Okla. Stat. tit. 62, § 62-371 — OK Code / Title 62 / Section 62-371
Contracts with officers void - Exceptions
Status: in_force

A. Except as otherwise provided in this section, no board of

county commissioners, nor city council, nor board of trustees of any

town, nor any district board of any school district in this state,

nor any board of any local subdivision of this state shall make any

contract with any of its members, or in which any of its members

shall be directly or indirectly interested. All contracts made in

violation of this section shall be wholly void.

However, for the purposes of this section, the following shall

not be considered the making of a contract:

1. The depositing of any funds in a bank or other depository;

2. Any contract with a qualified nonprofit Internal Revenue

Code Section 50l(c)(3) organization, except for contracts paying

salaries or expenses or except a contract entered into by a school

district involving the counseling or instruction of students or

staff;

3. Monthly billings submitted to any county or local

subdivision of the state for public utility companies, electric

cooperatives or telephone companies, whose services are regulated by

the Oklahoma Corporation Commission, or billings of the utility

companies, electric cooperatives or telephone companies pertaining

to installations or changes in service, where tariffs for the

charges or billings by the companies are on file with the Oklahoma

Corporation Commission.

In addition, the governing board of a technology center school

district may enter into a contract for the technology center school

district to provide training for a company, individual, or business

concern by which a member of the board is employed. A board member

shall abstain from voting on any such contract between the

technology center school district board and the company, individual,

or business concern by which the member is employed.

B. The provisions of this section shall not apply to:

Oklahoma Statutes - Title 62. Public Finance Page 405

1. Those municipal officers who are subject to Section 8-113 of

Title 11 of the Oklahoma Statutes; or

2. A member of any board of education of a school district or a

director or member of any rural water, sewer, gas and solid waste

management district organized pursuant to Section 1324.1 et seq. of

Title 82 of the Oklahoma Statutes in this state which does not

include any part of a municipality with a population greater than

two thousand five hundred (2,500) according to the latest Federal

Decennial Census when the board member is the only person who owns

or operates a business which is the only business of that type

within ten (10) miles of the corporate limits of the municipality.

However, any activities permitted by this subsection shall not

exceed Five Hundred Dollars ($500.00) for any single activity and

shall not exceed Ten Thousand Dollars ($10,000.00) for all

activities in any calendar year.

C. The provisions of this section shall not apply to

conservation district board members participating in programs

authorized by Section 3-2-106 of Title 27A of the Oklahoma Statutes.

D. Notwithstanding the provisions of this section, any officer,

director or employee of a financial institution may serve on a board

of a public body. Provided, the member shall abstain from voting on

any matter relating to a transaction between or involving the

financial institution in which the member is associated and the

public body in which the member serves.

E. The provisions of this section shall not apply to any board

of county commissioners purchasing motor fuel for exclusive use by

the county from a cooperative agricultural association in which a

member of the board of county commissioners has a financial or

proprietary interest. The county commissioner having a financial or

proprietary interest in the cooperative agricultural association

shall abstain from voting on any such purchase or contract between

the county and the cooperative agricultural association. Except as

provided in this subsection, the purchasing procedures required by

law for counties and county officers shall not otherwise be

modified.

F. A member of a board of county commissioners, city council,

board of trustees of any town, district board of any school district

in this state, or of any board of any local subdivision of this

state shall not be considered to be directly or indirectly

interested in any contract with a person or entity that employs such

member or the spouse of the member, if the member or the spouse of

the member has an interest in the employing entity of five percent

(5%) or less.

R.L. 1910, § 6776. Amended by Laws 1971, c. 268, § 1, emerg. eff.

June 17, 1971; Laws 1987, c. 102, § 1, emerg. eff. May 22, 1987;
Okla. Stat. tit. 62, § 62-213 — OK Code / Title 62 / Section 62-213
Failure or refusal to file reports - Misdemeanor
Status: in_force

Any official of either of the boards hereinbefore named who

shall fail, neglect or refuse to make and file any report or pay the

fees provided for herein shall be deemed guilty of a misdemeanor and

in addition thereto shall be removed from his office.
Okla. Stat. tit. 62, § 62-11 — OK Code / Title 62 / Section 62-11
Bond Commissioner
Status: in_force

The Attorney General is hereby made ex officio Bond

Commissioner of the State of Oklahoma.
Okla. Stat. tit. 62, § 62-754 — OK Code / Title 62 / Section 62-754
Limitations on refunding bonds - School bonds -
Status: in_force

Competitive bidding - Excluded bidders - Conditions of refunding -

Escrow supplements - Issuance of refunding bond.

A. Any general obligation bonds issued or incurred by any

public body may be refunded by the public body issuing or incurring

the general obligations or any successor of thepublic body in the

name of the public body that issued or incurred the obligation or

indebtedness being refunded, but subject to provisions concerning

their payment and to any other contractual limitations in the

proceedings authorizing their issuance or otherwise appertaining to

the general obligations; provided, approval of the refunding by an

election held in the same manner as required for the issuance of the

general obligations being refunded shall be required if the

refunding extends the maturity date of the obligations.

B. 1. The outstanding bonded indebtedness of any school

district at the time of the inclusion of all the territory of the

district in another district by reorganization, consolidation,

dissolution, or any other lawful means may be refunded by action of

the governing body of the district including such territory at the

time of such refunding, whether or not such indebtedness has been

assumed by the district including such territory.

Oklahoma Statutes - Title 62. Public Finance Page 512

2. When an entire school district with outstanding bonded

indebtedness has been divided and parts of the school district have

been included within two or more other districts by any lawful

means, the refunding of such indebtedness shall require affirmative

action by a majority of the members of the governing body of each of

the districts within which any part of the territory of the district

having the indebtedness is then included, except as otherwise

provided for in the General Obligation Public Securities Refunding

Act.

3. The outstanding bonded indebtedness of any school district

at the time any territory of the district is detached from the

school district by any lawful means, which school district has

retained its lawful corporate existence subsequent to the detachment

of said territory from the school district, may be refunded by

action of the governing body of the school district from which

territory has been detached with or without the concurrence of or

action by the governing body of any school district within which all

or any part of such detached territory is included. The school

districts from which territory has been detached and which retain

their corporate existence subsequent to detachment are specifically

exempted from the requirements and provisions of paragraph 2 of this

subsection.

C. General obligation refunding bonds may be issued to refund

all or any portion of one or more outstanding general obligations of

a public body, but no two or more outstanding general obligations,

or portions thereof, may be refunded by a single issue of refunding

bonds unless the taxable property upon which tax levies are being

made for payment of each such outstanding general obligation

proposed to be refunded by such single issue of refunding bonds, and

the same tax and debt limitations, if any, applicable to each

obligation proposed to be refunded by such single issue of refunding

bonds are also applicable to all other obligations to be refunded by

such single issue.

D. All refundings of general obligation issues shall be made

through competitive bidding pursuant to the procedures established

by Section 354 of Title 62 of the Oklahoma Statutes. The governing

body may waive the competitive bid requirement if three-fourths

(3/4) of the membership of the governing body so vote or upon a

unanimous vote of those members voting if less than three-fourths

(3/4) of the membership of the governing body is present. Refunding

bonds may be delivered in exchange for the obligations to be

refunded or may be sold by competitive or negotiated sale as

determined by the governing body in the best interest of the public

body in either of the following manners:

1. If the public body sells the refunding bonds at competitive

sale, the public body is hereby authorized to pay all expenses

incident to the issuance of said bonds including fees for legal,

Oklahoma Statutes - Title 62. Public Finance Page 513

financial, and other assistance in the preparation and proceedings

thereof, from the proceeds of such refunding bonds or any other

moneys available to the public body. The proceeds of such sale

shall be applied as provided for in the General Obligation Public

Securities Refunding Act. The bonds may be sold at a sum not less

than par with accrued interest.

2. If the bonds are sold through a negotiated sale, it shall be

unlawful for any board of county commissioners, city council or city

commissioners, town council, township board, school district board,

board of education or any other officer of any such municipal

corporation, or any officer of any political corporation, or

subdivision of this state, to sell, agree to sell or contract to

sell any bonds issued with, or without a vote of the people for any

sum less than par with accrued interest added. All fees for legal,

financial, and other assistance in the preparation and proceedings

thereof shall be paid from the proceeds of such refunding bonds.

E. Persons, firms, or corporations prohibited from bidding on

or purchasing general obligations pursuant to Section 355 of Title

62 of the Oklahoma Statutes shall be prohibited from bidding on or

purchasing refunding bonds issued pursuant to the provisions of the

General Obligation Public Securities Refunding Act.

F. No general obligation may be refunded unless the holder of

the general obligation voluntarily surrenders it for exchange of

payment or the general obligation either matures or is callable by

the issuer for prior redemption under its terms within twenty-five

(25) years from the date of issuance of the refunding bonds, and

provision shall have been made in such refunding for paying the

obligation being refunded within said period of time. In no event

shall general obligations be refunded except for the purposes

specified in paragraph 1 of subsection A of Section 3 of this act,

or unless the total of the principal and interest payable over the

life of the refunding bonds and the expenses incurred in issuing the

refunding bonds shall be less than the total of the principal and

interest payable over the life of the refunded obligations.

G. A public body shall be authorized to utilize an escrow

supplement in accomplishing any refunding undertaken pursuant to the

General Obligation Public Securities Refunding Act.

H. The issuance of refunding bonds by any public body pursuant

to the provisions of the General Obligation Public Securities

Refunding Act shall not be interpreted to be the creation of debt or

indebtedness such that the issuance would require the approval at an

election in accordance with the Constitution or laws of this state.

No such approval shall be required for the issuance of such

refunding bonds except as provided for in the General Obligation

Public Securities Refunding Act. Any obligations which have been

refunded, pursuant to the provisions of the General Obligation

Public Securities Refunding Act, either by immediate payment or

Oklahoma Statutes - Title 62. Public Finance Page 514

redemption and retirement or by the placement of net proceeds of

refunding bonds in escrow shall continue to be considered general

obligations but shall not be deemed outstanding for purposes of

determining compliance with debt limitations from and after the date

on which sufficient moneys are placed either with the paying agent

of such outstanding obligations for the purpose of immediately

paying or redeeming and retiring such bonds or with the escrow agent

for the purpose of paying or redeeming and retiring such bonds at a

designated future date.
Okla. Stat. tit. 62, § 62-875 — OK Code / Title 62 / Section 62-875
Public hearing - Presentation of proposed project plan - Ordinance or resolution
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 21Ordinance or resolution establishing district - Determination of

adverse effect.

A. At the public hearing, a representative of the municipality

or county shall present the proposed project plan for the

development or renovation of housing in the proposed district. Each

project proposed for the district shall be identified and explained.

At the hearing, the developer or developers that have contracted

with the municipality to undertake the project shall be identified

and presented in person or through such developer's representative.

Following the presentation, all interested persons shall be given an

opportunity to be heard. The governing body for good cause shown

may recess such hearing to a time and date certain, which shall be

fixed in the presence of persons in attendance at the hearing.

B. Upon the conclusion of the public hearing, the governing

body may adopt the project plan for the district and may establish

the district by ordinance or, in the case of any county, by

resolution. The boundaries of such district shall not include any

area not designated in the notice required by Section 5 of this act.

Any addition of area to the district or any substantial change to

the project plan shall be subject to the same procedure for public

notice and hearing as required for the initial establishment of the

district.

C. The ordinance or resolution establishing the district shall

be null and void if, within thirty (30) days following the

conclusion of the hearing:

1. The board of any school district levying taxes on such

property determines by resolution that the proposed district will

have an adverse effect on such school district;

2. The governing body of any municipality located within three

(3) miles of the district proposed to be established by a county

determines by ordinance that the proposed district will have an

adverse effect on such municipality; or

3. The board of county commissioners of the county in which a

municipal governing body proposes to establish such a district

determines by resolution that the proposed district will have an

adverse effect on such county.
Okla. Stat. tit. 62, § 62-862 — OK Code / Title 62 / Section 62-862
Base assessed value - Computation of tax levy
Status: in_force

A. Upon approval of a project plan containing apportionment

financing as provided in Section 861 of this title, the county

assessor shall, within ninety (90) days, determine the total

Oklahoma Statutes - Title 62. Public Finance Page 560

assessed value of all taxable real property and all taxable personal

property within the boundaries of an increment district which shall

be certified by the assessor as the "base assessed value".

B. Any school district located within the boundaries of an

increment district may file a protest with the governing body of the

city, town or county as to the amount certified by the county

assessor as the "base assessed value" of the increment district.

Such protest shall be filed within thirty (30) days after the "base

assessed value" is certified by the county assessor. The governing

body of the city, town or county shall notify the county assessor of

the protest. Within thirty days after being notified of the

protest, the county assessor shall redetermine the total assessed

value of all taxable real property and all taxable personal property

within the boundaries of the increment district and shall certify to

the governing body of the city, town or county the redetermined

amount as the "base assessed value" of that district.

C. After the county assessor has certified the "base assessed

value" of the taxable real property and the taxable personal

property in such increment district, then in respect to every taxing

jurisdiction receiving taxes levied in the increment district, the

county assessor or any other official required by law to ascertain

the amount of the equalized assessed value of all taxable property

within such increment district for the purpose of computing the tax

levy to be extended upon taxable property within such increment

district, for the purpose of calculating the general state school

aid formula, or for the purpose of computing any debt limitation,

shall in every year that the tax apportionment is in effect

ascertain the amount of value of taxable property in such increment

district by including in such amount the certified "base assessed

value" of all taxable real property and all taxable personal

property in such increment district in lieu of the equalized

assessed value of all taxable real property and all taxable personal

property in such increment district. The tax levy determined shall

be extended to the current equalized assessed value of all property

in the increment district in the same manner as the tax levy is

extended to all other taxable property in the increment district.

The method of extending taxes established under the provisions of

this section shall terminate when the governing body adopts an

ordinance or resolution dissolving the tax apportionment financing.

The provisions of this act shall not be construed as relieving

property owners within an increment district from paying a uniform

rate of taxes upon the current equalized assessed value of their

taxable property as required by Section 5 of Article X of the

Oklahoma Constitution.
Okla. Stat. tit. 62, § 62-41.40 — OK Code / Title 62 / Section 62-41.40
Renumbered as § 34.4 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-57.40 — OK Code / Title 62 / Section 62-57.40
Investment of sinking fund monies
Status: in_force

The State Treasurer shall invest all sinking fund monies in

direct obligations of the United States of America or in

Oklahoma Statutes - Title 62. Public Finance Page 218

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 1961 Building Bonds, which earnings shall be

deposited in the sinking fund.
Okla. Stat. tit. 62, § 62-88.5 — OK Code / Title 62 / Section 62-88.5
Dissemination of information and loan packages -
Status: in_force

Completing loan package - Acceptance and review of loan applications

- Conditions of loans - Forwarding loan packages to State Treasurer

and Board.

Oklahoma Statutes - Title 62. Public Finance Page 304

A. The State Treasurer and the Department of Commerce are

hereby authorized to disseminate information and to provide small

business linked deposit loan packages to the lending institutions

eligible for participation under this act.

B. The small business linked deposit loan package shall be

completed by the borrower before being forwarded to the lending

institution for consideration. Any technical assistance in

completing such loan package shall be provided by the State

Treasurer.

