

portion of the revenue generated from such tax is earmarked for the

benefit of a retirement system;

8. “Retirement bill having a fiscal impact” means any

retirement bill creating or establishing a retirement system and any

other retirement bill other than a nonfiscal retirement bill; and

9. “Retirement system” means the Teachers’ Retirement System of

Oklahoma, the Oklahoma Public Employees Retirement System, the

Uniform Retirement System for Justices and Judges, the Oklahoma

Firefighters Pension and Retirement System, the Oklahoma Police

Pension and Retirement System, the Oklahoma Law Enforcement

Retirement System, or a retirement system established after January

1, 2006.
Okla. Stat. tit. 62, § 62-34.75 — OK Code / Title 62 / Section 62-34.75
Human Services encumbrance and preaudit claim settlement
Status: in_force

system – Detailed listings – Daily reports.

A. The Department of Human Services may establish an

encumbrance and preaudit system for settlement of claims relating to

public assistance, social service benefits and medical benefits to

or for persons eligible under applicable federal laws and rules,

Oklahoma Statutes, and policies established by the Oklahoma

Oklahoma Statutes - Title 62. Public Finance Page 115

Commission for Human Services. The following programs shall be

eligible for this procedure:

1. Aid to Families with Dependent Children;

2. Aid to Aged, Blind and Disabled;

3. Medical Assistance;

4. Day Care;

5. Refugee Resettlement;

6. Low Income Heating and Energy Assistance;

7. General Assistance;

8. Crippled Children;

9. Social Services under Title XX of the U.S. Social Security

Act, 42 U.S.C., Section 301 et seq.;

10. Adoption Subsidies;

11. Foster Care;

12. Medical Examination;

13. Area Agencies on Aging;

14. Any contract for service for which the Office of Management

and Enterprise Services has approved as qualifying for a fixed and

uniform rate pursuant to Section 85.7 of Title 74 of the Oklahoma

Statutes;

15. Sheltered Workshops;

16. Contracted Group Homes;

17. Rehabilitative Client Interpreters;

18. Rehabilitative Client Drivers; and

19. Maternal and Child Health Services Block Grant.

B. Prior to inclusion in this procedure, the Department of

Human Services shall provide to the Director of the Office of

Management and Enterprise Services, for approval, detailed listings

of the type of payments to be made for each of these programs

specified in subsection A of this section.

C. The Department of Human Services shall provide the Director

of the Office of Management and Enterprise Services a daily report

of the dollar amount of claims settled and checks or warrants

issued, the dollar amount of checks or warrants canceled, and the

dollar amount of checks or warrants canceled by statutes.

D. The Department of Human Services and the Director of the

Office of Management and Enterprise Services shall jointly establish

a system for the settlement of claims, except for payroll, by the

Department of Human Services. The settlement system shall include

policy, procedures and performance criteria for participation.
Okla. Stat. tit. 62, § 62-41.5j — OK Code / Title 62 / Section 62-41.5j
Renumbered as § 34.21 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-2102 — OK Code / Title 62 / Section 62-2102
Definitions
Status: in_force

As used in this act:

1. "Community" means a county, city, town or unincorporated

place located within the State of Oklahoma having a population of

less than seven thousand (7,000) persons, according to the latest

Federal Decennial Census;

2. "Establishment" means any legally recognized business entity

engaged in manufacturing;

3. "Industrial facility" means real property or personal

property or fixtures attached to real property at which an

establishment engages in a manufacturing activity within a community

if the total area in which the manufacturing takes place does not

exceed one hundred thousand (100,000) square feet; and

4. "Manufacturing" means any activity described under any Major

Group classification of Division D of the Standard Industrial

Classification Manual, latest version.
Okla. Stat. tit. 62, § 62-884 — OK Code / Title 62 / Section 62-884
Ad valorem tax exemption - Effect on school state aid
Status: in_force

Pursuant to the provisions of Section 6C of Article X of the

Oklahoma Constitution, a municipality or county may provide an

exemption from ad valorem taxes in a housing reinvestment district

pursuant to the provisions of this act. A school district or taxing

Oklahoma Statutes - Title 62. Public Finance Page 579

entity other than a municipality or county may provide an exemption

from ad valorem taxes in a housing reinvestment district pursuant to

the provisions of this act through a contractual arrangement with

the municipal or county governing body. The loss of revenue to a

school district from any such exemption from ad valorem taxes shall

be borne by the school district and such exempted revenue shall be

treated as being received by the school district for purposes of

computation of the school district’s state aid pursuant to the

provisions of Article 18 of Title 70 of the Oklahoma Statutes.
Okla. Stat. tit. 62, § 62-46.2 — OK Code / Title 62 / Section 62-46.2
Oklahoma Dynamic Economy and Budget Security Fund
Status: in_force

There is hereby created in the State Treasury a fund to be

designated the “Oklahoma Dynamic Economy and Budget Security Fund”.

The fund shall be a continuing fund, not subject to fiscal year

limitations, and shall consist of all monies apportioned to such

fund pursuant to paragraph 1 of Section 1 of this act. The monies

in the Oklahoma Dynamic Economy and Budget Security Fund shall be

subject to appropriation by the Legislature for the purposes of

promoting research and development of critical sectors of the

state’s economy, commercialization of technology, health care,

promotion of endowments to nonprofit entities, including private

foundations, unmet infrastructure needs and to provide a source of

funds for any needed stabilization of the budget for the fiscal year

ending June 30, 2006.
Okla. Stat. tit. 62, § 62-8012 — OK Code / Title 62 / Section 62-8012
Duties of the Office
Status: in_force

A. The Legislative Office of Fiscal Transparency (LOFT) shall:

1. Gather information regarding the proposed budgets of

executive branch agencies each fiscal year;

2. Analyze the information and evaluate the extent to which the

agency budget does or does not fulfill the agency’s primary duties

and responsibilities under applicable provisions of federal, state,

or other law;

3. Analyze and forecast all revenues available to the agency

from appropriations, fees, dedicated revenue, or any other source;

4. Compare the agency budget information to the comparable

information contained in that agency’s budget requests from prior

fiscal years;

Oklahoma Statutes - Title 62. Public Finance Page 679

5. Conduct such investigations regarding the operations of the

agency as required in order to fulfill the duties imposed upon the

Office by law or as otherwise directed by the oversight committee;

and

6. Conduct rule impact analyses for major rules, as defined in

Section 250.3 of Title 75 of the Oklahoma Statutes.

The oversight committee, subject to the direction of the

President Pro Tempore of the Senate and the Speaker of the House of

Representatives, shall ensure that the functions performed by the

Office pursuant to the provisions of this subsection do not

duplicate those of the Appropriations Committee of the Senate and

the Appropriations and Budget Committee of the House of

Representatives and their respective staffs.

B. The Office shall further conduct performance evaluations and

may conduct independent comprehensive performance audits. The

oversight committee created in Section 8013 of this title may

periodically identify specific executive branch agencies, or

programs, activities, or functions within executive branch agencies,

for which the Office shall conduct a performance evaluation or

independent comprehensive performance audit.

C. As used in Section 8011 et seq. of this title, “performance

evaluation” means an examination of a program, activity, or function

of an executive branch agency, conducted in accordance with

applicable government auditing standards or auditing and evaluation

standards of other appropriate authoritative bodies. The term

includes, but is not limited to, an examination of issues related

to:

1. Economy, efficiency, or effectiveness of the agency or

program, including any revenue sources used to fund or support the

agency or program;

2. Structure or design of the agency or program to accomplish

its goals and objectives;

3. Adequacy of the agency or program to meet the needs or

policy goals identified by the Legislature;

4. Alternative methods of providing agency or program services

or products;

5. Goals, objectives, and performance measures used by the

agency to monitor and report agency or program accomplishments;

6. The accuracy or adequacy of public documents, reports, or

requests prepared by or in relation to the agency or program;

7. Compliance with appropriate policies, rules, or laws related

to the agency or program; and

8. Any other issues related to such agencies or programs as

directed by the oversight committee.

D. As used in Section 8011 et seq. of this title, “independent

comprehensive performance audit” (ICPA) includes, but is not limited

to, a review and analysis of the economy, efficiency, effectiveness,

Oklahoma Statutes - Title 62. Public Finance Page 680

and compliance of the policies, management, fiscal affairs, and

operations of state agencies, divisions, programs, and accounts.

The results of an ICPA may be used by the Legislature to implement

the best budgeting and policy-making practices for government

services to run in the most cost-effective way. The Office may, at

the direction of the oversight committee and subject to the approval

of the President Pro Tempore of the Senate and the Speaker of the

House of Representatives, contract with a private company, nonprofit

organization, or academic institution to assist with an independent

comprehensive performance audit or for professional consulting and

administrative support services. The Office may, but shall not be

required to, contract with the Office of the State Auditor and

Inspector to conduct any ICPA. LOFT shall develop the scope of

services for a request for proposals issued, for professional

services necessary to complete each ICPA. Prior to entering into

any contract, LOFT shall obtain no fewer than three separate bids

for the auditing services, unless LOFT determines that fewer than

three entities meet the qualifications to bid to perform such

services as set forth by LOFT. The cost of the contract shall be

paid by the Legislative Service Bureau.

An independent comprehensive performance audit shall address,

but not be limited to, the following topics:

1. Policies which shall include constitutional mandates, if

any, statutory mandates, statutory authorizations, administrative

rules or policies of the affected agency reflected in internal

agency documents, or agency practices;

2. All sources of funding received by the agency, inclusive of

federal funds, state appropriations, state-dedicated revenues, fee

revenue sources, the use of agency revolving funds, or any other

fund or revenue source which is used to pay the expenses of the

agency;

3. Management of the agency which shall include, but not be

limited to, its governance, capacity, divisions, programs, accounts,

information technology systems, and policies and agency operations

which include objective analysis of the roles and functions of the

department; and

4. A schedule for implementation of agency-specific

recommendations.
Okla. Stat. tit. 62, § 62-34.73 — OK Code / Title 62 / Section 62-34.73
Definition
Status: in_force

A “proper invoice” means one which is complete in all

requirements necessary for processing it for payment in accordance

with the terms of appropriate contracts and applicable state or

federal statutes.
Okla. Stat. tit. 62, § 62-278.2 — OK Code / Title 62 / Section 62-278.2
Investments by State Treasurer - Deposit interest
Status: in_force

The State Treasurer is hereby authorized and directed to invest

monies deposited to the Anti-Recession Fiscal Assistance Fund in

direct obligations of the United States of America or in

certificates of deposit from banks in the State of Oklahoma,

acceptable as depositories, when such certificates of deposit are

secured by acceptable collateral and yield as much as or more than

direct obligations of the United States of America. Earnings or

interest on anti-recession fiscal assistance monies shall be

deposited in the Anti-Recession Fiscal Assistance Fund.
Okla. Stat. tit. 62, § 62-7004 — OK Code / Title 62 / Section 62-7004
Periodic evaluations - Exemptions
Status: in_force

A. For calendar years 2024 through 2027 and every four (4)

years thereafter, the Incentive Evaluation Commission shall ensure

that each incentive is evaluated within the four-year evaluation

period unless the Commission determines that the incentive is exempt

from evaluation. The Commission may exempt from evaluation any

incentive that it concludes has a minimal fiscal impact. The

Commission shall determine a specific threshold amount which shall

be considered as a minimal fiscal impact for the current evaluation

cycle. The Commission may also conduct an expedited evaluation for

any incentive that has been evaluated at least two times from

calendar years 2016 through 2023 and has not had a material change

to the program since its prior evaluation. The expedited evaluation

will update the prior evaluation’s financial and economic impact and

findings and recommendations.

