Okla. Stat. tit. 62, § 62-90.2 — OK Code / Title 62 / Section 62-90.2
Definitions
Status: in_force

As used in the Rural Economic Development Loan Act:

1. "Department" means the Oklahoma Department of Agriculture,

Food, and Forestry;

2. "Financial institution" means any office or branch of a

bank, savings bank, savings association, building and loan

Oklahoma Statutes - Title 62. Public Finance Page 319

association, savings and loan association, credit union or nonprofit

lender exempt from taxation pursuant to the provisions of Section

501(c)(3) of the Internal Revenue Code of the United States located

in the State of Oklahoma;

3. "Participating financial institution" means a financial

institution which pledges at least Three Million Dollars

($3,000,000.00) but not to exceed Ten Million Dollars

($10,000,000.00) to the Rural Economic Development Loan Revolving

Fund;

4. "Qualified economic development project" means:

a. the development, construction, restoration, or

replacement of a physical facility located or to be

located in a rural area of this state, which has been

initiated by a participating financial institution

which has been certified by the Department, and

b. the commencement or expansion of economic activities

that result in or that will, within three (3) years of

the commencement of such activities, result in the

employment of five (5) or more full-time-equivalent

employees at a location in a rural area of this state

in positions that did not exist prior to the

commencement of such activities and which has been

certified by the Department; and

5. "Rural area" means an area designated as such by the Office

of Rural Development of the United States Department of Agriculture.
Okla. Stat. tit. 62, § 62-695.9 — OK Code / Title 62 / Section 62-695.9
See the following versions:
Status: in_force

OS 62-695.9v1 (SB 1050, Laws 2021, c. 204, § 14).

OS 62-695.9v2 (SB 1049, Laws 2021, c. 203, § 11).
Okla. Stat. tit. 62, § 62-912 — OK Code / Title 62 / Section 62-912
Responsibilities of units of local government - Joint
Status: in_force

planning programs - Local capital improvement plans.

A. Each unit of local government, subject to the limitations

and requirements of the Local and Regional Capital Improvement

Planning Process Act, is encouraged to:

1. Plan for future development, growth, and improvement; and

2. Adopt and amend local capital improvement programs

consistent with the provisions of the Local and Regional Capital

Improvement Planning Process Act.

B. 1. A unit of local government's responsibility for the

preparation or amendment of its capital improvement program is

governed by the provisions of this section. Where procedures for

local adoption of capital improvement plans are governed by other

provisions of state law or municipal charter or ordinance, the unit

of local government may modify the procedural requirements of this

subsection as long as a broad range of opportunity for public

comment and review is preserved.

2. Each unit of local government which prepares or amends a

capital improvement program shall ensure that said program is

consistent with the goals, guidelines and other provisions of the

Local and Regional Capital Improvement Planning Process Act.

3. a. The governing officers of a unit of local government

or combination of units shall designate and establish

a local planning committee which shall have the

general responsibility for the development and

maintenance of a local capital improvement plan. The

committee shall:

(1) conduct public hearings and solicit and encourage

citizen input, and

(2) prepare the local capital improvement plan and

make recommendations to the local governing body

regarding the adoption and implementation of the

program or amended program.

b. The governing officers of a unit of local government

or combination of units may solicit bids from persons

or regional planning councils to act as the local

planning committee.

4. In order to encourage citizen input and participation, units

of local government are directed to adopt local capital improvement

plans only after soliciting and considering a broad range of public

review and comment.

5. The local planning committee shall conduct its meetings in

accordance with the provisions of the Oklahoma Open Meeting Act.

The committee shall hold at least one public hearing on its proposed

local capital improvement plan. A copy of the proposed plan shall

be made available for public inspection at a convenient location

Oklahoma Statutes - Title 62. Public Finance Page 617

during normal public hours at least thirty (30) days prior to the

hearing.

6. Any comments and suggestions within the established time

limits shall be considered by the committee and may be adopted. All

comments and suggestions shall be made available for public

inspection.

7. A unit of local government may seek technical assistance,

comments and suggestions on format, applicability and potential

financing options from the Long Range Capital Planning Commission,

the Oklahoma Department of Commerce and the State Bond Advisor.

8. The proposed capital improvement plan shall be considered

adopted when it has been accepted by the governing body of the unit

of local government.

9. After adoption, a copy of the capital improvement plan shall

be forwarded to the appropriate regional planning council by the

units of local government.

10. Each regional planning council shall incorporate the

capital improvement plans into a regional capital improvement plan.

11. Regional capital improvement planning shall be the

responsibility of the regional planning councils.

C. Cooperative local improvement planning efforts conducted by

two or more units of local government shall comply with the

provisions of this subsection.

1. A unit of local government shall exercise planning authority

over the total land area within its jurisdiction.

2. Any combination of contiguous units of local government may

conduct joint planning programs to fulfill the responsibilities

established under this act. The units shall agree:

a. on procedures for joint action in the preparation and

adoption of local capital improvements plans,

b. on the manner of representation, and

c. on the amount of contribution from each for any costs

incurred in the development of the local capital

improvements plan.

3. The agreement shall be in writing, approved by the governing

bodies of the units of local government, and forwarded to the Long

Range Capital Planning Commission.

D. A local capital improvement plan shall include an inventory

and analysis section addressing state goals under this act and

issues of local or regional significance. The format of the

inventory and capital improvement plan and process shall be based on

information provided by the Oklahoma Department of Commerce. The

analysis shall include ten-year projections of local and regional

growth in population and residential, commercial and industrial

activity, the projected need for public facilities, and the

vulnerability of and potential impacts on natural resources.

Oklahoma Statutes - Title 62. Public Finance Page 618

1. The inventory and analysis section shall include but not be

limited to:

a. a legal description and general area description of

the area address,

b. economic and demographic data describing the unit of

local government and the region within which it is

located,

c. existing transportation systems, including the

capacity of existing and proposed major thoroughfares,

secondary routes, pedestrian ways and parking

facilities,

d. land use information which describes current and

projected development patterns,

e. an assessment of the age of all capital facilities and

an assessment of the existing technology of all

capital projects,

f. an assessment of capital facilities and public

services necessary to support growth and development

and the costs of those facilities and services, and

g. an analysis of projections of revenues available from

all sources including general funds, bond issues,

special funds, and federal funds.

2. The plan shall include a policy development section which

relates the findings contained in the inventory and analysis section

to the state goals. The policies shall:

a. promote the state goals under the Local and Regional

Capital Improvement Planning Process Act,

b. address any conflicts between state goals in the Local

and Regional Capital Improvement Planning Process Act,

c. address any conflicts between regional and local

issues, and

d. address financing policies and capabilities of the

state and of units of local government and any special

districts.

3. The plan shall contain an implementation strategy section

which shall include a timetable for the implementation program. The

implementation shall be consistent with state laws and shall

actively promote policies developed during the planning process.

The timetable shall identify significant issues to be presented to a

vote of the people in the implementation program. In developing its

strategies and subsequent policies and capital improvement plans

each unit of local government shall:

a. identify and designate at least two basic types of

geographic areas. Growth areas are those suitable for

orderly residential, commercial and industrial

development forecast over the next ten (10) years.

Rural areas are those areas where protection should be

Oklahoma Statutes - Title 62. Public Finance Page 619

provided for agricultural, forest and scenic lands,

and

b. develop a capital investment plan for financing the

replacement and expansion of public facilities and

services required to meet projected economic growth

and development.

4. An implementation program shall be adopted that is

consistent with the strategies in paragraph 3 of this subsection.

5. The capital improvement plan shall be coordinated with

existing or future comprehensive plans adopted by local units of

government.

E. A unit of local government periodically shall review and

revise its local capital improvement plan in a timely manner to

account for changes caused by growth and development. At a minimum,

the unit of local government shall update the program at least once

every three (3) years in accordance with the provisions of this

section.
Okla. Stat. tit. 62, § 62-276.4 — OK Code / Title 62 / Section 62-276.4
Petty cash fund
Status: in_force

There is hereby created a petty cash fund not to exceed Three

Hundred Dollars ($300.00) for the Office of the Secretary of State

to be used as a cash drawer change fund and for the purchase of or

reimbursement for expenditures of less than One Hundred Dollars

($100.00) pursuant to the rules and procedures established by the

Director of the Office of Management and Enterprise Services.
Okla. Stat. tit. 62, § 62-325 — OK Code / Title 62 / Section 62-325
County fair fund - Use of surplus to pay warrants
Status: in_force

Any cash surplus over and above the estimated needs for the

current fiscal year in the county fair fund of any county of this

state may be used to pay any outstanding warrants of any previous

fiscal year.
Okla. Stat. tit. 62, § 62-34.95 — OK Code / Title 62 / Section 62-34.95
Utilization of information collected by Office of
Status: in_force

Management and Enterprise Services – Evaluation reports by House

appropriations and budget and Senate appropriations committees

A. The Appropriations and Budget Committee of the Oklahoma

House of Representatives and the Appropriations Committee of the

State Senate shall:

1. Utilize information collected by the Office of Management

and Enterprise Services pursuant to Section 34.36 of this title and

any reports issued by the Legislative Oversight Committee on State

Budget Performance to evaluate management programs, operations and

fiscal needs of state agencies, boards, commissions, departments,

divisions, offices, bureaus, institutions and other spending

agencies, including those created or established pursuant to

constitutional provisions; and

2. File an evaluation report no later than March 1 of each

fiscal year with the Chief Clerk of the Oklahoma House of

Representatives and the Clerk of the State Senate which shall

include, but not be limited to, the following information:

a. a review of the agency's programs, performance and

management,

b. whether the agency has demonstrated a public need for

the services and programs justifying the agency's

continued existence, and

c. whether the agency is the most appropriate provider of

the programs and services furnished by the agency.

B. The Appropriations and Budget Committee of the Oklahoma

House of Representatives and the Appropriations Committee of the

State Senate shall utilize information contained in the evaluation

report in determining final appropriations for state agencies and in

any future adjustments in funding levels.

C. No action shall be taken on a measure making an

appropriation unless the evaluation report described by paragraph 2

of subsection A of this section with respect to the entity to which

Oklahoma Statutes - Title 62. Public Finance Page 127

the appropriation is made has first been filed with the applicable

clerk.

D. Each subcommittee of the Appropriations Committee of the

Oklahoma State Senate and the Appropriations and Budget Committee of

the Oklahoma House of Representatives shall establish budget

performance measurements for each spending agency under its

jurisdiction. The performance measurements shall be developed in

order to allow the Legislature and the Governor to obtain

measureable data to determine if the agency is performing its duties

in the most cost-effective manner possible.

Each spending agency, whether or not it receives state

appropriations, shall submit analysis reports as required by the

subcommittee in order to enable the subcommittee to make a

determination as to whether the agency has met the established

performance measurements.

Such requirements may be established for the forthcoming fiscal

year and for such additional fiscal years in the future as the

subcommittees deem appropriate.G. The Committee shall periodically meet in different geographical regions of the state to enhance

the Committee's understanding of local conditions and to help educate the public as to the fiscal
Okla. Stat. tit. 62, § 62-364 — OK Code / Title 62 / Section 62-364
Not applicable to small claims
Status: in_force

The provisions of this act, except Section 3, shall not apply to

any claim which is less than Two Hundred Dollars ($200.00).
Okla. Stat. tit. 62, § 62-255 — OK Code / Title 62 / Section 62-255
Statewide Recovery Fund
Status: in_force

A. There is hereby created in the State Treasury a special fund

to be designated the "Statewide Recovery Fund". Said fund shall be

subject to legislative appropriation or transfer as provided by law

and shall consist of:

Oklahoma Statutes - Title 62. Public Finance Page 356

1. All such monies as the Legislature may direct to be

appropriated or transferred to said fund; and

2. All such monies received by the state after the effective

date of this act pursuant to the American Rescue Plan Act of 2021,

Public Law No. 117-2, Section 9901 "Coronavirus State and Local

Recovery Funds", less and except the funds dedicated to the

Nonentitlement Units of Local Government as described in the

American Rescue Plan Act of 2021.

B. Notwithstanding any provision of law to the contrary, all

interest and income derived from deposits to the Statewide Recovery

Fund shall be credited to the Statewide Recovery Fund.
Okla. Stat. tit. 62, § 62-291 — OK Code / Title 62 / Section 62-291
When cancellation authorized
Status: in_force

That any municipality, political corporation or subdivision of

this state, which has issued its bonds for any purpose and after the

issuance or approval of said bonds it is determined that the purpose

for which said bonds were issued has ceased to exist, is hereby

authorized to cancel and destroy said bonds, thereby absolving

itself from any liability for the payment of said bonds, or the

coupons thereto attached, in the manner and under the procedure

provided in Section Two hereof.
Okla. Stat. tit. 62, § 62-34.11.1.1 — OK Code / Title 62 / Section 62-34.11.1.1
Performance metrics – Data sets
Status: in_force

A. The Chief Information Officer shall source and submit to the

State Governmental Technology Applications Review Board proposed

state employee performance information metrics, convenience

information sets and other data streams for possible publication on

the “data.ok.gov” website in accordance with guidelines established

by Section 34.11.2 of Title 62 of the Oklahoma Statutes.

B. The Chief Information Officer shall assist the State

Governmental Technology Applications Review Board with developing

performance metrics pursuant to the requirements of Section 34.27 of

Title 62 of the Oklahoma Statutes.

C. The following data sets shall be placed online at the

“data.ok.gov” website:

1. All state expenditures which shall include but not be

limited to the name and address of the recipient of the expenditure,

amount of expenditure, entire description of item or service

purchased, date of expenditure, agency making expenditure and

account from which the expenditure is made;

2. A detailed listing of all state revolving funds and the

amount contained in each fund to be updated on a monthly basis; and

3. All spending data subject to publication by the School

District Transparency Act.
Okla. Stat. tit. 62, § 62-41.42 — OK Code / Title 62 / Section 62-41.42
Renumbered as § 34.8 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-41.13a — OK Code / Title 62 / Section 62-41.13a
Renumbered as § 34.61 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-41.18 — OK Code / Title 62 / Section 62-41.18
Renumbered as § 34.63 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-57.57 — OK Code / Title 62 / Section 62-57.57
Delivery of bonds upon payment - Deposit and investment
Status: in_force

of proceeds - Interest.

The bonds and interest coupons attached thereto shall be

delivered to the State Treasurer upon payment of par and accrued

interest to the date of delivery thereof. The proceeds of the sale

of said bonds shall be deposited in the State Treasury of the State

of Oklahoma, in a fund which is hereby created and designated the

"1965 Building Bond Fund", where they shall remain subject to

disposition to be provided for by the Legislature of Oklahoma,

provided that the State Treasurer of the State of Oklahoma, when so

directed by the Oklahoma State Regents for Higher Education acting

on behalf of the governing board, as to the amounts available for

investment shall invest said designated amounts of the 1965 Building

Oklahoma Statutes - Title 62. Public Finance Page 224

Bond Fund 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, and provided further that, all such investments of said

monies must be so made that the same shall mature in time to enable

the State of Oklahoma to issue warrants for payment of the valid

indebtedness incurred for the purpose for which said bonds are

issued, when the said indebtedness has been incurred pursuant to

legislative authority. It shall be the duty of the Oklahoma State

Regents for Higher Education to promptly certify to the State

Treasurer the amount of all sums not needed for payment of

construction and other legal expenditures payable from the 1965

Building Bond Fund to meet the construction payment schedule, and

upon receipt of such certification the State Treasurer shall

forthwith make the afore-mentioned investment. All interest

received by the State Treasurer upon the above-mentioned securities

shall be deposited in the said sinking fund.
Okla. Stat. tit. 62, § 62-114 — OK Code / Title 62 / Section 62-114
Register of bonds - Interest
Status: in_force

The State Treasurer or appointed agent shall provide and keep a

register of all registered bonds issued under this act and shall

enter therein the names of the registered holders thereof, and he

shall at each interest date, issue a warrant remitted to the address

and payable to the order of the registered owner of such bond the

amount due, and upon maturity of the bond the amount of principal

upon the surrender of the bond at the office of the State Treasurer

or appointed agent of the State ofOklahoma.
Okla. Stat. tit. 62, § 62-651 — OK Code / Title 62 / Section 62-651
Citation
Status: in_force

This act may be cited as the "Local Industrial Development Act."
Okla. Stat. tit. 62, § 62-866 — OK Code / Title 62 / Section 62-866
Agreements between governing body and property owners
Status: in_force

A. There shall be a written agreement between the governing

body and the property owners who are granted tax incentives or

exemptions pursuant to Section 860 of this title. The written

agreement may include, but shall not be limited to, the following:

1. A description of all proposed improvements to the property;

2. Provide access to and authorize inspection of the property

by city, town or county employees to ensure that the improvements or

repairs are made according to the specifications and conditions of

the agreement;

3. Limit the uses of the property consistent with the general

purpose of encouraging development or redevelopment of the area

during the period that the tax incentives or exemptions or the

increment financing are in effect;

4. Provide for recapturing the local tax revenue lost as a

result of the agreement if the owner of the property fails to make

the improvements or repairs as provided by the agreement; and

5. Include any other requirement deemed by the governing body

necessary to carry out the agreement.

B. There shall be a written agreement between the governing

body and the property owners in historic preservation areas who are

granted ad valorem tax exemptions pursuant to subsection D of

Section 860 of this title. The written agreement shall include the

following:

1. List the location of the property;

2. Provide access to and authorize inspection of the property

by city, town or county employees to ensure that the property is

being maintained according to the specifications and conditions of

the agreement;

3. Limit the uses of the property consistent with the general

purpose of encouraging neighborhood commercial preservation of the

area during the period that the ad valorem tax exemptions are in

effect;

4. Provide for recapturing the ad valorem tax revenue lost as a

result of the agreement if the owner of the property fails to

maintain the property as provided by the agreement;

5. Specify the time frame of the agreement including whether

renewals can occur, at what time such renewals can occur and under

what conditions renewals can occur;

Oklahoma Statutes - Title 62. Public Finance Page 565

6. Specify rehabilitations, preservation efforts and other

specific actions that should be taken by the property owners on an

individual or collective basis;

7. Provide for reciprocal actions by public entities to

protect, enhance and improve the commercial historic preservation

area and the surrounding residential areas served by such districts;

8. Provide review and approval procedures that may be used when

usage or ownership of the property changes; and

9. Include any other requirement deemed by the governing body

necessary to carry out the agreement.