C. An eligible lending institution that desires to receive a

small business linked deposit shall accept and review applications

for loans from eligible participants. The lending institution shall

apply all usual lending standards to determine the creditworthiness

of each eligible participant. Loans under this act shall conform to

the following conditions:

1. Maximum loan amounts under the Oklahoma Small Business

Linked Deposit Act shall:

a. not exceed One Million Two Hundred Thousand Dollars

($1,200,000.00) for an eligible small business,

b. not exceed Six Million Dollars ($6,000,000.00) for an

eligible industrial park or any public trust

authorized in accordance with Section 176 of Title 60

of the Oklahoma Statutes engaged in industrial

development as determined by the Oklahoma Linked

Deposit Review Board. Such public trusts are limited

to fifteen percent (15%) of the total available funds

and a nonrenewable term not to exceed six (6) months

unless their purpose is to make package passthrough

loans to other private recipients for industrial

development purposes. Loans made by an eligible trust

cannot exceed the interest rate established by this

act. Any recipient of a loan through an eligible

trust must meet the criteria of this act to receive a

small business linked deposit loan;

2. An eligible participant shall certify on the loan

application that the reduced rate loan will be used exclusively to

create new jobs or preserve existing jobs and employment

opportunities in accordance with the purpose of this section;

3. Only one linked deposit loan shall be made and be

outstanding at any time to any eligible participant; provided that

the linked deposit loan may be refinanced;

4. No linked deposit loan shall be approved for any otherwise

eligible participant when fifty percent (50%) or more of the

interest in or control of such otherwise eligible participant is

owned directly or indirectly by a person who owns directly or

indirectly fifty percent (50%) or more of or controls another

participating eligible participant;

Oklahoma Statutes - Title 62. Public Finance Page 305

5. No loan shall be made to any officer or director of the

lending institution making the loan or to any entity in which any

such officer or director maintains a controlling interest;

6. No loan shall be made to any employee of the State

Treasurer's office or members of the Board or to any entity in which

any such officer or director maintains a controlling interest;

7. The criteria for the amount of loans used for refinance

shall be established by the Oklahoma Linked Deposit Review Board to

reflect legislative intent to tighten previous criteria on

refinancing;

8. The criteria for the amount of loans per job ratio shall be

established by the Oklahoma Linked Deposit Review Board to reflect

legislative intent to maximize the program in terms of the jobs

created or saved;

9. Whoever knowingly makes a false statement concerning a

linked deposit loan application shall be prohibited from entering

into the linked deposit loan program; and

10. Linked deposits may be made for any maturity considered

appropriate by the State Treasurer not to exceed two (2) years andand review of loan applications - Conditions of loans - Forwarding loan packages to State Treasurerw Board to reflect

legislative intent to maximize the program in terms of the jobs

created or saved;

9. Whoever knowingly makes a false statement concerning a

linked deposit loan application shall be prohibited from entering

into the linked deposit loan program; and

10. Linked deposits may be made for any maturity considered

appropriate by the State Treasurer not to exceed two (2) years and

may be renewed for up to an additional three renewals not to exceed

two (2) years each at the discretion of the State Treasurer with the

approval of the lending institution. No renewals will be allowed

unless the amount of principal has been reduced by a minimum of five

percent (5%) and all interest paid to date from the time of the

prior loan or renewal. However, at renewal the Oklahoma Linked

Deposit Review Board may approve an increase in the amount of

principal, if the business is expanding and additional jobs will be

created. An approval of such an increase in principal will not

extend the maximum years of participation in the program. In

addition, loans made to eligible participants where the loan is to

be used within an enterprise zone may be made for the maturity date

of three (3) years with two additional renewals. The first renewal

may be for up to three (3) years and the last renewal may be for up

to two (2) years. Loans made to be used within Priority Enterprise

Zones may be made with a maturity date of five (5) years and have

another three (3) years of renewal. Interest shall be paid at the

times determined by the State Treasurer. The State Treasurer may

place a small business linked deposit with an eligible lending

institution or decline to do so based on the cash flow needs of the

state, the security of state funds, investment needs of the state

and the ratio of state funds deposited to jobs which would be

sustained or created.

D. In considering which eligible participants to include in the

small business 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 business is located and other factors

it considers appropriate to determine the relative financial need of

Oklahoma Statutes - Title 62. Public Finance Page 306

the business including those criteria set forth in the Community

Reinvestment Act of the United States. Location in an enterprise

zone shall be evidence of the economic needs of the area.

E. The eligible lending institution shall forward to the State

Treasurer a small business linked deposit loan package in the form

and manner prescribed and approved by the State Treasurer. The

package shall include information regarding the amount of the loan

requested by each eligible participant, the number of jobs to be

created or sustained, an estimate of the number of zone residents to

be employed in such jobs where the loan is to be used in an

enterprise zone and such other information regarding each business

the State Treasurer and the Board requires. The institution shall

certify that each applicant is an eligible participant, and shall,

for each business, certify the present borrowing rate applicable to

each specific eligible small business.

F. Upon receipt of a completed small business linked deposit

loan package, the State Treasurer shall forward the loan package to

the Board, Oklahoma Tax Commission and Oklahoma Employment Security

Commission. The Board shall review the small business linked

deposit loan package to determine if said package is qualified under

this act. Within ten (10) days of receipt of the loan package, the

Oklahoma Tax Commission and the Oklahoma Employment Security

Commission shall determine and certify with the Board whether or not

the applicant is in good standing. The Board shall make a

recommendation concerning the package at the next regularly

scheduled Board meeting or at a special Board meeting, after receipt

of the responses from the Oklahoma Tax Commission and the Oklahoma

Employment Security Commission. No applicant will be approved

without certification of good standing with the Oklahoma Tax

Commission and Oklahoma Employment Security Commission. The Board

shall return the package to the State Treasurer with a written

recommendation of approval or rejection. If the Board recommends

rejection, the written recommendation shall include reasons for said

rejection. The Board 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

Board for approval or rejection.
Okla. Stat. tit. 62, § 62-310.1a — OK Code / Title 62 / Section 62-310.1a
Acknowledgment of delivery of merchandise - Approval of
Status: in_force

payment.

The officer, deputy or employee receiving satisfactory delivery

of merchandise shall acknowledge such fact by signing the invoice or

Oklahoma Statutes - Title 62. Public Finance Page 376

delivery ticket and no purchase order shall be approved for payment

by the governing board unless the required signed invoices or

delivery tickets are attached thereto.
Okla. Stat. tit. 62, § 62-583 — OK Code / Title 62 / Section 62-583
Purpose
Status: in_force

A. The Code provides that interest with respect to certain

obligations may not be exempt from federal income taxation unless

they are in registered form. It is therefore a matter of state

concern that public entities be authorized to provide for the

issuance of obligations in such form. It is a purpose of this act

to empower all public entities to establish and maintain a system

pursuant to which obligations may be issued in registered form

within the meaning of the applicable provisions of the Code.

B. Obligations have traditionally been issued in bearer rather

than in registered form, and a change from bearer to registered form

may affect the relationships, rights and duties of issuers of and

the persons that deal with obligations, and by such effect, the

costs. Such effects will impact the various issuers and varieties

of obligations differently depending on their legal and financial

characteristics, their markets and their adaptability to recent and

prospective technological and organizational developments. It is

therefore a matter of state concern that public entities be provided

flexibility in the development of such systems and control over

system incidents, so as to accommodate such differing impacts. It

is a purpose of this act to empower the establishment and

maintenance, and amendment from time to time, of differing systems

Oklahoma Statutes - Title 62. Public Finance Page 460

of registration of obligations, including system incidents, so as to

accommodate the differing impacts upon issuers and varieties of

obligations. It is further a purpose of this act to authorize

systems that will facilitate the prompt and accurate transfer of

registered public obligations and developing practices with regard

to the registration and transfer of registered public obligations.

C. In order that all state and local obligations issued after

July 1, 1983, retain their tax exempt status and avoid other

penalties, the Legislature of the State of Oklahoma hereby urges and

encourages all state and local obligations be in registered form

unless:

1. The obligation is not of a type offered to the public;

2. The obligation has a maturity at issue of one (1) year or

less; or

3. The obligation is sold only to foreign persons and interest

on such obligation is payable only outside the United States and its

possessions.

These exemptions from registration shall be construed in light of

Internal Revenue Code Regulations interpreting 16 U.S.C.A. Section

310(b).
Okla. Stat. tit. 62, § 62-79 — OK Code / Title 62 / Section 62-79
Monies belonging to general revenue funds - Payment into
Status: in_force

state treasury - Report to State Auditor and Inspector.

All monies that shall be received during any calendar month by

any state officer, state board, state commission or the members or

employees of either thereof, accruing as a part of state's general

revenue or any other appropriated funds, unless otherwise

specifically provided by statute, shall be paid into the State

Treasury,--that is, transferred from the official depository to the

funds in the State Treasury to which the same belongs by the

authority so receiving the same on or before the second Monday

following the close of the calendar month in which such monies shall

have been received.
Okla. Stat. tit. 62, § 62-57.61 — OK Code / Title 62 / Section 62-57.61
Purpose
Status: in_force

It is hereby declared to be the purpose of this act to vitalize

the constitutional amendment indentified as House Joint Resolution

No. 552 of the 30th Oklahoma Legislature, if, as and when the same

shall be approved by the people of the State of Oklahoma.
Okla. Stat. tit. 62, § 62-57.83 — OK Code / Title 62 / Section 62-57.83
Institutional Bonds of 1965 Series C - Pledges of
Status: in_force

cigarette tax and sinking fund - General obligation.

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

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

"State of Oklahoma Institutional Building Bonds of 1965 Series C",

in the principal sum of Ten Million Eight Hundred Thousand Dollars

($10,800,000.00), and the remaining portion of said "State of

Oklahoma Institutional Building Bonds of 1965" shall be sold as

provided by subsequent acts of the Oklahoma Legislature. It is

hereby expressly provided and pledged for the benefit of the

purchasers, owners and holders of said bonds that seven cents

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

302 of the 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

Oklahoma Statutes - Title 62. Public Finance Page 237

for such purposes. There is in the State Treasury, a fund known as

the "State of Oklahoma Institutional Building Bonds of 1965 Sinking

Fund" to which Series C shall be added, said 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. The State Treasurer shall deposit in the above-created

sinking fund for the fiscal years 1966-1967, 1967-1968, 1968-1969,

and 1969-1970, 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 C Bonds:

Commencing July 1, 1970, 1971, 1972 and 1973, the sum of Two

Hundred Thousand Dollars ($200,000.00) each year; commencing July 1,

1974, 1975 and 1976, the sum of Three Hundred Thousand Dollars

($300,000.00) each year; for the fiscal years commencing July 1,

1977, to and including the fiscal year commencing July 1, 1982, the

sum of Five Hundred Thousand Dollars ($500,000.00) each year; for

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

fiscal year commencing July 1, 1990, the sum of Seven Hundred

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

commencing July 1, 1991, the sum of Five Hundred Thousand Dollars

($500,000.00), 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 accumulationOklahoma Statutes - Title 62. Public Finance Page 8g the

fiscal year commencing July 1, 1990, the sum of Seven Hundred

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

commencing July 1, 1991, the sum of Five Hundred Thousand Dollars

($500,000.00), 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

Oklahoma Statutes - Title 62. Public Finance Page 238

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

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

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

bonds, any monies in the General Revenue Fund of the State of

Oklahoma not otherwise obligated, committed or appropriated, and the

State Treasurer is directed to apply such General Revenue Fund of

the State of Oklahoma for such purpose. The 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. 522 of the 30th Oklahoma Legislature, as it

deems to be needful and appropriate to the general purpose of

effectuating this act.
Okla. Stat. tit. 62, § 62-35.2 — OK Code / Title 62 / Section 62-35.2
Legislative intent
Status: in_force

It is the intent of the Legislature, through enactment of the

Information Technology Consolidation and Coordination Act, to:

1. Reform and consolidate the information technology structure,

operations and purchasing procedures of the state to ensure that

state government promotes and encourages private sector growth in a

competitive global economy;

2. Move state government forward with respect to electronic

purchasing, billing and payment services, and other transactions, to

ensure that the state delivers essential public services to its

citizens in the most efficient manner at the lowest possible cost to

taxpayers;

3. Streamline and consolidate systems for financial and

administrative services, with particular emphasis on combining the

seventy-six financial systems, twenty-two unique employee time and

record-keeping systems, seventeen types of document imaging systems,

Oklahoma Statutes - Title 62. Public Finance Page 146

thirty data center locations and one hundred twenty-nine electronic

mail and smart phone services used by the state; and

4. Coordinate and require central approval of state agency

information technology purchases and projects to enable the Chief

Information Officer to assess the needs and capabilities of state

agencies.
Okla. Stat. tit. 62, § 62-498.1 — OK Code / Title 62 / Section 62-498.1
Maximum interest rate on bonds or other obligations
Status: in_force

issued by counties, municipalities, school districts, etc.

Bonds or other obligations of any type or character authorized

and issued by counties, municipalities, and school districts,

including, but not limited to, bonds or obligations issued pursuant

to Section 15-101 of Title 70 and Section 738 of Title 19, public

housing authorities created pursuant to the Oklahoma Housing

Authorities Act, Sections 1051 et seq. of Title 63, or port

Oklahoma Statutes - Title 62. Public Finance Page 442

authorities created pursuant to Section 1102 of Title 82, may bear

interest at a rate not to exceed ten percent (10%) per annum,

payable not more often than semiannually, without regard to the

limitations in any other law, general or special, except the

Constitution of Oklahoma, except that said interest rate limitations

shall not apply to any bonds or other obligations purchased by the

federal government or any agency thereof.
Okla. Stat. tit. 62, § 62-286 — OK Code / Title 62 / Section 62-286
Composition of indebtedness under bankruptcy law
Status: in_force

Any county, municipality, local improvement district organized

or created for the purpose of grading, paving or otherwise improving

public streets, alleys, or roads; or other similar district; also

any paving district of any municipality of this state; any drainage

or reclamation district; or any agency or instrumentality formed or

existing pursuant to the laws of this state, which is an agency or

instrumentality of a kind named or described in Section 81 of an Act

of Congress, entitled "An Act to Establish a Uniform System of

Bankruptcy Throughout the United States", as approved July 1, 1898,

and as now or hereafter amended and supplemented, (Title 11, United

States Code Section 401); which has power to incur indebtedness,

either through action of its governing body or through the action of

Oklahoma Statutes - Title 62. Public Finance Page 369

the governing body of any county, municipality, district, agency or

instrumentality in which such county, municipality, district, agency

or instrumentality is included; is hereby authorized to proceed

under all applicable laws enacted by the Congress of the United

States, under its federal bankruptcy powers, to effect a plan for

the composition of its indebtedness; and the officials and governing

body of such county, municipality, district, agency or

instrumentality are authorized to adopt all proceedings and to do

any and all acts necessary fully to avail such municipality, county,

district, agency or instrumentality of the provisions of any of such

Acts of the Congress of the United States.
Okla. Stat. tit. 62, § 62-690.19 — OK Code / Title 62 / Section 62-690.19
Annual performance report
Status: in_force

The Oklahoma Department of Commerce shall produce an annual

report by October 15 of each year for the Governor, the Speaker of

the House of Representatives and the President Pro Tempore of the

Senate regarding the performance of the zones. Information in the

report shall include but not be limited to the amount of tax credits

granted, jobs added, if known, and the impact on unemployment rates

within the zones. The information concerning the tax credits shall

be provided to the Department of Commerce by the Oklahoma Tax

Commission. The report shall include those zones in existence prior

to the passage of this act.