B. For calendar years 2016 through 2023, the Incentive

Evaluation Commission shall develop a four-year schedule for

evaluating incentives. The development of the schedule for

evaluating the incentives shall take into consideration fiscal

impacts to revenues of this state, including but not limited to the

General Revenue Fund, the opportunity to group incentives with

similar goals and objectives for evaluation, and the ability to

obtain sufficient data related to the incentives for evaluation.

Each schedule shall include a list of all incentives in the state,

including any it exempts from evaluation. In determining whether a

program is an incentive, the Incentive Evaluation Commission may

consider legislative intent and may also consider whether the

program is promoted as an incentive by any state agency. For each

incentive listed in the schedule, the Commission shall attempt to

identify the goal or goals of the incentive.

C. Upon approval of the schedule, the Commission shall provide

the schedule to the Governor, President Pro Tempore of the Senate,

and Speaker of the House of Representatives.

Oklahoma Statutes - Title 62. Public Finance Page 676
Okla. Stat. tit. 62, § 62-195 — OK Code / Title 62 / Section 62-195
Funds created - Maximum amounts - Forms, systems and
Status: in_force

procedures.

A. 1. There is hereby created a petty cash fund at each of the

following institutions: Oklahoma School for the Blind, Muskogee,

Oklahoma; Oklahoma School for the Deaf, Sulphur, Oklahoma; Griffin

Memorial Hospital, Norman, Oklahoma; Eastern State Hospital, Vinita,

Oklahoma; Northern Oklahoma Resource Center of Enid, Enid, Oklahoma;

Southern Oklahoma Resource Center of Pauls Valley, Pauls Valley,

Oklahoma; Western State Psychiatric Center, Fort Supply, Oklahoma;

Central Oklahoma Juvenile Treatment Center, Tecumseh, Oklahoma; L.E.

Rader Children's Diagnostic and Evaluation Center, Sand Springs,

Oklahoma; L.E. Rader Intensive Treatment Center, Sand Springs,

Oklahoma; the Southwest Oklahoma Juvenile Center, Manitou, Oklahoma;

the Office of Juvenile Affairs' Boys' Group Home, Enid, Oklahoma;

the Office of Juvenile Affairs' Boys' Group Home, Lawton, Oklahoma;

the Office of Juvenile Affairs' Girls' Group Home, Tulsa, Oklahoma;

the Oklahoma Medical Center; and the J.D. McCarty Center for

Children with Developmental Disabilities.

Oklahoma Statutes - Title 62. Public Finance Page 349

2. The Director of the Office of Management and Enterprise

Services and the head of the institution involved are hereby

authorized and it shall be their duty to fix the maximum amount of

the petty cash funds. The Director of the Office of Management and

Enterprise Services shall prescribe all forms, systems, and

procedures for administering the petty cash funds of the

institution.

B. 1. There is hereby created a petty cash fund in the legal

division of the Department of Human Services which fund shall be

used solely to pay court costs, filing fees, witness fees, and

expenses related to any case or proceeding within the responsibility

of the legal division.

2. There is hereby created a petty cash fund in the Child

Support Enforcement Division of the Department of Human Services.

The fund shall be used solely to pay litigation expenses, including

court costs, filing fees, witness fees, and expenses related to any

case or proceeding within the responsibility of the Child Support

Enforcement Division.

3. The Director of the Office of Management and Enterprise

Services and the Director of the Department of Human Services are

hereby authorized and it shall be their duty to fix the maximum

amount of the petty cash funds. The Director of the Office of

Management and Enterprise Services shall prescribe all forms,

systems, and procedures for administering the petty cash funds.

C. 1. There is hereby created a petty cash fund in the finance

department of the Corporation Commission which shall be used solely

to pay litigation expenses of the legal division, including court

costs, filing fees, witness fees, and other expenses related to any

case, proceeding, or matter within the responsibility of the legal

division.

2. The Director of the Office of Management and Enterprise

Services and the Corporation Commission are hereby authorized and it

shall be their duty to fix the maximum amount of the petty cash

fund, not to exceed Five Hundred Dollars ($500.00). The Director of

the Office of Management and Enterprise Services shall prescribe all

forms, systems, and procedures for administering the petty cash

fund.

D. 1. There is hereby created a petty cash fund for the

Property Distribution Division of the Office of Management and

Enterprise Services.

2. The amount of the Property Distribution petty cash fund

shall not exceed Five Hundred Dollars ($500.00). The initial amount

shall be drawn by warrant from the State Surplus Property Revolving

Fund. The Director of the Office of Management and Enterprise

Services is authorized to prescribe forms, systems and procedures

for the administration of the Property Distribution petty cash fund.

Oklahoma Statutes - Title 62. Public Finance Page 350

E. 1. There is hereby created a petty cash fund in the legal

division of the Oklahoma Health Care Authority which fund shall be

used solely to pay for court costs, filing fees, witness fees, and

expenses related to any case or proceeding within the responsibility

of the legal division.

2. The Director of the Office of Management and Enterprise

Services and the Chief Executive Officer of the Oklahoma Health Care

Authority are hereby authorized and it shall be their duty to fix

the maximum amount of the petty cash fund, not to exceed Five

Hundred Dollars ($500.00). The Director of the Office of Management

and Enterprise Services shall prescribe all forms, systems, and

procedures for administering the petty cash fund.

F. 1. The Director of the Office of Management and Enterprise

Services is hereby authorized, upon request by the State

Commissioner of Health, to establish a petty cash fund for the State

Department of Health in an amount not to exceed One Thousand Dollars

($1,000.00), to be used for the purpose of making change for persons

obtaining licenses, paying fees and fines, and transacting other

such business with the Department.

2. The fund shall be established and replenished from any

monies available to the Department for operating expenses.

3. The Director of the Office of Management and Enterprise

Services shall prescribe all forms, systems, and procedures for

administering the fund.

G. 1. There is hereby created a petty cash fund for the

Financial Management section of the Department of Environmental

Quality in an amount not to exceed Two Hundred Dollars ($200.00) to

be used for the purpose of making change for persons obtaining

licenses, paying fees and fines and transacting other such business

with the Department.

2. The fund shall be established and replenished from any

monies available to the Department for operating expenses.

3. The Director of the Office of Management and Enterprise

Services shall prescribe all forms, systems and procedures for

administering the fund.
Okla. Stat. tit. 62, § 62-57.200 — OK Code / Title 62 / Section 62-57.200
University Bonds Escrow Fund - Purchase and redemption
Status: in_force

of bonds - Investment of excess public funds - Restructuring or

liquidating certain accounts.

A. There is hereby created in the State Treasury the

"University Bonds Escrow Fund".

B. The State Treasurer is hereby authorized and directed to

purchase and redeem or establish escrow accounts and defease the

following designated bonds of the stated universities:

1. Cameron State Agricultural College Student Housing System

Revenue Bonds of 1963, Series A and B, dated April 1, 1963, in the

Oklahoma Statutes - Title 62. Public Finance Page 276

original combined amount of One Million Four Hundred Seventy

Thousand Dollars ($1,470,000.00).

2. Cameron State Agricultural College Student Housing System

Revenue Bonds of 1967, dated April 1, 1967, in the original amount

of Six Million Two Hundred Forty-five Thousand Dollars

($6,245,000.00).

3. Northwestern State College Student Union/Dormitory Revenue

Bonds of 1960, dated December 1, 1960, in the original amount of

Five Hundred Thousand Dollars ($500,000.00).

4. Northwestern State College Student Union/Dormitory Revenue

Bonds of 1965, dated January 1, 1965, in the original amount of Nine

Hundred Thousand Dollars ($900,000.00).

5. Northwestern State College Student Union/Dormitory Revenue

Bonds of 1965, dated November 1, 1965, in the original amount of One

Million Dollars ($1,000,000.00).

6. Northwestern State College Student Union/Dormitory Revenue

Bonds of 1966, dated December 1, 1966, in the original amount of One

Million Six Hundred Fifty Thousand Dollars ($1,650,000.00).

7. Northeastern State College at Tahlequah Refunding and

Student Housing System Revenue Bonds of 1958, dated December 1,

1958, in the original amount of One Million Seven Hundred Sixty

Thousand Dollars ($1,760,000.00).

8. Northeastern State College Dormitory Building Revenue Bonds

of 1960, dated December 1, 1960, in the original amount of One

Million Four Hundred Twenty Thousand Dollars ($1,420,000.00).

9. Northeastern State College at Tahlequah Dormitory Building

Revenue Bonds of 1962, dated December 1, 1962, in the original

amount of One Million Three Hundred Fifty Thousand Dollars

($1,350,000.00).

10. Northeastern State College at Tahlequah Dormitory Revenue

Bonds of 1964, dated December 1, 1964, in the original amount of

Five Hundred Fifteen Thousand Dollars ($515,000.00).

11. Northeastern State College Dormitory Building Revenue Bonds

of 1966, dated December 1, 1966, in the original amount of Two

Million Dollars ($2,000,000.00).

12. Northeastern State College Dormitory Building Revenue Bonds

of 1967, dated December 1, 1967, in the original amount of One

Million Five Hundred Forty Thousand Dollars ($1,540,000.00).

13. Northeastern State College Apartment Building Revenue

Bonds, dated December 1, 1967, in the original amount of Nine

Hundred Thousand Dollars ($900,000.00).

The bonds shall be redeemed or purchased from monies in the

University Bond Escrow Fund at any price which is less than the face

amount of the bonds, and the State Treasurer may enter into such

other agreements in connection therewith as may be necessary or

appropriate, or to purchase governmental obligations in principal

amounts, bearing rates of interest and maturing at such times so as

Oklahoma Statutes - Title 62. Public Finance Page 277

to provide funds sufficient to pay the bonds under the applicable

series bond resolutions at or before maturity. The bonds shall be

redeemed, purchased, or defeased in the order set forth.

C. The State Treasurer, at his sole discretion, may utilize

excess public funds available for investment for the purposes

specified in subsections A and B of this section.

D. The State Treasurer may restructure or liquidate any

existing escrow account established pursuant to this section for the

purpose of redeeming or defeasing the Langston University Building

Revenue Bonds of 1963, Series B, dated October 1, 1963, in the

original amount of One Million Three Hundred Fifty-four Thousand

Dollars ($1,354,000.00). The State Treasurer may require that all

or a part of any debt service reserve funds in existence, which are

set up exclusively to support the Langston Series B bond issue, be

used to assist the redemption or defeasance, as a condition of

redeeming or defeasing the bond issue. However, this may not be a

condition if the reserve funds are not necessary to complete the

transaction. Any such restructuring or liquidation must not affect

the ability of the escrow account to pay off the remaining debt of

the other bond issues described in this section at the time of

redemption or as the principal and interest payments on the bonds

come due. The State Treasurer may enter into such agreements in

connection with any restructuring or redemption as may be necessary

or appropriate, including agreements for legal, accounting,

financial, or banking services. Any payments made for services

performed under such agreements with the State Treasurer may only

come from available or residual funds in the escrow account. Any

remaining funds left after the bonds are redeemed, or the escrow

account is restructured, shall be transferred to the Special Cash

Fund.
Okla. Stat. tit. 62, § 62-41.5v — OK Code / Title 62 / Section 62-41.5v
Renumbered as § 34.32 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-34.34 — OK Code / Title 62 / Section 62-34.34
Preparation of budget by Director of Office of
Status: in_force

Management and Enterprise Services.

It shall be the duty of the Director of the Office of Management

and Enterprise Services, after making a complete detailed study of

each state agency, to prepare the budget under the supervision and

direction of the Governor.
Okla. Stat. tit. 62, § 62-825 — OK Code / Title 62 / Section 62-825
Preliminary Project Plan – Public hearing – Notice – Final
Status: in_force

Project Plan.