C. The governing body shall enter into written agreements with

active project participants of increment projects. The written

agreement may include, but shall not be limited to, the provisions

specified in paragraphs 1 through 5 of subsection A of this section.
Okla. Stat. tit. 62, § 62-2105 — OK Code / Title 62 / Section 62-2105
Industrial Facilities Development Fund
Status: in_force

There is hereby created in the State Treasury a fund for the

Oklahoma Department of Commerce to be designated the "Industrial

Facilities Development Fund". The fund shall be subject to

legislative appropriation and shall consist of all monies received

by the Department for the implementation of the Industrial

Facilities Development Act.
Okla. Stat. tit. 62, § 62-401 — OK Code / Title 62 / Section 62-401
Penalty for misappropriation
Status: in_force

Any person who shall appropriate or use, or aid or abet in

appropriating or using, any of the funds or monies mentioned in this

article, for any other purpose than as in this article, provided,

shall be deemed guilty of a misdemeanor, and on conviction thereof

shall be fined in a sum equal to the amount of money so appropriated

or used, and imprisoned in the county jail for not less than three

(3) nor more than twelve (12) months, and shall also be liable in a

civil action for the amount so misappropriated or used, to be

prosecuted by any such bond holder or other party entitled thereto.
Okla. Stat. tit. 62, § 62-2008 — OK Code / Title 62 / Section 62-2008
Plans for use of funds - "Economic development" defined -
Status: in_force

Fund allocation.

A. The governing board of an entity described by subsection A

or B of Section 2007 of this title shall develop a plan for the use

of available funds for the economic development of areas included

within its respective jurisdiction. For purposes of this act,

"economic development" shall include, but shall not be limited to,

the following purposes:

1. Rural water quality projects, including acquisition,

treatment, distribution and recovery of water for consumption by

humans or animals or both;

2. Rural solid waste disposal, treatment or similar projects;

3. Rural sanitary sewer construction or improvement projects;

4. Rural road or street construction or improvement projects;

5. Provision of rural fire protection services and public

safety services;

6. Expenditures designed to increase the employment level

within the jurisdiction of the entity;

7. Provision of health care services, including emergency

medical care, in rural areas;

8. Construction or improvement of telecommunication facilities

or systems;

9. Improvement of municipal energy distribution systems; and

10. Community buildings, courthouses, town halls, senior

nutrition centers, meeting rooms or similar public facilities.

B. Effective July 1, 2010, at least eighty percent (80%) of any

funds distributed to an entity as provided by this section shall be

expended for assets described in paragraphs 1 through 6 of

subsection A of this section. The remaining amount of any funds

distributed to an entity as provided by this section may be expended

on assets or purposes described in paragraphs 7 through 10 of

subsection A of this section.

C. Not later than July 31, each entity described by Section

2007 of this title shall transmit, in such electronic form as may be

prescribed by the Oklahoma Department of Commerce for purposes of

access to such information on the website maintained by the

Department, a summary of each project upon which funds received by

the entity from the Rural Economic Action Plan Fund were expended

during the fiscal year ending on the June 30 date immediately

preceding the July 31 reporting date.
Okla. Stat. tit. 62, § 62-2203.5 — OK Code / Title 62 / Section 62-2203.5
Exemptions
Status: in_force

A. The provisions of this act shall not apply to sales

otherwise prohibited by subsections B and C of Section 4 of this act

when disaster relief materials are:

1. Sold to relief agencies or for charitable purposes;

2. Sold on contract to departments of the government or

governmental institutions;

3. Sold in bona fide clearance sales, if advertised, marked,

and sold as such;

Oklahoma Statutes - Title 62. Public Finance Page 639

4. Imperfect or damaged or are being discontinued and are

advertised, marked and sold as such;

5. Sold upon the final liquidation of any business;

6. Sold by any officer acting under the order or direction of

any court; or

7. Sold at any bona fide auction sale.

B. A retailer or wholesaler shall not be found to have sold or

advertised at less than cost if the materials sold are at a price

made in good faith to meet the price of a competitor who is selling

the same article or products of comparable quality at cost as a

wholesaler or retailer.

C. The price of disaster relief materials advertised, offered

for sale, or sold under the exemptions specified in Section 3 of

this act, shall not be considered the price of a competitor and

shall not be used as a basis for establishing prices below cost, nor

shall the price established at a bankrupt sale be considered the

price of a competitor.
Okla. Stat. tit. 62, § 62-690.13 — OK Code / Title 62 / Section 62-690.13
Loan application - Contents
Status: in_force

Prior to the loaning of any funds to an enterprise for building

and equipment, the Authority shall receive from such enterprise a

loan application in the form adopted by the Authority which shall

contain, without being limited to, the following provisions:

1. A general description of the project and a general

description of the purpose for which the project is to be

established;

2. A legal description of all real estate necessary for the

project;

3. Such plans and other documents as may be required to show

the type, structure and general character of the project;

Oklahoma Statutes - Title 62. Public Finance Page 481

4. A general description of the types and categories of skills,

and the number of employees to be employed in the operation of the

project;

5. Estimates of costs of the project;

6. A general description and statement of value of any

property, real or personal, of the enterprise applied or to be

applied to the project;

7. A statement of cash funds which are to be applied to the

project by the enterprise;

8. Evidence that the project will not cause the removal of an

industrial or manufacturing plant or facility from one area of the

state to another area of the state, or replace an existing facility;

and

9. Any additional evidence which the Authority may deem

pertinent to the determination of the probable successful operation

of the project at the selected location, and indicating that a

substantial increase in employment and payrolls will probably result

from the granting of such loans.
Okla. Stat. tit. 62, § 62-57.127 — OK Code / Title 62 / Section 62-57.127
Pledges and covenants
Status: in_force

In the event that the payments into the sinking fund in any

fiscal year plus the accumulation in such sinking fund are not

sufficient to pay the principal and interest due the following July

15 on the State of Oklahoma Building Bonds of 1968, then it shall be

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

the State of Oklahoma Building Bonds of 1968 Reserve Fund 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

bonds issued hereunder shall constitute the primary revenue

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

said bonds, but it is further pledged, for the purchasers, owners

Oklahoma Statutes - Title 62. Public Finance Page 256

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 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 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 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 Section 38 of Article

X of the Oklahoma Constitution, as it deems to be needful and

appropriate to the general purpose of effectuating this act.
Okla. Stat. tit. 62, § 62-57.26 — OK Code / Title 62 / Section 62-57.26
Approval of bonds by Supreme Court
Status: in_force

The Commission is authorized in its discretion to file an

application with the Supreme Court of Oklahoma for the approval of

any series of bonds to be issued hereunder, and exclusive original

jurisdiction is hereby conferred upon the Supreme Court to hear and

determine each such application. It shall be the duty of the court

to give such applications precedence over the other business of the

court and to consider and pass upon such applications and any

protests which may be filed thereto as speedily as possible. Notice

of the hearing on each application shall be given by notice

published in a newspaper of general circulation in the state that on

a day named the Commission will ask the court to hear its

application and approve the bonds. Such notice shall inform all

persons interested that they may file protests against the issuance

of the bonds and be present at the hearing and contest the legality

thereof. Such notice shall be published one time not less than ten

(10) days prior to the date named for the hearing and the hearing

may be adjourned from time to time in the discretion of the court.

If the court shall be satisfied that the bonds have been properly

authorized in accordance with this act and Section 33, Article X, of

Oklahoma Statutes - Title 62. Public Finance Page 211

the Constitution of Oklahoma, and that when issued they will

constitute valid obligations in accordance with their terms, the

court shall render its written opinion approving the bonds and shall

fix the time within which a petition for rehearing may be filed. The

decision of the court shall be a judicial determination of the

validity of the bonds, shall be conclusive as to the State of

Oklahoma, its officers, agents and instrumentalities, and thereafter

the bonds so approved and the revenues pledged to their payment

shall be incontestable in any court in the State of Oklahoma.
Okla. Stat. tit. 62, § 62-9.10 — OK Code / Title 62 / Section 62-9.10
Renumbered as § 34.39 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-57.173 — OK Code / Title 62 / Section 62-57.173
Schedule of repayment - Interest
Status: in_force

The Series D Bonds 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.

The Series D Bonds shall mature on January 15 in the years and

amounts, respectively, as follows:

YEAR AMOUNT

1976 $ 395,000

1977 420,000

1978 445,000

1979 470,000

1980 495,000

1981 520,000

1982 550,000

1983 580,000

1984 615,000

1985 650,000

1986 685,000

1987 725,000

1988 765,000

Oklahoma Statutes - Title 62. Public Finance Page 269

1989 810,000

1990 855,000

1991 900,000

1992 950,000

1993 1,000,000

1994 1,055,000

1995 1,115,000

The Series D Bonds shall bear interest, payable semiannually on

January 15 and July 15 of each year, shall be in such denomination

or denominations, shall be in such form either coupon or registered,

shall carry such registration or conversion privileges, shall be

executed in such manner, shall be payable in such medium of payment

at such place or places, as shall 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, at the discretion of the

Commission, be made subject to call and redemption, in inverse order

of bond numbers, at par or with premium, and accrued interest, with

the detailed provisions for such calling and redemption thereof and

the amount of the premium, if any, to be fixed by the Commission in

the resolution or resolutions for the issuance of such bonds. Until

such time as the Sinking Fund shall be sufficient to retire all

outstanding State of Oklahoma Building Bonds of 1968, including

interest thereon, there shall be paid into the Sinking Fund during

each fiscal year from the sources hereinabove pledged such amounts

as shall be necessary to pay the interest and principal as they

become due. 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, § 62-35.8 — OK Code / Title 62 / Section 62-35.8
Security standards
Status: in_force

A. Notwithstanding any other provision of law, the provisions

of the Information Technology Consolidation and Coordination Act

shall operate to maintain or increase security standards and shall

not jeopardize confidentiality or compliance with state or federal

laws or regulations. The State Governmental Technology Applications

Review Board shall consider and approve security protocols which

shall be followed by employees of the Information Services Division

of the Office of Management and Enterprise Services who are assigned

to service law enforcement agencies. The Board shall make

recommendations to state officers and employees related to

continuity of criminal justice information system security

protocols.

B. Notwithstanding the provisions of Section 35.5 of this

title, the transfer of information technology assets and positions

of the Department of Public Safety shall occur prior to the transfer

of assets and positions of other public safety agencies.

C. Unless otherwise provided for in law, the transfer of

information technology assets and positions of any state agency

pursuant to the Information Technology Consolidation and

Coordination Act shall not act to transfer to the Information

Services Division of the Office of Management and Enterprise

Services or to the Chief Information Officer the duties of a state

agency to keep, maintain and open to any person all records of the

Oklahoma Statutes - Title 62. Public Finance Page 155

agency in compliance with the Oklahoma Open Records Act. Each state

agency shall continue to be responsible for records created by,

received by, under the authority of, or coming into the custody,

control or possession of the agency including the duty to organize

and categorize the records in a retrievable form and the duty to

respond to requests for records, even if the records have been

transmitted to or stored by the Information Services Division of the

Office of Management and Enterprise Services or the Chief

Information Officer.

D. State employees who are members of the Teachers' Retirement

System of Oklahoma and are transferred pursuant to the Information

Technology Consolidation and Coordination Act may elect to continue

their participation in the Teachers' Retirement System of Oklahoma

in lieu of participating in the Oklahoma Public Employees Retirement

System. Any transferred employee who wishes to make such election

shall do so in writing within thirty (30) days of the effective date

of this act. If any transferred employee has already started

participating in the Oklahoma Public Employees Retirement System,

the employee may make an election to return to the Teachers'

Retirement System of Oklahoma if the election is made in writing

within thirty (30) days of the effective date of this act. In the

event a transferred employee who has already begun participating in

the Oklahoma Public Employees Retirement System elects to return to

the Teachers' Retirement System of Oklahoma, the Oklahoma Public

Employees Retirement System shall transfer the service credit and

contributions to the Teachers' Retirement System of Oklahoma for any

credit that accrued after the initial transfer. The election to

continue or return to participation in the Teachers' Retirement

System of Oklahoma pursuant to this subsection shall be irrevocable

and shall be effective until the employment with the Office of

Management and Enterprise Services is terminated.
Okla. Stat. tit. 62, § 62-690.12 — OK Code / Title 62 / Section 62-690.12
Venture capital loan program
Status: in_force

The Authority shall establish and administer a program of

venture capital loans to enterprises seeking to establish or expand

facilities within an enterprise district. As part of such program,

it shall be the duty of the Authority to solicit written proposals

from enterprises seeking to establish or expand facilities in the

enterprise district. Any proposal received by the Authority shall

be submitted to the Oklahoma Department of Commerce for comments and

recommendations.
Okla. Stat. tit. 62, § 62-478 — OK Code / Title 62 / Section 62-478
Registration or payment of excess warrants - Misdemeanor
Status: in_force

Any treasurer, excluding a school district treasurer, who shall

register or pay a warrant, or certificate of indebtedness, issued in

excess of the estimate made and approved by the excise board for the

current fiscal year, or in excess of a bond issue for such purpose,

shall be guilty of a misdemeanor and upon conviction, shall be

punished by a fine of not less than One Thousand Dollars ($1,000.00)

or by imprisonment in the county jail not exceeding one (1) year, or

by both such fine and imprisonment.
Okla. Stat. tit. 62, § 62-430.1 — OK Code / Title 62 / Section 62-430.1
Counties, cities, towns and school districts authorized
Status: in_force

to rent real or personal property - Definition of personal property.

A. The governing board of any county, city or town, or school

district is authorized to rent on a monthly basis real or personal

property as authorized by the governing board and to pay the rental

charges thereon for usage during any fiscal period, or portion

thereof, out of appropriations made and approved for such purposes

for, or during, such fiscal year. Any such rental contract

extending beyond June 30 of the fiscal year shall contain provisions

for mutual ratification of renewal under the conditions provided in

this section.

B. As used in this section, the term “personal property” shall

include, but not be limited to:

1. Portable, or otherwise moveable, buildings and structures;

2. Prefabricated metal buildings and structures, along with

necessary utility services for such buildings or structures;

3. Roofs placed over existing roof structures; provided, lease-

purchase of retrofit metal roofs shall be awarded by competitive

bids and the governing board of any county, city or town, or school

district shall comply with the Public Competitive Bidding Act of

1974 where total payments of principle and interest provided by the

lease-purchase contract are anticipated to exceed Twenty-five

Thousand Dollars ($25,000.00); and

4. Other structures or property that can be disassembled after

installation and removed without permanent physical damage to

existing property.

Notwithstanding the provisions of Section 7 of Title 60 of the

Oklahoma Statutes, such personal property shall retain its status as

personal property and shall not be deemed to become attached to the

real estate for the duration of the lease-purchase agreement.

C. It is the purpose of this section to authorize such

governing boards to enter into lease and lease-purchase contracts

but not to incur any obligation upon the part of their respective

municipal or governmental subdivisions in excess of the income and

revenue thereof provided for such purposes for the fiscal year in

which the lease contract is effectively operative.

D. Any agreement to lease and purchase real or personal

property, where title is to be acquired by the municipal or

governmental subdivision, shall state the purchase price of the real

or personal property so leased and in no event shall the lease be

extended so as to cause payment of more than the stated purchase

Oklahoma Statutes - Title 62. Public Finance Page 425

price of the real or personal property plus interest not to exceed

ten percent (10%) simple interest on the unpaid balance due as of

each payment date. When the purchase price plus interest has been

paid, the property shall belong to the lessee and the lessor shall

deliver a bill of sale to the property to the lessee. Any lease-

purchase agreement may include an option to purchase, transfer and

acquire title during the term of the lease upon payment of the

balance of the agreed purchase price, and each agreement shall

include a provision to transfer title to the lessee at the end of

the completed lease term for nominal or no additional consideration.

E. The payment for the lease or rental of real or personal

property shall be made only from annual and supplemental

appropriations specifically designated for such purpose, and no

appropriation for the purpose of paying rentals on real or personal

property shall be transferred or diverted to any other purpose,

except as may be authorized by the terms of the agreement or by law.

F. When any real or personal property has been leased or rented

during any fiscal year under any contract which permits continuance

of such rental for the remainder of the fiscal year, the renting or

leasing thereof shall be continued for the remainder of the fiscal

year unless the governing body renting or leasing the same, by

proper resolution entered in the minutes of the governing body,

shall certify that the continuance of such rental is unnecessary and

contrary to the public interest. However, to affect a contract

termination of lease or lease-purchase equipment, written notice

shall be sent by certified mail to the vendor thirty (30) days prior

to the termination of the contract. Such notice shall be

accompanied by payment of all sums then owed up to the date of the

termination of the contract and shall certify that the canceled

equipment is not being replaced by equipment performing similar

functions. All equipment covered by such contract termination shall

be returned to the vendor at the expense of the governmental agency

terminating such contract. Such equipment shall be returned in good

condition to a location designated by the vendor and the equipment,

when returned, shall be free of all liens and encumbrances.

Satisfaction of all of the requirements of this section shall

release the governmental agency terminating such contract from any

further obligation to make any further payments to the vendor.
Okla. Stat. tit. 62, § 62-891.2 — OK Code / Title 62 / Section 62-891.2
Purpose of act
Status: in_force

The Legislature finds investments for the purpose of economic

development of the State of Oklahoma, including but not limited to

authorized economic development projects for the purpose of

attracting private investment and job creation, public

infrastructure to aid development such as roads, bridges, water

treatment, water storage and water delivery facilities, surface

water management assets, sanitary sewer facilities and related

assets, and other assets owned or maintained by the counties, cities

and towns of the state are essential to a safe and productive

environment for the residents of the state and visitors to the

state. The Legislature further finds that existing fiscal resources

at the local government level are not always sufficient to maintain

the highest possible standards of safety or quality and that it is

an essential function of state government to ensure that critical

infrastructure is constructed, maintained and repaired in conformity

with such highest possible standards. The Legislature finds that

encouraging local governments to cooperate to develop regional

infrastructure and economic development projects will most

economically and efficiently serve the needs of the state’s

citizens. The Legislature finds that the methods of public finance

provided for in the Oklahoma Community Economic Development Pooled

Finance Act are in furtherance of an essential public and state

governmental function.
Okla. Stat. tit. 62, § 62-88.1 — OK Code / Title 62 / Section 62-88.1
Short title
Status: in_force

Sections 1 through 9 of this act shall be known and may be cited

as the "Oklahoma Small Business Linked Deposit Act".
Okla. Stat. tit. 62, § 62-41.5a — OK Code / Title 62 / Section 62-41.5a
Renumbered as § 34.12 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-34.68 — OK Code / Title 62 / Section 62-34.68
Approval of claims and payrolls
Status: in_force

A. The elected or appointed executives of any state agency or

their designated administrative employees shall approve individual

claims of the agency which are used as the basis for the payment of

money from the State Treasury from any fund. These individuals

shall be known as the "agency approving officers".

B. Payrolls shall show the amount to be paid to each named

person for the period of time shown.