The county commissioners, municipal governing body or enterprise

district management authority of any enterprise zone, or enterprise

district shall submit to the Department of Commerce the name and

address of the individual in charge of supervising such enterprise

zones by July 1 of each year.
Okla. Stat. tit. 62, § 62-882 — OK Code / Title 62 / Section 62-882
Definitions
Status: in_force

As used in this act:

1. “Governing body” means the city council of a city, the board

of trustees of a town or the board of county commissioners of a

county;

2. “Housing reinvestment district” means a district created

pursuant to the provisions of Section 5 of this act; and

3. “Taxing entity” means a municipality, county, school

district, political subdivision or other local entity which levies

ad valorem taxes.
Okla. Stat. tit. 62, § 62-41.23 — OK Code / Title 62 / Section 62-41.23
Renumbered as § 34.7 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-855 — OK Code / Title 62 / Section 62-855
Review committees - Recommendations concerning proposed district, plan or projects -
Status: in_force

A. Prior to the adoption and approval of a project plan and the ordinance or resolution required

under Section 856 of this title and prior to the public hearing required under Section 859 of this

title, the governing body shall appoint a review committee to review and make a recommendation

Oklahoma Statutes - Title 62. Public Finance Page 20

concerning the proposed district, plan or project. The membership of the review committee shall

consist of the following: a representative of the governing body who shall serve as chairperson; a

representative of the planning commission having jurisdiction over the proposed district; a

representative designated by each taxing jurisdiction within the proposed district whose ad

valorem taxes might be impacted according to the plan; and three members representing the

public at large and selected by the other committee members from a list of seven names

submitted by the chairperson of the review committee; provided, at least one of the members

representing the public at large shall be a representative of the business community in the city,

town, or county considering the proposed plan and project, and if a proposed plan objective is

development of principally commercial retail, such representative shall be either a retailer or adistrict, plan or projects - Approval by governing body.

Oklahoma Statutes - Title 62. Public Finance Page 546

A. Prior to the adoption and approval of a project plan

and the ordinance or resolution required under Section

856 of this title and prior to the public hearing required

under Section 859 of this title, the governing body shall

appoint a review committee to review and make a

recommendation concerning the proposed district, plan

or project. The membership of the review committee

shall consist of the following: a representative of the

governing body who shall serve as chairperson; a

representative of the planning commission having

jurisdiction over the proposed district; a representative

designated by each taxing jurisdiction within the

proposed district whose ad valorem taxes might be

impacted according to the plan; and three members

representing the public at large and selected by the other

committee members from a list of seven names submitted

by the chairperson of the review committee; provided, at

least one of the members representing the public at large

shall be a representative of the business community in the

city, town, or county considering the proposed plan and

project, and if a proposed plan objective is development

of principally commercial retail, such representative shall

be either a retailer or a representative of a retail

organization.

B. The review committee shall consider and make its findings

and recommendations to the governing body with respect to the

conditions establishing the eligibility of the proposed district.

The review committee recommendations shall include the analysis used

to project revenues over the life of the project plan, the effect on

Oklahoma Statutes - Title 62. Public Finance Page 547

the taxing entities and the appropriateness of the approval of the

proposed plan and project. The review committee may recommend that

the project plan be approved, denied or approved subject to

conditions set forth by the committee.

C. Prior to approval by the governing body, the review

committee shall consider and determine whether the proposed plan and

project will have a financial impact on any taxing jurisdiction and

business activities within the proposed district and shall report

its findings to the governing body. Such considerations shall be

concurrent with or subsequent to the review and consideration of the

committee provided for in subsection B of this section. The

approval of any district plan or project by the governing body shall

address any findings of such impact by the review committee.

D. In the event of any changes in the area to be included in

the proposed district or any substantial changes in the proposed

plan and project or for any other reason deemed appropriate by the

governing body, the review committee shall consider and may modify

its findings and recommendations made pursuant to the provisions of

subsection B of this section.

E. Approval of the proposed district or the proposed plan or

project by the governing body which is in accord with the

recommendation of the review committee shall be by a majority vote

of the governing body. Such approval which is not in accord with

the recommendations and/or conditions set forth by the review

committee shall be by a two-thirds (2/3) majority vote.

F. Meetings of the review committee shall be subject to the

Oklahoma Open Meeting Act. Any information relating to the

marketing plans, financial statements, trade secrets or any other

proprietary information submitted to the review committee by a

person or entity seeking adoption and approval of a proposed

district, plan or project shall be confidential, except to the

extent that the person or entity which provided the information

consents to disclosure. Executive sessions may be held to discuss

such information if deemed necessary by the review committee.
Okla. Stat. tit. 62, § 62-34.80 — OK Code / Title 62 / Section 62-34.80
Record of warrants, checks or orders by Office of
Status: in_force

Management and Enterprise Services - Revocation and cancellation of

unpaid obligations - Reissuance - Canceled Warrant Fund.

A. All warrants, checks or orders issued by the State Treasurer

against claims submitted through the Office of Management and

Enterprise Services in payment of obligations of the state which

shall for any cause remain outstanding or unpaid for a period of

ninety (90) days after funds are available for their payment shall

be revoked and canceled.

B. Such warrants, checks or orders shall be entered into the

records of the Office of Management and Enterprise Services and the

State Treasurer and the administrative head of the agency certifying

the claim for payment shall be notified that such items have been

canceled.

C. If, for any reason, a warrant should not be issued to

replace a warrant canceled pursuant to the provisions of this

section, the administrative head of the agency originally certifying

Oklahoma Statutes - Title 62. Public Finance Page 118

the claim for payment shall, within seven (7) days after

notification of the cancellation, advise the Director of the Office

of Management and Enterprise Services that a reissue should not be

made.

D. Notwithstanding the provisions of subsection B of this

section, warrants issued or caused to be issued by the Department of

Human Services for public assistance or medical assistance may be

reissued at any time within three (3) years after cancellation upon

submission of the canceled warrants to the Department.

E. No canceled warrants shall be paid, except that the holder

of any warrant that may have been canceled pursuant to the

provisions of this section may, within thirty-six (36) months

following the month in which the warrant was canceled, present the

warrant or an affidavit of loss or destruction and a request for

reissuance to the Director of the Office of Management and

Enterprise Services.

F. The Director of the Office of Management and Enterprise

Services shall certify a claim as needed for payment of those

verified unpaid requests presented, unless the certifying agency has

advised that a reissuance should not be made.

G. 1. There is hereby created in the State Treasury a fund to

be known as the Canceled Warrant Fund.

2. The Director of the Office of Management and Enterprise

Services shall transfer to the Canceled Warrant Fund the total of

the payable amounts of the warrants canceled pursuant to the

provisions of this section from the funds and accounts against which

the canceled warrants had been drawn.

3. The Office of Management and Enterprise Services shall

disburse from the fund such amounts as necessary to pay warrants

reissued as provided in this section.

4. These expenditures shall remain recorded in the funds and

accounts against which the original canceled warrants were issued

and they shall not be considered expenses of the state nor shall

receipts to the fund be considered revenue to the state.

5. Any such claim drawn against the Canceled Warrant Fund shall

identify the current holder of record and the warrant number of the

canceled warrant, which shall be provided on the warrant record.

H. The Director of the Office of Management and Enterprise

Services shall determine the minimum necessary balance to be

maintained in the Canceled Warrant Fund and on the third Monday of

October shall transfer the amount in excess of the required minimum

balance to the General Revenue Fund of the current year. The

minimum balance retained shall be not less than the total amount of

the warrants canceled by statute within the past thirty-six (36)

months preceding October 1 of each year and which remain eligible

for replacement according to the records of the Office of Management

and Enterprise Services. Provided, funds in the Canceled Warrant

Oklahoma Statutes - Title 62. Public Finance Page 119

Fund due to the cancellation of warrants from the Crime Victims

Compensation Fund shall be transferred to the Crime Victims

Compensation Fund and not to the General Revenue Fund.
Okla. Stat. tit. 62, § 62-35.6.1 — OK Code / Title 62 / Section 62-35.6.1
Criminal Justice Information Systems Center for
Status: in_force

Excellence.

A. In order to comply with Executive Orders and federal and

state statutory and regulatory requirements related to the criminal

justice information system, to support agencies within the Oklahoma

Safety and Security Cabinet, and to accomplish the purposes of the

Information Services Division of the Office of Management and

Enterprise Services, there is hereby established the "Criminal

Justice Information Systems Center for Excellence" to provide shared

infrastructure services for such agencies. The Criminal Justice

Information Systems Center for Excellence shall be under the

administrative control of the Chief Information Officer.

B. In establishing and operating the Criminal Justice

Information Systems Center for Excellence through the Information

Services Division, the Chief Information Officer shall collaborate

with agencies subject to criminal justice information system

requirements. The Chief Information Officer, in conjunction with

the Commissioner of Public Safety, shall establish an appropriate

governance model for priorities, shared services and systems for the

Criminal Justice Information Systems Center for Excellence. The

Chief Information Officer may utilize the Criminal Justice

Information Systems Center for Excellence to accomplish such other

purposes as may be necessary for the administration of the duties of

the Information Services Division that are related to stringent

federal or state data security requirements, provided the security

of investigative and law enforcement information and support systems

is not jeopardized.
Okla. Stat. tit. 62, § 62-139.46 — OK Code / Title 62 / Section 62-139.46
Written findings
Status: in_force

Before any monies accrued or accruing in the State Emergency

Fund may be allocated or expended, the requesting agency shall

prepare and submit to the Governor written findings of fact as to

the existence of an emergency not foreseen or reasonably foreseeable

by the Legislature and of the necessity for the allocation and

expenditure of funds; and, as to any emergency such as is provided

for by Section 139.48 of this title, a copy of such written findings

of fact shall be submitted to the Contingency Review Board.
Okla. Stat. tit. 62, § 62-57.33 — OK Code / Title 62 / Section 62-57.33
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 Building Bonds of 1961" in a total principal

amount of Thirty-five Million Five Hundred Thousand Dollars

($35,500,000.00). It is hereby expressly provided and pledged for

the benefit of the purchasers, owners, and holders of said bonds

that three cents ($0.03) of the five cents ($0.05) of the tax on

each package of cigarettes levied by 68 O.S.1951, Section 586a, as

amended, constituting the remainder of revenue available from the

revenues lawfully levied and collected by the State of Oklahoma on

the sale of cigarettes not already committed to other obligations of

the State of Oklahoma, or so much as may be necessary, shall be

devoted irrevocably to the payment and discharge of the interest on,

and the principal of, the bonds issued hereunder as the same become

due, and to create an adequate reserve to assure such payments when

due; and said revenues shall be, and hereby are, irrevocably pledged

for such purposes. There is hereby created, in the State Treasury, a

fund to be known as the "State of Oklahoma Building Bonds of 1961

Sinking Fund" which sinking fund is hereby irrevocably pledged to

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

hereunder; and monies to the credit thereof shall be paid out only

in the manner and at the time and places provided for in the

resolution or resolutions of the Commission authorizing the issuance

of the bonds. Beginning July 1, 1961, the Oklahoma Tax Commission,

when transmitting to the State Treasurer the monthly collection of

the tax on cigarettes, shall also transmit to the State Treasurer a

schedule showing the net proceeds of three cents ($0.03) of the tax

on each package of cigarettes levied by 68 O.S.1951, Section 568a,

as amended. It shall be the duty of the State Treasurer, upon

receiving said taxes and schedules from the Oklahoma Tax Commission,

to deposit in said sinking fund, such portions of the cigarette tax

or taxes hereinabove pledged to the payment of the bonds issued

hereunder as may be necessary to assure prompt payment of the

interest on, and the principal of, said bonds as the same falls due

and to comply with the convenants hereof with respect to reserve

requirements. The State Treasurer shall deposit in the above-

created sinking fund for the fiscal years 1961-1962 and 1962-1963

only, the sum of One Million Five Hundred Thousand Dollars

($1,500,000.00) each year. The State Treasurer in each fiscal year

commencing July 1, 1963, shall deposit in the above-created sinking

fund the sum of One Million Five Hundred Thousand Dollars

($1,500,000.00), each fiscal year, plus the amount necessary to pay

interest for each fiscal year. In the event that the payments into

Oklahoma Statutes - Title 62. Public Finance Page 213

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 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

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 convenants and agreements, not inconsistent with

this act or Section 34 of Article X of the Constitution of the State

of Oklahoma, relating to indebtedness for capital improvements to

institutions of higher education, adopted July 5, 1960, as it deems

to be needful and appropriate to the general purpose of effectuating

this act. As used herein, "68 O.S.1951, Section 586a, as amended,"

shall be deemed to refer to said Section 586a as amended to the

effective date of House Bill No. 705 Of the Twenty-eighth Oklahoma

Legislature.
Okla. Stat. tit. 62, § 62-57.305 — OK Code / Title 62 / Section 62-57.305
Series and form of bonds - Place of payment - Maturity
Status: in_force

dates - Particulars of resolution or indenture of Commission -

Payments into sinking fund - Negotiability - Tax exemption.

A. The bonds may be issued in one or more series and shall be

in the form designated by the Commission. Said bonds and the

interest thereon shall be payable at such place or places as may be

designated by the Commission. The bonds shall mature on such dates

as designated by the Commission. A schedule of maturity dates

showing the years and amounts shall be designated by the Commission

for each series issued.

B. The bonds may bear interest, may be sold in such manner and

at such price or prices, may bear such date or dates, may mature at

such time or times, not to exceed thirty (30) years from their date,

may be in such denomination or denominations, may carry such

registration or conversion privileges, may be executed in such

manner, may be payable in such medium of payments, at such place or

places, and may bear such rate or rates of interest, and shall be

subject to such call for redemption, with or without premium, as may

be provided by resolution or indenture of the Commission. Until

such time as the Oklahoma Building Bonds of 1992 Sinking Fund shall

be sufficient to retire all outstanding bonds and interest thereon,

there shall be paid into said sinking fund during each fiscal year,

from the sources hereinabove pledged such amounts as may be

necessary to pay the interest and principal payable during the next

succeeding fiscal year, and an amount sufficient to satisfy the

reserve requirements as fixed and approved by the Oklahoma Building

Bonds Commission in its resolution or indenture authorizing the

issuance of said bonds.

C. All bonds issued pursuant to this act shall have all of the

qualities and incidents of negotiable paper. The bonds, the

Oklahoma Statutes - Title 62. Public Finance Page 284

transfer thereof and the interest earned on said bonds, including

any profit derived from the sale thereof, shall not be subject to

taxation of any kind by the State of Oklahoma, or by any county,

municipality or political subdivision therein.
Okla. Stat. tit. 62, § 62-449 — OK Code / Title 62 / Section 62-449
Cancellation and reduction of taxes by county treasurer
Status: in_force

It shall be the duty of the county treasurer upon his being

presented with a properly certified copy of such resolution to

cancel and vacate all unpaid levies and taxes to the extent provided

for in such resolution and to reduce the rate of levy and the amount

of taxes due and unpaid upon all real and personal property and

property of utilities within such municipal subdivision for all

Oklahoma Statutes - Title 62. Public Finance Page 433

previous fiscal years to the extent provided for in such resolution

and to enter such reduction upon the tax rolls of said county and to

give due credit to such reduction in the collection of all such

taxes.
Okla. Stat. tit. 62, § 62-41.5p-1 — OK Code / Title 62 / Section 62-41.5p-1
Renumbered as § 34.24.1 of Title 62 by Laws 2011, c. 240, § 4 and Laws 2011, c. 347, §
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 5240, § 4 and Laws 2011, c. 347, § 8.
Okla. Stat. tit. 62, § 62-57.6 — OK Code / Title 62 / Section 62-57.6
Sale of bonds not sold to State Treasurer or
Status: in_force

Commissioners of Land Office.