A. Upon a request by the Governor, the Oklahoma Department of

Commerce shall prepare a Preliminary Project Plan relating to a

proposed project. This Preliminary Project Plan shall set forth the

following information:

1. A description of the economic development project, including

the name of private companies being assisted, if any, and the nature

of such assistance;

2. An estimate of the total project costs of the project;

3. A description of the bonds proposed to be issued, including

the par amount of bonds proposed for issuance by each municipality

or county comprising the proposed Regional District;

4. A listing of the municipalities and counties comprising the

proposed Regional District;

5. A description of the economic impact that the project will

have on the municipalities and counties comprising the proposed

Regional District;

6. A description of the type and amount of tax that will be

authorized for the payment of principal, interest and premium, if

any, on the bonds;

7. The name of the public trust designated to administer the

project; and

8. Such other information as the Department may deem

appropriate.

B. Following the preparation of the Preliminary Project Plan,

the Department shall conduct public hearings for the purpose of

receiving input from the public regarding the Preliminary Project

Plan. If the proposed Regional District consists of one county, the

public hearing shall be held in the incorporated municipality having

the highest population in the county according to the most recent

Federal Decennial Census or most recent annual estimate of such

population. If the proposed Regional District consists of more than

one county, the public hearing shall be held in the municipality

Oklahoma Statutes - Title 62. Public Finance Page 524

having the highest population in each such county according to the

most recent Federal Decennial Census or most recent annual estimate

of such population. If the proposed Regional District consists of

one municipality, the public hearing shall be held in such

municipality. If the proposed Regional District consists of more

than one municipality, the public hearing shall be held in each such

municipality. If the proposed Regional District consists of one

municipality and one county, the public hearing shall be held in the

municipality and, if not a duplication of the hearing location, in

the municipality within the county having the highest population

according to the most recent Federal Decennial Census or most recent

annual estimate of such population. If the proposed Regional

District consists of more than one municipality and more than one

county and the public hearing location is not otherwise prescribed

by this subsection, the public hearing shall be held in each of the

municipalities and, if not already satisfied by the hearing

requirement prescribed by this paragraph, for purposes of a hearing

in any of the affected counties, the public hearing shall be held in

each of the municipalities having the highest population in each

county according to the most recent Federal Decennial Census or most

recent annual estimate of such population.

C. Notice of the time, date, and place of the public hearings

shall be published in one or more newspapers of general circulation

within each of the municipalities and counties comprising the

proposed Regional District. The notice shall also inform the public

that a copy of the Preliminary Project Plan can be obtained from the

Department without charge. Such publication shall be at least seven

(7) days prior to the hearings. At the hearings, comments from all

interested persons shall be received by the Department and a record

made of such comments.

D. After the public hearings are concluded, the Department

shall prepare a Final Project Plan, based upon the Preliminary

Project Plan, but giving due consideration to the comments received

at the public hearings. The Final Project Plan shall also include a

certification by the Department that the proposed project will have

a substantial economic impact on each of the municipalities and

counties proposed for inclusion in the Regional District. The Final

Project Plan shall include the same items listed in subsection A of

this section. No municipalities or counties may be listed in the

Final Project Plan for inclusion in a Regional District other than

those listed in the Preliminary Project Plan. A municipality or

county may be omitted in the Final Project Plan if the Department

determines that the project will not have a substantial economic

impact within such municipality or county. Thereafter, the

Department shall forward the Final Project Plan to the Governor.
Okla. Stat. tit. 62, § 62-57.75 — OK Code / Title 62 / Section 62-57.75
Building Bonds of 1950 - Cancellation of interest
Status: in_force

That all interest provided by 62 O.S.1961, section 57.1, on

"State of Oklahoma Building Bonds 1950" issue, and refunded in the

sum of Seventeen Million Three Hundred Thousand Dollars

($17,300,000.00) by O.S.L.1961, page 460, enacted by the Twenty-

eighth Session of the Oklahoma Legislature, be and the same is

hereby canceled effective June 30, 1967, and no sums shall

thereafter be transmitted by the Oklahoma Tax Commission out of the

cigarette tax collections for interest on said bonds.
Okla. Stat. tit. 62, § 62-34.39 — OK Code / Title 62 / Section 62-34.39
Appropriations to state agency - Reduction
Status: in_force

Except as otherwise specifically provided by law, the total

amount of appropriations to a state agency contained in a bill shall

be reduced by the amount that any monies designated or limited for a

specified purpose have been disapproved by the Governor pursuant to

Section 12 of Article VI of the Oklahoma Constitution. Any such

monies shall remain in the fund from which they were appropriated.
Okla. Stat. tit. 62, § 62-89.2 — OK Code / Title 62 / Section 62-89.2
Investment of funds by State Treasurer
Status: in_force

A. The State Treasurer is directed to invest the maximum amount

of funds under control of the State Treasurer consistent with good

business practices. Except as otherwise provided for by law, the

investments shall earn not less than the rate for comparable

maturities on United States Treasury obligations. Except as

otherwise provided for by law, the State Treasurer may purchase and

invest only in:

1. Obligations of the United States Government, its agencies

and instrumentalities, or other obligations fully insured or

unconditionally guaranteed as to the payment of principal and

interest by the United States government or any of its agencies and

instrumentalities;

2. Collateralized or insured certificates of deposit and other

evidences of deposit at banks, savings banks, savings and loan

associations and credit unions located in this state;

3. Negotiable certificates of deposit issued by a nationally or

state-chartered bank, a savings bank, a savings and loan association

or a state-licensed branch of a foreign bank. Purchases of

negotiable certificates of deposit shall not exceed ten percent

Oklahoma Statutes - Title 62. Public Finance Page 309

(10%) of the cash available for investment which may be invested

pursuant to this section. Not more than one-half (1/2) of the ten

percent (10%) limit shall be invested in any one financial

institution specified in this paragraph;

4. Prime banker's acceptances which are eligible for purchase

by the Federal Reserve System and which do not exceed two hundred

seventy (270) days' maturity. Purchases of prime banker's

acceptances shall not exceed ten percent (10%) of the cash available

for investment which may be invested pursuant to this section. Not

more than three-fourths (3/4) of the ten percent (10%) limit shall

be invested in any one commercial bank pursuant to this paragraph;

5. Prime commercial paper which shall not have a maturity that

exceeds one hundred eighty (180) days nor represent more than ten

percent (10%) of the outstanding paper of an issuing corporation.

Purchases of prime commercial paper shall not exceed seven and one-

half percent (7 1/2%) of the cash available for investment which may

be invested pursuant to this section;

6. Investment grade obligations of state and local governments,

including obligations of Oklahoma state public trusts which possess

the highest rating from at least one nationally recognized rating

agency acceptable to the State Treasurer. Purchases of investment

grade obligations of state and local governments shall not exceed

ten percent (10%) of the cash available for investment which may be

invested pursuant to this section;

7. Repurchase agreements, provided that such agreements are

included within the written investment policy required by subsection

D of this section that have underlying collateral consisting of

those items and those restrictions specified in paragraphs 1 through

6 of this subsection;

8. Money market funds and short term bond funds regulated by

the Securities and Exchange Commission and which investments consist

of those items and those restrictions specified in paragraphs 1

through 7 of this subsection; and

9. Bonds, notes, debentures or other similar obligations of a

foreign government which the International Monetary Fund lists as an

industrialized country and for which the full faith and credit of

such nation has been pledged for the payment of principal and

interest; provided, that any such security shall be rated at least

A- or better by Standard & Poor's Corporation or A3 or better by

Moody's Investors Service, or an equivalent investment grade by a

securities ratings organization accepted by the National Association

of Insurance Commissioners; and provided further, that the total

investment in such foreign securities at any one time shall not

exceed five percent (5%) of the cash available for investment which

may be invested pursuant to this section. In no circumstance shall

investments be made in bonds, notes, debentures or any similar

obligations of a foreign government that:

Oklahoma Statutes - Title 62. Public Finance Page 310

a. is identified as a state sponsor of terrorism by the

United States Department of State, or

b. any authoritarian or totalitarian government the

sovereign powers of which are exercised through a

single person or group of persons who are not elected

by any form of legitimate popular voting.

B. Investments shall be made with judgment and care, under

circumstances then prevailing, which persons of prudence, discretion

and intelligence exercise in the management of their own affairs,

not for speculation, but for investment, considering the probable

safety of their capital as well as the probable income to be

derived.

C. The State Treasurer shall appoint an investment officer who

shall perform duties related to the investment of state funds in the

Office of the State Treasurer. The investment officer shall not

perform or supervise any accounting functions, data processing

functions or duties related to the documentation or settlement of

investment transactions.

D. Investments of public funds by the State Treasurer shall be

made in accordance with written policies developed by the State

Treasurer. The written investment policies shall address:

1. Liquidity;

2. Diversification;

3. Safety of principal;

4. Yield;

5. Maturity and quality; and

6. Capability of investment management.

The State Treasurer shall place primary emphasis on safety and

liquidity in the investment of public funds. To the extent

practicable taking into account the need to use sound investment

judgment, the written investment policies shall include provision

for utilization of a system of competitive bidding in the investment

of state funds. The written investment policies shall be designed

to maximize yield within each class of investment instrument,

consistent with the safety of the funds invested.

E. Except as provided in subsection H of this section, the

State Treasurer shall select one custodial bank to settle

transactions involving the investment of state funds under the

control of the State Treasurer. The State Treasurer shall review

the performance of the custodial bank at least once every year. The

State Treasurer shall require a written competitive bid every five

(5) years. The custodial bank shall have a minimum of Five Hundred

Million Dollars ($500,000,000.00) in assets to be eligible for

selection. Any out-of-state custodial bank shall have a service

agent in the State of Oklahoma so that service of summons or legal

notice may be had on such designated agent as is now or may

hereafter be provided by law. In order to be eligible for

Oklahoma Statutes - Title 62. Public Finance Page 311

selection, the custodial bank shall allow electronic access to all

transaction and portfolio reports maintained by the custodial bank

involving the investment of state funds under control of the State

Treasurer. The access shall be given to the State Treasurer. The

requirement for electronic access shall be incorporated into any

contract between the State Treasurer and the custodial bank.

Neither the State Treasurer nor the custodial bank shall permit any

of the funds under the control of the State Treasurer or any of the

documents, instruments, securities or other evidence of a right to

be paid money to be located in any place other than within a

jurisdiction or territory under the control or regulatory power of

the United States Government.

F. The investment policy shall specify the general philosophy,

policies and procedures to be followed in the investment of state

monies by the State Treasurer. The investment policy shall include,

but not be limited to, the following:

1. Policy objectives;

2. Performance measure objectives;

3. Authority for investment program;

4. Possible use of an investment advisory committee;

5. Reporting and documentation of investments;

6. Authorized investment instruments;

7. Diversification of investment risk;

8. Maturity limitations;

9. Selections of financial institutions;

10. Interest controls;

11. Safekeeping of investments;

12. Investment ethics; and

13. Formal adoption of policy.

G. The State Treasurer may invest cash balance amounts as

defined and limited by Section 2402 of this title in the Invest in

Oklahoma program.

H. The State Treasurer is hereby authorized to establish

internal custodial accounts within the State Treasury, and enter

contractual relationships for custodial account services with

private institutions as needed, for the implementation and

administration of the Invest in Oklahoma program.

I. Not later than July 1 of each year, the State Treasurer

shall forward a copy of the written investment policy to the

Governor, the Speaker of the House of Representatives, the President

Pro Tempore of the Senate, the Attorney General, the Bank

Commissioner, and the Director of the Office of Management and

Enterprise Services. In addition, the State Treasurer shall

maintain one copy of the investment policy in the office of the

State Treasurer for public inspection during regular business hours.