C. The number of persons authorized to make such approval shall

not exceed five people for any one state agency without the special

approval of the Director of the Office of Management and Enterprise

Services.

D. All agency approving officers shall execute a bond issued by

a surety company licensed to do business in this state, payable to

the state in the amount required by the Director of the Office of

Management and Enterprise Services but not less than Fifty Thousand

Dollars ($50,000.00) and conditioned for the faithful performance of

their duties, as surety, which shall be approved by the Director of

the Office of Management and Enterprise Services and filed in the

office of the Secretary of State.

E. After state claims and/or payrolls have been approved by the

above agency approving officers, they shall be filed with the

Director of the Office of Management and Enterprise Services for

auditing and settlement.
Okla. Stat. tit. 62, § 62-57.13 — OK Code / Title 62 / Section 62-57.13
Intent as to use of existing resources
Status: in_force

It is hereby declared to be the intent of the Legislature of

Oklahoma, in adopting this act, that the State of Oklahoma Building

Bonds authorized by this act be financed and purchased with

resources possessed by the State of Oklahoma, in the custody of the

State Treasurer of the State of Oklahoma and of the Commissioners of

the Land Office; and that the resources in the custody of the State

Treasurer be used for said purpose to the maximum extent possible

before the resources of the Commissioners of the Land Office are

used for said purpose.
Okla. Stat. tit. 62, § 62-870 — OK Code / Title 62 / Section 62-870
Short title
Status: in_force

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

Housing Incentive District Act”.
Okla. Stat. tit. 62, § 62-139.45 — OK Code / Title 62 / Section 62-139.45
Expenditures for unforeseen emergencies
Status: in_force

The Governor may, subject to the provisions of this act,

allocate and authorize the expenditure of any or all of the money

accruing to the State Emergency Fund only for the purpose of

defraying expenses arising by reason of emergencies as hereinafter

defined, and which were not foreseen or reasonably foreseeable by

the legislature or either house thereof, but for which the

legislature could have lawfully made appropriations. In no event

may any monies in said fund be allocated or expended for any

purpose, use, or object considered or acted upon adversely by the

legislature or either house thereof. The Director of the Office of

Management and Enterprise Services is hereby authorized and directed

Oklahoma Statutes - Title 62. Public Finance Page 334

to disallow and reject any claim against an allocation made from the

State Emergency Fund contrary to the provisions of this act.
Okla. Stat. tit. 62, § 62-584 — OK Code / Title 62 / Section 62-584
System of registration
Status: in_force

A. Each issuer is authorized to establish and maintain a system

of registration with respect to each obligation which it issues.

The system may either be:

1. A system pursuant to which only certificated registered

public obligations are issued; or

2. A system pursuant to which only uncertificated registered

public obligations are issued; or

3. A system pursuant to which both certificated and

uncertificated registered public obligations are issued.

The issuer may amend, discontinue and reinstitute any system, from

time to time,subject to covenants.

B. The system shall be established, amended, discontinued or

reinstituted for the issuer by, and shall be maintained for the

issuer as provided by, the official or official body.

C. The system shall be described in the registered public

obligation or in the official actions which provide for original

issuance of the registered public obligation, and in subsequent

official actions providing for amendments and other matters from

time to time. Such description may be by reference to a program of

the issuer which is established by the official or official body.

D. The system shall define the method or methods by which

transfer of the registered public obligation shall be effective with

respect to the issuer, and by which payment of principal and any

interest shall be made. The system may permit the issuance of

Oklahoma Statutes - Title 62. Public Finance Page 461

registered public obligations in any denomination to represent

several registered public obligations of smaller denominations. The

system may also provide for the form of any certificated registered

public obligation or of any writing relating to an uncertificated

registered public obligation, for identifying numbers or other

designations, for a sufficient supply of certificates for subsequent

transfers, for record and payment dates, for varying denominations,

for communications to holders or owners of obligations, and for

accounting, canceled certificate instruction registration and

release of security interests and other incidental matters. Unless

the issuer otherwise provides, the record date for interest payable

on the first or fifteenth day of a month shall be the fifteenth day

or the last business day of the preceding month, respectively, and

for interest payable on other than the first or fifteenth day of a

month, shall be the fifteenth calendar day before the interest

payment date.

E. Under a system pursuant to which both certificated and

uncertificated registered public obligations are issued, both types

of registered public obligations may be regularly issued, or one

type may be regularly issued and the other type issued only under

described circumstances or to particular described categories of

owners and provision may be made for registration and release of

security interests in registered public obligations.

F. The system may include covenants of the issuer as to

amendments, discontinuances, and reinstitutions of the system and

the effect of such on the exemption of interest from the income tax

provided for by the Code.

G. Whenever an issuer shall issue an uncertificated registered

public obligation, the system of registration may provide that a

true copy of the official actions of the issuer relating to such

uncertificated registered public obligation be maintained by the

issuer or by the person, if any, maintaining such system on behalf

of the issuer, so long as the uncertificated registered public

obligation remains outstanding and unpaid. A copy of such official

actions, verified to be such by an authorized officer, shall be

admissible before any court of record, administrative body or

arbitration panel without further authentication.

H. Nothing in this act shall preclude a conversion from one of

the forms of registered public obligations provided for by this act

to a form of obligation not provided for by this act if interest on

the obligation so converted will continue to be exempt from the

income tax provided for by the Code.

I. The rights provided by other laws with respect to

obligations in forms not provided for by this act shall, to the

extent not inconsistent with this act, apply with respect to

registered public obligations issued in forms authorized by this

act.

Oklahoma Statutes - Title 62. Public Finance Page 462
Okla. Stat. tit. 62, § 62-695.21 — OK Code / Title 62 / Section 62-695.21
Short title
Status: in_force

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

Private Activity Bond Allocation Act".
Okla. Stat. tit. 62, § 62-160.2 — OK Code / Title 62 / Section 62-160.2
Oklahoma State University College of Osteopathic
Status: in_force

Medicine Revolving Fund.

There is hereby created in the State Treasury a revolving fund

for the Oklahoma State University College of Osteopathic Medicine to

be designated the "Oklahoma State University College of Osteopathic

Medicine Revolving Fund". The fund shall be a continuing fund, not

subject to fiscal year limitations, and shall consist of all monies

apportioned to the fund pursuant to Sections 302-5 and 402-3 of

Oklahoma Statutes - Title 62. Public Finance Page 341

Title 68 of the Oklahoma Statutes. All monies accruing to the

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

expended by the Oklahoma State University College of Osteopathic

Medicine for the purpose of servicing debt obligations for

construction of a building dedicated to telemedicine to expand

telemedicine to rural areas, for the purchase of telemedicine

equipment and to provide uninsured/indigent care in Tulsa County.

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.
Okla. Stat. tit. 62, § 62-277.2 — OK Code / Title 62 / Section 62-277.2
Investments - Interest
Status: in_force

The State Treasurer is hereby authorized and directed to invest

federal revenue sharing 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, 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. Earnings or interest on federal revenue sharing monies

shall be deposited in the Federal Revenue Sharing Fund.
Okla. Stat. tit. 62, § 62-690.3 — OK Code / Title 62 / Section 62-690.3
Designation of enterprise zones - Application
Status: in_force

A. On July 1 of each year, the Oklahoma Department of Commerce

shall designate as enterprise zones those counties which meet the

criteria set out in subparagraph a of paragraph 5 of Section 690.2

of this title or cities or towns or areas contiguous to cities or

towns which meet the criteria set out in subparagraph b of paragraph

5 of Section 690.2 of this title. The list shall also include all

areas designated as federal enterprise communities which shall be

Priority Enterprise Zones for three (3) years.

Oklahoma Statutes - Title 62. Public Finance Page 475

B. The Oklahoma Department of Commerce shall, within thirty

(30) days following July 1 of each year, submit to the board of

county commissioners of each county a list of the counties

designated enterprise zones.

C. Upon application by an enterprise seeking to qualify for the

benefits and incentives authorized by the provisions of the Oklahoma

Enterprise Zone Act, the Oklahoma Department of Commerce may approve

an enterprise for the benefits and incentives as provided by law.

D. The Oklahoma Department of Commerce shall promulgate rules

concerning application procedures and requirements for an enterprise

to qualify for benefits and incentives pursuant to the Oklahoma

Enterprise Zone Act in accordance with the Administrative Procedures

Act.
Okla. Stat. tit. 62, § 62-306c — OK Code / Title 62 / Section 62-306c
Notation of discharge and release of property
Status: in_force

The county treasurer shall, upon presentation of a certified

copy of any order entered in accordance with Section 3 hereof,

thereupon enter upon the tax rolls of said county wherein any such

special assessment shall appear a notation showing that the same has

been discharged and released by virtue of such compromise settlement

and order of the district court thereon.
Okla. Stat. tit. 62, § 62-57.92 — OK Code / Title 62 / Section 62-57.92
Attorney General
Status: in_force

It is provided that the Attorney General of the State of

Oklahoma shall represent the said Building Bonds Commission in the

discharge of its functions provided by this act, and said Building

Bonds Commission shall not employ a private attorney or attorneys.
Okla. Stat. tit. 62, § 62-891.9 — OK Code / Title 62 / Section 62-891.9
Local governments liable for debt issued — Payments
Status: in_force

A. With respect to an eligible project financed through the

Infrastructure Pool, local government entities shall be required to

be financially responsible for the repayment of the debt issued by

the Oklahoma Development Finance Authority.

B. With respect to obligations incurred by the Authority for an

authorized infrastructure project, local government entities shall

make payments to the Oklahoma Development Finance Authority for

principal, interest, required reserve amounts, and any other amount

required in order to make the obligations issued by the Authority

marketable.

C. Repayment by local government entities pursuant to the

provisions of this section shall consist of authorized revenue

sources including, but not limited to, taxes levied by the local

government entities or which are available for use by such entities

pursuant to the provisions of Section 1370 of Title 68 of the

Oklahoma Statutes, Section 2701 et seq. of Title 68 of the Oklahoma

Statutes and the provisions of Sections 13 and 14 of this act.

D. The Authority shall use the monies in the Community Economic

Development Pooled Finance Revolving Fund created by Section 15 of

this act in order to make payments of principal, interest and other

costs.
Okla. Stat. tit. 62, § 62-2004 — OK Code / Title 62 / Section 62-2004
Deposit of monies in Rural Economic Action Plan Fund
Status: in_force

accounts - Expenditures.

A. The monies appropriated to the Rural Economic Action Plan

Fund shall be subject to all of the requirements of Sections 2006

through 2013 of this title.

B. In a fiscal year for which the amount appropriated to the

Rural Economic Action Plan Fund is less than or equal to the sum of

Fifteen Million Five Hundred Thousand Dollars ($15,500,000.00),

there shall be deposited into each of the accounts provided by

Section 2006 of this title the sum of one-tenth (1/10) of the amount

appropriated to the Rural Economic Action Plan Fund with the

exception of one account which shall be divided equally into two

subaccounts. One of the two subaccounts shall be available to one

and only one of the entities described by subsection B of Section

2007 of this title for distribution to cities or towns within the

respective jurisdiction of the entity if the population of such city

or town does not exceed seven thousand (7,000) persons according to

the latest Federal Decennial Census or for the benefit of an

unincorporated area. Funds may also be expended for any city or

town with a population below seven thousand (7,000) persons based

upon the current population estimate according to the U.S. Census

Oklahoma Statutes - Title 62. Public Finance Page 623

Bureau. Funds may be expended for such cities and towns until the

next following Federal Decennial Census. Provided, for any fiscal

year following the first fiscal year that the provisions of

subsection D of this section have taken effect, funds appropriated

to the Rural Economic Action Plan Fund shall be deposited as

provided in subsection D of this section and the provisions of this

subsection shall not be in effect.

C. In a fiscal year for which the amount appropriated to the

Rural Economic Action Plan Fund is greater than Fifteen Million Five

Hundred Thousand Dollars ($15,500,000.00), but less than Seventeen

Million Fifty Thousand Dollars ($17,050,000.00), there shall be

deposited into each of nine separate accounts for the entities

described by subsection A of Section 2007 of this title the sum of

One Million Five Hundred Fifty Thousand Dollars ($1,550,000.00).

There shall be divided equally between two additional accounts for

the use and benefit of the entities described by subsection B of

Section 2007 of this title the balance of any such appropriation in

excess of Thirteen Million Nine Hundred Fifty Thousand Dollars

($13,950,000.00), but less than Seventeen Million Fifty Thousand

Dollars ($17,050,000.00).

D. In the first fiscal year for which the amount appropriated

to the Rural Economic Action Plan Fund equals or exceeds the sum of

Seventeen Million Fifty Thousand Dollars ($17,050,000.00), and in

every subsequent fiscal year, there shall be deposited an equal

amount to each of eleven accounts created for the use and benefit of

the entities described by subsections A and B of Section 2007 of

this title.

E. Regardless of the number of accounts created based upon the

appropriation amount to the Rural Economic Action Plan Fund, all

expenditures from all accounts shall be governed by the limitations

imposed pursuant to Sections 2002 through 2013 of this title,

including the limitations applicable to expenditures for the benefit

of cities or towns based upon population limits or expenditures for

the benefit of unincorporated areas.
Okla. Stat. tit. 62, § 62-3105 — OK Code / Title 62 / Section 62-3105
Retirement bills - Presentation to Legislative Actuary -
Status: in_force

Certification of fiscal impact - Restrictions.

As a condition precedent to the introduction of any retirement

bill, the applicable legislative staff, on behalf of the member of

the Legislature who intends to be the primary author of the bill

must present an exact copy of the proposed bill, which must bear an

RB number, to the Legislative Actuary. The Legislative Actuary

shall determine whether the proposed bill is a retirement bill

having a fiscal impact or a nonfiscal retirement bill and provide a

written certification of that determination to the member of the

Legislature who intends to be the primary author of the bill. Such

certification shall specifically identify the proposed bill by

reference to the RB number. If the proposed bill is introduced into

the Legislature, it shall have attached thereto the original of the

certification of the Legislative Actuary. If the RB number on the

bill as offered for introduction is different from the RB number

shown on the certification of the Legislative Actuary or if the bill

as offered for introduction does not bear an RB number on each page

of the bill, the bill may not be accepted for introduction by the

Secretary of the Senate or the Clerk of the House of

Representatives, and the bill may not be considered by any committee

of the House of Representatives or the Senate or by the House of

Representatives or the Senate. If the bill is certified as a

retirement bill having a fiscal impact, its introduction shall also

be limited by the provisions of subsection A of Section 3107 of this

title.
Okla. Stat. tit. 62, § 62-755 — OK Code / Title 62 / Section 62-755
Principal amount of refunding bond - Requisites of bonds -
Status: reserved

Redemption - Recitals.

A. The principal amount of the refunding bonds may be less

than, more than, or the same as the principal amount of the

obligations being refunded, if there is a provision for the payment

in full and discharge of such refunded obligations. The principal

amount of the refunding bonds may be greater than the principal

amount of the bonds being refunded only if the total principal and

interest of the refunding bonds is less than the total principal and

interest of the bonds being refunded.

B. Refunding bonds issued pursuant to the provisions of the

General Obligation Public Securities Refunding Act shall:

1. Be of a convenient denomination;

2. Mature at such time not exceeding twenty-five (25) years

from the date of the refunding bonds as determined by the governing

body, with municipal levies to begin as determined by the governing

body, but in not more than five (5) years of the date of the

refunding bonds;

3. Be in coupon or registered form;

4. Bear interest at a specified rate determined by the

governing body, but not exceeding any applicable statutory rate,

payable annually or semiannually, but the first interest payment may

be for interest accruing for any other period not to exceed three

(3) years;

Oklahoma Statutes - Title 62. Public Finance Page 515

5. Be made payable, both principal and interest, in legal

tender of the United States, at such place as determined by the

governing body;

6. Be legal tender and authorized investments for banks,

savings banks, trust companies, savings and loan associations,

insurance companies, fiduciaries, trustees and guardians, and for

the State of Oklahoma and any of its political subdivisions,

departments, institutions and agencies. Coupon bonds, when

accompanied by all unmatured coupons appurtenant thereto, and

registered bonds are approved as collateral security for all

deposits of state funds or any other public funds. Provided, the

bonds being refunded shall still be approved as collateral security

for all deposits of state funds or any other public funds.

C. The right to redeem all or part of the refunding bonds prior

to their maturity, and the order of any said redemption, may be

reserved in the ordinance or resolution of the governing body

authorizing the issuance of the bonds and, if so reserved, shall be

set forth in the text of such refunding bonds.

D. Any ordinance or resolution authorizing, or any escrow

agreement or trust indenture or other instrument appertaining to,

any refunding bonds issued pursuant to the provisions of the General

Obligation Public Securities Refunding Act may provide that each

refunding bond shall recite that it is issued pursuant to the

authority of the General Obligation Public Securities Refunding Act.

The recital shall conclusively impart full compliance with all of

the provisions and limitations of the General Obligation Public

Securities Refunding Act. All refunding bonds issued containing the

recital shall be incontestable for any cause whatsoever after their

delivery for value.
Okla. Stat. tit. 62, § 62-41.29a — OK Code / Title 62 / Section 62-41.29a
Renumbered as § 34.88 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-426 — OK Code / Title 62 / Section 62-426
Acceptance of funding or refunding bonds in lieu of
Status: in_force

warrants, judgments or bonds in sinking fund.

The governing board of any county, city, town, township, board

of education, school district or any other municipal corporation of

this state, holding in its sinking fund either warrants, judgments

or bonds, is authorized to enter into an agreement with the

governing board of the municipality against which said warrants,

judgments or bonds are an obligation thereof, to accept funding or

refunding bonds in lieu of said obligations. Said agreement shall

provide for the rate of interest said funding or refunding bonds

shall bear, which may be less than the rate of interest the

indebtedness to be funded bears.Oklahoma Statutes - Title 62. Public Finance Page 15
Okla. Stat. tit. 62, § 62-690.16 — OK Code / Title 62 / Section 62-690.16
Enterprise District Loan Fund
Status: in_force

A. There is hereby created a special account to be known as the

"Enterprise District Loan Fund", to which fund shall be credited all

monies received as loan capital by the Authority from the sale of

general obligation bonds. To this fund there shall also be

deposited and credited all payments received on interest and

principal of loans outstanding made, or to be made, by the

Authority, all such deposits to be made immediately upon receipt of

same.

The treasurer of the Authority shall deposit daily, no later

than the next banking day, all such funds and monies in one or more

banks that have been designated as county depositories by the boards

of county commissioners of the respective counties comprising an

enterprise district. Monies accruing to the fund may be expended by

the Authority for carrying out the provisions of this act.