In the event said bonds, or some portion thereof, are not sold

to the State Treasurer or the Commissioners of the Land Office, as

authorized in Section 5 hereof, then the Commission is authorized to

advertise said bonds or the unsold portion thereof, for sale to

other bidders and to sell said bonds, or the unsold portion thereof,

in the manner hereinafter provided. Notice of such sale shall be

published at least thirty (30) days prior to the date fixed for such

sale. Such notice shall be published for at least two (2)

consecutive weeks in a newspaper having general circulation in the

State of Oklahoma, and at least once in a financial periodical or

newspaper known to have general circulation among bond dealers and

bond purchasers. Such notice shall state the time and place when

and where the Commission will receive written bids for the purchase

of the bonds so offered for sale and shall also state that the bonds

will be sold to the bidder bidding the lowest interest rate to the

State of Oklahoma stating also, however, that the Commission may, in

its discretion, reject all bids submitted and readvertise the bonds

for sale. Such notice may contain such other conditions,

information and details as the Commission deems appropriate and

desirable to secure understanding of the offer and to assure maximum

competition between bidders. Upon acceptance of the low bid, the

bonds shall be issued in accordance therewith and shall be delivered

to said purchaser upon payment of the purchase price thereof, which

shall be not less than par plus accrued interest to date of

delivery. Provided, however, no tender of the bonds shall be valid

until after the expiration of the period of contestability, provided

for herein. All bidders shall be required to submit with their

bids, such good faith deposit as may to the Commission seem

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

return to all of the unsuccessful bidders the deposits so made by

them. All such deposits shall be made upon the agreement that the

deposit made by the successful bidder shall become the property of

the State of Oklahoma, and shall be credited upon the purchase price

of the bonds so sold and with the further agreement that if the

purchaser shall fail for five (5) days after tender of the bonds, to

pay the balance of the purchase price, said sale shall be thereby

annulled and the deposit shall in such event be retained by the

Oklahoma Statutes - Title 62. Public Finance Page 199

State of Oklahoma and credited to the General Revenue Fund of the

state.
Okla. Stat. tit. 62, § 62-57.306 — OK Code / Title 62 / Section 62-57.306
Oklahoma Building Bonds of 1992 Fund - Investment of
Status: in_force

funds.

A. There is hereby created in the State Treasury of the State

of Oklahoma the "Oklahoma Building Bonds of 1992 Fund". The proceeds

of the sale of bonds pursuant to this act shall be deposited in said

fund, where they shall remain subject to disposition to be provided

for by the Legislature of this state, provided that the State

Treasurer, when so directed by the Commission, shall invest the

amounts designated by the Commission for the period of time

specified by the Commission; provided that all such investments of

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

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

valid obligations incurred for the purpose for which the bonds were

issued.

B. It shall be the duty of the Director of the Office of

Management and Enterprise Services 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 fund to

meet the payment schedule, and upon receipt of such certification

the State Treasurer shall forthwith invest such funds.

C. All interest received by the State Treasurer for such

investments shall be utilized pursuant to appropriations by the

Legislature.
Okla. Stat. tit. 62, § 62-34.77 — OK Code / Title 62 / Section 62-34.77
Rehabilitation services encumbrance and preaudit claim
Status: in_force

settlement system – Detailed listings – Daily reports.

A. The State Department of Rehabilitation Services is

authorized to establish an encumbrance and preaudit system for

settlement of claims relating to social service benefits and medical

benefits to or for persons eligible under applicable federal laws

and regulations, Oklahoma Statutes, and policies established by the

Commission for Rehabilitation Services for the following programs:

1. Vocational and other rehabilitation;

2. Educational services;

3. Disability Determination Services; and

4. Services for the Blind and Visually Impaired.

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

of Rehabilitation Services shall provide to the Director of the

Office of Management and Enterprise Services, for approval, detailed

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

programs specified in subsection A of this section.

C. The State Department of Rehabilitation Services shall

provide the Director of the Office of Management and Enterprise

Services a daily report of the dollar amount of claims settled and

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

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

statutes.

Oklahoma Statutes - Title 62. Public Finance Page 117
Okla. Stat. tit. 62, § 62-585 — OK Code / Title 62 / Section 62-585
Execution of obligations - Signatures
Status: in_force

A. A certificated registered public obligation shall be

executed by the issuer by the manual or facsimile signature or

signatures of authorized officers. Any signature of an authorized

officer may be attested by the manual or facsimile signature of

another authorized officer.

B. In addition to the signatures referred to in subsection A of

this section any certificated registered public obligation or any

writing relating to an uncertificated registered public obligation

may include a certificate or certificates signed by the manual or

facsimile signature of an authenticating agent, registrar, transfer

agent or the like.

C. At least one signature of an authorized officer,

authenticating official or other person required or permitted to be

placed on a certificated registered public obligation shall be a

manual signature.
Okla. Stat. tit. 62, § 62-88.4 — OK Code / Title 62 / Section 62-88.4
Administration and implementation of program - Annual
Status: in_force

report.

A. The State Treasurer is hereby authorized to administer the

Oklahoma Small Business Linked Deposit Program. The State Treasurer

is further authorized to issue guidelines in a manner similar to the

Administrative Procedures Act, Section 250 et seq. of Title 75 of

the Oklahoma Statutes.

B. The State Treasurer shall take any and all steps necessary

to implement the Oklahoma Small Business Linked Deposit Program and

monitor compliance of eligible lending institutions and eligible

participants, including the development of guidelines as necessary.

C. The State Treasurer shall submit an annual report outlining

the status of the Oklahoma Small Business Linked Deposit Program to

the Governor, the Lieutenant Governor, the President Pro Tempore of

the Senate and the Speaker of the House of Representatives.
Okla. Stat. tit. 62, § 62-475 — OK Code / Title 62 / Section 62-475
Registration - Treasurer's duty - Effect - Notice of
Status: in_force

"funds on hand" - Interest.

It is hereby made the duty of the treasurer of the county, city,

or town to whom a warrant, certificate of indebtedness or bond is

directed for payment, to register the same by entering the number,

the date, the name of the payee, the fund upon which it is drawn and

Oklahoma Statutes - Title 62. Public Finance Page 436

the amount, and by writing on the warrant or evidence of

indebtedness, the date of registration, his name and official title.

All warrants, certificates of indebtedness or bonds, shall be

registered in the order in which they have been issued, and when so

registered shall be returned to the clerk of the county, city or

town. No warrant, certificate of indebtedness or bond shall be a

valid charge until registered by the treasurer of the municipality

issuing the same as herein provided. Nothing herein shall prevent

the appointment and compensation from time to time by the governing

body of any county, city, or town of a registrar or transfer agent

to effect the transfer of ownership or change of payee of any

certificate of indebtedness or bonds issued by such county, city, or

town and to maintain books and records relating thereto. Nothing in

this section shall prohibit any governing board from using automated

recordkeeping procedures or methods and recording different

information in lieu of the information specified in this section,

provided the information required in this section can be accessed.

Warrants and all evidences of indebtedness shall draw a rate of

interest to be fixed by the governing board not to exceed the

maximum rate provided by Section 498.1 of this title from and after

its registration by the treasurer, unless there is cash on hand to

pay the same when presented for registration and then the treasurer

shall make the same “payable” after registering the same, and no

interest shall be computed or allowed thereon when paid. When the

treasurer has money on hand to pay warrants duly registered, the

treasurer shall publish notice thereof in one issue of a newspaper,

or by posting five notices in public places, and interest shall

cease on the warrants after thirty (30) days from the date of the

publication or posting of said notice.
Okla. Stat. tit. 62, § 62-353 — OK Code / Title 62 / Section 62-353
Maturing general obligation bonds - Installment amount -
Status: in_force

Debt service payments - Denominations.

A. Except as provided for in subsection B of this section,

whenever any municipal corporation or political subdivision of this

state shall vote any bonds or issue any funding or refunding bonds,

such bonds, or combined issue of bonds referred to in Section 354 of

this title shall be made to mature in equal annual installments,

beginning not less than two (2) nor more than five (5) years after

their date, except that the first maturing installment may be for

such sum, not more than one installment and the last maturing

installment may be for such sum not more than two installments, as

will complete the full issue of such bonds notwithstanding the

necessity of varying the amount thereof to complete the same.

B. 1. Whenever any municipal corporation or political

subdivision of this state shall vote any bonds or issue any funding

or refunding bonds, such bonds, or combined issue of bonds referred

Oklahoma Statutes - Title 62. Public Finance Page 396

to in Section 354 of this title, may be made to mature pursuant to a

schedule of annual installments which allows the bonds to be

structured with level debt service payments. Such bonds shall

mature beginning not less than two (2) years nor more than five (5)

years after their date.

2. For purposes of this subsection:

a. "level debt service" means that net total annual or

fiscal debt service, except for short or stub periods,

must be approximately equal for every annual or fiscal

period, provided that all net annual or fiscal

payments must be within a dollar amount range not to

exceed the greater of two-tenths of one percent (0.2%)

of the bond issue or twice the stated denomination of

the bonds, and

b. "short or stub periods" means the period preceding the

beginning of full amortization of principal and

payment of interest.

C. For purposes of subsections A and B of this section, a

mandatory sinking fund redemption amount shall be deemed to be a

maturity or maturing installment.

D. The denomination of bonds issued pursuant to the provisions

of this section shall be One Thousand Dollars ($1,000.00) or

multiples thereof, except the first numbered bond may be for such

odd amount as will complete the full issue of the bonds. Provided,

when a book entry system is utilized, the issuer may issue and

deliver one bond only, for the entire principal amount of each

maturity or of the entire issue, to the book entry agent.
Okla. Stat. tit. 62, § 62-111 — OK Code / Title 62 / Section 62-111
Registered bonds issued on surrender of coupon bonds
Status: in_force

Upon application of the holders of any coupon bonds heretofore

issued or hereafter to be issued by the State of Oklahoma, the right

to exchange which is not expressed on the face of such bonds, and

upon the surrender of such bonds at the office of the State

Treasurer, he, the State Treasurer or an appointed agent as provided

in the Registered Public Obligations Act of Oklahoma, is hereby

authorized to issue to and in the name of such holders, registered

bonds of the State of Oklahoma of like tenor, maturity and amount in

Oklahoma Statutes - Title 62. Public Finance Page 330

one or more certificates of the denomination of One Thousand Dollars

($1,000.00), or any multiple thereof, equal to the face value of the

coupon bonds surrendered, and the coupon bonds so surrendered, and

the coupons attached thereto, shall be canceled by the State

Treasurer immediately upon being surrendered to him. Sections 111

through 117 of this title shall be construed in light of the

provisions of the Registered Public Obligations Act of Oklahoma and

nothing in Sections 111 through 117 of this title shall be construed

to prohibit options available under the Registered Public

Obligations Act of Oklahoma.
Okla. Stat. tit. 62, § 62-695.23 — OK Code / Title 62 / Section 62-695.23
Definitions
Status: reserved

As used in the Oklahoma Private Activity Bond Allocation Act:

1. "Application for state ceiling allocation" means the

application form provided by the Deputy Treasurer for Debt

Management which shall be filed by or on behalf of the issuer in

compliance with the requirements of this act;

2. "Carryforward" shall have the same meaning as in Section

146(f) of the Internal Revenue Code;

3. "Confirmation" means a written confirmation of allocation

issued by the Deputy Treasurer for Debt Management;

4. "Consolidated Pool" means an aggregation of unallocated sums

of the state ceiling derived from pools as set forth in subsection M

of Section 695.24 of this title;

Oklahoma Statutes - Title 62. Public Finance Page 499

5. "Economic Development Pool" means that portion of the state

ceiling reserved for projects specifically authorized by the Council

of Bond Oversight, as provided for in subsection B of Section 695.24

of this title;

6. "Final certification" or "final certificate" means a

certification or certificate filed with the Deputy Treasurer for

Debt Management by or on behalf of the issuer specifying the exact

amount of indebtedness issued by an issuer, or, in the case of

mortgage credit certificates, a copy of the document or election

filed with the Internal Revenue Service exchanging bond issuance

authority for mortgage credit certificate issuance authority;

7. "Housing Pool" means that portion of the state ceiling

reserved for single-family mortgage revenue bonds, multifamily

revenue bonds, and mortgage credit certificates;

8. "Internal Revenue Code" means the Internal Revenue Code of

1986 (26 U.S.C., Section 1 et seq.), as amended;

9. "Issued" means any issue of bonds which have been delivered

and the purchase price therefor remitted to or for the account of

the issuer, or a copy of the document or election filed with the

Internal Revenue Service exchanging bond issuance authority for

mortgage credit certificate issuance authority;

10. "Issuer" or "issuing authority" means any public trust or

other entity which is authorized to issue tax-exempt bonds, notes

and other like obligations, or has the authority to exchange single-

family mortgage bond authority for mortgage credit certificate

authority, under the Constitution or laws of the state;

11. "Local issuer" means any municipality, county or public

trust having counties or municipalities or combinations thereof as

beneficiary, or a public trust having the state as beneficiary with

jurisdiction limited to one county of the state;

12. "Manufacturing jobs" means jobs created by manufacturing

facilities as that term is defined in subparagraphs a, b, and c of

paragraph 1 of subsection B of Section 2902 of Title 68 of the

Oklahoma Statutes.

13. "Mortgage credit certificate election" means a document or

election filed by an issuer with the Internal Revenue Service

exchanging single-family mortgage bond issuance authority for

mortgage credit certificate issuance authority;

14. "Mortgage credit certificates" shall have the same meaning

as in Section 25(c) of the Internal Revenue Code;

15. "Private activity bonds" or "bonds" means any bonds or

notes or other evidence of indebtedness, the interest on which is

exempt from tax pursuant to the Internal Revenue Code, and mortgage

credit certificates, except those bonds or certificates specifically

excluded from the state ceiling under the terms of federal

legislation;

Oklahoma Statutes - Title 62. Public Finance Page 500

16. "Qualified student loan bonds" shall have the same meaning

as in Section 144(b) of the Internal Revenue Code;

17. "State" means the State of Oklahoma;

18. "State ceiling" means the limit which is prescribed by the

Internal Revenue Code in Section 146 and in such other applicable

sections of the Internal Revenue Code on the amount of private

activity bonds which may be issued collectively by all of the

issuers of the state during a calendar year;

19. "State issuer" means any public trust having the state as

beneficiary or any state agency or other entity with powers to issue

private activity bonds, provided that the term shall not include a

public trust or any local issuer with the state as beneficiary whose

jurisdiction is limited to one county; and

20. "Student Loan Pool" means the portion of the state ceiling

reserved for qualified student loan bonds.
Okla. Stat. tit. 62, § 62-385 — OK Code / Title 62 / Section 62-385
Counties of 200,000 to 300,000 - Payment of bonds
Status: in_force

notwithstanding running of Statute of Limitations.