Copies of any modifications to the investment policy shall be

forwarded to the Governor, Speaker of the House of Representatives,

Oklahoma Statutes - Title 62. Public Finance Page 312

President Pro Tempore of the Senate, and each member of the Cash

Management and Investment Oversight Commission.
Okla. Stat. tit. 62, § 62-7002 — OK Code / Title 62 / Section 62-7002
Incentive defined
Status: in_force

As used in this act, "incentive" means a tax credit, tax

exemption, tax deduction, tax expenditure, rebate, grant, or loan

that is intended to encourage businesses to locate, expand, invest,

or remain in Oklahoma, or to hire or retain employees in Oklahoma.
Okla. Stat. tit. 62, § 62-492 — OK Code / Title 62 / Section 62-492
Definitions
Status: in_force

As used in this act:

1. "Farm Credit System" means the Farm Credit System as defined

in the Farm Credit Act of 1971, P.L. 92-181, as amended;

2. "Federal Land Bank" means a federal land bank within the

Farm Credit System pursuant to the provisions of the Farm Credit Act

of 1971, P.L. 92-181, as amended;

3. "Federal Land Bank Association" means a federal land bank

association which is within the Farm Credit System pursuant to the

provisions of the Farm Credit Act of 1971, P.L. 92-181, as amended;

and

4. "Capital Corporation" means the Federal Credit System

Capital Corporation as defined in the Farm Credit Amendments Act of

1985, P.L. 99-205.
Okla. Stat. tit. 62, § 62-472 — OK Code / Title 62 / Section 62-472
Issuance of warrants, bonds and interest coupons in
Status: in_force

numerical order.

It is hereby made the duty of every officer authorized to allow,

issue, draw or attest any warrant or certificate of indebtedness

against the public funds of any county, city, town, township, or any

other subdivision of the county, to issue, draw and record all

warrants, bonds and interest coupons, in an orderly numerical system

established by the county, city, town, or township. The items shall

be designated by writing the fiscal year on the warrant or

certificate of indebtedness for which the levy to pay the same has

been made.
Okla. Stat. tit. 62, § 62-582 — OK Code / Title 62 / Section 62-582
Definitions
Status: in_force

As used in this act, the following terms have the following

meanings, unless the context otherwise requires:

1. "Authorized officer" means any individual required or

permitted, alone or with others, by any provision of law or by the

issuing public entity, to execute on behalf of the public entity a

Oklahoma Statutes - Title 62. Public Finance Page 458

certificated registered public obligation or a writing relating to

an uncertificated registered public obligation;

2. "Certificated registered public obligation" means a

registered public obligation which is represented by an instrument;

3. "Code" means the Internal Revenue Code of 1954, as amended;

4. "Facsimile seal" means the reproduction by engraving,

imprinting, stamping or other means of the seal of the issuer,

official or official body;

5. "Facsimile signature" means the reproduction by engraving,

imprinting, stamping or other means of a manual signature;

6. "Financial intermediary" means a bank, broker, clearing

corporation or other person or the nominee of any of them, which in

the ordinary course of its business maintains registered public

obligation accounts for its customers, when so acting;

7. "Issuer" means a public entity which issues an obligation;

8. "Obligation" means an agreement of a public entity to pay

principal and any interest thereon, whether in the form of a

contract to repay borrowed money, a lease, an installment purchase

agreement, or otherwise, and includes a share, participation or

other interest in any such agreement;

9. "Official actions" means the actions by statute, order,

ordinance, resolution, contract or other authorized means by which

the issuer provides for issuance of a registered public obligation;

10. "Official or official body" means the officer or board that

is empowered under the laws of one or more states including this

state to provide for original issuance of an obligation of the

issuer, by defining the obligation and its terms, conditions and

other incidents, the successor or successors of any such official or

official body, and such other person or group of persons as shall be

assigned duties of such official or official body with respect to a

registered public obligation under applicable law from time to time;

11. "Public entity" means an entity, department or agency which

is empowered under the laws of one or more states, territories,

possessions of the United States, or the District of Columbia,

including this state, to issue obligations any interest with respect

to which may, under any provision of law, be provided an exemption

from the income tax referred to in the Code. The term "public

entity" may thus include, without limitation, this state, an entity

deriving powers from and acting pursuant to the State Constitution

or a special legislative act, a political subdivision, a municipal

corporation, a state university or college, a school or other

special district, a joint agreement entity, a public authority, a

public trust, a nonprofit corporation and other organizations;

12. "Registered public obligation" means an obligation issued

by a public entity pursuant to a system of registration;

13. "System of registration" and its variants means a plan that

provides:

Oklahoma Statutes - Title 62. Public Finance Page 459

a. with respect to a certificated registered public

obligation that:

(1) the certificated registered public obligation

specify a person entitled to the registered

public obligation and the rights it represents,

and

(2) transfer of the certificated registered public

obligation and the rights it represents may be

registered upon books maintained for that purpose

by or on behalf of the issuer, and

b. with respect to an uncertificated registered public

obligation that:

(1) books maintained by or on behalf of the issuer

for the purpose of registration of the transfer

of a registered public obligation specify a

person entitled to the registered public

obligation and the rights evidenced thereby, and

(2) transfer of the uncertificated registered public

obligation and the rights evidenced thereby be

registered upon such books; and

14. "Uncertificated registered public obligation" means a

registered public obligation which is not represented by an

instrument.
Okla. Stat. tit. 62, § 62-8011 — OK Code / Title 62 / Section 62-8011
Legislative Office of Fiscal Transparency
Status: in_force

A. There is hereby created within the Legislature the

Legislative Office of Fiscal Transparency (LOFT). The purpose of

the Office shall be to assist the Legislature in performing its

constitutional and statutory function of ensuring that government

funds are expended in a fiscally responsible manner.

B. The operations of the Office shall be overseen by the

committee created in Section 3 of this act. The committee shall

employ an Executive Director and such other staff as it may deem

necessary to carry out its duties as set forth in this act.

C. All expenses of the Office shall be paid by the Legislative

Service Bureau, subject to the approval of the President Pro Tempore

of the Senate and the Speaker of the House of Representatives.

Employees of the Office shall be employed by the Legislative Service

Bureau.
Okla. Stat. tit. 62, § 62-398 — OK Code / Title 62 / Section 62-398
Failure to levy tax - Cuty of State Auditor and Inspector
Status: in_force

and county treasurer - Liability - Penalty.

Should the proper officer whose duty it is to levy the taxes to

pay such bonds and coupons, fail or neglect to make such levy as

provided for in this article, it shall be the duty of the State

Auditor and Inspector, at any time thereafter, to ascertain the

amount of interest and sinking fund, or principal of such bonds,

accrued and to accrue during that year, and to certify the amount

thereof to the treasurer of the county in which such bonds were

issued, setting forth the amount thus due, and whether from the

county or from a particular city, town, township, the board of

education of any city or school district within such county; and it

shall be the duty of such county treasurer, immediately upon

receiving such certified statement from the State Auditor and

Inspector to proceed to ascertain from the assessment roll of the

county the amount of taxable property in such county, city, town,

township, or such school district, and what percentage is required

to be levied thereon to pay the said interest and sinking fund or

principal, and when so ascertained to levy such percentage upon the

taxable property of such county, city, township, or such school

district, as may be liable thereto, and immediately to place the

same upon the tax roll of the county in a separate column or

columns, designating the purpose for which such taxes are levied;

and the said taxes shall be collected by the county treasurer of

such county in the same manner that other taxes are collected. And

should such county treasurer neglect or refuse to levy tax and place

the same upon the tax roll for collection as herein provided, he

shall be personally liable, and also liable upon his official bond

to the holder of any such bonds or coupons then due, for the full

amount thereof, and shall also be deemed guilty of a misdemeanor and

upon conviction thereof shall be imprisoned in the county jail for

not less than three (3) months nor more than twelve (12) months.
Okla. Stat. tit. 62, § 62-47 — OK Code / Title 62 / Section 62-47
Creation of trust fund - Board of Investors abolished
Status: in_force

A. There is hereby created a trust fund for Economic

Development Generating Excellence to be known as the "EDGE Fund".

The trust fund principal shall consist of all funds appropriated,

transferred, donated or otherwise directed to the fund by law.

B. The Board of Investors of the EDGE Fund is hereby abolished

and the powers and duties previously conferred upon the Board are

hereby transferred to the State Treasurer. The cost of up to two

full-time-equivalent employees for the Office of the State Treasurer

may be considered an administrative expense of the EDGE Fund until

such time as the entire amount of the EDGE Fund has been transferred

as provided in subsection C of this section.

C. On and after July 1, 2012, the State Treasurer shall not

further invest monies or assets of the EDGE Fund. As funds become

available from investments made prior to July 1, 2012, by the Board

of Investors of the EDGE Fund, the State Treasurer shall transfer

such funds as follows:

1. Interest or other proceeds earned on investments made prior

to July 1, 2012, other than such interest or proceeds otherwise

encumbered prior to May 25, 2012, shall be deposited to the Oklahoma

Quick Action Closing Fund created in Section 48.2 of this title; and

2. The principal of any investments made prior to July 1, 2012,

and maturing or otherwise available for expenditure on or after July

1, 2012, shall be deposited to the Oklahoma State Regents Endowment

Trust Fund created in Section 3951 of Title 70 of the Oklahoma

Statutes.
Okla. Stat. tit. 62, § 62-425 — OK Code / Title 62 / Section 62-425
Act as authority for bonds - No election necessary -
Status: repealed

Examination and approval by Attorney-General - Repeal - Effect on

existing laws.

This act shall be full authority for the issuance of the bonds

under this act authorized, without reference to any other act of the

Legislature of Oklahoma, and said bonds may be issued as herein

provided without an election; provided, however, that the provisions

of law, with respect to examination and approval of municipal bonds

by the Attorney General of Oklahoma, shall apply also to refunding

bonds issued under this act; and all acts, or parts of acts, in

conflict herewith are herewith repealed, but this act shall not be

construed to repeal other existing laws relating to municipal

funding or refunding bonds, except in so far as may be necessary to

make this act operative, and shall be construed, in all other

respects as in addition to existing refunding legislation.
Okla. Stat. tit. 62, § 62-346 — OK Code / Title 62 / Section 62-346
Partial invalidity, effect
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 390

If any part of this act is for any reason declared void, such

invalidity shall not affect the validity of the remaining portions

of this act.
Okla. Stat. tit. 62, § 62-183 — OK Code / Title 62 / Section 62-183
Purposes for which fund expended
Status: in_force

The monies in said revolving fund may be expended for the

following purposes:

(a) For the purchase of livestock to replace livestock sold or

used in connection with said institution and the keeping up and

maintaining its dairy herd;

(b) For the purchase of material, appliances and equipment used

in such business enterprises, occupations, factories, or shops, and

other business carried on at such institutions;

(c) For the purchase of food, cooking utensils and

miscellaneous articles used in connection with the serving of meals;

Oklahoma Statutes - Title 62. Public Finance Page 345

(d) For the purchase of materials and parts necessary in repairing

and maintaining the machinery and equipment for the industries of

said institution, and for the payment of labor incidental thereto;

(e) For the purchase of supplies, books, or any other articles

necessary in carrying on the training program of said school.
Okla. Stat. tit. 62, § 62-57.34 — OK Code / Title 62 / Section 62-57.34
Form and terms - Call and redemption - Negotiability -
Status: in_force

Tax exemption.