B. It is hereby unlawful for any of the funds of the Authority

to be deposited in any bank in which any member of the board of

county commissioners or the governing body of any city or town or

any member of the Authority is the owner of any stock or otherwise

directly or indirectly pecuniarily interested. A county

commissioner or a member of the governing body of a city or town or

a member of the Authority shall be considered to be interested in

such a bank if any member of his immediate family owns any interest

in said depository bank.

C. As often as may be necessary the Authority shall requisition

from the Enterprise District Loan Fund, upon warrants duly drawn as

required by law, such amounts as shall be allocated and appropriated

by the Authority for loans to enterprises upon approved projects.

When and as the amounts so allocated and appropriated by the

Authority as loans to enterprises are repaid to the Authority

pursuant to the terms of the mortgages and other agreements made and

entered into by the Authority, the Authority shall immediately pay

such amounts into said fund, it being the intent of this act that

the Enterprise District Loan Fund shall operate as a revolving fund

Oklahoma Statutes - Title 62. Public Finance Page 483

whereby all monies placed therein shall be applied and reapplied to

the purposes of this act.

D. To guarantee payment of interest on bonds, as the same shall

become due, the Authority shall pay into a special "Bond Interest

Account" fund, out of the first-earned interest received into the

Enterprise District Loan Fund, an amount sufficient to cover all

interest requirements at least thirty (30) days prior to the due

date thereof.

E. To guarantee retirement of bonds at maturity, the Authority

shall provide for a "Bond Redemption Account", in addition to

interest reserves, as above set out, and there shall be paid

annually into such Bond Redemption Account, after all interest

requirements have been met, beginning at a time to be determined by

the Authority, a sum sufficient to retire all bonds issued at

maturity.

F. All monies deposited in the Enterprise District Loan Fund,

the Bond Interest Account fund and the Bond Redemption Account shall

draw interest at rates considered competitive with those offered for

similar accounts.
Okla. Stat. tit. 62, § 62-306 — OK Code / Title 62 / Section 62-306
Compromise and settlement of amount due under certain
Status: in_force

bonds and warrants and charged against property.

The holder of any matured and unpaid street improvement bonds

or warrants, or district sanitary sewer, or storm sewer, or sidewalk

warrants, issued by any municipal corporation of this state, whether

such bond or warrant be unpaid in part or in whole, together with

the owner of any property which is or shall be charged with a lien

for the payment of any such matured and unpaid bond or warrant, in

whole or in part, by virtue of the act or acts under which such bond

or warrant may have been issued, and together with the mayor and

city council of the issuing municipality are hereby authorized to

enter into a compromise and settlement of the amount due thereon and

charged against any such property.Oklahoma Statutes - Title 62. Public Finance Page 13
Okla. Stat. tit. 62, § 62-754.1 — OK Code / Title 62 / Section 62-754.1
Public hearing on voting on refunding or altering terms
Status: in_force

of bond issue - Notice.

Prior to voting on refunding or altering the original terms of

the bond issue involved, the entity involved must hold a public

hearing to advise the public of the terms, conditions, fees and

expenses involved. Notice of such hearing must be given at least

ten (10) days prior thereto.
Okla. Stat. tit. 62, § 62-88.7 — OK Code / Title 62 / Section 62-88.7
Liability of state and State Treasurer on loans - Default
Status: in_force

in payment of loan.

The State of Oklahoma and the State Treasurer shall not be

liable to any eligible lending institution in any manner for payment

of the principal or interest on the loan to an eligible participant.

Any delay in payments in default on the part of an eligible

participant does not in any manner affect the small business linked

deposit agreement between the eligible lending institution and the

State Treasurer.

Oklahoma Statutes - Title 62. Public Finance Page 308
Okla. Stat. tit. 62, § 62-394 — OK Code / Title 62 / Section 62-394
Attestation - Denominations - Term of bonds - Recitals
Status: in_force

Bonds issued under this article by any county shall be signed by

the chairman of the board of county commissioners, and attested by

the county clerk under the seal of the county. Bonds issued by any

city or town shall be signed by the mayor or president of the board

and attested by the city or town clerk, under the seal of the city

or town, as the case may be. Bonds issued by any township shall be

signed by the trustee, attested by the township clerk, and

countersigned by the township treasurer. Bonds issued by the board

of education of any city shall be signed by the president, and

attested by the clerk of the board under the seal of such board.

Oklahoma Statutes - Title 62. Public Finance Page 411

Bonds issued by any school district shall be signed by the director,

attested by the clerk and countersigned by the treasurer of such

school district board; and coupons shall be signed by the mayor,

president, director, trustee or chairman of the board of county

commissioners, and the clerks, respectively. Such bonds may be in

any denomination from One Hundred ($100.00) to One Thousand Dollars

($1,000.00), and made payable at such place as may be designated

upon the face thereof, and they shall contain a recital that they

are issued under this article.
Okla. Stat. tit. 62, § 62-695.1 — OK Code / Title 62 / Section 62-695.1
Short title
Status: in_force

This act shall be known and may be cited as the "Oklahoma Bond

Oversight and Reform Act".
Okla. Stat. tit. 62, § 62-57.79 — OK Code / Title 62 / Section 62-57.79
Transfer of funds
Status: in_force

That on June 30, 1967, the State Treasurer of the State of

Oklahoma shall transfer to the general fund of the State of Oklahoma

all sums of money accrued and paid into the sinking funds and the

reserve fund of the aforementioned bond issues for the purpose of

paying interest thereon and creating a reserve fund.
Okla. Stat. tit. 62, § 62-57.134 — OK Code / Title 62 / Section 62-57.134
Investment of sinking fund monies
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 261

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 bonds, which earnings shall be deposited in the

sinking fund.
Okla. Stat. tit. 62, § 62-7.10 — OK Code / Title 62 / Section 62-7.10
Renumbered as § 34.70 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-57.172 — OK Code / Title 62 / Section 62-57.172
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

Oklahoma Statutes - Title 62. Public Finance Page 268

following fiscal years for the payment of the principal upon the

Series D Bonds:

FISCAL YEAR BEGINNING JULY 1 AMOUNT

1973 $ -0-

1974 -0-

1975 395,000

1976 420,000

1977 445,000

1978 470,000

1979 495,000

1980 520,000

1981 550,000

1982 580,000

1983 615,000

1984 650,000

1985 685,000

1986 725,000

1987 765,000

1988 810,000

1989 855,000

1990 900,000

1991 950,000

1992 1,000,000

1993 1,055,000

1994 1,115,000
Okla. Stat. tit. 62, § 62-41.5h — OK Code / Title 62 / Section 62-41.5h
Renumbered as § 34.19 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-2021 — OK Code / Title 62 / Section 62-2021
Oklahoma Disaster Mitigation and Recovery Matching Fund
Status: in_force

A. There is hereby established a fund within the State Treasury

to be known as the Oklahoma Disaster Mitigation and Recovery

Matching Fund, to be administered by the Oklahoma Department of

Commerce. The fund shall be a continuing fund not subject to fiscal

year limitations. Within the Oklahoma Disaster Mitigation and

Recovery Matching Fund there shall be established separate accounts

as prescribed by Section 2022 of this title into which shall be

deposited such funds as may be provided by law.

B. One of nine accounts shall be available to each entity

described in subsection A of Section 2022 of this title.

C. One account shall be divided equally into two subaccounts.

One of the two subaccounts shall be available to each of the

entities described by subsection B of Section 2022 of this title for

distribution to any city or town within the respective jurisdiction

of the entity or for the benefit of an unincorporated area.

D. The Oklahoma Department of Commerce may deposit funds in any

account or subaccount as needed, in any amount, up to and including

the full amount of the available funds in order to pay for eligible

activities at any time. The Oklahoma Department of Commerce may

exercise discretion to determine the appropriate amount of funds

needed to support eligible activities. No entity may access any

more than one account per fiscal year and the total expenditure from

any one account for each fiscal year may not exceed the amount of

funds available to each account as may be provided by law.

E. No monies in the Oklahoma Disaster Mitigation and Recovery

Matching Fund shall be used for the payment of administrative

expenses, salaries, or any other continuing obligation of the

Oklahoma Department of Commerce.
Okla. Stat. tit. 62, § 62-3108 — OK Code / Title 62 / Section 62-3108
Retirement bills having fiscal impact - Committee
Status: in_force

amendments - Transmission to Legislative Actuary.

A. A retirement bill having a fiscal impact which the committee

wishes to consider may be amended, if necessary, by the committee.

If a retirement bill having a fiscal impact is changed by the

committee to which it is assigned, such change shall be accomplished

only by a substitute bill.

B. Immediately after a retirement bill having a fiscal impact

has been considered and the committee has voted in favor of an

actuarial investigation, the chair of the committee to which the

bill was assigned shall transmit an exact copy of the bill, as

amended by a substitute bill by the committee, when applicable, to

the Legislative Actuary. The copy submitted to the Legislative

Actuary shall bear an RB number. The submission of the bill to the

Legislative Actuary shall have attached thereto a letter signed by

the chair of the committee requesting the Legislative Actuary to

make or cause to be made an actuarial investigation on the bill.
Okla. Stat. tit. 62, § 62-41.5g — OK Code / Title 62 / Section 62-41.5g
Renumbered as § 34.18 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-695.10A — OK Code / Title 62 / Section 62-695.10A
Public finance service provider - Required disclosure
Status: in_force

A. As used in this section, "public finance service provider"

means underwriters, bond or other legal counsel, financial advisors,

consultants, and financial institutions who serve as trustee, paying

Oklahoma Statutes - Title 62. Public Finance Page 495

agent or in any fiduciary capacity, who seek to provide services to

State Governmental Entities or Local Governmental Entities with

regard to the issuance of bonds, notes or other evidences of

indebtedness.

B. Any public finance service provider shall be required to

make a disclosure, upon such form as the Deputy Treasurer for Debt

Management may prescribe, of any and all direct financial

contributions made by the public finance service provider which

exceed Five Thousand Dollars ($5,000.00) in any calendar year on a

cumulative basis to any nonprofit organization, regardless of its

exempt status pursuant to the provisions of the Internal Revenue

Code of 1986, as amended, the primary purpose of which is to provide

services to one or more political subdivisions of the state or the

membership of which consists primarily of public school

administrators, common school districts or common school district

boards of education, common school superintendents, career

technology districts or career technology district governing boards,

municipal government entities, county commissioners or other public

officials or local government entity having authority to issue debt

obligations either directly or which is the beneficiary of a public

trust organized pursuant to the provisions of Section 176 et seq. of

Title 60 of the Oklahoma Statutes.

C. In addition, the public finance service provider shall be

required to make disclosure of any and all direct financial

contributions which exceed One Hundred Dollars ($100.00) on a

cumulative basis during any calendar year made to any elected

officials or employees of a State Governmental Entity or Local

Governmental Entity to which financial services are to be provided

in connection with issuance of debt obligations or contributions

made to any individuals associated with any of the nonprofit

organizations described by subsection B of this section.

D. The disclosure shall be filed annually with the Deputy

Treasurer for Debt Management not later than January 15, or the

first business day after such date if January 15 is not a date upon

which the State Treasurer's office is open for business, and shall

include an itemized description of all direct financial

contributions made to any and all of the entities described by

subsections B and C of this section by the public finance service

provider during the immediately preceding calendar year.

E. Any public finance service provider shall submit a copy of

the most recent disclosure document on file with the Deputy

Treasurer for Debt Management as required pursuant to subsection D

of this section prior to the selection of a public finance service

provider by any county, city, town, common school district, career

technology district or other local government entity or any public

trust organized pursuant to the provisions of Section 176 et seq. of

Title 60 of the Oklahoma Statutes having one or more political

Oklahoma Statutes - Title 62. Public Finance Page 496

subdivisions as its beneficiary or beneficiaries, with respect to

the issuance of any obligations described by subsection A of this

section. The disclosure document shall be provided to each member

of the governing board of the unit of local government to which

services will be provided and, if applicable, to each member of the

board of trustees of any public trust as described in this

subsection to which public finance services will be provided. If

the board of trustees of such public trust is comprised of persons

who are also members of the governing board of the unit of local

government, the disclosure document may be provided to the members

of the governing board of the unit of local government and the

document will not be required to be provided to any member of the

board of trustees of the public trust unless such person is not a

member of the governing board of the unit of local government.
Okla. Stat. tit. 62, § 62-655 — OK Code / Title 62 / Section 62-655
Type of bonds - Interest - Conditions - Sale and
Status: in_force

execution.

(a) The issuance of revenue bonds shall be by a resolution of

the trustees. The bonds may be issued in one or more series, may

bear such date or dates, may mature at such time or times, not

exceeding thirty (30) years from their respective dates, may bear

interest at such rate or rates, not exceeding the maximum rate

provided by Section 498.1 of this title, may be in such form, may be

executed in such manner, may be payable in such medium of payment,

at such place or places, may be subject to such terms of redemption,

and may contain such terms, covenants, and conditions as the

resolution may provide including without limitation those pertaining

to the custody and application of the proceeds of the bonds, the

collection and disposition of revenues, the maintenance of various

funds and reserves, the nature and extent of the security, the

rights, duties, and obligations of the trustees and the trustee for

the holders or registered owners of the bonds, and the rights of the

holders or registered owners of the bonds. There may be successive

bond issues for the purpose of financing the same industrial project

(lands, buildings, or facilities) involving one or more industries,

and there may be successive bond issues for financing the cost of

reconstructing, replacing, constructing additions to, extending,

improving, and equipping industrial projects (lands, buildings, or

facilities) already in existence, whether or not originally financed

by bonds issued under this act, with each successive issue to be

authorized as provided by this act. Priority between and among

issues and successive issues as to security of the pledge of

revenues and mortgage lien on the lands, buildings, and facilities

involved may be controlled by the ordinance or resolution

authorizing the issuance of bonds hereunder. The bonds shall have

all the qualities of negotiable instruments under the negotiable

instruments laws of this state.

(b) Said resolution may provide for the execution by the

trustees of an indenture which defines the rights of the bondholders

and provides for the appointment of a trustee for the bondholders.

Such indenture may control the priority between successive issues

Oklahoma Statutes - Title 62. Public Finance Page 468

and may contain any other terms, covenants, and conditions that are

deemed desirable, including without limitation those pertaining to

the custody and application of the proceeds of the bonds, the

collection and disposition of revenues, the maintenance of various

funds and reserves, the nature and extent of the security, the

rights, duties, and obligations of the trustees and the trustee for

the holders or registered owners of the bonds, and the rights of the

holders or registered owners of the bonds; provided, the indenture

shall state that it constitutes no obligation against or pledge of

the full faith and credit of the municipality and county.

(c) The bonds shall be sold only after public advertisement for

bids, to the bidder offering the lowest effective interest rate and

best terms on the proposal so advertised, and may be sold for such

price, including without limitation sale of a discount, and in such

manner as the trustees may determine by resolution, but in no event

shall the trustees be required to pay more than the maximum rate

provided by Section 498.1 of this title on the amount received,

computed with relation to the absolute maturity of the bonds in

accordance with the Standard Tables of Bond Values. The bonds may

be sold with the privilege of conversion into an issue bearing other

rate or rates of interest, upon such terms that the trustees receive

no less and pay no more than they would receive and pay if the bonds

were not converted, and the conversion shall be subject to the

approval of the trustees.

(d) The bonds shall be executed by the chairman and secretary of

the trustees, and in case any of the officers whose signatures

appear on the bonds shall cease to be such officers before the

delivery of such bonds or coupons, such signatures shall

nevertheless be valid and sufficient for all purposes. Facsimile

signatures may be used as provided in the Registered Public

Obligations Act of Oklahoma.
Okla. Stat. tit. 62, § 62-35.7a — OK Code / Title 62 / Section 62-35.7a
State agencies — Employing technology personnel — Memo
Status: in_force

of understanding with Chief Information Officer — Audit.

A. Except as otherwise provided by the Information Technology

Consolidation and Coordination Act, any state agency may employ

information technology personnel to develop and implement the

agency’s technology strategy, provided that the agency remains

subject to the standards, policies, and oversight established by the

Chief Information Officer of this state for the purposes of data

integrity and security.

B. A state agency may employ information technology personnel

pursuant to this section if it first enters into a memorandum of

Oklahoma Statutes - Title 62. Public Finance Page 154

understanding with the Chief Information Officer detailing, at a

minimum:

1. The specific positions and job descriptions that the agency

plans to hire;

2. The qualifications of the positions;

3. Agreement by the state agency to be bound by the standards,

policies, and oversight set forth by the Chief Information Officer

for security and data integrity purposes; and

4. Any other terms deemed necessary by the Chief Information

Officer or the state agency.

No information technology personnel shall be hired or retained

by the state agency until a memorandum of understanding has been

fully executed by both the Chief Information Officer and the state

agency.

C. The Chief Information Officer, at his or her discretion, may

audit the state agency’s compliance with the provisions of the

memorandum of understanding and any other requirements of this

section.

D. The authorization described in this section shall not be

construed as a waiver or exemption of any other provisions of the

Information Technology Consolidation and Coordination Act.
Okla. Stat. tit. 62, § 62-57.164 — OK Code / Title 62 / Section 62-57.164
Bids
Status: in_force

The State of Oklahoma Building Bonds Commission may reject all

bids for such bonds if, in the judgment of the Commission, the

interest rate is unfavorable and there is a substantial prospect

that a more favorable interest rate can be obtained at a later time,

Oklahoma Statutes - Title 62. Public Finance Page 267

in which event the Commission shall readvertise and reoffer such

bonds all in accordance with the provisions of said Sections 57.121

through 57.136, Title 62, Oklahoma Statutes.
Okla. Stat. tit. 62, § 62-34.87 — OK Code / Title 62 / Section 62-34.87
Transfer of funds to Higher Learning Access Trust Fund
Status: in_force

In order to ensure that the Oklahoma Higher Learning Access

Program will be fully funded and all eligible and qualifying

students receive scholarships, the following procedures shall be

observed:

1. Not later than November 1, 2007, and November 1 of each

subsequent year, the Oklahoma State Regents for Higher Education

shall estimate the amount of revenue they deem necessary to fund

awards allowed pursuant to the Oklahoma Higher Learning Access Act,

Oklahoma Statutes - Title 62. Public Finance Page 122

for the fiscal year which begins the following July 1 and provide

such estimate to the State Board of Equalization;

2. At its meeting in December 2007, and December of each

subsequent year, held pursuant to the provisions of paragraph 1 of

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

Board of Equalization shall determine the total amount of revenue

necessary to fund awards allowed pursuant to the Oklahoma Higher

Learning Access Act for the fiscal year which begins the following

July 1 and reflect such amount as it certifies amounts available for

appropriation from the General Revenue Fund by the Legislature for

such fiscal year and identify the amount to be authorized pursuant

to paragraph 3 of this section; and

3. Notwithstanding any other provisions of law directing the

apportionment of revenues, beginning with the fiscal year ending

June 30, 2009, and for each subsequent fiscal year, the Director of

the Office of Management and Enterprise Services shall transfer on a

periodic basis as needed the amount of revenue to be deposited to

the Oklahoma Higher Learning Access Trust Fund, provided that the

total amount of such transfers in any fiscal year shall not exceed

the amount authorized for transfer by applicable budget legislation

for such fiscal year.
Okla. Stat. tit. 62, § 62-71 — OK Code / Title 62 / Section 62-71
State Treasurer - Selection of depositories - Out-of-state
Status: in_force

depositories - Relationship with financial institutions -

Limitations on deposits - Reports.