In counties having a population of more than two hundred

thousand (200,000) and less than three hundred thousand (300,000)

according to the last Federal Decennial Census of 1950, or any

succeeding Federal Decennial Census, and a net valuation of Two

Hundred Million Dollars ($200,000,000.00) or more, any municipal

corporation, county, township or school district in this state which

has issued or may hereafter issue general obligation bonds which

have or may hereafter become due and payable and against the payment

of which the statute of limitations has or shall have run, may at

its option, authorize the payment of said bonds not withstanding the

fact that the statute of limitations has run and pay said bonds out

of any money on hand in the sinking fund of said municipal

corporation, county, township or school district available for the

payment of such bonds; provided that the governing body of said

municipal corporation, county, township or school district shall, by

resolution duly adopted, authorize said payment.
Okla. Stat. tit. 62, § 62-139.49 — OK Code / Title 62 / Section 62-139.49
Approval of Governor
Status: in_force

No allocation shall be made from the State Emergency Fund except

upon approval of the Governor in writing, and under such limitations

as may be specified by the Governor, and subject to the conditions

provided for by this act. The Governor's findings and certificate

of approval shall be certified to the Director of the Office of

Management and Enterprise Services, the Secretary of State, the

State Treasurer, and the State Auditor and Inspector.
Okla. Stat. tit. 62, § 62-891.17 — OK Code / Title 62 / Section 62-891.17
Promulgation of rules establishing funding criteria -
Status: in_force

Scoring system to evaluate projects.

A. The Oklahoma Department of Commerce shall promulgate rules

for purposes of establishing criteria for the funding of authorized

infrastructure projects from the proceeds of obligations issued by

the Oklahoma Development Finance Authority for the Public-Private

Partner Development Pool.

B. The Department shall establish a scoring system to evaluate

projects to be financed from the proceeds of obligations issued by

the Authority for the Public-Private Partner Development Pool.

C. The scoring system shall include, but shall not be limited

to, analysis of:

1. Capital investment by one or more for-profit business

entities and/or federal government defense entities;

2. Additional capital investment by one or more local

government entities;

3. New direct jobs as defined by Section 3603 of Title 68 of

the Oklahoma Statutes, to be created by a for-profit business entity

or entities;

Oklahoma Statutes - Title 62. Public Finance Page 598

4. Salary and wage payments to persons employed in new direct

jobs; and

5. The likelihood of additional business location decisions

resulting from the activity of the for-profit business entity or

entities that would benefit from use of the Public-Private Partner

Development Pool.

D. One or more eligible local government entities shall apply

to the Department for approval of a pooled financing for an

infrastructure project on such forms as the Department may

prescribe.

E. The Department shall compile and maintain a prioritized list

of infrastructure projects eligible for pooled financing through the

Authority.

F. The Authority shall use the prioritized list provided by the

Department in order to provide financing to the eligible local

government entities in conjunction with one or more for-profit

business entity or entities for infrastructure development.

G. The Authority shall, within the limit on available bond

proceeds in the Development Infrastructure Pool, provide proceeds in

accordance with the scoring system established by the Department

pursuant to this section.
Okla. Stat. tit. 62, § 62-57.153 — OK Code / Title 62 / Section 62-57.153
Schedule of repayment - Interest
Status: in_force

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

amounts, respectively, as follows:

YEAR AMOUNT

1973 $ 708,000.00

1974 750,000.00

Oklahoma Statutes - Title 62. Public Finance Page 263

1975 795,000.00

1976 845,000.00

1977 895,000.00

1978 950,000.00

1979 1,005,000.00

1980 1,070,000.00

1981 1,130,000.00

1982 1,195,000.00

1983 1,270,000.00

1984 1,350,000.00

1985 1,425,000.00

1986 1,510,000.00

1987 1,605,000.00

1988 1,700,000.00

1989 1,800,000.00

1990 1,910,000.00

1991 2,025,000.00

1992 2,140,000.00

The Series B 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, § 62-48.2v2 — OK Code / Title 62 / Section 62-48.2v2
Oklahoma Quick Action Closing Fund
Status: in_force

A. There is hereby created in the State Treasury a revolving

fund for the Oklahoma Department of Commerce to be designated the

Oklahoma Quick Action Closing Fund. The fund shall be a continuing

fund, not subject to fiscal year limitations and shall consist of:

1. All monies apportioned or allocated to the fund pursuant to

law;

2. Any amounts appropriated by the Legislature to the fund;

3. Interest earned on the investment of money in the fund;

4. Gifts, grants, and other donations received for the fund;

and

5. Five percent (5%) of all funds paid by the Tax Commission to

establishments that execute contracts for payment of incentives

pursuant to the Oklahoma Quality Jobs Program Act and the 21st

Century Quality Jobs Incentive Act if the contract is executed on or

after the August 2, 2018.

B. All monies accruing to the credit of the fund are hereby

appropriated and may be budgeted and expended by the Governor for

the purposes of economic development and related infrastructure

development in instances in which expenditure of such funds would

likely be a determining factor in locating a high-impact business

project or facility in Oklahoma, in retaining such project or

facility within the state or for payment of rebates to a high impact

production pursuant to the Oklahoma Film Enhancement Rebate Program.

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.

C. In order to qualify for any funds from the Oklahoma Quick

Action Closing Fund, the establishment making application shall be

engaged in a business activity described by a North American

Industry Classification System (NAICS) Code used to define

eligibility for incentive payments from the Oklahoma Quality Jobs

Program Act as defined in Section 3603 of Title 68 of the Oklahoma

Statutes or a business activity described by Section 3603 of Title

68 of the Oklahoma Statutes or be engaged in a "basic industry" used

to define eligibility for incentive payments from the 21st Century

Quality Jobs Incentive Act as prescribed by Section 3913 of Title 68

of the Oklahoma Statutes or a high impact production company which

has been approved for a rebate pursuant to the provisions of Section

3624 of Title 68 of the Oklahoma Statutes.

D. Except in the case of a high impact production company

which has been approved for a rebate pursuant to the provisions of

Oklahoma Statutes - Title 62. Public Finance Page 190

Section 3624 of Title 68 of the Oklahoma Statutes, the Governor

shall not approve payments from the Oklahoma Quick Action Closing

Fund unless the Department of Commerce has conducted a complete

analysis of the potential impact of the applicant's business

activity which shall include, but not be limited to:

1. The number of jobs to be created by a new business

establishment;

2. The number of jobs to be retained by an existing business

establishment;

3. The average salary of jobs to be created by a new

establishment;

4. The average salary of jobs to be retained by an existing

business establishment;

5. The total capital investment to be made by the business

establishment;

6. The likelihood of other business establishments locating

within the same vicinity or within the state as a result of the

business activity to be conducted by the entity to receive payments

from the Oklahoma Quick Action Closing Fund;

7. The impact on the economy of the area or community in which

the business activity of the applicant is or will be conducted; and

8. Such other factors as the Governor and the Department of

Commerce determine to be relevant.

E. The Oklahoma Department of Commerce shall administer the

Oklahoma Quick Action Closing Fund, and expenditures from the fund

shall be recommended by the Director of the Oklahoma Department of

Commerce to the Governor after a thorough evaluation of selected

projects or facilities or after a rebate is approved for payment to

a high impact production company pursuant to the provisions of

Section 3624 of Title 68 of the Oklahoma Statutes. Except for

rebates approved pursuant to the provisions of Section 3624 of Title

68 of the Oklahoma Statutes, the Director of the Oklahoma Department

of Commerce shall only recommend expenditures that the Director

determines are expected to result in a net economic benefit to the

state through the following:

1. The creation of new jobs which offer a basic health benefit

plan, as defined in the Oklahoma Quality Jobs Program Act;

2. The maintenance of existing jobs which are at a risk for

termination;

3. Investment in new real property, plant or equipment or in

the improvement or retooling of existing plant or equipment; or

4. Additional revenues in either ad valorem, income or sales

and use taxes.

F. The Oklahoma Department of Commerce shall develop rules for

the process of reviewing proposed expenditures from the Oklahoma

Quick Action Closing Fund and for the determination of whether or

not proposed expenditures meet the criteria identified in subsection

Oklahoma Statutes - Title 62. Public Finance Page 191

E of this section. Criteria shall include, but not be limited to,

requirements for economic impact, local participation in the

project, capital investment and average wage thresholds.

G. Upon receipt of an evaluation that recommends an expenditure

from the Oklahoma Quick Action Closing Fund from the Director of the

Oklahoma Department of Commerce, the Governor shall provide the

evaluation and recommendation to the President Pro Tempore of the

State Senate and the Speaker of the Oklahoma House of

Representatives before giving final approval for the expenditure on

the project. The Executive Office of the Governor shall recommend

final approval of an expenditure on a project pursuant to

consultation with the President Pro Tempore of the State Senate and

the Speaker of the Oklahoma House of Representatives.

H. Upon approval by the Governor, the Oklahoma Department of

Commerce shall enter into an agreement that sets forth the

conditions for payment of monies from the Oklahoma Quick Action

Closing Fund. The agreement must include:

1. The total amount of funds awarded;

2. Except in the case of a rebate approved for payment to a

high impact production company pursuant to the provisions of Section

3624 of Title 68 of the Oklahoma Statutes, the performance

conditions that must be met to obtain the award including, but not

limited to, net new employment in the state, average salary, and

total capital investment;

3. If appropriate, a baseline of current service and measure of

enhanced capability;

4. The methodology of validating performance;

5. The schedule of payments from the fund, and claw-back

provisions for failure to meet performance conditions; and

6. A requirement that no monies paid from the Oklahoma Quick

Action Closing Fund shall be used by a recipient or any other person

or entity for purposes of any political contribution to or on behalf

of any candidate or for the support of or opposition to any measure

including but not limited to an initiative petition or referendum.

I. The Department of Commerce shall make available on its

website or other website dedicated for this purpose a complete

disclosure of all payments made from the Oklahoma Quick Action

Closing Fund. The disclosure shall include a description of the

expenditures made by the business establishment with the payments

made from the fund. No proprietary information of the business

establishment shall be subject to the requirements of this

subsection.

J. If any or all of the amount to be awarded is used to build a

capital improvement, except in the case of an amount approved for

payment to a high impact production company pursuant to the

provisions of Section 3624 of Title 68 of the Oklahoma Statutes:

Oklahoma Statutes - Title 62. Public Finance Page 192

1. The funds used for the capital improvement shall be deemed

to be held in trust for the benefit of the state and shall be

considered as a priority claim for purposes of federal bankruptcy

law; and

2. If the capital improvement is sold, the recipient of the

award shall:

a. repay the state the money awarded to pay for the

capital improvement, with interest at the rate and

according to the other terms provided by the

agreement, and

b. share with the state a proportionate amount of any

profit realized from the sale.

K. If, as of the date certain provided in the agreement, the

award recipient has not used monies awarded for the intended

purposes, the recipient shall repay that amount and any related

interest to the state at the agreed rate and on the agreed terms and

any such amounts shall be deemed to be held in trust for the benefit

of the state and shall be considered as a priority claim for

purposes of federal bankruptcy law.
Okla. Stat. tit. 62, § 62-2 — OK Code / Title 62 / Section 62-2
Renumbered as § 34.1 of this title by Laws 2009, c. 441, §
Status: in_force

64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-41.29-1 — OK Code / Title 62 / Section 62-41.29-1
Renumbered as § 34.95 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-361 — OK Code / Title 62 / Section 62-361
Definitions
Status: in_force

A. The term "board" as used herein shall be construed to mean

the board of directors, or the board of education of any school

district, independent or otherwise, the board of trustees of any

town or township, the mayor and council of any city, the board of

commissioners or city council of any city having a charter form of

government and the board of county commissioners of any county

including, in counties with a population in excess of six hundred

thousand (600,000) persons, the board of trustees of any jail trust

created in Title 60 of the Oklahoma Statutes whose sole beneficiary

is the county, if approved by the board of county commissioners.

B. The term "judgment" shall be construed to mean:

1. The final determination by any court of competent

jurisdiction in any action or proceeding to determine the rights of

parties; or

2. The final judgment, decision and determination of an

administrative law judge or an administrative agency designated by

Oklahoma Statutes - Title 62. Public Finance Page 400

the State Legislature to issue workers' compensation judgments,

decisions and determinations.

C. The term "municipality" as used herein shall be construed to

mean any school district, independent or otherwise, any township,

any city or town, irrespective of the form of government prevailing

in the city or town, and any county which, in counties with a

population in excess of six hundred thousand (600,000) persons,

hereby includes a jail trust created in Title 60 of the Oklahoma

Statutes whose sole beneficiary is the county, if approved by the

board of county commissioners.
Okla. Stat. tit. 62, § 62-57.4 — OK Code / Title 62 / Section 62-57.4
Form and terms of bonds - Payments into sinking fund - Call and redemption -
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 7Call and redemption - Negotiability - Exemption from taxation.

The bonds so authorized shall be serial coupon bonds and shall

be issued to mature One Million Five Hundred Thousand Dollars

($1,500,000.00) on the fifteenth day of July in each of the calendar

years 1951 to 1974, both inclusive. Said bonds and the interest

thereon shall be payable at the Office of the State Treasurer of the

State of Oklahoma. Said bonds may be executed in such manner, may

be payable in such medium of payment and may bear interest at such

rate or rates, not in excess of two and one-half percent (2 1/2%)

per annum, and payable at specified times, all as may be provided by

resolution or resolutions to be adopted by the Commission; provided,

Oklahoma Statutes - Title 62. Public Finance Page 196

all bonds maturing after ten (10) years from their dates shall be

subject to call and redemption, in inverse order of maturity and

bond numbers, at par and accrued interest, the detailed provisions

for such call and redemption to be fixed by the Commission in the

resolution or resolutions authorizing the issuance of said bonds.

All money in said sinking fund at the end of any fiscal year in

excess of a sum equal to all principal and interest coming due in

the next succeeding fiscal year shall be used to call and redeem

such bonds as may be redeemed prior to maturity. All bonds issued

pursuant to this act shall have all the qualities and incidents of

negotiable paper, and said bonds and interest thereon shall not be

subject to taxation by the State of Oklahoma or any county,

municipality or political subdivision therein.

(a) Prior to June 30, 1953, the State of Oklahoma Building Bonds

Commission shall meet at the call of the Secretary of said

Commission; and the said Commission hereby is directed and required

to adopt such resolution or resolutions as shall be necessary,

amending and supplanting any resolution or resolutions, covenants or

agreements to the contrary theretofore adopted or made by said

Commission, to provide that only such revenue as is specified in

Section 31, Article X, of the Constitution of Oklahoma, and as

provided in this act, as amended, shall be pledged to be paid into

the State of Oklahoma Building Bonds Sinking Fund, and that any

pledge, commitment, covenant or agreement to pay any greater sum

into said sinking fund be rescinded and revoked immediately upon the

written consent and agreement of the owner of all of the State of

Oklahoma Public Building Bonds.

(b) Immediately following the adoption of said resolution or

resolutions by the State of Oklahoma Building Bonds Commission as

hereinabove directed, the State Treasurer, for and on behalf of the

State of Oklahoma as the sole owner of all outstanding State of

Oklahoma Public Building Bonds, hereby is directed and required to

execute to the State of Oklahoma Building Bonds Commission his

consent and agreement, in writing, to the terms and provisions of

the said resolution or resolutions of said Commission herein

directed and required to be adopted.