Oklahoma Statutes - Title 62. Public Finance Page 214

Bonds issued under this act shall be serial coupon bonds. Said

bonds and the interest thereon shall be payable at such place or

places as may be designated by the State of Oklahoma Building Bonds

Commission. Said bonds may be issued in one or more series, may

bear such date or dates, not earlier than July 15, 1961, shall

mature as follows: One Million Five Hundred Thousand Dollars

($1,500,000.00) on July 15, 1964, One Million Five Hundred Thousand

Dollars ($1,500,000.00) on the 15th day of July of each year

thereafter to and including July 15, 1985, and Two Million Five

Hundred Thousand Dollars ($2,500,000.00) on July 15, 1986 with

interest payable semiannually on January 15 and July 15 of each

year, may be in such denomination or denominations, may provide for

a reserve to assure prompt payment of the principal and interest of

the bonds, may be in such form either coupon or registered, may

carry such registration or conversion privileges, may be executed in

such manner, may be payable in such medium or payment at such place

or places, as may be provided by resolution or resolutions to be

adopted by the State of Oklahoma Building Bonds Commission.

Provided, that all such bonds maturing on and after ten (10) years

from their dates may be subject to call and redemption, in inverse

order of bond numbers, at par and accrued interest, with the

detailed provisions for such calling and redemption thereof to be

fixed by the Commission in the resolution or resolutions for the

issuance of such bonds. Until such time as the State of Oklahoma

Building Bonds of 1961 Sinking Fund shall be sufficient to retire

all outstanding bonds and interest coupons, there shall be paid into

said sinking fund during each fiscal year, from the sources

hereinabove pledged such amounts as may be necessary to pay the

interest and principal payable during the next succeeding fiscal

year, and an amount sufficient to satisfy the reserve requirements

as fixed and provided by the State of Oklahoma Building Bonds

Commission in its resolution authorizing the issuance of said bonds.

All bonds issued pursuant to this act shall have all the qualities

and incidents of negotiable paper, and neither said bonds nor the

interest earned thereon shall be subject to taxation by the State of

Oklahoma or any county, municipality or political subdivision

thereof.
Okla. Stat. tit. 62, § 62-292 — OK Code / Title 62 / Section 62-292
Procedure - Notice
Status: in_force

Whenever, after the issuance or approval of said bonds it shall

be determined that the purpose for which said bonds have been issued

by such municipality, political corporation or subdivision of this

state, has ceased to exist, the commissioners, board, council, or

other officers of such municipality, political corporation or

subdivision of this state, shall at its next session, either regular

or special, by resolution declare that the purpose for which said

bonds were issued has so ceased to exist, and pursuant thereto shall

authorize and direct its clerk or secretary to issue and publish

notice of such fact and of its intention to cancel and destroy said

bonds, in some newspaper of general circulation within such

municipality, political corporation or subdivision of this state, or

within the county in which same is located, for at least fourteen

(14) days, two insertions being necessary, and such clerk or

secretary shall immediately upon the passage of such resolution post

copies of such notice in five public places within such

municipality, political corporation or subdivision of this state.

Such notice shall specifically designate the bonds to be canceled,

stating the purpose for which issued, the amount and date thereof,

and shall further state in substance that on a day certain not less

than two (2) weeks from the first publication and posting of said

notice, unless formal objection and protest in writing is made by at

Oklahoma Statutes - Title 62. Public Finance Page 370

least one-third (1/3) of the voters, qualified to vote, at the

election by which said bonds were authorized to be issued, the said

commissioners, board, council, or other officers of said

municipality, political corporation or subdivision of this state,

will proceed to cancel and destroy said bonds. Such bonds shall be

destroyed by burning; and the clerk, or secretary, shall make an

entry on the records showing the cancellation and destruction of

said bonds, and the date and reason therefor.
Okla. Stat. tit. 62, § 62-695.26 — OK Code / Title 62 / Section 62-695.26
Application of Act
Status: in_force

The definitions, terms and provisions of the Oklahoma Private

Activity Bond Allocation Act shall apply solely to private activity

bonds pursuant to the applicable provisions of the Internal Revenue

Code.
Okla. Stat. tit. 62, § 62-166d — OK Code / Title 62 / Section 62-166d
Southern Oklahoma Resource Center of Pauls Valley -
Status: in_force

Disposition of certain bonuses and royalties.

All royalty monies received upon behalf of this state, any and

all bonus monies received upon behalf of this state, and any and all

delay rentals received upon behalf of this state, in connection with

or pursuant to the provisions of any oil and gas lease covering any

of the lands occupied by, or assigned to the use of, the Southern

Oklahoma Statutes - Title 62. Public Finance Page 343

Oklahoma Resource Center of Pauls Valley, entered into by the Office

of Management and Enterprise Services, shall be deposited in the

revolving fund of the Southern Oklahoma Resource Center of Pauls

Valley and shall be expended by said institution in the same manner

that other treasury funds of said institution are expended as long

as the Southern Oklahoma Resource Center of Pauls Valley remains in

operation and for three (3) months thereafter. Upon expiration of

the three (3) months after closure, the revenue shall be placed in a

special agency clearing account to be used for establishing and

maintaining community households for people with intellectual

disabilities served by Developmental Disabilities Services at the

Department of Human Services. The Department of Human Services

shall promulgate rules for the administration of the fund and

specific items allowed. The Department of Human Services shall

submit an itemized report of all income and expenditures to the

account to the Governor, President Pro Tempore of the Senate and

Speaker of the House of Representatives annually.
Okla. Stat. tit. 62, § 62-695.9v2 — OK Code / Title 62 / Section 62-695.9v2
State and local governmental entities - Approval of
Status: in_force

issuance of obligations.

A. No State Governmental Entity or Local Governmental Entity

shall issue any State Governmental Entity Financing obligations

unless such obligations have been approved by the Council of Bond

Oversight as provided for in Section 695.8 of this title; provided,

however, that in no event shall the Council’s approval be required

for the issuance of any obligations pursuant to a remarketing or a

change in interest rate or maturity under the terms of indentures or

agreements securing obligations heretofore issued prior to July 1,

1987, or pursuant to the provisions of the Oklahoma Bond Oversight

and Reform Act. The provisions of this subsection shall apply to

any notes, bonds, revenue bonds, securitized bonds, loans or other

appropriate form of evidence of indebtedness issued pursuant to the

February 2021 Unregulated Utility Consumer Protection Act and the

February 2021 Regulated Utility Consumer Protection Act.

B. 1. With respect to any State Governmental Entity Financing

proposed to be obtained through the issuance of its obligations, any

State Governmental Entity or Local Governmental Entity shall file

with the Council a written description of the nature, need and

purpose of such proposed financing. The Council shall review the

description of the proposed financing in order to either approve or

disapprove the purpose to be served by the issuance of the State

Governmental Entity obligations and for compliance with any

applicable provisions of federal, state or other laws.

2. With respect to bonds or indebtedness proposed to be issued

by the Oklahoma Development Finance Authority which will be enhanced

or supported pursuant to the Credit Enhancement Reserve Fund Act,

the Council shall review the description of such proposed financing

in accordance with paragraph 1 of this subsection and additionally

shall approve or disapprove the proposed financing on a

determination of sufficient compliance with the Rules Regarding the

Administration of the Credit Enhancement Reserve Fund as implemented

by the Oklahoma Development Finance Authority. Such determinations

by the Council shall be based on a written report prepared for and

provided to the Council by the Program Development and Credit Review

Committee as provided in Section 5062.6a of Title 74 of the Oklahoma

Statutes, provided the Council shall not be bound to follow the

conclusions reached by the committee in such reports. All orders

issued by the Council approving or disapproving bonds or

indebtedness enhanced or supported pursuant to the Credit

Enhancement Reserve Fund Act shall be final and shall not be subject

to any type of appeal.

Oklahoma Statutes - Title 62. Public Finance Page 494

3. Except as provided in paragraph 4 of this subsection,

approval provided for in paragraph 1 of this subsection shall expire

one hundred eighty (180) days after such approval. Provided, if

such approval expires, nothing shall prevent the State Governmental

Entity from refiling with the Council for approval of such financing

and, if granted, any one subsequent approval of such financing shall

be valid for a period, not to exceed one hundred eighty (180) days,

as determined by the Council.

4. Applicants having received approval, as provided for in

paragraph 1 of this subsection, may request and the Deputy Treasurer

for Debt Management may grant, at his or her discretion, a single

one-hundred-eighty-day extension. Any request for an extension must

be made at least five (5) business days prior to the expiration of

the original approval. Applicants failing to request an extension

in this manner may refile with the Council as provided for in

paragraph 3 of this subsection.

5. In the event there is a substantial change in the nature or

purpose of a proposed financing after approval by the Council, the

prior approval shall be void and the State Governmental Entity shall

be required to seek approval from the Council in the manner provided

in paragraph 1 of this subsection.

C. Local Governmental Entities, within ten (10) days following

the date funds become available to the issuer from the sale of any

obligation, shall file with the Council a copy of the official

statement or notice of sale and any other information concerning the

proposed financing required by the Council.

D. Upon the request of a Local Governmental Entity, the Deputy

Treasurer for Debt Management may provide advice and assistance to

the Local Governmental Entity with respect to the issuance of

obligations. The State Treasurer may assess reasonable fees for

such services.
Okla. Stat. tit. 62, § 62-57.31 — OK Code / Title 62 / Section 62-57.31
Intent and purpose
Status: in_force

It is the intent and purpose of this act to vitalize Section 34

of Article X of the Constitution of the State of Oklahoma, adopted

at the special election held for such purpose on the 5th day of

July, 1960, and to invoke and exercise the powers conferred upon the

Legislature thereby.
Okla. Stat. tit. 62, § 62-34.24.1 — OK Code / Title 62 / Section 62-34.24.1
Web-based license and permit application and renewals
Status: in_force

required - Report.

A. Unless exempted pursuant to Section 34.27 of this title,

each state agency, board, commission or other entity organized

within the executive department of state government responsible for

licensing or permitting shall utilize the portal system to allow for

a link to a web-based application and renewal application for any

license or permit issued by that agency. Access to the online

renewal systems shall be featured prominently on the portal system.

B. Each entity responsible for licensing or permitting shall

make available to the Office of Management and Enterprise Services

on a yearly basis a report describing the number of licenses issued,

license renewals and permits issued as well as an estimate of the

amount of savings incurred by the entity as a result of the online

licensing and permitting process.

C. The Office of Management and Enterprise Services shall make

available to the public a copy of each report submitted in

accordance with the requirements of subsection B of this section by

placing the report on the website defined in Section 46 of this

title.

D. The state agencies may accept an electronic signature in the

application process for any license or permit; provided, the use of

an electronic signature shall not create a significant risk to the

integrity of the license or permit.

E. Nothing in this section shall apply to driver license

renewal applications.
Okla. Stat. tit. 62, § 62-2002.1 — OK Code / Title 62 / Section 62-2002.1
Rural Economic Action Plan Water Projects Fund
Status: in_force

A. There is hereby created the “Rural Economic Action Plan

Water Projects Fund”. The fund shall be subject to legislative

appropriation and shall consist of all monies deposited into the

Oklahoma Statutes - Title 62. Public Finance Page 620

fund by law. The fund shall be a continuing fund not subject to

fiscal year limitations.

B. The Rural Economic Action Plan Water Projects Fund may be

used for any purpose as authorized by law.
Okla. Stat. tit. 62, § 62-41.4b — OK Code / Title 62 / Section 62-41.4b
Renumbered as § 34.72 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-695.25 — OK Code / Title 62 / Section 62-695.25
Determination of maximum total volume of bonds that may
Status: reserved

Oklahoma Statutes - Title 62. Public Finance Page 19be issued for year - Publication - Application by issuers for

allocation of state ceilings - Contents.