A. The State Treasurer is authorized and directed to select a

number of banks, savings banks or savings and loan associations and

credit unions within the State of Oklahoma as depositories for all

monies and funds coming into the hands of the State Treasurer as the

Oklahoma Statutes - Title 62. Public Finance Page 292

official depository. Such banks, savings banks or savings and loan

associations and credit unions shall be in good standing and

conducting a regular banking business and shall collect such drafts,

bills of exchange, and checks as may be deposited by the state in

the regular course of business, and shall pay all checks and drafts

legally authorized and duly drawn on the funds deposited in such

banks, savings banks or savings and loan associations and credit

unions.

B. At the request of state agencies or state institutions

conducting operations or transacting state business outside the

State of Oklahoma, the State Treasurer is hereby authorized to name

and designate financial institutions located without the State of

Oklahoma as official depositories of state monies and funds where it

is shown to the satisfaction of the State Treasurer that the need

for such out-of-state depository is required for the orderly and

expeditious deposit of monies and funds coming into the possession

of the requesting state agency or state institution. For purposes

of this section, the State Treasurer shall not designate any

financial institution outside the United States for the deposit of

public funds, monies, securities, or any other financial assets

subject to the control of the State Treasurer. Any out-of-state

financial institution designated as an official depository of the

State Treasurer 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.

Before designating any financial institution outside the State of

Oklahoma as an official depository, the State Treasurer shall, if

the State Treasurer deems it necessary, require a bond to be given

by such financial institution to the State of Oklahoma in double the

amount of monies which the requesting state agency or institution

anticipates will be the maximum amount of money or funds on deposit

at any one time with the financial institution. Such bond will be

approved by the State Treasurer and filed with the Secretary of

State. Any out-of-state financial institution designated as an

official depository shall in all respects conform to and comply with

the provisions of this section, the Security for Public Deposits

Act, and any and all laws pertaining to financial institutions

receiving deposits of public monies or funds.

C. The State Treasurer shall establish procedures which provide

minimum standards for establishing and maintaining relationships

between state entities and financial institutions. As used in this

subsection, “financial institutions” means those institutions

described in subsection E of this section, companies that provide

alternative direct deposit services known as payroll card or

paycard, credit card processing companies and other companies which

handle or process financial transactions. Any agreements between

state agencies and financial institutions, as defined in this

Oklahoma Statutes - Title 62. Public Finance Page 293

subsection, shall be subject to prior approval by the State

Treasurer. If the State Treasurer has an agreement with a financial

institution to provide services to the State Treasurer, a state

agency may pay the institution directly for services performed for

the agency under the same terms, if the services are services not

previously provided to the agency through the State Treasurer.

State agencies may enter into agreements with the State Treasurer to

participate in any agreements entered into by the State Treasurer

with financial institutions or companies which handle or process

financial transactions as described in this subsection. Any state

agency participating in such an agreement may pay the vendor

directly for any fees owed on transactions associated with that

agency. The State Treasurer is authorized to prescribe formats and

issue all state vouchers, warrants and checks drawn on state

treasury funds. The State Treasurer may compensate financial

institutions for services rendered to the state by direct fee

charges or through compensating balances. Any financial institution

receiving payment for services from the state through compensating

balances shall file a report quarterly with the State Treasurer

detailing the services rendered to the state and the charges for

such services. Such charges shall not exceed those made for similar

services to other customers of the financial institution. If the

quarterly value of the compensating balance arrangement is above or

below the quarterly charges for the services rendered to the state

had service charges been separately billed, the difference in amount

of the quarterly charges for the services rendered and the amount of

the compensating balance shall be applied to the subsequent quarter.

Any compensation arrangements made with financial institutions

pursuant to this subsection shall not be subject to the provisions

of The Oklahoma Central Purchasing Act.

D. Of the public funds in the hands of the State Treasurer,

there shall not be deposited in any one of such banks, savings banks

or savings and loan associations and credit unions an amount to

exceed the combined amount of insured deposits plus approved legal

securities pledged by such banks, savings banks or savings and loan

associations and credit unions therefor. Such banks, savings banks

or savings and loan associations and credit unions shall make

quarterly reports of the amount deposited, checked out, or withdrawn

and the balances on hand for the fiscal year.

E. All provisions of this title relating to depositories for

public funds shall include, in addition to banks, all financial

institutions of this state. As used in this subsection, the term

“financial institutions” means banks, savings banks, savings and

loan associations and credit unions in this state whose deposits are

insured by the Federal Deposit Insurance Corporation, the National

Credit Union Administration or any successor institutions.

Oklahoma Statutes - Title 62. Public Finance Page 294

F. The State Treasurer may permit treasurers of local

governmental entities to place public funds under their control into

investments used by the State Treasurer for state funds, if the

local treasurer has appropriate investment authority.

R.L. 1910, § 6779. Amended by Laws 1923-24, c. 59, p. 76, § 5,

emerg. eff. March 22, 1924; Laws 1933, c. 207, p. 493, § 1, emerg.

eff. July 20, 1933; Laws 1935, p. 105, § 1, emerg. eff. April 6,

1935; Laws 1937, p. 120, § 1, emerg. eff. March 26, 1937; Laws 1983,

c. 182, § 1, operative July 1, 1983; Laws 1986, c. 235, § 1; Laws

1987, c. 194, § 2, operative July 1, 1987; Laws 1989, c. 343, § 24,

operative July 1, 1989; Laws 1990, c. 168, § 2, eff. Sept. 1, 1990;
Okla. Stat. tit. 62, § 62-34.12 — OK Code / Title 62 / Section 62-34.12
Information Services Division - Powers and duties
Status: in_force

A. The Information Services Division of the Office of

Management and Enterprise Services shall:

1. Coordinate information technology planning through analysis

of the long-term information technology plans for each agency;

2. Develop a statewide information technology plan with annual

modifications to include, but not be limited to, individual agency

plans and information systems plans for the statewide electronic

information technology function;

3. Establish and enforce minimum mandatory standards for:

a. information systems planning,

b. systems development methodology,

c. documentation,

d. hardware requirements and compatibility,

e. operating systems compatibility,

f. acquisition of software, hardware and technology-

related services,

g. information security and internal controls,

h. data base compatibility,

i. contingency planning and disaster recovery, and

j. imaging systems, copiers, facsimile systems, printers,

scanning systems and any associated supplies.

The standards shall, upon adoption, be the minimum requirements

applicable to all agencies. These standards shall be compatible

with the standards established for the Oklahoma Government

Telecommunications Network. Individual agency standards may be more

specific than statewide requirements but shall in no case be less

than the minimum mandatory standards. Where standards required of

an individual agency of the state by agencies of the federal

government are more strict than the state minimum standards, such

federal requirements shall be applicable;

4. Develop and maintain applications for agencies not having

the capacity to do so;

5. Operate a data service center to provide operations and

hardware support for agencies requiring such services and for

statewide systems;

6. Maintain a directory of the following which have a value of

Five Hundred Dollars ($500.00) or more: application systems, systems

software, hardware, internal and external information technology,

communication or telecommunication equipment owned, leased, or

rented for use in communication services for state government

including communication services provided as part of any other total

system to be used by the state or any of its agencies, and studies

and training courses in use by all agencies of the state; and

facilitate the utilization of the resources by any agency having

requirements which are found to be available within any agency of

the state;

Oklahoma Statutes - Title 62. Public Finance Page 49

7. Assist agencies in the acquisition and utilization of

information technology systems and hardware to effectuate the

maximum benefit for the provision of services and accomplishment of

the duties and responsibilities of agencies of the state;

8. Coordinate for the executive branch of state government

agency information technology activities, encourage joint projects

and common systems, linking of agency systems through the review of

agency plans, review and approval of all statewide contracts for

software, hardware and information technology consulting services

and development of a statewide plan and its integration with the

budget process to ensure that developments or acquisitions are

consistent with statewide objectives and that proposed systems are

justified and cost effective;

9. Develop performance reporting guidelines for information

technology facilities and conduct an annual review to compare agency

plans and budgets with results and expenditures;

10. Establish operations review procedures for information

technology installations operated by agencies of the state for

independent assessment of productivity, efficiency, cost

effectiveness, and security;

11. Establish data center user charges for billing costs to

agencies based on the use of all resources;

12. Provide system development and consultant support to state

agencies on a contractual, cost reimbursement basis; and

13. In conjunction with the Oklahoma Office of Homeland

Security, enforce the minimum information security and internal

control standards established by the Information Services Division.

An enforcement team consisting of the Chief Information Officer of

the Information Services Division or a designee, a representative of

the Oklahoma Office of Homeland Security, and a representative of

the Oklahoma State Bureau of Investigation shall enforce the minimum

information security and internal control standards. If the

enforcement team determines that an agency is not in compliance with

the minimum information security and internal control standards, the

Chief Information Officer shall take immediate action to mitigate

the noncompliance including the removal of the agency from the

infrastructure of the state until the agency becomes compliant,

taking control of the information technology function of the agency

until the agency is compliant, and transferring the administration

and management of the information technology function of the agency

to the Information Services Division or another state agency.

B. No agency of the executive branch of the state shall use

state funds for or enter into any agreement for the acquisition of

any category of computer hardware, software or any contract for

information technology or telecommunication services and equipment,

service costs, maintenance costs, or any other costs or fees

associated with the acquisition of the services or equipment,

Oklahoma Statutes - Title 62. Public Finance Page 50

without written authorization of the Chief Information Officer or a

designee except the following:

1. A purchase less than or equal to Five Thousand Dollars

($5,000.00) if such product is purchased using a state purchase card

and the product is listed on either the Approved Hardware or

Approved Software list located on the Office of Management and

Enterprise Services website;

2. A purchase over Five Thousand Dollars ($5,000.00) and less

than or equal to Twenty-five Thousand Dollars ($25,000.00) if such

product is purchased using a state purchase card, the product is

listed on an information technology or telecommunications statewide

contract, and the product is listed on either the Approved Hardware

or Approved Software list located on the Office of Management and

Enterprise Services website; or

3. A purchase of computer hardware or software or any services

related to software development, software modifications, or any

other services related to the operation and maintenance of computer

hardware and software or both independently that is made by the

Military Department of the State of Oklahoma.

If written authorization is not obtained prior to incurring an

expenditure or entering into any agreement as required in this

subsection or as required in Section 35.4 of this title, the Office

of Management and Enterprise Services may not process any claim

associated with the expenditure and the provisions of any agreement

shall not be enforceable. The provisions of this subsection shall

not be applicable to any member of The Oklahoma State System of

Higher Education, any public elementary or secondary schools of the

state, any technology center school district as defined in Section

14-108 of Title 70 of the Oklahoma Statutes, or CompSource Mutual

Insurance Company.

C. The Chief Information Officer and Information Services

Division of the Office of Management and Enterprise Services and all

agencies of the executive branch of the state shall not be required

to disclose, directly or indirectly, any information of a state

agency which is declared to be confidential or privileged by state

or federal statute or the disclosure of which is restricted by

agreement with the United States or one of its agencies, nor

disclose information technology system details that may permit the

access to confidential information or any information affecting

personal security, personal identity, or physical security of state

assets.
Okla. Stat. tit. 62, § 62-57.5 — OK Code / Title 62 / Section 62-57.5
Sale of bonds to State Treasurer and Commissioners of
Status: in_force

Land Office.

(a) The State Treasurer of the State of Oklahoma is hereby

authorized and required to purchase from the Commission at private

sale, all or any part of said bonds, or interim bonds, as an

investment of the public monies in his possession. In the event of

such sale or sales, the Commission shall determine and fix the rate

of interest the bonds so sold shall bear, such rate of interest not

to exceed the maximum hereinbefore authorized. All interest earned

by such bonds as are held by the State Treasurer pursuant to such

investment shall, as collected, be paid into the General Revenue

Fund in the State Treasury.

(b) If the State Treasurer is unable to purchase all of the

bonds at the original sale thereof as provided in subsection (a)

hereof, then it shall be the mandatory duty of the Commissioners of

the Land Office to purchase, at private sale, the bonds which the

State Treasurer is unable to purchase. In such event, the

Commissioners of the Land Office shall, to the extent necessary to

carry out the provisions of this subsection, sell and liquidate such

of their investments as they may constitutionally sell and

liquidate, and shall purchase such bonds with the proceeds thereof.

All State of Oklahoma Building Bonds purchased by the Commissioners

of the Land Office under the provisions of this subsection shall

provide for a rate of interest equal to the average interest yield

of the securities sold and liquidated to make such purchase, but in

no event more than two and one-half percent (2 1/2%) per annum.

(c) In the event any or all of the bonds are sold to the State

Treasurer under the provisions of subsection (a) hereof and

thereafter the uninvested cash on hand and in solvent banks should

fall short of demand orders on the State Treasury, it shall be the

duty of the State Treasurer to sell such part or all of the bonds as

are necessary to be converted into cash to meet such demands, and,

if confirmed and authorized as aforesaid, such bonds shall be sold

to the Commissioners of the Land Office at par and accrued interest

for either permanent or temporary investment. It shall be the

mandatory duty of the Commissioners of the Land Office to purchase

such of said bonds as it is necessary for the State Treasurer to

sell and, to the extent necessary to carry out the provisions of

this subsection, the Commissioners of the Land Office shall sell and

liquidate such of their investments as they may constitutionally

sell and liquidate and shall purchase such bonds with the proceeds

thereof.

(d) If the Commissioners of the Land Office cannot purchase said

bonds as offered by the State Treasurer as provided in subsection

(c) hereof, it shall be the further duty of the State Treasurer to

publish, advertise and, on the date given in the notice, sell at not

less than par and accrued interest, to the highest and best bidder

Oklahoma Statutes - Title 62. Public Finance Page 198

for cash, only so many of the bonds as will enable the state to meet

such demand orders, provided, however, in lieu of so selling such

bonds at the market, the State Treasurer and the Commission may

agree to the refunding of part or all of such bonds, in accordance

with the method and procedure for refunding provided in this act.
Okla. Stat. tit. 62, § 62-2012 — OK Code / Title 62 / Section 62-2012
Manner of expenditure
Status: in_force

Expenditures from the Rural Economic Action Plan Fund shall be

made in the same manner as provided by law for the expenditure of

other public funds.
Okla. Stat. tit. 62, § 62-392 — OK Code / Title 62 / Section 62-392
Notice of issue - Determination of indebtedness
Status: in_force

Notice of the issuance of bonds provided for in this act, shall

be given by publication in a newspaper published at the county seat,

or, if no newspaper is published at the county seat, then such

publication shall be made in the official newspaper of such county,

Oklahoma Statutes - Title 62. Public Finance Page 410

and by posting a copy of the same in five public places in the

municipality, stating that on the day named therein the municipality

will proceed before the county court of the county, if the amount be

less than One Thousand Dollars ($1000.00), or before the district

court, if the amount exceed One Thousand Dollars ($1000.00), to make

a showing and ask the court to hear and determine the amount of the

outstanding legal indebtedness of said municipality, and to sign the

bonds to be issued in payment of the same; and any person interested

may remonstrate against the issuance of the same. Such notice shall

be given for at least ten (10) days before the day named for said

hearing.
Okla. Stat. tit. 62, § 62-690.6 — OK Code / Title 62 / Section 62-690.6
Enterprise districts - Establishment
Status: in_force

A. The boards of county commissioners of at least three but no

more than six contiguous enterprise zones are authorized, by

adoption of a resolution by a majority of the members of each board,

to form an enterprise district.

B. The governing body of at least three but no more than six

contiguous enterprise zones, established within the corporate limits

of a city or town, are authorized, by adoption of a resolution by a

majority of the members of the governing body of such city or town,

to form an enterprise district.

C. Before an enterprise zone can be established within the

corporate limits of a city or town or before an enterprise zone can

be established which incorporates any part of a city or town the

need for participation of such city or town shall be determined by a

majority vote of the governing body. No enterprise zone shall

include all or part of a city or town if the governing body does not

approve such inclusion.
Okla. Stat. tit. 62, § 62-436a — OK Code / Title 62 / Section 62-436a
Delinquent tax penalties, interest and forfeitures -
Status: in_force

Credit on apportionment.

All penalties, interest and forfeitures which may accrue on

delinquent ad valorem taxes, whether real or personal, tangible or

Oklahoma Statutes - Title 62. Public Finance Page 428

intangible, on any properties, persons, firms or corporations within

any school district, township, town or city within a county, shall,

when collected, be credited on apportionment by the county treasurer

as follows: In all counties having an assessed net valuation of

less than Seven Million Dollars ($7,000,000.00) one-half (1/2) of

such penalties shall be credited to the general fund of the county

and one-half (1/2) to the resale property fund of such county; and

in all counties having an assessed net valuation of Seven Million

Dollars ($7,000,000.00) or more, all such penalties interest and

forfeitures on property located in any township having a bonded

indebtedness of any kind, one-half (1/2) of such penalties interests

and forfeitures, when normally collected, shall be paid into the

sinking fund of such township and the remaining one-half (1/2)

thereof in such township and all penalties, interests and

forfeitures where there exists no township bonded indebtedness of

any kind shall be credited to the resale property fund of such

county.
Okla. Stat. tit. 62, § 62-413 — OK Code / Title 62 / Section 62-413
Registration of bonds - Endorsement of legality
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 418

The clerk or appointed agent of every county, city, town,

township, board of education, school district, or other municipal

corporation in this state, issuing bonds under Sections 411 et seq.

of this title, shall register the same in his office. Such bonds

shall also, in every case, be registered by the county clerk or

appointed agent, showing the date, number and amount thereof, rate

of interest, to whom payable, where payable, and date of maturity;

and all bonds issued under this act shall have endorsed thereon a

certificate signed by the county clerk and the district attorney of

the county in which such issuing municipality is located, to the

effect that said bonds are issued pursuant to law, and that said

issue is within the debt limit. Said bonds shall thereafter be

registered by the treasurer or appointed agent of the municipality

issuing the same, said treasurer's or appointed agent's registration

being made in like manner to that of the county clerk as

hereinbefore set forth and each of said bonds shall have a

certificate executed by said treasurer or appointed agent endorsed

thereon to show that said treasurer or appointed agent has so

registered said bonds. Thereafter said bonds shall be delivered to

the State Auditor and Inspector, who shall register the same in his

office in a book kept for that purpose and then shall, under his

seal of office certify upon such bonds the fact that they have been

registered in his office according to law. Nothing in Sections 411

et seq. of this title shall be construed to prohibit options

available under the Registered Public Obligations Act of Oklahoma.
Okla. Stat. tit. 62, § 62-41.19 — OK Code / Title 62 / Section 62-41.19
Renumbered as § 34.80 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-34.2 — OK Code / Title 62 / Section 62-34.2
Estimate of funds expected to accrue to General Revenue
Status: in_force

Fund and Special Revenue Funds - Comprehensive economic report.