(c) Immediately after delivery of said fully executed consent

and agreement, the State Treasurer shall endorse upon each State of

Oklahoma Public Building Bond, in such form as shall be approved by

the Attorney General, a certificate that the obligation of the State

of Oklahoma in respect of payments into the State of Oklahoma

Building Bonds Sinking Fund shall be as hereinabove provided, and

not otherwise; and said certificate shall be full notice, and shall

prescribe the maximum of the obligation of the State of Oklahoma to

any subsequent purchaser of any of said bonds.
Okla. Stat. tit. 62, § 62-42.13 — OK Code / Title 62 / Section 62-42.13
Revenues not derived from legislative appropriations
Status: in_force

All departments, institutions, or agencies of the state which

are operating either partially or entirely from revenues derived

from sources other than legislative appropriations, shall file

requests for allotments under the same provisions herein stated as

are required for direct legislative appropriations which distinctly

specify the amount appropriated. The Budget Director shall approve

such requests for allotments on a line item basis, if the estimated

revenues accruing to such fund are sufficient to finance such

allotments within the period for which the items are approved, and

if the account classification is sufficient to show the purposes for

which the money is to be expended, except that obligations as they

are incurred may not exceed the unencumbered balance of surplus cash

on hand in accordance with Section 23, Article 10, Constitution of

the State of Oklahoma. The Budget Director may require a more

detailed breakdown of accounts before he approves such requests if

the request fails to show sufficient information for the Division of

Central Accounting and Reporting. This section shall apply to such

spending agencies as the State Highway Department, Fish and Game

Department, Oklahoma Employment Security Commission and other

spending agencies operating under similar financial arrangements,

including federal funds received by any spending agency of the

state, but shall not apply to donated funds, trust funds or funds of

an agency relationship.
Okla. Stat. tit. 62, § 62-34.42 — OK Code / Title 62 / Section 62-34.42
Budget work programs
Status: in_force

A. On or before the first day of June in each year, or as soon

thereafter as possible, all agencies shall file agency budgets with

the Director of the Office of Management and Enterprise Services.

Copies of all agency budgets shall also be made available

electronically to the staff of the Joint Legislative Committee on

Budget and Program Oversight.

B. The required instructions, content and format of agency

budgets shall be developed by the staff of the Budget Division of

the Office of Management and Enterprise Services.

C. 1. The agency budget shall include a description of all

funds available to the agency for expenditure and set out allotments

requested by the agency by quarter and the entire fiscal year.

2. The agency budget shall be accompanied by an organizational

chart of the agency, a statement of agency mission and program

objectives.

3. The agency budget shall delineate agency spending by such

categories and with at least as much detail as is specified in the

legislative appropriation and as prescribed by the Director of the

Office of Management and Enterprise Services.

4. Agency budgets shall be signed by the executive officer of

each agency.

5. The executive officer shall certify that the agency is in

complete compliance with the requirements of Section 34.11.3 of this

title and Section 3-114 of Title 65 of the Oklahoma Statutes.

D. A “request officer” shall be designated by each state agency

for the purpose of making program and allotment requests.

E. Executive officers of agencies shall cooperate with the

Office of Management and Enterprise Services staff and Joint

Committee staff in developing program budgeting categories.

F. All funds available or expected to be made available to any

agency, including nonfiscal appropriations, shall not be available

for expenditure until the request officer of the agency has complied

Oklahoma Statutes - Title 62. Public Finance Page 81

with the applicable provisions of the Oklahoma State Finance Act and

has received approval of such request for funds from the Director of

the Office of Management and Enterprise Services.
Okla. Stat. tit. 62, § 62-493 — OK Code / Title 62 / Section 62-493
One year deferment on certain foreclosure actions
Status: in_force

There is hereby declared a period of deferment of not longer

than one (1) year from the date of the enactment of this act, during

which time the Federal Land Bank of Wichita and any Federal Land

Bank Association are prohibited from initiating a foreclosure action

in the courts of this state. However, nothing in this act shall

prohibit the Capital Corporation from initiating a foreclosure

action from and after this date so long as the Capital Corporation

Oklahoma Statutes - Title 62. Public Finance Page 441

has determined that the loan or loans held by the borrower or

borrowers are ineligible for restructuring assistance.
Okla. Stat. tit. 62, § 62-41.7c — OK Code / Title 62 / Section 62-41.7c
Renumbered as § 34.42 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-695.8a — OK Code / Title 62 / Section 62-695.8a
Bond Oversight Revolving Fund
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the Office of the State Treasurer, to be designated the "Bond

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

subject to fiscal year limitations, and shall consist of fees

collected pursuant to Section 695.8 of this title and any other

monies provided for by law. All monies accruing to the credit of

said fund are hereby appropriated and may be budgeted and expended

by the Office of the State Treasurer for expenses related to the

Oklahoma Bond Oversight and Reform Act. Expenditures from said fund

Oklahoma Statutes - Title 62. Public Finance Page 491

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, § 62-554 — OK Code / Title 62 / Section 62-554
Treasurer shall deliver warrant register to successor
Status: in_force

Every treasurer shall, upon the expiration of his term of

office, deliver to his successor in office such warrant register,

and each successor in office shall in all things act as though the

entries of such warrants or orders were made and registered by

himself and the registration of all warrants in such book of warrant

registration shall be by each succeeding treasurer continued and no

warrant shall draw interest until registered as herein provided for,

and not paid for want of sufficient funds; and all warrants

registered, as provided by this article, and not paid for want of

sufficient funds, shall draw an annual rate of interest to be fixed

by the governing board not to exceed five percent (5%) per annum,

except state warrants which shall draw interest at a rate to be

fixed by the State Board of Equalization not to exceed four percent

(4%) per annum.
Okla. Stat. tit. 62, § 62-57.88 — OK Code / Title 62 / Section 62-57.88
Legal opinion - Period of contestability - Jurisdiction
Status: in_force

of contest - Formalities of execution.

Within ten (10) days after the sale or sales of said bonds, the

Attorney General of the State of Oklahoma shall examine all of the

proceedings of the Commission and all resolutions passed and actions

taken by it in connection with the authorization and issuance and

sale of such bonds, and shall, if he finds such bond proceedings and

sale to be constitutional and lawful, execute his certificate and

file the same of record in the Office of the Secretary of State of

the State of Oklahoma, which said certificate shall read

substantially as follows: "I have examined all proceedings had in

connection with the issuance of the State of Oklahoma Institutional

Building Bonds of 1965, Series C, in the aggregate principal amount

of Ten Million Eight Hundred Thousand Dollars ($10,800,000.00) dated

_________, authorized and sold pursuant to Section 37, Article X,

Constitution of Oklahoma, and laws of the State of Oklahoma, enacted

pursuant thereto, and find said proceedings and sale to be

constitutional, lawful and regular in all particulars and that said

bonds will be valid legal general obligations of the State of

Oklahoma. Unless suit thereon shall be brought in the Supreme Court

of the State of Oklahoma within thirty (30) days from the date of

this certificate, said bonds shall be incontestable for all

purposes. Date________ Attorney General of the State of Oklahoma".

A facsimile of such Attorney General's certificate shall appear

on each bond so issued. The Supreme Court of Oklahoma is hereby

vested with exclusive jurisdiction over any litigation involving the

validity of any bonds issued under this act. All bonds shall bear

the signature of the Governor and the Secretary of State and shall

bear the certificate required by Section 29, Article X, of the

Constitution of Oklahoma. Such bonds shall also be registered by

the Treasurer of the State of Oklahoma and a statement of such

registration shall appear on the back of each bond. The Commission

may, by resolution, prescribe that the seal of the State of

Oklahoma Statutes - Title 62. Public Finance Page 242

Oklahoma, or the seals of any of the officers thereof, and any or

all signatures required to appear on the bonds or coupons, with the

exception of the Governor's signature on the bonds, may be facsimile

seals and signatures.
Okla. Stat. tit. 62, § 62-555 — OK Code / Title 62 / Section 62-555
Lost or destroyed checks, warrants or vouchers - Second or
Status: in_force

duplicate - Affidavit - Bond - Records.

If a check, warrant, or voucher has been issued and is

subsequently lost or destroyed, the treasurer of any county, city,

or town shall initiate a stop-payment order or submit a positive pay

file providing the payee, amount, and serial number of the check,

warrant, or voucher to the depository prior to the clerk of the

county, city, or town issuing a second or duplicate check, warrant,

or voucher. If the treasurer of any county, city, or town is unable

to initiate a stop-payment order or submit a positive pay file

providing the payee, amount, and serial number of the check,

warrant, or voucher to the depository, clerks are authorized and

empowered to issue a second or duplicate check, warrant, or voucher

in lieu of any check, warrant, or voucher that has been issued and

subsequently lost or destroyed if the following conditions are met:

1. An affidavit setting forth the facts as to the loss or

destruction of the original check, warrant, or voucher has been

filed with the clerk; and

2. An indemnifying bond running to the treasurer of the county,

city, or town, or to the State Treasurer, in double the amount of

such lost or destroyed check, warrant, or voucher.

The conditions of such bond shall be to indemnify and protect

the county, city, or town, or to the State Treasurer, from any loss

or harm occasioned or sustained on account of the issue of such

second or duplicate check, warrant, or voucher. The bond shall be

satisfactory to the treasurer of such county, city, or town, or to

the State Treasurer, who shall, upon being satisfied as to the

sufficiency of the bond, endorse approval thereon. The clerk and

Oklahoma Statutes - Title 62. Public Finance Page 455

treasurer shall make such records in their respective offices as

will, as nearly as possible, preclude any loss being sustained by

the county, city, or town, or to the State Treasurer, on account of

the issue of any second or duplicate check, warrant, or voucher.

Warrants issued by the State Treasurer against claims submitted

through the Director of the Office of Management and Enterprise

Services in payment of obligations of the state which may

subsequently be lost or destroyed will be governed by the provisions

of Section 34.81 of this title.
Okla. Stat. tit. 62, § 62-57.135 — OK Code / Title 62 / Section 62-57.135
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

the bonds 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 38, Article X, of 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, § 62-847 — OK Code / Title 62 / Section 62-847
Annual reporting by Tax Commission
Status: in_force

A. The Oklahoma Tax Commission shall maintain a record of state

local enterprise matching payments and state local government

matching payments made pursuant to Section 844 of this title. Local

sales taxes apportioned under the applicable project plan shall be

reported, collected, remitted, and disbursed in the same manner as

other local sales taxes under Title 68 of the Oklahoma Statutes.

B. The Tax Commission shall prepare a report separately

identifying the amounts described in subsection A of this section

and data collection and analysis prepared by the Oklahoma Department

of Commerce pursuant to subsection J of Section 842 of this title.

The Commission shall submit the report prior to April 1 each year to

the Governor, the Speaker of the House of Representatives and the

President Pro Tempore of the Senate.
Okla. Stat. tit. 62, § 62-4500 — OK Code / Title 62 / Section 62-4500
Tender and acceptance of United States government gold
Status: in_force

and silver coins.

Gold and silver coins issued by the United States government are

legal tender in the State of Oklahoma. No person may compel another

person to tender or accept gold or silver coins that are issued by

the United States government, except as agreed upon by contract.
Okla. Stat. tit. 62, § 62-262 — OK Code / Title 62 / Section 62-262
Partial invalidity
Status: in_force

The provisions of this act are declared to be severable, and if

any section, sentence, clause or part thereof be held invalid or

unconstitutional for any reason, or the application thereof to any

bank, person or circumstance is held invalid such invalidity or

unconstitutionality or application shall not affect the remainder of

the act, and the application thereof to other banks, persons or

circumstances shall not be affected thereby. The Legislature

declares that it would have passed this act and each section,

sentence, clause or part thereof, irrespective of the fact that any

one or more sections, sentences, clauses or phrases be declared

invalid.
Okla. Stat. tit. 62, § 62-90.6 — OK Code / Title 62 / Section 62-90.6
Funding of loans - Percentage rate - Administrative costs
Status: in_force

- Certification of compliance - Forwarding of payments - State

liability.

A. Loans made pursuant to applications approved by the Oklahoma

Department of Agriculture, Food, and Forestry shall be subject to

the availability of funds pledged to the Rural Economic Development

Loan Revolving Fund, and if a loan is not funded for such reason, it

shall be funded in the order of the priority given each loan

application by the Department.

B. Upon acceptance of the loan or any portion thereof, the

Department shall notify the participating financial institution and

the applicant. The participating financial institution shall fund

the loan to the approved applicant to the extent of its unencumbered

pledge to the Rural Economic Development Loan Revolving Fund, not to

exceed the amount of the loan accepted. If the amount of the

participating financial institution's unencumbered pledge is less

than the amount of the loan as accepted, the Department shall notify

all other participating financial institutions with an unencumbered

pledge to the fund and shall require each such institution to

transfer an amount to the Rural Economic Development Loan Revolving

Fund. Such amount shall be equal to the amount of the remainder of

the loan multiplied by the percentage of the institution's

unencumbered pledge of all unencumbered pledges. The Department

shall transfer such amounts to the participating financial

institution making the loan.

Oklahoma Statutes - Title 62. Public Finance Page 322

C. The percentage rate of the loan shall be reduced compared to

the rate imposed with respect to other loans made by the financial

institution to similar recipients for similar purposes in an amount

determined by the financial institution making the loan.

D. The Department may retain in the Rural Economic Development

Loan Fund an amount not to exceed two percent (2%) of the total

amount of a loan. Amounts retained pursuant to the provisions of

this subsection may be expended by the Department for costs

associated with administration of this act and may be paid by the

State Treasurer to a development company certified by the U.S. Small

Business Administration or a political subdivision of this state or

agency thereof for costs associated with developing a loan package

if all loans in the package are approved pursuant to the provisions

of this act.

E. A certification of compliance with this section in the form

and manner as prescribed by the Department shall be required of the

participating financial institution.

F. The participating financial institution making the loan

shall, within three (3) business days of receipt, forward all

payments received for repayment of the loan to the Department for

immediate deposit to the Rural Economic Development Loan Revolving

Fund, until the amount deposited is equal to the amount transferred

by other participating financial institutions in connection with the

loan together with interest at the rate applied to the loan. The

Department shall forward such payments to such other participating

financial institutions in proportion to the amounts transferred in

connection with the loan. Remaining payments received for repayment

of the loan shall be retained by the participating financial

institution making the loan.

G. Neither the State of Oklahoma nor the Department shall be

liable to any participating financial institution in any manner for

payment of the principal or interest on a rural economic development

loan.
Okla. Stat. tit. 62, § 62-581 — OK Code / Title 62 / Section 62-581
Short title
Status: in_force

This act may be cited as the "Registered Public Obligations Act

of Oklahoma".
Okla. Stat. tit. 62, § 62-695.8 — OK Code / Title 62 / Section 62-695.8
Powers and duties of Council of Bond Oversight
Status: in_force

A. The Council of Bond Oversight shall:

1. Make determinations as to whether the purposes for which

obligations proposed to be issued by a State Governmental Entity, in

conjunction with a State Governmental Entity Financing, are for the

furtherance and accomplishment of authorized and proper public

functions or purposes of the state or of any county or municipality,

as specified in the statutes governing public trusts organized

pursuant to Title 60 of the Oklahoma Statutes;

Oklahoma Statutes - Title 62. Public Finance Page 489

2. Review proposed issuance of debt by State Governmental

Entities for compliance with any applicable provisions of federal,

state or other laws;

3. Review such other matters as the Council deems relevant to

the Application, including, without limitation, sources of repayment

and security for the obligation. However, the Council shall not

review the merits of the project. The Council shall only determine

that the project has a legal and beneficial purpose which can be

legitimately funded by bond or similar indebtedness, issued by a

State Governmental Entity or Local Governmental Entity;

4. a. Except as provided in subparagraph b of this

paragraph, review the findings of the Program

Development and Credit Review Committee to determine

if the Rules Regarding the Administration of the

Credit Enhancement Reserve Fund and related

regulations and policies as implemented by the

Oklahoma Development Finance Authority adequately and

sufficiently fulfill the intents and purposes of the

Credit Enhancement Reserve Fund Act, provided such

provision shall not apply to Credit Enhancement

Reserve Fund applications approved by the Bond

Oversight Commissions prior to May 30, 1990; and,

except as provided in subparagraph b of this

paragraph, approve or disapprove any bonds or

indebtedness being issued by the Oklahoma Development

Finance Authority to the extent the bonds or

indebtedness are enhanced or supported pursuant to the

Credit Enhancement Reserve Fund Act.

b. The Council shall not be required to review or approve

individual projects or loans under the Small Business

Credit Enhancement Program created by Section 5063.4b

of Title 74 of the Oklahoma Statutes, or the Oklahoma

Beginning Agricultural Producer Pool Act, but may

approve a package of such projects or loans in

advance. Each project or loan shall be individually

listed in the package and the dollar amount of the

project or loan shall be specifically set out together

with the total dollar amount involved in the package.