A. On January 1 of each calendar year or the first business day

thereafter, the Deputy Treasurer for Debt Management shall determine

the maximum total volume of private activity bonds that may be

issued pursuant to federal law by the state during that year.

B. On or before February 15 of each calendar year, the Deputy

Treasurer for Debt Management shall cause to be published in The

Oklahoma Register, or any successor publication, a notice specifying

the amount of the state ceiling for the calendar year.

C. Complete applications for state ceiling allocations from the

pools set forth in Section 695.24 of this title shall be processed

in chronological order of receipt on the basis of the information

and provisions set forth in subsections D, E, F, G and H of this

section.

1. The state ceiling reserved and placed pursuant to subsection

A of Section 695.24 shall be allocated in the order in which

applications are received, subject to the following:

a. applications exceeding the available amount of the

state ceiling reserved and placed in a pool pursuant

to subsection A of Section 695.24, provided that the

Deputy Treasurer for Debt Management does not exercise

the discretion provided under subparagraph a of

paragraph 4 of subsection A of Section 695.24 of this

title, shall be held, but retain chronological

priority, for the remaining amounts of the state

ceiling that are reserved and placed in the

Consolidated Pool, and

b. applications from issuers or projects that previously

received allocations but failed to issue within the

120-day timeframe as required by subsection H of this

section, notwithstanding the no fee provision of

subparagraph a of paragraph 4 of this subsection,

shall be subject to the fee provision of Consolidated

Pool applications as provided in subparagraph b of

paragraph 4 of this subsection and eligible to apply

for an allocation under subsection A of Section 695.24

with a new priority date.

2. The state ceiling reserved and placed pursuant to subsection

B of Section 695.24 shall be allocated in the order in which

applications are received, subject to the following:

a. applications held pursuant to subparagraph a of

paragraph 1 of this subsection or new applications,

but not applications submitted pursuant to

subparagraph b of paragraph 1 of this subsection,

Oklahoma Statutes - Title 62. Public Finance Page 503

shall receive first priority based on the

chronological issuance of confirmation,

b. applications from issuers or projects that previously

received allocations under subsection B of Section

695.24 but failed to issue within the 120-day

timeframe required pursuant to subsection H shall be

subject to the fee provision of carryforward

applications as provided in subparagraph c of

paragraph 4 of this subsection and eligible to apply

for an allocation under subsection B of Section 695.24

with a new priority date, and

c. applications from issuers or projects that previously

received allocations under subsection A of Section

695.24, but failed to issue within the 120-day

timeframe required pursuant to subsection H of this

section shall not be eligible to receive a priority

date for the Consolidated Pool prior to August 1;

3. The state ceiling reclaimed or reserved for qualified

carryforward projects pursuant to subsection C of Section 695.24

shall be allocated in the order in which confirmations are issued,

subject to the following:

a. applications submitted under subsection B of Section

695.24 or new applications, but not applications

submitted pursuant to subparagraph b of paragraph 1 of

this subsection shall receive first priority based on

the chronological issuance of confirmation,

b. applications from issuers or projects that previously

received allocations but failed to issue within the

120-day timeframe required pursuant to subsection H of

this section, shall not be eligible to receive a

priority date prior to December 20, and

c. applications exceeding the amount of the state ceiling

reclaimed or reserved for qualified carryforward

projects pursuant to subsection C of Section 695.24

shall be permitted to reduce the requested amount,

without losing priority, and receive eligible

carryforward at the discretion of the Deputy Treasurer

for Debt Management;

4. All applications shall be subject to the following fee

structure, which shall be apportioned to the Bond Oversight

Revolving Fund created pursuant to Section 695.8a of this title:

a. no application fee shall be assessed to issuers or

projects for an allocation of the state ceiling under

subsection A of Section 695.24,

b. applications for an allocation of the state ceiling

under subsection B of Section 695.24 shall be subject

to a fee of one-half (0.5) basis point (0.005

Oklahoma Statutes - Title 62. Public Finance Page 504

percent), provided that no application shall be

subject to a fee if held pursuant to a request that

exceeded the pool amount under subparagraph a of

paragraph 1 of this subsection, and

c. applications for an allocation of the state ceiling

for carryforward under subsection C of Section 695.24

shall be subject to a fee of one (1) basis point (0.01

percent);

5. The Deputy Treasurer for Debt Management shall have the

limited authority to defer, retain priority, or deny confirmation on

applications for state ceiling allocation that appear to be

incomplete or premature based upon information submitted or that

fail to show demand for funds pursuant to subsections F and G of

this section. In the event a confirmation or application is denied,

the Deputy Treasurer for Debt Management, within five (5) business

days following such denial, shall send written notice to the

applicant together with a brief recital of the reasons for denial.

D. An issuer that proposes to issue private activity bonds for

a specific project or purpose shall make application for an

allocation of a portion of the state ceiling for the particular

project or purpose by submitting to the Deputy Treasurer for Debt

Management an application for state ceiling allocation together with

copies of the following:

1. A certified copy of the resolution or other action adopted

by the issuer for the purpose of taking "official action" as

required by the Treasury Regulations relating to Section 103 of the

Internal Revenue Code, if the issuer of private activity bonds for

which the allocation is requested requires "official action" under

applicable Treasury Regulations and the Internal Revenue Code; and

2. A final resolution of the beneficiary of the issuer

evidencing its approval of the issuance of the issuer's obligations,

if the issuer is a municipal or county public trust, or a

certificate signed by the Governor of the state evidencing his

approval of the issuance of the issuer's obligations, to the extent

required under the Internal Revenue Code, if the issuer is a public

trust having the state as its beneficiary.

E. The application for state ceiling allocation shall contain

the following information:

1. The name and mailing address of the issuer, the beneficiary

and jurisdiction thereof, the name of the presiding officer of the

issuer and the respective pool from which an allocation is

requested;

2. The name and mailing address or other definitive description

of the location of the project or bonds and the purpose for which an

allocation of the state ceiling is requested, the name and mailing

address of both the initial owner or operator of the project, where

applicable, and an appropriate person from whom information

Oklahoma Statutes - Title 62. Public Finance Page 505

regarding the project or bonds can be obtained, and the name and

address of the person to whom the confirmation should be sent;

3. The amount of the state ceiling which the issuer is

requesting;

4. A statement of bond counsel for the issuer that the proposed

issue requires, pursuant to Section 103, Section 146 or such other

applicable sections of the Internal Revenue Code, an allocation of a

portion of the state ceiling; and

5. Where applicable, the intention to exchange single-family

mortgage bond authority for mortgage credit certificates.

F. 1. Applications for single-family mortgage bonds or

mortgage credit certificate programs shall also include the

submission of information demonstrating a reasonable expectation to

use an allocation of the state ceiling for its intended purpose.

This information shall include historical usage of mortgage revenue

bond proceeds or mortgage credit certificates in the geographic area

subject to an application over the previous twenty-four-month period

and the impact of known or possible competing programs that would

act to reduce demand. This information may also include demand

surveys. Provided, in cases where historical usage cannot be

documented, demand surveys shall be included with an application.

2. Applications for qualified student loan bonds shall also

include the submission of information showing a reasonable

expectation to use the state ceiling for its intended purpose. This

information shall include historical lending activity over the

previous twenty-four-month period as well as a demonstration of need

based upon such factors as increased enrollment costs, enrollment

increases, or new federal regulations that act to increase demand by

making changes to eligibility requirements to certain federally

guaranteed or subsidized student loan programs. This information

may also include demand surveys. Provided, in cases where

historical usage cannot be documented, demand surveys shall be

included with an application.

3. Applications shall also include evidence of a structure to

deliver the financing derived from single-family mortgage bond

proceeds or mortgage credit certificates or from qualified student

loan bond proceeds to ultimate users, particularly the extent of

lender participation in the case of mortgage revenue bonds or

mortgage credit certificate programs.

G. 1. Upon receipt of the completed application for state

ceiling allocation, copies of the official action and final

resolutions or certificates as required by subsection D of this

section and the information required by subsections E and F of this

section and assuming availability of the sum requested and

compliance with the Oklahoma Private Activity Bond Allocation Act,

the Deputy Treasurer for Debt Management shall send, within five (5)

business days of the receipt thereof, a confirmation of the

Oklahoma Statutes - Title 62. Public Finance Page 506

allocation of the state ceiling for the subject project or purpose

to the person designated in the application for state ceiling

allocation. Provided, the Deputy Treasurer for Debt Management may

reject an application or deny a confirmation pursuant to the

provisions of this subsection.

2. The Deputy Treasurer for Debt Management may reject any

application which is incomplete or filed with insufficient

information. The Deputy Treasurer for Debt Management may reject

any application where, in the Deputy Treasurer for Debt Management

judgment, a reasonable likelihood has not been shown that single-

family mortgage and student loan bond proceeds or mortgage credit

certificates will be used for their intended public purposes. In

the event an application or confirmation is denied, within five (5)

business days following such denial, the Deputy Treasurer for Debt

Management shall send the applicant written notice of the denial of

an application or confirmation together with the reason or reasons

therefor. In the case of disapprovals of applications or

confirmations, an applicant may appeal the disapproval by submitting

a new application to the Council of Bond Oversight, along with an

explanation addressing the reasons for disapproval cited in the

Deputy Treasurer for Debt Management letter. The Council of Bond

Oversight, through affirmative action of the Council, may accept an

application rejected by the Deputy Treasurer for Debt Management, or

order the Deputy Treasurer for Debt Management to issue a

confirmation of allocation, subject to provisions of the Oklahoma

Private Activity Bond Allocation Act. Applicants may submit only

one new application based on an appeal of any specific application

previously submitted.

3. Only complete applications, as determined by the Deputy

Treasurer for Debt Management, shall be used to establish the

chronological order of applications. In the case of a new

application submitted based on an appeal, chronological order shall

be established at the time the new application is submitted.

H. An original confirmation shall cease to be effective to

assure allocation of any portion of the state ceiling unless the

bonds, notes, other evidences of indebtedness, or the appropriate

election filed with the Internal Revenue Service exchanging mortgage

bond authority for mortgage credit certificate authority have been

issued or filed within one hundred twenty (120) days after the date

of such confirmation. No extensions shall be granted. Such

issuance shall be evidenced by the mailing, transmittal or delivery

of a final certification to the Deputy Treasurer for Debt Management

within the time specified by this subsection. Receipt by an issuer

of a confirmation as contemplated by this section shall entitle the

issuer to rely conclusively upon the accuracy of the Deputy

Treasurer for Debt Management's mathematical calculation and the

allocation for purposes of closing.

Oklahoma Statutes - Title 62. Public Finance Page 507

I. The confirmation given in advance of bond issuance or

mortgage credit certificate election will assure allocation for only

the amount of such bonds or mortgage credit certificate authority as

is therein set forth, unless a supplementary application for state

ceiling allocation for an increase in amount is filed with and a

supplementary confirmation is issued by the Deputy Treasurer for

Debt Management for such requested allocation prior to such bond

issuance or such election, pursuant to the Oklahoma Private Activity

Bond Allocation Act. The supplementary confirmation shall be

effective for the same period as the prior confirmation which it

supplements. Provided, however, no supplementary confirmation shall

be effective to preempt any intervening confirmation as to

allocation of a portion of the state ceiling.

J. Notwithstanding the provisions of this section, all

confirmation dates for an issue of private activity bonds or

mortgage credit certificate programs expire on December 1 of each

calendar year. Final certification of issuance shall be delivered

to the Deputy Treasurer for Debt Management by 9:00 a.m. on December

1 of each calendar year.