A. Agencies responsible for the collection of monies deposited

to the credit of the General Revenue Fund and each of the Special

Revenue Funds shall be subject to the provisions of this act. Upon

request of the Director of the Office of Management and Enterprise

Services, these agencies shall provide the Director of the Office of

Management and Enterprise Services an itemized estimate of funds

expected to accrue to the General Revenue Fund and each of the

Special Revenue Funds for the ensuing fiscal year in the manner and

form established by the Director, in accordance with the duties

assigned to the State Board of Equalization in Section 23 of Article

X of the Oklahoma Constitution. Each of these agencies shall also

provide to the Director, as requested, a written explanation of the

methodology and relevant assumptions used in developing the current

and future revenue estimates submitted, a statement of:

1. The prior year’s actual revenue collections;

2. A projection of the current year’s revenue collections; and

3. Estimated revenue collections for the ensuing fiscal year.

No expenditure shall be made from any General Revenue Fund or

Special Revenue Fund until such fund has been assigned to an agency

by law or by the Director of the Office of Management and Enterprise

Services.

B. In addition to providing the information listed above, the

Oklahoma Tax Commission shall also provide to the Director of the

Office of Management and Enterprise Services a comprehensive

economic report no later than two (2) weeks prior to each of the

meetings of the State Board of Equalization pursuant to paragraphs 1

and 3 of Section 23 of Article X of the Constitution of the State of

Oklahoma. Each report shall include a summary of recent national

Oklahoma Statutes - Title 62. Public Finance Page 29

and state economic performance and a forecast of national and state

economic performance for the current fiscal year and the ensuing

fiscal year. These reports shall be considered a basis upon which

the itemized revenue estimates of the Commission are developed. The

report shall include an analysis of the relative accuracy of the

economic forecasts on which the previous and current fiscal years’

revenue estimates were based.

C. The Tax Commission shall also provide all estimates,

explanations, statements, projections, reports and other documents

required by this section to the President Pro Tempore of the Senate,

members of the Senate Appropriations and Finance Committees, the

Speaker of the House of Representatives and members of the House

Appropriations and Budget Committee at the same time that such

documents are provided to the Director of the Office of Management

and Enterprise Services.
Okla. Stat. tit. 62, § 62-57.63 — OK Code / Title 62 / Section 62-57.63
Issuance and sale of bonds - Pledges - Sinking fund
Status: in_force

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

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

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

principal amount of Fifty-four Million Seven Hundred Fifty Thousand

Dollars ($54,750,000.00). Said Commission shall issue and deliver

said bonds as follows:

Series A, in the principal sum of Fifteen Million Four Hundred

Twenty-five Thousand Dollars ($15,425,000.00), following the

approval by the people of the State of Oklahoma of House Joint

Resolution No. 552; Series B, in the sum of Twelve Million Dollars

($12,000,000.00), on or about June 25, 1966, and the remaining

portion of said bonds as provided by the 31st Oklahoma Legislature.

It is hereby expressly provided and pledged for the benefit of the

purchasers, owners and holders of said bonds that the portion of

seven cents ($0.07) of the tax on each package of cigarettes levied

Oklahoma Statutes - Title 62. Public Finance Page 227

by Section 302 of House Bill No. 511, enacted by the 30th Oklahoma

Legislature 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 Institutional 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 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 seven

cents ($0.07) of the tax on each package of cigarettes levied by

Section 302 of House Bill No. 511 enacted by the 30th 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 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 shall deposit in the above-

created sinking fund for the fiscal years 1965-1966 and 1966-1967,

the amount necessary to pay the interest upon the outstanding bonds.

The State Treasurer shall deposit in the above-created sinking fund

the following sums for the following fiscal years for the payment of

the principal upon Series A Bonds:

Commencing July 1, 1967, the sum of Two Hundred Twenty-five

Thousand Dollars ($225,000.00); commencing July 1, 1968 and 1969,

the sum of Three Hundred Thousand Dollars ($300,000.00) each year;

for the fiscal years commencing July 1, 1970, to and including the

fiscal year commencing July 1, 1976, the sum of Five Hundred

Thousand Dollars ($500,000.00) each year; for the fiscal years

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

July 1, 1988, the sum of Eight Hundred Thousand Dollars

($800,000.00) each year; for the fiscal year commencing July 1,

1989, the sum of One Million Five Hundred Thousand Dollars

($1,500,000.00) and for the payment of the principal on the Series B

Oklahoma Statutes - Title 62. Public Finance Page 228

Bonds, in the fiscal years July 1, 1968, to and including July 1,

1973, the sum of Two Hundred Thousand Dollars ($200,000.00) each

year; for the fiscal year commencing July 1, 1974, to and including

July 1, 1978, the sum of Five Hundred Thousand Dollars ($500,000.00)

each year; for the fiscal years commencing July 1, 1979 to and

including July 1, 1988, the sum of Seven Hundred Thousand Dollars

($700,000.00) each year and for the fiscal year commencing July 1,

1989, the sum of One Million Three Hundred Thousand Dollars

($1,300,000.00), and in addition thereto, the amounts necessary for

the payment of interest. 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 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 owner 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 House

Joint Resolution No. 552 Of the 30th Oklahoma Legislature, as it

deems to be needful and appropriate to the general purpose of

effectuating this act.

Oklahoma Statutes - Title 62. Public Finance Page 229
Okla. Stat. tit. 62, § 62-10.4 — OK Code / Title 62 / Section 62-10.4
Renumbered as § 34.87 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.

Oklahoma Statutes - Title 62. Public Finance Page 25
Okla. Stat. tit. 62, § 62-45.4 — OK Code / Title 62 / Section 62-45.4
Official forms
Status: in_force

The official forms which must be used in making those plans

shall be approved or furnished by the Director of the Office of

Management and Enterprise Services.
Okla. Stat. tit. 62, § 62-830 — OK Code / Title 62 / Section 62-830
Application to Supreme Court for validation of bonds –
Status: in_force

Notice – Conclusiveness of determination.

A. The Governor is hereby authorized to file an application, at

the Governor's discretion, with the Supreme Court of Oklahoma for

the validation of any bonds to be issued hereunder or for any writ,

including mandamus, which may lie in relation to any action to be

taken by the governing body of a Participating Entity. Exclusive

original jurisdiction is hereby conferred upon the Supreme Court to

hear and determine each such application. Notice of the hearing on

Oklahoma Statutes - Title 62. Public Finance Page 528

each application shall be given by a notice published in a newspaper

of general circulation within the Regional District. Such notice

shall inform all persons interested that they may file protests

against the validation or approval and be present at the hearing and

contest the same. Such notice shall be published one time, not less

than ten (10) days prior to the date named for the hearing, and the

hearing may be adjourned from time to time at the discretion of the

court.

B. In any action to approve bonds, if the Supreme Court is

satisfied that the bonds have been properly authorized in accordance

with the provisions of this act, and that when issued they will

constitute valid obligations of the respective issuers in accordance

with their terms, the Supreme Court shall render its written opinion

approving the bonds and shall fix the time within which a petition

for rehearing may be filed. The decision of the Supreme Court shall

be a judicial determination of the validity of the bonds, shall be

conclusive as to the governing body of each Participating Entity,

and thereafter the bonds so approved and the revenues pledged to

their payment shall be incontestable in any court of the State of

Oklahoma.
Okla. Stat. tit. 62, § 62-7001 — OK Code / Title 62 / Section 62-7001
Short title - Incentive Evaluation Act
Status: in_force

This act shall be known and may be cited as the "Incentive

Evaluation Act".
Okla. Stat. tit. 62, § 62-2301 — OK Code / Title 62 / Section 62-2301
Short title
Status: in_force

Sections 1 through 10 of this act shall be known and may be

cited as the "Tobacco Settlement Endowment Trust Fund Act".
Okla. Stat. tit. 62, § 62-853 — OK Code / Title 62 / Section 62-853
Definitions
Status: in_force

As used in Section 850 et seq. of this title:

1. "Apportionment" means the direction by a governing body,

authorized by the Legislature pursuant to Section 6C of Article X of

the Oklahoma Constitution, to apply all or any portion of an

increment of ad valorem taxes and all or any portion of sales taxes,

other local taxes or local fees, or any combination thereof, to

financing a plan and project in accordance with this act;

2. "Apportionment area" means the same as an increment district

as defined under this act;

3. "Bonds" means evidences of indebtedness, tax apportionment

bonds or other obligations issued by a public entity pursuant to the

provisions of Section 863 of this title to finance project costs,

pursuant to a project plan, which are to be repaid in whole or part

with apportioned increments;

4. "District" means either an incentive district as authorized

by Section 860 of this title or an increment district as authorized

by Section 861 of this title. A district may consist of all or a

portion of a project area;

5. "Enterprise area" means any area within a designated state

or federal enterprise zone;

6. "Enterprise zone" means an enterprise zone as designated by

the Department of Commerce pursuant to the provisions of Section

690.3 of this title or as designated by the federal government;

7. "Governing body" means the city council of a city, the board

of trustees of a town or the board of county commissioners;

8. "Historic preservation area" means a geographic area listed

in or nominated by the State Historic Preservation Officer to the

National Register of Historic Places, an historic structure or

structures listed individually in or nominated by the State Historic

Preservation Officer to the National Register of Historic Places,

with such area or structure being subject to historic preservation

zoning, or for purposes of ad valorem tax exemptions provided for in

subsection D of Section 860 of this title, a structure subject to

historic preservation zoning. Rehabilitation undertaken in an

historic preservation area shall meet the Secretary of the

Interior's Standards for Rehabilitation, latest revision, in order

to be eligible for the incentives or exemptions granted pursuant to

Section 860 of this title;

9. "Increment" means that portion of ad valorem taxes in excess

of the amount of that portion of the taxes which are produced by the

levy at the rate fixed each year by or for each such ad valorem

taxing entity upon the base assessed value of the district or as to

an area later added to the district, the effective date of the

Oklahoma Statutes - Title 62. Public Finance Page 541

modification of the plan, or that portion of sales taxes, other

local taxes or local fees collected each year reasonably determined

by a formula approved by the governing body to be generated by the

project, regardless of taxable location or recipient local public

taxing entity, which may be apportioned for specific project costs

or as a specific revenue source for other public entities in the

area in which the project costs take place;

10. "Local taxes" means ad valorem taxes, sales taxes and other

local taxes which are levied by or on the behalf of a taxing entity;

11. "Planning commission" means an organization established for

local planning by local government or governments in accordance with

the laws of this state;

12. "Project" means all development activities pursuant to the

objectives of the project plan;

13. “Project area” means the geographic boundaries within which

development activities will occur. The project area may be

coextensive or larger than the increment district;

14. "Project costs" means the expenditures made or estimated to

be made and monetary obligations incurred or estimated to be

incurred which are listed in the project plan as costs of and

incidental to planning, approval and implementation of the project

plan. Any income, special assessments, or other revenues received,

or reasonably expected to be received, by the city, town or county

in connection with the implementation of the project plan may be

used to pay project costs. Project costs include, but are not

limited to:

a. capital costs, including the actual costs of the

acquisition and construction of public works, public

improvements, new public or private buildings,

structures, and fixtures; the actual costs of the

acquisition, demolition, alteration, remodeling,

repair, or reconstruction of existing public or

private buildings, structures, and fixtures; and the

actual costs of the acquisition of land and equipment

for public works, public improvements and public

buildings and the actual costs of clearing and grading

of such land and environmental remediation related

thereto,

b. financing costs, including interest paid to holders of

evidences of indebtedness or other obligations issued

to pay for project costs and premium paid over the

principal amount of the obligations because of the

redemption of the obligations before maturity,

c. real property assembly costs, including clearance and

preparation costs,

Oklahoma Statutes - Title 62. Public Finance Page 542

d. professional service costs, including those incurred

for architectural, planning, engineering, legal and

financial advice and services,

e. direct administrative costs, including reasonable

charges for the time spent by employees of the city,

town or county in connection with the implementation

of a project plan or employees of private entities

under contract with a public entity for project

planning or implementation,

f. organizational costs, including the costs of

conducting environmental impact studies or other

impact studies, the cost of publicizing the

consideration of the project plan, costs incidental to

creation of the district, and the cost of implementing

the project plan for the district,

g. interest, before and during construction and for two

(2) years after completion of construction, whether or

not capitalized,

h. fees for bond guarantees, letters of credit and bond

insurance,

i. the amount of any contributions offset made in

connection with the implementation of the project

plan,

j. the costs for determining or redetermining the base

assessed value of a district,

k. costs of construction of public works or improvements,

including but not limited to highways, roads, streets,

bridges, sewers, traffic control systems and devices,

telecommunications systems, parks, water distribution

and supply systems, curbing, sidewalks and any similar

public improvements, common utility or service

facilities, landscaping, parking, and water

detention/retention systems,

l. all or a portion of another taxing jurisdiction's

capital costs resulting from the development or

redevelopment project necessarily incurred or to be

incurred in furtherance of the objectives of the plan

and project, to the extent the governing body by

written agreement accepts and approves such costs,

m. relocation costs to the extent that a governing body

determines that relocation costs shall be paid or are

required to be paid by federal or state law,

n. all costs incurred in the maintenance, management,

marketing and other services provided through an

active Main Street Program recognized as such by the

Oklahoma Department of Commerce, and

Oklahoma Statutes - Title 62. Public Finance Page 543

o. assistance in development financing to the extent the

governing body approves such financing;

15. "Project plan" means the approved plans of a city, town or

county which may include a designated district or districts under

this act in conformance with its comprehensive plan, which is

intended by the payment of costs through apportionment of the

increment or by the granting of incentives or exemptions to reduce

or eliminate those conditions, the existence of which qualified the

district, and to thereby enhance private investment of the tax bases

of the taxing entities which extend into the district. Project

plans may be a part of and incorporate existing neighborhood,

renewal, economic development, public school and other such plans.

Each project plan shall conform to the requirements specified by

this act;

16. "Public entity" means any city, town, county, board,

commission, authority, district, urban renewal authority or public

trust;

17. "Reinvestment area" means any area located within the

limits of a city, town or county requiring public improvements,

including but not limited to transportation-related projects

identified by any transportation authority pursuant to Section

1370.7 of Title 68 of the Oklahoma Statutes, to reverse economic

stagnation or decline, to serve as a catalyst for retaining or

expanding employment, to attract major investment in the area or to

preserve or enhance the tax base or in which fifty percent (50%) or

more of the structures in the area have an age of thirty-five (35)

years or more. Such an area is detrimental to the public health,

safety, morals or welfare. Such an area may become a blighted area

because of any one or more of the following factors: dilapidation;

obsolescence; deterioration; illegal use of individual structures;

presence of structures below minimum code standards; abandonment;

excessive vacancies; overcrowding of structures and community

facilities; lack of ventilation, light or sanitary facilities;

inadequate utilities; excessive land coverage; deleterious land use

or layout; depreciation of physical maintenance; and lack of

community planning. Such an area includes a blighted area as

defined in Section 38-101 of Title 11 of the Oklahoma Statutes at

the time of approval of the project plan; and

18. "Taxing entity" or “taxing jurisdiction” means a city,

town, county, school district, political subdivision or other local

entity in which local taxes or fees are levied by or on its behalf.
Okla. Stat. tit. 62, § 62-57.152 — OK Code / Title 62 / Section 62-57.152
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 year for the payment of the principal upon the

Series B Bonds:

FISCAL YEAR AMOUNT

BEGINNING JULY 1

1970 -0-

1971 -0-

1972 $ 708,000.00

1973 750,000.00

1974 795,000.00

1975 845,000.00

1976 895,000.00

1977 950,000.00

1978 1,005,000.00

1979 1,070,000.00

1980 1,130,000.00

1981 1,195,000.00

1982 1,270,000.00

1983 1,350,000.00

1984 1,425,000.00

1985 1,510,000.00

1986 1,605,000.00

1987 1,700,000.00

1988 1,800,000.00

1989 1,910,000.00

1990 2,025,000.00

1991 2,140,000.00
Okla. Stat. tit. 62, § 62-34.56 — OK Code / Title 62 / Section 62-34.56
Special Agency Account Board
Status: in_force

A. There is hereby re-created, to continue until July 1, 2008,

in accordance with the provisions of the Oklahoma Sunset Law, a

Special Agency Account Board, to consist of the Director of the

Office of Management and Enterprise Services, the State Treasurer

and the Director of the Legislative Service Bureau. The Board shall

have the authority to approve the establishment of agency special

accounts in the official depository of the State Treasury. In the

case of institutions of higher education, the Special Agency Account

Board, acting in conjunction with the Oklahoma State Regents for

Higher Education, shall establish special agency accounts as

appropriate which shall be consistent with provisions of the

Oklahoma State Finance Act, as it relates to institutions in The

Oklahoma State System of Higher Education.

B. The Board, created by this section, shall adopt procedures

including application forms, justification and other pertinent

Oklahoma Statutes - Title 62. Public Finance Page 95

information as to the basis for a state agency application for the

establishment of agency special accounts.

C. The Board may approve agency special accounts for money

received by state agencies for the following purposes:

1. Benefit programs for individuals, including, but not limited

to, unemployment compensation, workers' compensation and state

retirement programs;

2. Revenues produced by activities or facilities ancillary to

the operation of a state agency which receive no money, directly or

indirectly, from or through that state agency, including, but not

limited to, revenues from the sales of food at retail level, sales

at canteens, sales at student unions, sales at student bookstores,

receipts from athletic programs and receipts from housing.