The Council or the Deputy Treasurer for Debt

Management may, in their discretion, remove any such

individual project or loan from the package submitted,

for individual action. Should the Oklahoma

Development Finance Authority submit an application to

the Council for the approval of an obligation or

credit enhancement under these two programs, the

application shall be deemed approved if not

disapproved by the Council within forty-five (45) days

Oklahoma Statutes - Title 62. Public Finance Page 490

of filing such an application or, as to an individual

project or loan, removed from the submitted package

within such forty-five-day period.

c. The Council may establish maximum compensation levels

to be paid to individuals and firms acting in a

fiduciary capacity in connection with Credit

Enhancement Reserve Fund Program financings. The

Council may set such compensation levels for a one-

year period and such compensation will be applicable

to all individuals and firms participating in the

program for that period. Providers of such services

selected prior to making application may be employed

subject to the established maximum compensation

levels. Prior to December 31 of each year, the

Council shall review market conditions and set new

compensation levels for the program. Provided, such

compensation levels may not exceed the compensation

levels obtained by the Oklahoma Development Finance

Authority through its most recent invitation to bid

for the services of individuals and firms acting in a

fiduciary capacity in connection with Credit

Enhancement Reserve Fund Program financing; and

5. Adopt, amend and repeal rules to regulate affairs of the

Council and to implement the powers and purposes of the Council.

B. The Council and Deputy Treasurer for Debt Management, in

order to fulfill their duties pursuant to the Oklahoma Bond

Oversight and Reform Act, shall be authorized to charge and collect

a fee, in accordance with the rules of the Council, derived from

proceeds of bond issues approved by the Council.
Okla. Stat. tit. 62, § 62-690.17 — OK Code / Title 62 / Section 62-690.17
Audit of accounts and books of Authority
Status: in_force

The accounts and books of the Authority, including its receipts,

disbursements, contracts, mortgages, investments and other matters

relating to its finances, operations and affairs shall be examined

and audited annually by the State Auditor and Inspector as provided

by law.
Okla. Stat. tit. 62, § 62-214 — OK Code / Title 62 / Section 62-214
State Capitol Building - Boards not to maintain offices
Status: in_force

in.

Provided that none of the above-named boards shall maintain any

office within the State Capitol Building.
Okla. Stat. tit. 62, § 62-41.5u — OK Code / Title 62 / Section 62-41.5u
Renumbered as § 34.31 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-41.11 — OK Code / Title 62 / Section 62-41.11
Renumbered as § 34.40 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-7.13 — OK Code / Title 62 / Section 62-7.13
Renumbered as § 34.10 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-2103 — OK Code / Title 62 / Section 62-2103
Grant eligibility criteria
Status: in_force

A. For the purpose of developing, constructing, or improving an

industrial facility, a community shall be eligible to apply for a

grant from the Industrial Facilities Development Fund through the

Oklahoma Department of Commerce.

B. In order to be eligible for a grant, the community must

establish to the Department that it:

1. Has previously demonstrated an ability to recruit new

manufacturing business activity. A community may satisfy this

requirement by proving that an establishment has located a

manufacturing activity within the community employing at least ten

persons not more than five (5) years prior to the date as of which

the community makes application for funding; or

2. Employs at least one person on a full-time basis or is

benefited by the efforts of at least one full-time employee of a

local chamber of commerce or similar organization whose principal

duty is the recruitment of new business activity to the community.

C. The community shall include in the application a statement

of the estimated total project cost for the industrial facility.

The community, or a combination of the community and the

Oklahoma Statutes - Title 62. Public Finance Page 633

establishment for whose benefit the industrial facility will be

constructed or improved, shall be required to provide matching funds

equal to at least twenty-five percent (25%) of the total cost of the

project in order to receive a grant from the Industrial Facilities

Development Fund.
Okla. Stat. tit. 62, § 62-72.1 — OK Code / Title 62 / Section 62-72.1
Short title
Status: in_force

Sections 5 through 11 of this act shall be known and may be

cited as the "Security for Public Deposits Act".
Okla. Stat. tit. 62, § 62-57.302 — OK Code / Title 62 / Section 62-57.302
Oklahoma Building Bonds Commission - Creation -
Status: in_force

Membership - Officers - Meetings - Quorum - Staffing - Compensation

- Expenses - Performance of preliminary duties.

A. There is hereby created the Oklahoma Building Bonds

Commission. The Commission shall consist of the following members:

1. Two members appointed by the President Pro Tempore of the

Senate of the State of Oklahoma;

2. Two members appointed by the Speaker of the House of

Representatives of the State of Oklahoma; and

3. Three members appointed by the Governor of the State of

Oklahoma.

B. The Commission shall elect a chair and a vice-chair to serve

one-year terms.

C. A majority of the members of the Commission shall constitute

a quorum. The Commission shall be subject to the Open Meeting Act,

Section 301 et seq. of Title 25 of the Oklahoma Statutes, and the

Open Records Act, Section 24A.1 et seq. of Title 51 of the Oklahoma

Statutes.

D. The Office of the Secretary of State shall provide staffing

for the Commission.

E. The members of the Commission shall receive no additional

compensation for their services as members of the Commission or for

the performance of any duty in connection with the Commission.

F. Each member of the Commission shall be allowed necessary

travel expenses as may be approved by the Commission pursuant to the

State Travel Reimbursement Act, Section 500.1 et seq. of Title 74 of

the Oklahoma Statutes.

G. The Commission, prior to the election on the constitutional

amendment identified as House Joint Resolution No. 1076 of the 2nd

Session of the 43rd Oklahoma Legislature, may perform those

preliminary duties necessary to issue bonds pursuant to this act as

specified in subsection C of Section 695.7 of this title.
Okla. Stat. tit. 62, § 62-91.7 — OK Code / Title 62 / Section 62-91.7
Acceptance or rejection of loan package – Rural housing
Status: in_force

linked deposit agreements.

A. The State Treasurer may accept or reject a rural housing

linked deposit loan package or any portion thereof, which has been

recommended for approval by the certifying agency based on the State

Treasurer's evaluation of the eligible rural housing developer

included in the package, and the amount of the package. If the

State Treasurer rejects the application, the written notice of

rejection shall include reasons for said rejection in a report to

the certifying agency. The Treasurer shall also forward a copy of

the rejection notice to the lending institution and the borrower.

Oklahoma Statutes - Title 62. Public Finance Page 328

The borrower may be allowed to bring the application into compliance

with the State Treasurer's requirements and resubmit the

application. If the State Treasurer rejects the application because

sufficient funds are not available for a linked deposit, then the

completed application may be considered in the order received when

funds are once again available subject to a review by the certifying

agency and the lending institution. In evaluating the eligible

rural housing developers, the State Treasurer shall consider the

recommendation of the certifying agency and the economic needs of

the area where the business is located.

B. Upon acceptance of the rural housing linked deposit loan

package or any portion thereof, the State Treasurer shall notify the

certifying agency, the lending institution, and the borrower. Upon

acceptance, the State Treasurer may place certificates of deposit

with the eligible lending institution at a rate no more than three

percent (3%) below current market rates, or may invest in bonds,

notes, debentures, or other obligations or securities issued by the

federal farm credit bank with respect to the eligible lending

institution at a rate no more than three percent (3%) below current

market rates. When necessary, the State Treasurer may place

certificates of deposit or may invest in such obligations or

securities prior to acceptance of a rural housing linked deposit

loan package.

C. The eligible lending institution shall enter into a rural

housing linked deposit agreement with the State Treasurer, which

shall include requirements necessary to implement the purposes of

the Oklahoma Rural and Affordable Housing Linked Deposit Program.

Such requirements shall include an agreement by the eligible lending

institution to lend an amount equal to the rural housing linked

deposit to eligible rural housing developers at an interest rate

that reflects a percentage-rate reduction below the present

borrowing rate applicable to each specific rural housing developer

in the accepted loan package that is equal to the percentage-rate

reduction below market rates at which the certificates of deposit

that constitute the rural housing linked deposit were placed or at

which the investments in bonds, notes, debentures or other

obligations or securities that constitute the rural housing linked

deposit were made. Such requirements shall also reflect the market

conditions prevailing in the eligible lending institution's lending

area. The agreement shall also include a specification of the

period of time in which the lending institution is to lend funds

upon the placement of a linked deposit, and shall include provisions

for the certificates of deposit to be placed or the investment in

bonds, notes, debentures, obligations, or securities to be made for

any maturity considered appropriate by the State Treasurer not to

exceed two (2) years and may be renewed once for up to an additional

Oklahoma Statutes - Title 62. Public Finance Page 329

year, at the option of the State Treasurer. Interest shall be paid

at the times determined by the State Treasurer.
Okla. Stat. tit. 62, § 62-306b — OK Code / Title 62 / Section 62-306b
Judicial approval of compromise settlement - Release and
Status: in_force

discharge of property.

When any such compromise settlement shall have been duly

executed by the parties and approved by the city council of such

municipality, the same shall be presented to the district court of

the county wherein the property sought to be discharged is situated

upon the petition of the parties, which petition shall recite the

facts and circumstances of the proposed compromise settlement and

pray the confirmation of the same by said court and an order

discharging the property from the lien securing the payment of such

matured and unpaid street improvement bond, or warrant, or district

sanitary sewer, or storm sewer, or sidewalk warrant. At any time

after the filing of such petition the parties may present the same

to said court and the court upon presentation shall examine the same

and if the court shall find that said proposed compromise settlement

is a fair adjustment of the rights and interests of the parties and

the consideration for the same adequate and properly proportioned,

an order shall be entered confirming said compromise settlement and

discharging and releasing the property involved of and from any

charge or lien of any special tax assessed for the purpose of paying

such matured and unpaid bond or warrant; and, said court shall, at

the time of entering of said order, cause to be endorsed upon such

bond or bonds, or warrant or warrants, a statement showing the

discharge and release of such property.
Okla. Stat. tit. 62, § 62-357 — OK Code / Title 62 / Section 62-357
Rate of interest on funding or refunding bonds - Period
Status: in_force

elapsing before refund.

Funding or refunding bonds of a county, city, town, township,

board of education or school district issued under existing laws may

not bear a greater rate of interest than the indebtedness which is

funded or refunded, or may bear such rate or rates of interest which

shall not constitute a greater overall interest cost existing on

indebtedness which is funded or refunded. Provided that no bonded

and/or interest coupon indebtedness shall be refunded except such as

Oklahoma Statutes - Title 62. Public Finance Page 399

have been issued and outstanding at least one (1) year at the time

of such refunding.
Okla. Stat. tit. 62, § 62-90 — OK Code / Title 62 / Section 62-90
Securities lending program - Securities Lending and
Status: in_force

Custodial Fee Revolving Fund.

A. The State Treasurer may implement and engage in a securities

lending program. As used in this section, "securities lending

program" means any program, arrangement or agreement whereby the

state deposits securities with a federally or state-chartered

savings and loan association, a trust company, a state or national

bank, or a broker-dealer registered with the National Association of

Securities Dealers, Inc. and insured by the Securities Investors

Oklahoma Statutes - Title 62. Public Finance Page 318

Protection Corporation, for the purpose of permitting the financial

institution or broker-dealer to lend securities to a borrower

approved by the State Treasurer in return for a fee or charge paid

by the borrower for the use of such securities. All income from

securities lending, less fees, shall be deposited into the

Securities Lending and Custodial Fee Revolving Fund created in this

section; provided, securities lending income in excess of amounts

necessary to pay custodial or other banking fees, shall be deposited

into the General Revenue Fund. Securities loaned under this program

shall be subject to the collateral requirements specified by the

State Treasurer. The State Treasurer must receive collateral equal

to at least one hundred percent (100%) of the market value of the

securities loaned, consisting of securities or instruments which the

State Treasurer can purchase pursuant to Section 89.2 of this title.

Nothing herein shall be deemed to prohibit the implementation of

securities lending programs by the state retirement systems which

are designed and managed by the boards of trustees of such systems.

B. There is hereby created in the State Treasury a revolving

fund for the Office of the State Treasurer, to be designated the

"Securities Lending and Custodial Fee Revolving Fund". The fund

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

and shall consist of any monies transferred thereto by act of the

Legislature and any monies which may be deposited thereto by the

State Treasurer's Office as provided by this section. All monies

accruing to the credit of the fund are hereby appropriated and may

be budgeted and expended by the Office of the State Treasurer for

the purposes of paying custodial or other banking fees.

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, § 62-7.3 — OK Code / Title 62 / Section 62-7.3
Renumbered as § 34.58 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-2202 — OK Code / Title 62 / Section 62-2202
Provision of services on private land or homes
Status: in_force

In areas of this state that have been declared by the Federal

Emergency Management Agency (FEMA) eligible for Public Assistance,

state and local governmental entities, and any other entity

expending public funds, are hereby authorized to use their

employees, property, and other resources, pursuant to this section,

to provide services on private land or homes to the extent necessary

to aid in disaster relief. Disaster relief shall be designed to

assist in removing health and safety hazards and returning homes to

a safe and habitable level. The disaster relief shall be limited to

the cleanup of debris and repair of damage caused by a natural

disaster. The disaster relief shall not be utilized for work

relating to general home improvements. No state or local

governmental employee or employee of an entity expending public

funds, pursuant to this section, shall be assigned to duties which

include the provision of disaster relief services unless the

employee’s job description includes duties of the same type as are

Oklahoma Statutes - Title 62. Public Finance Page 635

required to provide the disaster relief services or the employee

voluntarily agrees to such assignment. Such employees shall not be

disciplined or terminated for failure to participate in disaster

relief. However, an employee whose job description includes duties

of the same type as are required to provide disaster relief services

are not exempt from disciplinary action or termination for failure

to perform disaster relief duties at the request of his or her

employer. The Legislature finds that it is a public purpose to

provide disaster relief pursuant to this section.
Okla. Stat. tit. 62, § 62-57.3 — OK Code / Title 62 / Section 62-57.3
Authority to issue and sell bonds - Pledges and covenants
Status: in_force

- Sinking fund.