K. On or after 9:00 a.m. on December 1 of each calendar year,

issuing authorities may apply to the Deputy Treasurer for Debt

Management to carry forward a portion of the state ceiling for such

calendar year allocated to any qualified carryforward project, as

said term is used in Section 103(n)(10) and 146(f) of the Internal

Revenue Code and which shall be evidenced by the issuance of

confirmations for all carryforward projects within the limitations

of the state ceiling. Provided, issuers or projects with more than

Twenty Million Dollars ($20,000,000.00) of carryforward outstanding

as of the date of the application for carryforward shall only be

eligible for carryforward allocations to the extent other issuers

with less than Twenty Million Dollars ($20,000,000.00) of

outstanding carryforward authority do not fully commit the state

ceiling. Allocations on carryforward projects shall be processed on

the basis of the chronological receipt of applications, subject to

paragraph 3 of subsection C of this section. No portion of the

state ceiling carried forward for any given year may be carried

forward for a period in excess of three (3) calendar years following

the calendar year in which the carryforward arose, except as

otherwise permitted under federal law.

L. The Deputy Treasurer for Debt Management shall maintain

continuous and cumulative records which shall include a list and

cumulative dollar total of the private activity bonds for which:

1. Private activity bonds have been issued or state ceiling

exchanged for mortgage credit certificate authority and final

certifications have been received by the Deputy Treasurer for Debt

Management;

2. Confirmations of carryforward have been issued; and

Oklahoma Statutes - Title 62. Public Finance Page 508

3. Confirmations in effect and outstanding for which no private

activity bonds or mortgage credit certificate elections have been

issued or filed.

The Deputy Treasurer for Debt Management shall keep continuous and

cumulative records and totals for each of the categories specified

in paragraphs 1, 2 and 3 of this subsection as well as the aggregate

total of all categories. The Deputy Treasurer for Debt Management

shall not give further confirmations at such time as the aggregate

amount of bonds, other indebtedness, carryforward or mortgage credit

certificate elections specified by paragraphs 1, 2 and 3 of this

subsection equals the state ceiling authorized for the applicable

year. The Deputy Treasurer for Debt Management shall not award a

confirmation if such award would cause indebtedness, carryforward or

elections as specified by paragraphs 1, 2 and 3 of this subsection

to exceed the state ceiling. Confirmation records shall be compiled

and furnished to any local issuer and state issuer upon request.

Upon issuance of a confirmation, the amounts of the proposed bond

issue, mortgage credit certificate election and carryforward

confirmation shall be included in the continuing, mathematical

calculation, until the same shall have been terminated in accordance

with this section.

M. The person signing any confirmation for any allocations

granted pursuant to the Oklahoma Private Activity Bond Allocation

Act shall certify under penalty of perjury that such allocation was

not made in consideration of any bribe, gift, gratuity or direct or

indirect contribution to any political campaign.

N. A state or local issuer, who intentionally overissues

mortgage credit certificates or bonds, shall be prohibited from

making application for an allocation of the state ceiling for any

purpose for a period of three (3) years following discovery of such

over issuance.
Okla. Stat. tit. 62, § 62-206 — OK Code / Title 62 / Section 62-206
Payment of allegedly invalid fees or taxes under protest -
Status: in_force

Notice - Protest fund - Suits to recover - Exceptions - Bad faith

claims.

A. In all cases where it is alleged or claimed that fees or

taxes of the state are in whole or in part unconstitutional or

otherwise invalid, the aggrieved person shall pay the full amount

thereof to the proper collecting officer and at the same time give

notice in writing to said officer stating the grounds of his

complaint and that suit will be brought against him for the recovery

of all or a specified part of said fees or taxes. Full payment of

all fees or taxes owing shall be a precondition to the bringing of

Oklahoma Statutes - Title 62. Public Finance Page 353

any suit for the recovery of such fees or taxes. The collecting

officer or agency shall deposit the funds collected under protest in

a specially designated account in the State Treasury known as the

"Protest Fund" of such agency and shall retain the same therein for

a period of sixty (60) days, and if within such time summons is not

served upon him in a suit for the recovery of said fees or taxes or

a specified part thereof he shall thereon transfer said fees or

taxes into the appropriate fund or funds in the State Treasury.

However, if a written protest is made and a suit is filed in a

timely manner, the fees or taxes paid under protest shall be

retained in the appropriate "Protest Fund" pending a final

determination of the suit. Provided, that nothing in this section

shall be construed to prohibit the Legislature from authorizing or

directing any otherwise lawful transfer of monies from any such

"Protest Fund".

B. Such suits shall be brought in state courts having

jurisdiction thereof and shall be given precedence therein. If upon

final determination of any such suit the court shall find that the

fees or taxes sued for, or any part thereof, were illegally

collected it shall render judgment in favor of the plaintiff

therefor, and shall order said collecting officer, or his successor,

to pay the judgment. Any such money judgment shall be paid first

from any remaining monies in the affected agency's "Protest Fund"

for the fiscal year in which the judgment is awarded. Provided,

however, if there are insufficient monies in such "Protest Fund" to

pay the entire judgment in the fiscal year in which the judgment is

awarded, the collecting officer immediately shall certify to the

Governor, the State Treasurer, the Speaker of the House of

Representatives and the President Pro Tempore of the Senate, the

amount of any deficiency remaining after the payment of available

monies from the "Protest Fund" of the affected agency. Any such

judgment which involves premium tax may be paid by the collecting

officer or agency directly from current premium tax collections.

The agency may request the appropriation of sufficient funds to such

"Protest Fund" to satisfy the judgment. Provided, however, that any

such total judgment over the amount of Five Hundred Thousand Dollars

($500,000.00) may be paid over a period of not to exceed three (3)

consecutive fiscal years from funds allocated or appropriated for

that purpose. Nothing in this section shall be interpreted as

allowing liens on public property. Provided that the provisions of

this section shall not apply to ad valorem taxes, taxes on

intangible personal property, taxes collected by the Oklahoma Tax

Commission, or to taxes collected by the Oklahoma Employment

Security Commission. In any such suit, subsequent to dismissal or

adjudication on the merits and upon the motion of the state, the

court shall determine whether or not a claim asserted in the suit

was filed in bad faith, was not well grounded in fact, or was

Oklahoma Statutes - Title 62. Public Finance Page 354

unwarranted by existing law or a good faith argument for the

extension, modification, or reversal of existing law. Upon so

finding, the court shall enter a judgment ordering the plaintiff toOklahoma Statutes - Title 62. Public Finance Page 12ion of the state, the

court shall determine whether or not a claim asserted in the suit

was filed in bad faith, was not well grounded in fact, or was

Oklahoma Statutes - Title 62. Public Finance Page 354

unwarranted by existing law or a good faith argument for the

extension, modification, or reversal of existing law. Upon so

finding, the court shall enter a judgment ordering the plaintiff to

reimburse the state for all costs of any nature, including but not

limited to attorneys fees, incurred with respect to defense of the

action.
Okla. Stat. tit. 62, § 62-34.200-1 — OK Code / Title 62 / Section 62-34.200-1
Debt affordability study
Status: in_force

A. The State Treasurer in cooperation with the Office of

Management and Enterprise Services shall produce a written debt

affordability study (study) to be presented to the Legislature and

the Governor.

B. The study shall be used to determine Oklahoma's debt

position relative to its benchmark debt ratio of debt service as a

percentage of revenues. The study shall incorporate information

available in other sources, such as the Annual Bonded Indebtedness

Report produced by the State Treasurer, into an analysis of

Oklahoma's debt position.

C. The study shall include the net tax-supported and net

revenue-supported debt of this state for the most recently concluded

fiscal year. It shall also include the debt for the most recently

concluded fiscal year of state agencies and state-beneficiary public

trusts which are authorized to issue debt.

D. The study shall include the following:

Oklahoma Statutes - Title 62. Public Finance Page 138

1. Projections of debt service, future debt issuance, and debt

to capacity, such as debt service as a percentage of revenues. Each

projection shall extend at least five (5) years from the study's

fiscal year of publication;

2. A discussion of Oklahoma's unfunded pension liabilities and

the impact of these liabilities on the state's ability to borrow and

cost of debt;

3. An identification and calculation of relevant metrics

including, but not limited to, debt service as a percentage of

revenues, total debt as a percentage of state personal income, and

total debt per capita;

4. A comparison of debt metrics to a select group of at least

ten other states so that Oklahoma may be able to measure and

contextualize its debt relative to other states;

5. A sensitivity analysis to understand the effects of

uncertain conditions. This sensitivity analysis may include

analysis on the impact of debt ratios of revenues being above or

below expectations or interest rates increasing or decreasing from

positions at time of publication; and

6. An estimate of available debt capacity the state may issue

over the next five (5) years without causing the benchmark debt

ratio of debt service as a percentage of revenues to exceed five

percent (5%). This estimate is based on the state's net tax-

supported debt and the debt of the relevant state units and

agencies.

E. In preparing any authorization of new debt, the debt-issuing

entity, the Legislature, and the Governor shall take the study's

recommendations and estimates into consideration. In addition, the

study's recommendations and estimates shall be taken into

consideration by the Legislature and the Governor during capital

planning and budgeting processes.

F. The State Treasurer and the Office of Management and

Enterprise Services shall report the results of the study to the

Legislature by transmitting a copy to the Speaker of the House of

Representatives, the President Pro Tempore of the State Senate, and

to the Governor on or before January 15 of each year.

G. The study's recommendations and estimates shall be advisory

and not binding.
Okla. Stat. tit. 62, § 62-57.303 — OK Code / Title 62 / Section 62-57.303
Amount and purpose of indebtedness - Unused funds -
Status: in_force

Issuance of bonds - Revenue sources for payment of bonds.

A. The Commission acting for and on behalf of the State of

Oklahoma shall be the agency by and through which the State of

Oklahoma shall incur indebtedness in the sum of Three Hundred Fifty

Million Dollars ($350,000,000.00) as principal for the purpose of

restoring and modernizing the state's infrastructure, for

constructing new buildings and other capital improvements, and for

equipping, remodeling, modernizing and repairing any and all

existing buildings and capital improvements, and purchase of land,

equipment and furnishings necessary for such new construction or

Oklahoma Statutes - Title 62. Public Finance Page 279

remodeling, including any costs associated with the issuance of the

indebtedness, as follows:

1. Oklahoma State Regents for Higher Education

for expenditure as follows:

a. University of Oklahoma - Norman Campus $22,731,000.00

b. University of Oklahoma - Health

Sciences Center $22,400,000.00

c. Oklahoma State University – Stillwater

Campus $22,328,000.00

d. Oklahoma State University –

Agriculture Experiment Station $4,000,000.00

e. Oklahoma State University – Veterinary

Medicine $5,075,000.00

f. Oklahoma State University – Technical

Branch - Okmulgee $4,118,000.00

g. Oklahoma State University – Technical

Branch - Oklahoma City $3,868,000.00

h. Oklahoma State University - College of

Osteopathic Medicine $3,750,400.00

i. University of Central Oklahoma $7,765,106.00

j. East Central University $5,869,000.00

k. Northeastern State University $8,813,400.00

l. Northwestern Oklahoma State University $2,860,000.00

m. Southeastern Oklahoma State University $5,586,900.00

n. Southwestern Oklahoma State University

- Weatherford Campus $6,297,500.00

o. Southwestern Oklahoma State University

- Sayre Campus $300,000.00

p. Cameron University $10,200,000.00

q. Langston University $2,842,500.00

r. Oklahoma Panhandle State University $2,016,500.00

s. University of Science and Arts of

Oklahoma $3,104,376.00

t. University Center at Tulsa $15,000,000.00

u. Carl Albert State College $3,021,000.00

v. Connors State College $2,055,100.00

w. Eastern Oklahoma State College $2,007,600.00

x. Murray State College $2,045,000.00

y. Northeastern Oklahoma Agricultural and

Mechanical College $2,410,400.00

z. Northern Oklahoma College $1,206,500.00

aa. Oklahoma City Community College $6,152,100.00

bb. Redlands Community College $2,003,900.00

cc. Rogers State College $5,035,100.00

dd. Rose State College $6,158,600.00

ee. Seminole Junior College $2,125,924.00

ff. Tulsa Junior College $22,333,800.00

Oklahoma Statutes - Title 62. Public Finance Page 280

gg. Western Oklahoma State College $2,500,000.00

hh. Enid Higher Education Program $619,123.00

ii. Enid Higher Education Program – this

allocation is contingent upon a

$2,200,000.00 match by the local

community $1,980,877.00

jj. University Center of Southern Oklahoma $619,123.00

kk. Muskogee Higher Education Program $619,123.00

ll. Idabel Higher Education Program $619,123.00

mm. Tulsa Medical Center debt retirement $6,600,000.00

nn. Food Processing Research Center –

Stillwater $14,000,000.00

oo. Natural History Museum - Norman $15,000,000.00

2. Oklahoma Department of Career and

Technology Education for expenditure as

follows:

a. Instructional equipment for technology

center schools, including inmate

training facilities $2,300,000.00

b. Mid-Del Technology Center $200,000.00

c. Okmulgee County Technology Center $3,200,000.00

d. Southwest Technology Center $1,500,000.00

e. Wes Watkins Technology Center $1,000,000.00

f. Western Oklahoma Technology Center $2,000,000.00

3. Oklahoma Water Resources Board $5,700,000.00

4. Oklahoma Tourism and Recreation Department

for the following purposes: roads, park

improvements, sewage treatment, facility

rehab, equipment, trails, park visitor

centers, welcome centers, Will Rogers

Museum and other museums, Oklahoma Jazz

Hall of Fame and Quartz Mountain Arts and

Conference Center $18,000,000.00

5. Oklahoma Historical Society $1,700,000.00

6. Department of Human Services $5,300,000.00

7. Department of Corrections for the

following purposes: drug offender work

camps and meat processing facility at

Jackie Brannon $6,500,000.00

8. State Department of Health $7,500,000.00

9. State Department of Agriculture for

purposes of dry fire hydrants and rural

fire equipment $1,000,000.00

10. Office of Management and Enterprise

Services $4,300,000.00

11. Oklahoma Military Department $800,000.00

Oklahoma Statutes - Title 62. Public Finance Page 281

12. Oklahoma School of Science and

Mathematics. Said amount shall not be

used for purposes of subsection D of

Section 168.3 of Title 73 of the Oklahoma

Statutes $4,500,000.00

13. Office of Management and Enterprise

Services for expenditure for

telecommunications as recommended by the

State Data Processing and

Telecommunications Advisory Committee $14,000,000.00

14. Oklahoma Department of Libraries for

expenditure for matching grant program for

handicapped access $500,000.00

15. Oklahoma Department of Veterans Affairs

for the following purposes: New facility

at Norman, computer programming-mapper

system, and improvements at the facilities

at Ardmore, Sulphur, Talihina, Clinton,

Claremore and Okmulgee $16,432,500.00

16. Department of Mental Health and Substance

Abuse Services $6,400,000.00

If the full amount of funding for any project specified in this

subsection is not necessary for provision of such project, any

remaining available funds shall be allocated by the Commission to

the full funding of other projects listed in this subsection or to

the Oklahoma Building Bonds of 1992 Fund for appropriation by the

Legislature for other capital projects.

B. The Commission, acting for and on behalf of the State of

Oklahoma, shall issue, sell and deliver as hereinafter provided

"Oklahoma Building Bonds of 1992" in a total principal amount of

Three Hundred Fifty Million Dollars ($350,000,000.00). It is hereby

expressly provided and pledged for the benefit of the purchasers,

owners and holders of said bonds that the tax on each package of

cigarettes levied by Section 302 of Title 68 of the Oklahoma

Statutes, constituting the remainder of revenue available from the

revenues lawfully levied and collected by the State of Oklahoma on

the sale of cigarettes not already committed to other obligations of

the State of Oklahoma, and the tax levy on cigarettes pursuant to

Sections 302-2 and 302-4 of Title 68 of the Oklahoma Statutes, or so

much as may be necessary, shall be devoted irrevocably to the

payment and discharge of the interest on, and the principal of, the

bonds issued hereunder as the same become due, and to create an

adequate reserve to assure such payments when due; and said revenues

shall be, and hereby are, irrevocably pledged for such purposes.
Okla. Stat. tit. 62, § 62-41.39 — OK Code / Title 62 / Section 62-41.39
Renumbered as § 34.45 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-859 — OK Code / Title 62 / Section 62-859
Public hearings - Notice
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 553

A. Before the adoption of a project plan or subsequent

amendments thereto, the governing body must hold two

public hearings. The primary purpose of the first hearing

will be to provide information and to answer questions;

provided, such information shall include, but not be

limited to, an analysis of potential positive or negative

impacts which may result from the adoption of a project

plan. A representative of the city, town or county shall

present the city, town or county's proposed plan or

amendment thereto. The date of the second public

hearing shall be announced in the presence of the persons

in attendance at the hearing, but such date shall be more

than seven (7) days after the date of the first public

hearing. The purpose of the second public hearing shall

be to give any interested persons the opportunity to

express their views on the proposed plan or amendment

thereto.

B. Notice of the first public hearing shall be given once by

publication in a newspaper with circulation in the city, town or

county and published on any Internet website maintained by the

political subdivision. Any person, entity, or organization that has

registered with the city, town or county clerk of the political

subdivision shall also receive notice of such public hearing and a

copy of the analysis upon request of the proposed project plan

required in subsection A of this section. Such notices must be

published or mailed no later than fourteen (14) days before the date

of the public hearing. The notice shall include the following:

1. The time and place of the public hearing;

2. The boundaries of the proposed districts and proposed

project areas by legal description and by street location, if

possible, accompanied by a sketch clearly delineating the area in

detail as may be necessary to advise the reader of the particular

land proposed to be included;

3. A statement that the first public hearing shall be for

information and questions purposes only with persons being given the

Oklahoma Statutes - Title 62. Public Finance Page 554

opportunity to be heard at the second public hearing before any

votes are taken;

4. A description of the project plan or amendment thereto and a

location and time where the entire plan may be reviewed by any

interested party; and

5. Such other matters as the city, town or county may deem

appropriate.

C. Notice of the second public hearing may be included in the

notices provided for in subsection B of this section. Notice of the

second public hearing shall be published and mailed in the same

manner as the notices provided for in subsection B of this section

if:

1. Notice for both public hearings is not included in the

notice of the first public hearing;

2. The location, date or time of the second public hearing is

changed after the notices of the first hearing have been published

and mailed; or

3. The second public hearing is held more than fourteen (14)

days after the first public hearing.

D. The provisions of this section shall not apply to the

adoption of minor amendments as provided for in Section 858 of this

title.

E. The city, town or county clerk shall send the notices or

copies of the analysis required to be sent to registered persons,

entities, or organizations pursuant to subsection B of this section

by electronic mail or if no electronic mail address has been

provided by the registrant, by first-class mail. The city, town or

county clerk shall provide an affidavit declaring that all

registrants have been mailed the requisite notices or analyses. Any

technical irregularities in the form of the published or mailed

notices required by this section shall not result in the

invalidation of any ordinance enacted or amended subsequent thereto,

so long as the notices, as published and mailed, reasonably apprise

interested parties as to the subject matter of the hearings and

correctly describes the date, time and place of such hearings and

affidavits of publication and mailing shall constitute compliance

with the notice requirement of this section.
Okla. Stat. tit. 62, § 62-57.21 — OK Code / Title 62 / Section 62-57.21
Interim bonds
Status: in_force

The Commission is authorized to issue one or more interim bonds,

representative of the bonds so sold, which said interim bonds may be

in any denomination, shall have all the qualities and be secured by

all of the covenants and pledges made to secure the bonds so sold,

but said interim bonds shall represent the bonded debt only until

such time as the definitive bonds are printed, executed and

delivered to the purchaser thereof. No tender of any such interim

bonds shall be valid until the expiration of the period of

contestability provided in this Act. Simultaneously with delivery

of the definitive bonds, any such interim bonds shall be surrendered

for cancellation and canceled by the state Treasurer of Oklahoma.
Okla. Stat. tit. 62, § 62-57.193 — OK Code / Title 62 / Section 62-57.193
Refunding bonds
Status: in_force

The Oklahoma Building Bonds Commission may issue bonds pursuant

to the provisions of this section for the purpose of refunding any

outstanding obligations issued by the Commission or the State of

Oklahoma Building Bonds Commission. The bonds may either be sold or

delivered in exchange for outstanding obligations. If sold, the

proceeds may be either applied to the payment of the obligations

being refunded or deposited in escrow for the retirement of the

obligations. No outstanding obligations may be refunded which are

not maturing, callable for redemption under their terms or

voluntarily surrendered by their holders for cancellation, unless

the Commission covenants that sufficient funds to meet all remaining

interest and principal payments of the outstanding obligations when

due will be placed in escrow for such payments in the State Treasury

at the time of delivery of and payment for the new bonds issued

under this section. All bonds authorized to be issued under this

section shall be secured in the same manner as provided for the

bonds being refunded, except where more than one issue is being

refunded. The Commission may provide that the refunding bonds have

the same priority of payment and be paid from the same revenues as

enjoyed by the obligations being refunded thereby. The Commission

may enter into contracts and engage in such other acts as the

Commission deems necessary to effect the offer and sale of its

refunding bonds.
Okla. Stat. tit. 62, § 62-57.65 — OK Code / Title 62 / Section 62-57.65
Advertisement and sale of bonds
Status: in_force

The Commission shall advertise said bonds for sale in the manner

hereinafter provided. Notice of such sale shall be published at

least twenty (20) days prior to the date fixed for such sale. Such

notice shall be published for at least two (2) consecutive weeks in

a newspaper having general circulation in the State of Oklahoma, and

at least once in a financial periodical or newspaper known to have

general circulation among bond dealers and bond purchasers. Such

notice shall state the time and place when and where the Commission

will receive written bids for the purchase of the bonds so offered

for sale and shall also state that the bonds will be sold to the

bidder bidding the lowest interest rate to the State of Oklahoma,

stating also, however, that the Commission may, in its discretion,

reject all bids submitted and readvertise the bonds for sale. Such

notice may contain such other conditions, information and details as

the Commission deems appropriate and desirable to secure

understanding of the offer and to assure maximum competition between

bidders. Upon acceptance of the low bid (which shall not exceed an

average rate of interest exceeding four percent (4%) per annum), the

bonds shall be issued in accordance therewith and shall be delivered

to said purchaser upon payment of the purchase price thereof, which

shall be not less than par plus accrued interest to date of

delivery. Provided, however, no tender of the bonds shall be valid

until after the expiration of the period of contestability, provided

for herein. All bidders shall be required to submit with their bids

such good faith deposit as may to the Commission seem appropriate.

Upon the acceptance of a bid, the Commission shall return to all of

the unsuccessful bidders the deposits so made by them. All such

deposits by the successful bidder shall become the property of the

State of Oklahoma, and shall be credited upon the purchase price of

the bonds so sold and with the further agreement that if the

Oklahoma Statutes - Title 62. Public Finance Page 231

purchaser shall fail for five (5) days after the tender of the bonds

to pay the balance of the purchase price, said sale shall be thereby

annulled and the deposit shall in such event be retained by the

State of Oklahoma and credited to the General Revenue Fund of the

state.