Provided, however, that a state institution of higher learning may

purchase necessary equipment and instructional supplies and office

supplies from a student bookstore, or, subject to authorization by

the Oklahoma State Regents for Higher Education, may rent building

space for institutional use in a building operated by an

organization or entity whose existence is ancillary to the operation

of a state agency, and whose cost was financed in whole or in part

with revenue-type bonds; provided, further, that the cost of such

office supplies or space rental shall not exceed the cost of similar

supplies or rentals available commercially;

3. Gifts, devises and bequests with an agency as beneficiary,

unless otherwise provided by statute;

4. Evidence funds for law enforcement agencies;

5. Student loan funds and scholarship funds;

6. Funds held in escrow;

7. Land Commission funds;

8. Funds for which the state agency acts as custodian,

including, but not limited to, fees from employee earnings approved

by the governing board of the agency, funds of student organizations

including student activity fees collected by an educational

institution as a separate item in enrollment procedures,

professional organizations, patients and inmates;

9. Funds used by the Oklahoma Tax Commission to pay for the

filing of liens with the Federal Aviation Administration;

10. Temporary accounts for funds arising from new or amended

legislation not otherwise provided for in statute or for other

emergency situations. Such accounts are to be utilized only pending

legislative action directing custody of such funds;

11. Payment of liability claims against the state;

12. Activities of the various Armory Boards of the Oklahoma

Military Department to receive and dispense funds derived by the

Armory Boards pursuant to Sections 232.6 and 232.7 of Title 44 of

the Oklahoma Statutes; and

Oklahoma Statutes - Title 62. Public Finance Page 96

13. Payment of expenses incurred in connection with the

acceptance of payments made with nationally recognized credit cards.

D. The State Treasurer is authorized to accept deposit of money

made directly to agency special accounts approved by the Board. All

money received by a state agency, as described in Section 34.57 of

this title, shall be deposited in State Treasury funds or accounts

and no money shall be deposited in banks or other depositories

unless the bank accounts are maintained by the State Treasurer or

are for the deposit of authorized petty cash funds.

E. Money deposited in agency special accounts shall be

disbursed on vouchers issued by the state agency concerned to

accomplish the purpose for which the money was intended.

F. Funds and revenues of the Grand River Dam Authority are

exempt from the requirements of this section.

G. Funds and revenues of the Oklahoma Municipal Power Authority

are exempt from the requirements of this section.

H. Monies used for investment purposes by the Oklahoma

Firefighters Pension and Retirement System, the Oklahoma Police

Pension and Retirement System, the Uniform Retirement System for

Justices and Judges, the Oklahoma Law Enforcement Retirement System,

the Oklahoma Public Employees Retirement System, the Teachers'

Retirement System of Oklahoma, the State Insurance Fund, the

Oklahoma Employees Insurance and Benefits Board, the Commissioners

of the Land Office, and the Oklahoma State Regents for Higher

Education for its Endowment Trust Fund are exempt from the

requirements of this section, and shall be placed with the

respective custodian bank or trust company.
Okla. Stat. tit. 62, § 62-72.5 — OK Code / Title 62 / Section 62-72.5
Securities eligible for securing public deposits
Status: in_force

A. For purposes of securing public deposits, the State

Treasurer may accept as collateral only those securities and other

instruments listed below. To insure the safety of public funds, the

State Treasurer may establish standards which restrict, or limit

further, any of the types or classes of securities or instruments

listed below which may be accepted. The State Treasurer may select

the following securities and instruments for the purpose of securing

public deposits:

1. Obligations, including letters of credit of the United

States Government, its agencies and instrumentalities;

2. Obligations of this state or of a county, municipality, or

school district of this state or of an instrumentality of this state

or a county, municipality or school district of this state;

3. General obligation bonds of any other state of the United

States; and

4. A surety bond if:

a. subject to the terms and conditions of the bond, it is

irrevocable and absolute,

b. the surety bond is issued by an insurance company

authorized to do business in Oklahoma,

c. the issuer of the surety bond does not provide surety

bonds for any one financial institution in an amount

that exceeds ten percent (10%) of the surety bond

insurer's policyholders' surplus and contingency

reserve, net of reinsurance, and

d. the claims-paying ability of the authorized insurance

company is rated, at all relevant times, in the

highest category by at least two nationally recognized

rating agencies acceptable to the State Treasurer.

B. A financial institution may substitute different forms of

collateral from time to time, provided that each meets the

requirements of this section and the rules and regulations of the

State Treasurer.
Okla. Stat. tit. 62, § 62-358 — OK Code / Title 62 / Section 62-358
Signing and attestation of bonds - Certificates
Status: in_force

All general obligation bonds including funding and refunding

bonds issued by a county, city, town, township, board of education

or school district shall be signed by the chief officer of such

municipality or political subdivision and attested by the clerk.

Facsimile signatures may be used as provided in the Registered

Public Obligations Act of Oklahoma. There shall be endorsed thereon

a certificate signed by the district attorney and county clerk of

the county in which such issuing municipality or political

subdivision is located that said bonds or evidence of debts are

issued pursuant to law and that said issue is within the debt limit.

There shall be contained on each of said bonds a certificate of the

treasurer of the issuing municipality or political subdivision that

he registered the said bonds.
Okla. Stat. tit. 62, § 62-57.24 — OK Code / Title 62 / Section 62-57.24
Delivery of bonds upon payment - Deposit and investment
Status: in_force

of proceeds.

The bonds and interest coupons attached thereto shall be

delivered to the purchaser thereof only upon payment of par and

accrued interest to the date of delivery thereof, together with any

premium bid, if any. The proceeds of the sale of said bonds shall

be deposited in the State Treasury of the State of Oklahoma, in a

fund which is hereby created and designated the "1955 Building Bond

Fund", where they shall remain subject to disposition to be provided

for by Legislature of Oklahoma, provided that the State Treasurer of

the State of Oklahoma shall invest said monies in interest-bearing

direct obligations of the United States of America, or of the State

of Oklahoma, and provided further that, all such investments of said

monies must be so made that the same may be liquidated in time to

enable the State of Oklahoma to pay, in due course, the valid

indebtedness incurred for the purpose for which said bonds are

Oklahoma Statutes - Title 62. Public Finance Page 210

issued, when the said indebtedness has been incurred pursuant to

legislative authority.
Okla. Stat. tit. 62, § 62-574 — OK Code / Title 62 / Section 62-574
Publication of projects
Status: in_force

A. At any election upon the question of issuing bonds, which if

approved would require an ad valorem tax levy or pledging the full

faith and credit of the State of Oklahoma, the governmental entity

calling such election shall set forth in each proposition to be

voted upon the general purpose for which the bond proceeds will be

expended. This shall not require the proposition or the bond to

recite specific projects and dollar amounts.

B. At any election upon the question of issuing bonds, which if

approved would require an ad valorem tax levy or pledging the full

faith and credit of the State of Oklahoma, the governmental entity

calling such election shall set forth in the call of election, in a

legally qualified newspaper of general circulation in the area

wherein said bond issue proceeds are to be expended, a general

statement of all purposes and specific projects for which seventy

percent (70%) of the proceeds shall be expended, with a further

listing of the dollar amounts to be expended on each specific

project. The dollar figure left unlisted as to specific projects

shall not exceed thirty percent (30%) of the total amount of the

bond issue.

C. If any such bond issue is approved at an election, the

particular governmental entity shall expend all of the proceeds of

such bond issue for the purposes set out in the proposition voted

upon and shall expend not less than eighty-five percent (85%) of the

monies allocated to each specific project, unless such project can

Oklahoma Statutes - Title 62. Public Finance Page 457

be completed for a smaller amount of money, on that project as

published according to Section 4(B) of this act and for which the

bond issue was approved. Provided, however, that if any money

becomes available from any source outside the bond proceeds for any

specific project, the outside funds would be used to reduce the

amount of bond funds to be expended on that specific project. In

such event, the governmental entity may expend that amount less than

the specified eighty-five percent (85%) and may use the surplus

funds on other projects within the same general purpose or to reduce

the sinking fund. This section shall not apply in the event a final

judicial determination or federal or state laws, regulations or

rules preclude the undertaking or completion of a specific project.
Okla. Stat. tit. 62, § 62-41.32 — OK Code / Title 62 / Section 62-41.32
Renumbered as § 34.44 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-393 — OK Code / Title 62 / Section 62-393
Proof of outstanding indebtedness - Statement and finding
Status: in_force

- Signing and delivery of bonds - Treasurer chargeable - Appeals.

On the day named in the notice referred to in the preceding

section, the officers authorized to issue bonds under this article

shall go before the court named in said notice and make proof, to

the satisfaction of the court, of the existence, character and

amount of the outstanding legal indebtedness of said municipality.

On such proof being made the court shall cause to be made, upon the

records of the court, a statement and finding to that effect and

shall then, in open court, proceed to sign each bond to be issued,

up to the amount of said indebtedness so proven and approved, and

shall, after expiration of the time for taking appeals, if no appeal

be taken, deliver the same to the treasurer of said municipality

issuing the same, who shall be chargeable therefor, and shall be

liable on his official bond for said bonds. Appeals from the

judgment of the court shall be allowed as provided by law, upon the

giving of a bond for costs and damages in such sum as the court

shall require; and if an appeal is taken as herein provided, then

said bonds shall not be delivered to the treasurer of said

municipality until the final determination of said appeal.
Okla. Stat. tit. 62, § 62-34.23 — OK Code / Title 62 / Section 62-34.23
Oklahoma Government Telecommunications Network
Status: in_force

A. There is hereby created a wide area telecommunications

network to be known and referred to as the "Oklahoma Government

Telecommunications Network (OGTN)". The OGTN shall consist of the

telecommunications systems and networks of educational entities and

agencies of state government.

B. Notwithstanding the provisions of subsection A of this

section:

1. The Oklahoma State Regents for Higher Education may continue

to operate, maintain and enhance the State Regents Educational

Telecommunications Network, subject to the provisions of the

Oklahoma Information Services Act. The Oklahoma State Regents for

Higher Education shall submit all plans for the enhancement of the

State Regents Educational Telecommunications Network to the

Information Services Division of the Office of Management and

Enterprise Services for review and approval within the context of

the statewide telecommunications network provided for in subsection

C of this section and shall participate with the Information

Services Division in joint efforts to provide services for the OGTN;

and

2. The Department of Public Safety may continue to operate,

maintain and enhance the statewide law enforcement data

communications network provided for in Section 2-124 of Title 47 of

the Oklahoma Statutes, subject to the provisions of the Oklahoma

Information Services Act. The Department of Public Safety shall

submit all plans for the enhancement of the statewide law

enforcement data communications network to the Information Services

Division of the Office of Management and Enterprise Services for

review and approval and shall participate with the Information

Services Division in joint efforts to provide services for the OGTN.

Oklahoma Statutes - Title 62. Public Finance Page 60

C. The Information Services Division shall be responsible for

developing, operating and maintaining the OGTN. The purposes of the

OGTN shall include the following:

1. Development of a comprehensive, unified statewide

telecommunications network to effectively, efficiently, and securely

meet the communication needs of educational entities and agencies of

state government;

2. Effective and efficient utilization of existing

telecommunications systems operated by educational entities and

agencies of state government; and

3. Elimination and prevention of unnecessarily duplicative

telecommunications systems operated by educational entities and

agencies of state government.

D. In developing, operating and maintaining the OGTN, the

Information Services Division shall:

1. Develop a statewide master plan for meeting the

communications needs of educational entities and of agencies of

state government. To facilitate the development of a statewide

master plan as provided for in this paragraph:

a. the Oklahoma State Regents for Higher Education shall

submit a report annually to the Chief Information

Officer identifying the telecommunications plans of

each member of The Oklahoma State System of Higher

Education. For purposes of developing such report,

each member shall cooperate with and submit to the

State Regents a plan of its telecommunications needs,

including, but not limited to, Internet, eGovernment,

as referenced in Sections 34.24 and 34.25 of this

title, any interactive video plans, the purchase of

informational data bases, software for manipulation of

bibliographic records, and the use of

telecommunications equipment or services,

b. the State Superintendent of Public Instruction shall

submit a report annually to the Chief Information

Officer identifying the telecommunications plans of

the public common school system of the state. For

purposes of developing such report, the respective

public elementary and secondary schools shall

cooperate with and submit to the State Superintendent

a plan of their telecommunications needs, including,

but not limited to, Internet, eGovernment, any

interactive video plans, the purchase of informational

data bases, software for manipulation of bibliographic

records, and the use of telecommunications equipment

or services,

c. the Director of the Oklahoma Department of Career and

Technology Education shall submit a report annually to

Oklahoma Statutes - Title 62. Public Finance Page 61

the Chief Information Officer identifying the

telecommunications plans of technology center school

districts. For purposes of developing such report,

each technology center school district as defined in

Section 14-108 of Title 70 of the Oklahoma Statutes

shall cooperate with and submit to the Director of the

Oklahoma Department of Career and Technology Education

a plan of its telecommunications needs, including, but

not limited to, Internet, eGovernment, any interactive

video plans, the purchase of informational data bases,

software for manipulation of bibliographic records,

and the use of telecommunications equipment or

services,

d. the chief administrative officer of each state agency

of the executive branch shall submit a plan annually

to the Chief Information Officer identifying the

telecommunications needs of the state agency,

including, but not limited to, Internet, eGovernment,

any interactive video plans, the purchase of

informational data bases, software for manipulation of

bibliographic records, and the use of

telecommunications equipment or services, and

e. the Director of the Oklahoma Department of Libraries

shall submit a report annually to the Chief

Information Officer identifying the telecommunications

plans of public libraries and public library systems.

For purposes of developing such report, the chief

administrative officer of any public library or public

library system not otherwise required to submit a plan

of its telecommunications needs pursuant to the

provisions of this paragraph shall cooperate with and

submit annually to the Director of the Oklahoma

Department of Libraries a plan of its

telecommunications needs, including, but not limited

to, Internet, eGovernment, any interactive video

plans, the purchase of informational data bases,

software for manipulation of bibliographic records and

the use of telecommunications equipment or services.

To assure inclusion in the report of the plans of the

telecommunications needs of any library that is a part

of any member of The Oklahoma State System of Higher

Education, a public elementary or secondary school, or

technology center school district, all such plans

relating to libraries received by the Oklahoma State

Regents for Higher Education, the State Superintendent

of Higher Education, and the State Director of the

Oklahoma Department of Career and Technology Education

Oklahoma Statutes - Title 62. Public Finance Page 62

shall be submitted to the Director of the Oklahoma

Department of Libraries by the respective recipients

thereof as soon as practicable after receipt. The

Director of the Oklahoma Department of Libraries shall

certify to the Information Services Division that such

plans are consistent with the plan developed by the

Oklahoma Library Technology Network or explain any

inconsistencies therewith;

2. Identify the most cost-effective means of meeting the

telecommunications needs of educational entities and of agencies of

state government;

3. Develop minimum mandatory standards and protocols for

equipment, facilities and services of the OGTN;

4. Evaluate the advantages and disadvantages of utilizing

equipment, facilities, and services of both private entities and

those owned and operated by the state; and

5. Recommend a fee structure to provide for the operation and

maintenance of the OGTN.
Okla. Stat. tit. 62, § 62-901 — OK Code / Title 62 / Section 62-901
Long-Range Capital Planning Commission - Annual state
Status: in_force

capital plan - Capital budget.

A. There is hereby created a Long-Range Capital Planning

Commission to advise and assist the Legislature in providing for

real property capital facility needs for this state. The Commission

shall consist of nine (9) members as follows:

1. Three members appointed by the President Pro Tempore of the

Senate;

2. Three members appointed by the Speaker of the House of

Representatives; and

3. Three members appointed by the Governor.

All appointees shall be from the public at large. Within thirty

(30) days of July 1, 2013, the appointing authorities shall appoint

new members to the Commission; provided, a member serving on July 1,

2013, may be reappointed if he or she is otherwise qualified. Of

the members initially appointed by each appointing authority after

July 1, 2013, one shall be appointed for a one-year term, one shall

be appointed for a two-year term and one shall be appointed for a

three-year term. Thereafter, their successors shall be appointed

for four-year terms. Any vacancy shall be filled for the remainder

of the unexpired term in the same manner as the original

Oklahoma Statutes - Title 62. Public Finance Page 609

appointment. The appointing authorities shall appoint members who

possess knowledge, skills and abilities to perform the duties of the

Commission. No member of the Commission shall be interested,

directly or indirectly, in any contract entered into for a project

approved by the Commission during the period of service of the

member, nor shall any person be appointed as a member of the

Commission if such person is interested, directly or indirectly, in

a contract entered into for a project approved prior to the

appointment. An indirect interest shall include, but not be limited

to, an interest of an immediate family member of the member of the

Commission or a business with which the member of the Commission is

associated.

B. A chair of the Commission shall be elected from its

membership. Five members of the Commission shall constitute a

quorum. Members of the Commission shall serve without compensation,

but shall be entitled to reimbursement, pursuant to the State Travel

Reimbursement Act, for expenses incurred in the performance of their

duties.

C. Initial appointments to the Commission shall be made within

thirty (30) days of May 28, 1992.

D. The Commission shall have the authority to promulgate rules

and regulations necessary to implement the provisions of the State

Capital Improvement Planning Act.

E. The Office of Management and Enterprise Services, with the

advice and assistance of the Deputy Treasurer for Debt Management,

shall provide staffing for the Commission and other such assistance

as the Commission may require.

F. 1. The Commission shall prepare each year an annual capital

plan budget and a state capital plan for addressing state capital

facility needs for the next ensuing eight (8) years. The Oklahoma

State Regents for Higher Education and each state governmental

entity as defined in Section 695.3 of this title shall cooperate

with the Commission in the preparation of the state plan. Each

year, on or about December 1, the plan shall be submitted to the

Governor, Speaker of the House of Representatives and President Pro

Tempore of the Senate. The Long-Range Capital Planning Commission

shall annually update the eight-year plan. The Office of Management

and Enterprise Services shall perform routine services to support

the eight-year plan, including, but not limited to, agency-level

planning, real estate services, construction services and facility

operations as provided by law.

2. In addition to the requirements set forth in Section 901.1

of this title, the capital plan should:

a. supplement and integrate, not replace, existing

capital planning processes,

Oklahoma Statutes - Title 62. Public Finance Page 610

b. assess long-term needs for capital facilities to

support state government needs as determined by the

Commission,

c. review and assess the inventory of capital facilities

held by the state, and make recommendations on

reallocation, reuse or liquidation of properties for

incorporation into the annual capital plan,

d. include a projection of economic and demographic

trends likely to influence the needs of state

government during the eight-year period,

e. address agency strategic facility plans for new,

improved, renovated, or expanded capital facilities or

facilities that should be reallocated or liquidated,

f. include estimates of life cycle costs for new and

substantially expanded or renovated facilities,

g. evaluate the effectiveness of planning processes at

the agency level to account for all capital facility

costs for incorporation into the annual capital

budget,

h. account for projections of debt service and revenues

available from general obligation bonds and other

sources, including, but not limited to, the

Maintenance of State Buildings Revolving Fund,

i. analyze the capacity of the state to incur debt or

finance public capital facilities,

j. include a comprehensive listing of all capital

expenditures of the state which the Commission

recommends be undertaken or continued for any state

agency in the next two (2) fiscal years, together with

information as to the effect of such capital projects

on future operating expenses of the state, and with

recommendations as to the priority of such capital

projects and the means of funding them,

k. forecast the requirements for capital projects of

state agencies for the eight-year period and for such

additional periods, if any, as may be necessary or

desirable for adequate presentation of particular

capital projects, and include a schedule for the

planning and implementation or construction of such

capital projects,

l. set forth a proposed itemized budget for the next

fiscal year of recommended capital expenditures

inclusive of all funding sources, for each agency,

including facility rent and lease payments, energy and

utility expenditures, operations and maintenance,

capital improvements and capital development projects

Oklahoma Statutes - Title 62. Public Finance Page 611

as necessary to optimize and preserve the state’s

capital assets,

m. include the findings of the Oklahoma State Government

Asset Reduction and Cost Savings Program and the

indexing of the most necessary capital improvements to

the expenditure of funds from the Maintenance of State

Buildings Revolving Fund,

n. include such other information as the Commission deems

relevant to its duties, and

o. include findings of the Oklahoma State Government

Asset Reduction and Cost Savings Program and the

indexing of the most necessary capital improvements to

the expenditure of funds from the Maintenance of State

Buildings Revolving Fund.

G. The capital plan budget shall include, for each expenditure

and class of expenditures, the capital facility costs to be incurred

during the next ensuing fiscal year, inclusive of the annual

operating and maintenance costs of such facilities and a schedule of

depreciation calculated in accordance with the principles and

standards of capital budgeting authorized by subsection H of this

section.

H. The Commission, with the assistance of the Office of

Management and Enterprise Services, shall prepare and publish rules

and regulations that set forth principles and standards for capital

planning and budgeting to be used by state agencies. The rules and

regulations shall set forth definitions of relevant terms to be used

in the capital planning and budgeting processes, establish

accounting standards and standards for costs and benefits of public

facility investments.

I. 1. The Commission, the Office of Management and Enterprise

Services, and the Deputy Treasurer for Debt Management may request

the assistance of such personnel of any state agency in order to

perform their duties pursuant to the State Capital Improvement

Planning Act and such agencies shall respond and provide any such

assistance as may be required. The Commission may use existing

studies, surveys, plans, data and other materials in the possession

of any state agency. Each such agency shall make the same available

to the Commission so that the Commission may have available to it

current information with respect to the capital plans and programs

of each such agency.

2. The officers and personnel of any state agency may serve at

the request of the Commission upon such advisory committees as the

Commission may create and such officers and personnel may serve upon

such committees without forfeiture of office or employment and with

no loss or diminution of the compensation, status, rights and

privileges which they otherwise enjoy.

Oklahoma Statutes - Title 62. Public Finance Page 612

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

their lands, properties, buildings, funds or revenue:

1. The Oklahoma Ordnance Works Authority; and

2. The Commissioners of the Land Office.

K. The Commission shall develop plans, adopt authorizations,

and fulfill the duties required pursuant to Section 188A of Title 73

of the Oklahoma Statutes.
Okla. Stat. tit. 62, § 62-41.5t — OK Code / Title 62 / Section 62-41.5t
Renumbered as § 34.28 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-471 — OK Code / Title 62 / Section 62-471
Public funds - Manner of disbursement - Direct deposit
Status: in_force

system - Instruments issued by boards of county commissioners.

A. Except as provided in Section 17-102 of Title 11 of the

Oklahoma Statutes and subsection B of this section, all public funds

of any county or of any subdivision thereof shall be disbursed only

in the payment of legal warrants, bonds and interest coupons.

Counties may implement a direct deposit system to have warrants

transferred electronically to a financial institution. The State

Auditor and Inspector shall promulgate rules as necessary for the

implementation and administration of a direct deposit system.

B. Any board of county commissioners of a county of this state

may issue a negotiable instrument which will serve as both a warrant

on the treasury and a check ordering payment of the warranted amount

of money from the account of the treasury. This instrument shall be

prepared and issued in accordance with procedures and requirements

provided by law for a warrant and a check and shall be signed by the

chair of the board of county commissioners, the county clerk and the

county treasurer. Printing on the instrument shall indicate that

the instrument is a "warrant" of the county and a "check" drawn on

the account of the county. The provisions of Sections 601 through

606 of this title shall apply to instruments authorized by this

subsection.
Okla. Stat. tit. 62, § 62-91.6 — OK Code / Title 62 / Section 62-91.6
Loan packages - Review of applications by lending institutions - Loan restrictions - Review
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 11institutions - Loan restrictions - Review of loan packages.

A. The State Treasurer shall provide rural housing linked

deposit loan packages upon request to the lending institutions

eligible for participation in the Oklahoma Rural and Affordable

Housing Linked Deposit Program.

B. The rural housing linked deposit loan package shall be

completed by the developer before being forwarded to the lending

institution for consideration.

C. 1. An eligible lending institution that desires to receive

a rural housing linked deposit shall accept and review applications

for loans from eligible rural housing developers. The lending

institution shall apply all usual lending standards to determine the

creditworthiness of each eligible developer. No single linked

deposit for an Oklahoma rural housing linked deposit loan shall

exceed Two Million Dollars ($2,000,000.00).

2. Only one linked deposit loan shall be made and be

outstanding at any one time to any developer. However, the linked

deposit loan may be renewed subject to the time limitations for

participation set forth in subsection C of Section 91.7 of this

title.

3. No loan shall be made to any officer or director of the

lending institution making the loan.

4. No loan shall be made to any employee of the State

Treasurer’s office or to any officer, director or employee of the

certifying agency, or to any entity in which such officer, director

or employee maintains a controlling interest, or to an immediate

family member of the employees, officers, or directors of the State

Treasurer or the certifying agency.

5. No loan shall be made prior to July 1, 2004, and no deposit

of funds shall be made in connection with a rural housing linked

deposit loan prior to July 1, 2004.

D. An eligible rural housing developer shall certify on its

loan application that the reduced rate loan will be used exclusively

for the purposes outlined in Section 91.2 of this title.

E. In considering which eligible rural housing developers to

include in the rural housing linked deposit loan package for reduced

rate loans, the eligible lending institution shall give priority to

the economic needs of the area in which the development to be

financed is located and other factors the eligible lending

institution considers appropriate to determine the relative

financial need of the developer.

F. 1. The eligible lending institution shall forward to the

certifying agency a rural housing linked deposit loan package, in

the form and manner prescribed and approved by the State Treasurer.

Oklahoma Statutes - Title 62. Public Finance Page 327

The package shall include information regarding the amount of the

loan requested by each eligible developer and any other information

regarding each development the State Treasurer requires. The

institution shall, for each development, certify the present

borrowing rate applicable to similar borrowers for similar projects,

as well as the rate that would be charged to the applicant but for

participation in the linked deposit program.

2. The institution and applicant shall certify that each

applicant is an eligible rural housing developer.

3. Whoever knowingly makes a false statement concerning a

linked deposit loan application shall be prohibited from

participating in the linked deposit loan program.

G. The certifying agency shall examine the completed rural

housing linked deposit loan package for possible certification. The

certifying agency may charge an applicant a reasonable filing fee.

A uniform fee may be established to cover its administrative costs

of review. Any filing fee must be approved by the State Treasurer.

The certifying agency shall review the linked deposit loan package

to determine if the package satisfies the requirements of this act

and guidelines adopted pursuant to this act. The certifying agency

shall make a recommendation concerning the package within thirty

(30) business days. The certifying agency shall forward the package

to the State Treasurer with a written recommendation of approval or

rejection. If the certifying agency recommends rejection, the

written recommendation shall include reasons for the rejection. The

certifying agency shall forward a copy of its rejection notice to

the lending institution and the borrower. The State Treasurer shall

keep a chronological list of applications forwarded by the

certifying agency for approval or rejection. Upon receipt of a

completed rural housing linked deposit loan package, the State

Treasurer may review or audit the information contained in the

completed rural housing linked deposit loan package.
Okla. Stat. tit. 62, § 62-450 — OK Code / Title 62 / Section 62-450
Application of act
Status: in_force

The provisions of this act are applicable only in cases where

all the bond, interest and judgment indebtedness of such municipal

subdivision for which such sinking fund levies for such previous

years were made and which is or was an obligation of such sinking

fund has either been paid, or is subject to immediate payment out of

unencumbered and unappropriated cash then in said sinking fund, or

refunded or reduced to judgment and legal provision made for payment

thereof out of sinking fund levies, or other wise, within the

current and/or future fiscal years.
Okla. Stat. tit. 62, § 62-41.5t.2 — OK Code / Title 62 / Section 62-41.5t.2
Renumbered as § 34.30 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-7005 — OK Code / Title 62 / Section 62-7005
Contractors – Evaluation process – Requirements –
Status: repealed

Criteria – Records disclosure.

A. The Commission may contract with a private company,

nonprofit, or academic institution to assist with evaluation of each

incentive. The Commission shall develop a scope of services for a

request for proposals issued pursuant to the Oklahoma Central

Purchasing Act, Section 85.1 et seq. of Title 74 of the Oklahoma

Statutes, for professional services necessary to complete incentive

evaluations pursuant to the Incentive Evaluation Act. The scope of

services shall include a provision requiring the contractor to

provide at least one draft report for each incentive prior to the

issuance of the final report; provided, the contractor may determine

the timing and frequency of draft reports based on the availability

of information and the potential for draft reports to assist the

Commission in making a final recommendation. The cost of such

contract shall be paid by the Office of Management and Enterprise

Services. No recipient or potential recipient of an incentive or

representative of a recipient or potential recipient shall contact

the entity or individual with whom the Commission contracts pursuant

to this subsection unless the entity or individual specifically

requests information or documentation for purposes of the incentive

evaluation process; provided, this shall not be construed to prevent

participation in a public hearing conducted pursuant to subsection B

of this section.

B. By October 1 of each year beginning in calendar year 2023,

the Commission or the Commission’s chosen contractor shall evaluate

each incentive scheduled for review that year. The Commission or

the Commission’s chosen contractor shall conduct each incentive

evaluation in consultation with the Oklahoma Department of Commerce

division of Research and Economic Analysis Services using criteria

developed pursuant to subsection D of this section. Between October

1 and November 30 of each year beginning in 2017, the Commission

shall hold at least one public meeting to review, allow for public

comment, and vote to approve, disapprove, or modify each incentive

evaluation conducted that year. By December 15 of each year

beginning in 2016, the Commission shall provide the results of each

incentive evaluation, a review of prior Commission recommendations,

and changes to statute or incentive administration related to

incentive evaluation recommendations in a written report to the

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

House of Representatives. If the Commission votes to modify an

incentive evaluation as provided in this subsection, such

modification and the original evaluation shall be documented in the

annual written report. The report shall be made publicly available

Oklahoma Statutes - Title 62. Public Finance Page 677

on the Oklahoma Department of Commerce website, the Commission

website, and documents.ok.gov.

C. Each evaluation shall include the following:

1. An estimate of the economic and fiscal impact of the

incentive. This estimate shall take into account the following

considerations in addition to other relevant factors:

a. the extent to which the incentive changes business

behavior,

b. the results of the incentive for the economy of

Oklahoma as a whole. This consideration includes both

positive direct and indirect impacts and any negative

effects on other Oklahoma businesses, and

c. a comparison to the results of other incentives or

other economic development strategies with similar

goals;

2. An assessment of whether adequate protections are in place

to ensure the fiscal impact of the incentive does not increase

substantially beyond the state’s expectations in future years;

3. An assessment of whether the incentive is being administered

effectively;

4. An assessment of whether the incentive is achieving its

goals;

5. Recommendations for how the state can most effectively

achieve the incentive’s goals, including recommendations on whether

the incentive should be retained, reconfigured, or repealed; and

6. Recommendations for any changes to state policy, rules, or

statutes that would allow the incentive to be more easily or

conclusively evaluated in the future. These recommendations may

include changes to collection, reporting, and sharing of data, and

revisions or clarifications to the goal of the incentive.

D. Evaluation criteria shall be developed for each incentive

evaluated by the Commission. Each incentive shall be evaluated

using criteria specific to the individual incentive. The criteria

shall be developed by the Commission through the administrative

rulemaking process pursuant to the Administrative Procedures Act,

Section 250 et seq. of Title 75 of the Oklahoma Statutes, and

codified in the administrative code of the Oklahoma Department of

Commerce.

E. At the request of the Incentive Evaluation Commission,

unless prohibited by the Oklahoma Constitution, Oklahoma Statutes,

or federal law, state agencies shall provide any records,

information, data, or data analysis necessary for the Commission or

contractors to effectively evaluate incentives. The Commission and

contractors shall not disclose or release any data received from

other state agencies, except as permitted under law.
Okla. Stat. tit. 62, § 62-41.5p — OK Code / Title 62 / Section 62-41.5p
Renumbered as § 34.24 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-41.29b — OK Code / Title 62 / Section 62-41.29b
Renumbered as § 34.89 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-444 — OK Code / Title 62 / Section 62-444
Partial invalidity
Status: in_force

In the event any part of this act shall be held to be invalid,

inoperative or unconstitutional then such invalid, inoperative or

unconstitutional part shall not affect the other parts of this act.
Okla. Stat. tit. 62, § 62-41.4a — OK Code / Title 62 / Section 62-41.4a
Renumbered as § 34.71 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-851 — OK Code / Title 62 / Section 62-851
Purpose of act
Status: in_force

The Local Development Act shall serve to implement and execute

Section 6C of Article X of the Oklahoma Constitution as approved by

the voters of the State of Oklahoma on November 6, 1990, by:

1. Providing for the granting of incentives and exemptions from

taxation within certain areas, placing restrictions thereon, and

limiting the time period for the exemptions, as authorized by

subsection A thereof;

2. Providing for apportionment of an increment of local taxes

and fees, placing restrictions thereon, and limiting the time period

for the apportionment, as authorized by subsection B thereof; and

Oklahoma Statutes - Title 62. Public Finance Page 539

3. Providing for the planning, financing, and carrying out of

development and redevelopment within certain areas, as authorized by

subsection C thereof.

Nothing in the Local Development Act shall be construed in a

manner contrary to or inconsistent with the provisions of said

constitutional provision.

The Legislature hereby finds that historic preservation,

reinvestment or enterprise areas as defined under this act are

unproductive, undeveloped, underdeveloped or blighted areas pursuant

to subsection C of Section 6 of Article X of the Oklahoma

Constitution.
Okla. Stat. tit. 62, § 62-476 — OK Code / Title 62 / Section 62-476
Amount to be issued
Status: in_force

Warrants and certificates of indebtedness may be issued to the

amount of the estimate made and approved by the excise board for the

current fiscal year or to the amount authorized for such purpose by

a bond issue.
Okla. Stat. tit. 62, § 62-2310 — OK Code / Title 62 / Section 62-2310
Budget - Operating budget - Programs budget
Status: in_force

A. The Board of Directors of the Tobacco Settlement Endowment

Trust Fund shall adopt a budget for each fiscal year after the Board

of Directors has been notified by the Board of Investors of the

amount of earnings available for distribution. The budget shall be

broken out into an operating budget and a programs budget. The

budget shall be presented to the Board of Investors of the Tobacco

Settlement Endowment Trust Fund and filed with the Office of

Management and Enterprise Services.

1. The operating budget shall consist of the administrative

expenses of the Board of Directors and the administrative expenses

of the State Treasurer approved by the Board of Directors of the

Tobacco Settlement Endowment Trust Fund.

Oklahoma Statutes - Title 62. Public Finance Page 647

a. Administrative expenses include the portion of

salaries, travel, and other administrative expenses of

the Board of Investors and Board of Directors of the

Tobacco Settlement Endowment Trust Fund that cannot be

identified with a specific program of the Board of

Directors. Administrative expenses allocable to the

operating budget may also include, but are not limited

to: regular board and committee meetings; staff

meetings; personnel or human resource management;

board legal services; board consultant services;

central purchasing and procurement; board budgeting,

accounting and auditing; and public information

activities.

b. Administrative expenses do not include program

expenses as defined below or the professional expenses

paid by the Board of Investors related to the

management of the Trust Fund. The fees paid to

investment managers and the custodian bank must be

properly disclosed and approved by the Board of

Investors or authorized staff in the Office of the

State Treasurer, but the fees may be paid from assets

under management.

c. Administrative expenses of the Board of Directors may

not exceed fifteen percent (15%) of the annual amount

of earnings certified by the Board of Investors.

2. The programs budget shall consist of the program expenses of

the Board of Directors.

a. Program expenses include direct funding awarded to

grantees or contractors under grants programs

developed by the Board. Program expenses allocable to

the programs budget may also include, but are not

limited to, staff time, represented by a proportional

amount of the employee's salary, and board and staff

travel expenses that can be identified to benefit a

specific program of the Board of Directors.

b. Other expenses allocable to the programs budget may

include, but are not limited to: special board and

committee meetings to conduct an activity identifiable

to a specific program; contracted consultants,

technical or program support personnel assigned

directly to specific programs; professional services

contracts to evaluate, audit or provide budgeting,

accounting, auditing or legal services for specific

programs or program grantees, contractors or

participants; and training or informational activities

to inform applicants, contractors, grantees or the

Oklahoma Statutes - Title 62. Public Finance Page 648

public about a specific program developed by the Board

of Directors.

3. The Board shall develop policies and procedures to define,

clarify, and implement the allocation of identified expenses to

either the programs or operating budget.

4. All operating expenses and program expenses shall be paid

out against the amount of earnings from the Tobacco Settlement

Endowment Trust Fund.

B. The Board of Investors shall ensure that sufficient cash is

transferred at appropriate times to honor these claims, but shall

keep as much as possible of the trust fund invested at all times.

The operating budget of the Board of Directors shall be allotted in

twelve substantially equal amounts throughout the fiscal year.

Amounts to be distributed to carry out the purposes of the Tobacco

Settlement Endowment Trust Fund Act shall be made available as

needed and determined by the Board of Directors of the Tobacco

Settlement Endowment Trust Fund.

C. The Board of Directors shall direct the Board of Investors

of the Tobacco Settlement Endowment Trust Fund to set aside

sufficient cash reserves out of earnings from the Tobacco Settlement

Endowment Trust Fund to ensure that the expenses of the Board of

Directors and Board of Investors of the Tobacco Settlement Endowment

Trust Fund and the State Treasurer may be funded in the event that

there is insufficient earnings achieved in a future year to cover

those expenses. Earnings from a fiscal year may be carried over or

used as reserves for expenditure in future fiscal years.

D. The Board of Investors shall calculate earnings of the

Tobacco Settlement Endowment Trust Fund for the fiscal year ending

June 30, 2003, and future fiscal years pursuant to this act.