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

Oklahoma, is hereby authorized and empowered to issue, sell and

deliver to the State Treasurer, the Commissioners of the Land Office

of the State of Oklahoma, or other purchasers, "State of Oklahoma

Building Bonds" in a total principal amount not to exceed Thirty-six

Million Dollars ($36,000,000.00). It is hereby expressly provided

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

said bonds, that two cents ($0.02) of the tax on each package of

cigarettes authorized and levied by 68 O.S. 1951, Sections 586 to

586p, as amended and supplemented to the effective date of Section

31, Article X, of the Constitution of Oklahoma, or so much of said

tax as may be necessary to pay and discharge the principal of and

interest on said bonds as the same become due, and to create an

adequate reserve to assure such payments when due, shall be and the

same is hereby irrevocably pledged to the sole and exclusive use and

purpose of paying and discharging the principal of and interest on

said bonds. There is hereby created in the State Treasury, a fund

to be known as the "State of Oklahoma Building Bonds Sinking Fund",

which sinking fund is irrevocably pledged to the payment of the

bonds issued hereunder, together with the interest thereon, and

shall be paid out only in the manner and at the times and places

provided for in the resolution or resolutions of the Commission

authorizing the issuance of the bonds. Beginning July 1, 1950, all

cigarette taxes collected shall be paid monthly by the Oklahoma Tax

Commission to the State Treasurer of the State of Oklahoma. Upon

receiving from the Oklahoma Tax Commission the cigarette tax money

hereinabove mentioned, accompanied by a schedule showing the net

Oklahoma Statutes - Title 62. Public Finance Page 195

proceeds of the two cents ($0.02) tax upon each package of

cigarettes, it shall be the duty of the State Treasurer to place in

said sinking fund the net proceeds of two cents ($0.02[) of the tax

on each package of cigarettes, or so much of said cigarette tax as

may be necessary to assure prompt payment of the principal of and

interest on the bonds as they fall due and to carry out the

covenants with respect to reserve requirements. The cigarette tax

herein referred to shall constitute the primary revenue dedicated to

the payment of the principal and interest of said bonds but it is

further pledged for the benefit of the purchasers, owners and

holders of said bonds that the State of Oklahoma will, if necessary,

impose and collect an additional tax, other than an ad valorem tax,

and devote the same irrevocably to the payment of the principal and

interest of said bonds, and that should said cigarette tax, herein

referred to, ever fail to produce sufficient revenue to pay said

principal and interest as they fall due, such cigarette tax,

together with such additional tax, shall always be sufficient to pay

and discharge said principal and interest when 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 is pledged for 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

said 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 principal

or interest of the bonds are outstanding and unpaid. The Commission

is authorized to make such other equally binding covenants and

agreements, not inconsistent with this act, or with Section 31,

Article X, Oklahoma Constitution, as it deems to be needful and

appropriate to the general purpose of effectuating this act.
Okla. Stat. tit. 62, § 62-864 — OK Code / Title 62 / Section 62-864
Adjustment in school State Aid
Status: in_force

In those cases where the net assessed valuation of the real

property within a school district increases as a result of the

provisions of Sections 860 and 861 of this title, the school

district's State Aid shall be determined by subtracting such

increase in the net assessed valuation from the assessed valuation

of the school district and the state. Such increase shall be

subtracted for each fiscal year during which the incentives or

exemptions are granted in the case of property within an incentive

district or such increase shall be subtracted for each fiscal year

the increment is captured in the case of property within an

increment district. The increase in net assessed valuation

subtracted, in the case of property within an increment district,

shall be the amount that represents that portion of the increment

which is captured and which is actually used for the purposes of

this act.
Okla. Stat. tit. 62, § 62-2309 — OK Code / Title 62 / Section 62-2309
Duties of board - Executive director
Status: in_force

A. The Board of Directors of the Tobacco Settlement Endowment

Trust Fund shall be empowered to:

1. Appoint an executive director and other staff necessary to

perform the duties of the Board of Directors;

2. Make and execute contracts and other instruments necessary

or convenient to the exercise of its powers on such terms and for

such period of time as the Board of Directors shall determine; and

3. Promulgate rules in accordance with the Administrative

Procedures Act and not inconsistent with the Tobacco Settlement

Endowment Trust Fund Act to implement its duties and

responsibilities as provided by law.

Oklahoma Statutes - Title 62. Public Finance Page 645

B. Funding for capital expenditures and operating expenses

incurred by the University of Oklahoma Health Sciences Center and

the Oklahoma State University College of Osteopathic Medicine, for

educational programs and residency training to maintain or improve

the health of Oklahomans or to enhance the provision of health care

services to Oklahomans, is hereby deemed to be an allowable purpose

for which earnings from the trust fund may be expended pursuant to

the provisions of paragraph 3 of subsection E of Section 40 of

Article X of the Oklahoma Constitution. Pursuant to its authority

as set forth in subsection G of Section 40 of Article X of the

Oklahoma Constitution, the Legislature hereby authorizes the Board

to expend earnings from the trust fund for such purposes, in

addition to other purposes provided by law.

C. The Board shall develop a multiyear strategy by January 1,

2002, and annually update it in order to guide the Board's funding

for those programs set forth in Section 40 of Article X of the

Oklahoma Constitution. The strategy shall be used to maximize the

outcomes of the grants awarded by the Board of Directors.

D. The Board of Directors shall develop grant programs for

private, nonprofit, and public entities for the purposes set forth

in Section 40 of Article X of the Oklahoma Constitution.

1. The selection and awarding of grants, whether in the form of

professional service contracts or any other funding mechanism

developed by the Board of Directors, awarded pursuant to grant

programs developed under this subsection, shall be exempt from the

requirements of The Oklahoma Central Purchasing Act.

2. The Board of Directors shall develop competitive processes

for awarding grants under programs developed under this subsection.

Such competitive processes for selection shall not be required for

contracts awarded for program support services, including, but not

limited to, professional service contracts to evaluate, audit or

provide budgeting, accounting, auditing or legal services for

specific programs or program grantees, contractors or participants.

3. The Board of Directors may promulgate rules to assist in the

implementation and administration of grant programs developed under

this subsection.

4. The terms of any request for proposals, request for

applications, invitation for bid, bid notice, or grant proposal or

any other solicitation issued by the Board of Directors to solicit

or invite applications, proposals, bids or responses to obtain

funding under grant programs developed under this subsection shall

be confidential until the date and time at which the solicitation is

to be made equally and uniformly known to all prospective applicants

and the public, at which point all such documents and information

shall be uniformly known to all prospective applicants and the

public, at which point all such documents and information shall be

subject to the Oklahoma Open Records Act and Oklahoma Open Meeting

Oklahoma Statutes - Title 62. Public Finance Page 646

Act. Any application, proposal, bid, or any other document to

obtain funding responsive to any solicitation of the Board of

Directors under grant programs developed under this subsection shall

be confidential until the date and time of award of the grant or

contract, at which point all such documents and information shall be

subject to the Oklahoma Open Records Act and Oklahoma Open Meeting

Act. Any unsolicited application, proposal, bid, or any other

document to obtain funding shall not be considered to be

confidential and shall be subject to the Oklahoma Open Records Act

and Oklahoma Open Meeting Act at all times.

E. The Board of Directors shall encourage grantees to match

grant monies awarded with monetary commitments and in-kind matches.

F. The Board of Directors shall be required to develop a

performance evaluation component for the Board of Directors'

activities and those of its grantees so that the performance of

grantees can be measured by their attainment of outcomes.

G. The Board of Directors shall contract periodically for

performance evaluations. Copies of the evaluations shall be filed

with the Governor, the Speaker of the House of Representatives, and

the President Pro Tempore of the Senate.

H. The Board of Directors shall prepare an annual report

detailing the Board of Directors' activities and reporting its

expenditures and the outcomes achieved by the expenditures. A copy

of the report shall be submitted to the Governor, the Speaker of the

House of Representatives, and the President Pro Tempore of the

Senate.

I. All records associated with the expenditure of monies

received by the Board of Directors or its grantees pursuant to the

Tobacco Settlement Endowment Trust Fund Act shall be subject to the

Oklahoma Open Records Act.
Okla. Stat. tit. 62, § 62-9010.1 — OK Code / Title 62 / Section 62-9010.1
Short title - Pay for Success Act
Status: in_force

This act shall be known and may be cited as the "Pay for Success

Act".
Okla. Stat. tit. 62, § 62-355 — OK Code / Title 62 / Section 62-355
Bidders - Persons forbidden to bid on bonds
Status: in_force

No person, firm or corporation, who shall represent the county,

city, town, board of education, school district, or other

subdivision of the State of Oklahoma, in the preparation or handling

of such bond issue, or the proceedings incident thereto, in any

manner, shall be permitted to bid for or become the purchaser of

such bonds upon sale thereof, or be interested in any bid submitted

at the sale of said bonds, and no bidder shall be interested in any

proceedings contract.
Okla. Stat. tit. 62, § 62-41.5a-1 — OK Code / Title 62 / Section 62-41.5a-1
Renumbered as § 34.13 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.

Oklahoma Statutes - Title 62. Public Finance Page 159
Okla. Stat. tit. 62, § 62-279 — OK Code / Title 62 / Section 62-279
Fund created - Composition - Transfer of funds
Status: in_force

There is hereby created in the State Treasury a depository

account for the Oklahoma Tax Commission, to be designated as the

"Unclassified Taxes Account". The depository account shall consist

of all monies received by the Oklahoma Tax Commission for which the

appropriate tax account is unidentified. The Oklahoma Tax

Commission is authorized to transfer monies from the Unclassified

Oklahoma Statutes - Title 62. Public Finance Page 367

Taxes Account to the appropriate tax account when such tax account

is identified. On July 1, 1988, any monies in the Unclassified

Taxes Account in excess of One Hundred Thousand Dollars

($100,000.00) shall be transferred to the General Revenue Fund. At

the close of the fiscal year ending June 30, 1989, and at the close

of each fiscal year thereafter, any monies in the Unclassified Taxes

Account, held for a period of at least two (2) years, in excess of

One Hundred Thousand Dollars ($100,000.00) shall be transferred to

the General Revenue Fund of the state.
Okla. Stat. tit. 62, § 62-695.7 — OK Code / Title 62 / Section 62-695.7
Deputy Treasurer for Debt Management
Status: in_force

A. The State Treasurer shall engage the services of a person

knowledgeable in the current state of the art of national and

international standards for the issuance of obligations by

governmental entities and experienced in the negotiation of fees for

various goods and services requisite to or deemed desirable in the

issuance of such obligations as well as the negotiation of other

matters essential to provide the best current price and terms of the

issuance of such obligations for the benefit of the State of

Oklahoma, who shall have the title "Deputy Treasurer for Debt

Management".

When hiring a person to the position of Deputy Treasurer for

Debt Management, the State Treasurer shall conduct a national search

in seeking requests for proposals for the position.

B. The State Treasurer may employ the necessary staff to carry

out the duties related to debt management and the Council of Bond

Oversight.

C. 1. Except as provided in Section 695.8 of this title, prior

to engaging the services of underwriters, bond or other legal

counsel, financial advisors, consultants, a financial institution to

serve as trustee, paying agent or in any fiduciary capacity in

connection with any program, indenture or general resolution of the

State Governmental Entity, or any other experts, except as provided

in Section 5062.8 of Title 74 of the Oklahoma Statutes, the State

Governmental Entity shall, in conjunction with a State Governmental

Entity Financing, request proposals for such services from a

plurality of persons engaged in the particular activity for such

services and the selection of such persons shall be made on the

basis of the response to the request which is the most economical

and will provide competent service which furthers the best interest

of the State Governmental Entity and the state. In negotiating

requests for proposals to engage such services, the State

Governmental Entity shall seek the advice and assistance of the

Deputy Treasurer for Debt Management. Under no circumstances shall

proprietary inducements be granted. The Deputy Treasurer for Debt

Management shall provide assistance and advice to State Governmental

Entities with respect to the issuance of obligations by the State

Governmental Entities, review, negotiate, and approve or disapprove

the fees and expenses for goods and services requisite to or deemed

Oklahoma Statutes - Title 62. Public Finance Page 488

desirable in the issuance of State Governmental Entity obligations

and State Governmental Entity Financing and shall represent the

interests of the state before rating agencies and credit enhancement

providers.

2. Any State Governmental Entity or Local Governmental Entity

proposing to make a significant modification to the terms of any

State Governmental Entity Financing, including modification of

collateral by substitution, swap, or other derivative product shall

first obtain the written approval of the Deputy Treasurer for Debt

Management. If the Deputy Treasurer for Debt Management denies

approval, the State Governmental Entity or Local Governmental Entity

may request the Council of Bond Oversight to review and approve

proposed modifications.

D. The Deputy Treasurer for Debt Management shall serve as an

advisor to the Governor and to the Legislature with respect to

issuance of indebtedness reviewed by the Council and shall prepare

an annual report to be submitted to the Governor, the President Pro

Tempore of the Senate and the Speaker of the House of

Representatives as of January 15 each year. The report shall

contain a summary of the issuance of indebtedness by State

Governmental Entities during the preceding year.

E. The Deputy Treasurer for Debt Management or any member of

the immediate family of the Deputy Treasurer for Debt Management

shall not have any direct or indirect financial or contractual

relationship with any firm or corporation or any officer, partner or

principal stockholder of any firm or corporation directly involved

in public finance.
Okla. Stat. tit. 62, § 62-891.7 — OK Code / Title 62 / Section 62-891.7
Infrastructure Pool
Status: in_force

A. The Authority shall be authorized to act as a conduit issuer

for the benefit of two or more eligible local government entities

for an authorized infrastructure project using the Infrastructure

Pool.

B. The Authority shall be authorized to issue its obligations

in order to provide net proceeds on a pooled basis not to exceed One

Hundred Million Dollars ($100,000,000.00) for the Infrastructure

Pool. The Authority shall be authorized to issue obligations within

the limit prescribed by this subsection based upon the defeasance of

previously issued obligations.

Oklahoma Statutes - Title 62. Public Finance Page 587

C. Except as otherwise provided by subsection F of this

section, proceeds from the Infrastructure Pool shall be for the

purpose of providing financing for two or more eligible local

government entities for an authorized infrastructure project located

in this state involving a pooled financing.

D. Sixty-five percent (65%) of the net proceeds from the

Infrastructure Pool shall be used by the Authority for the benefit

of eligible local government entities the population of which,

according to the most recent Federal Decennial Census, does not

exceed three hundred thousand (300,000) persons for any

participating municipality.

E. Thirty-five percent (35%) of the net proceeds from the

Infrastructure Pool may be used by the Authority for the benefit of

any and all eligible local government entities regardless of

population.

F. The proceeds from the Infrastructure Pool may also be used

for the purposes authorized by Section 891.8 of this title.
Okla. Stat. tit. 62, § 62-85 — OK Code / Title 62 / Section 62-85
Obligations of bank not impaired
Status: in_force

The provisions of Section 1, of this act, shall not in any way

impair the obligations of the bank securing such deposits as

provided in Chapter 78, Article 3, of the Compiled Oklahoma

Statutes, 1921.
Okla. Stat. tit. 62, § 62-488 — OK Code / Title 62 / Section 62-488
Check or cash voucher - Limitation of time for honoring -
Status: in_force

Disposition of funds held therefor.

No check issued or voucher registered by the treasurer of any

county in this state shall be honored by the bank on which it is

drawn or by his registration made payable if not presented within a

reasonable time under the circumstances, or in any event unless

presented within one (1) year of the date of issue.

When one (1) year shall have elapsed after the date of issue of

any county treasurer's check drawn against any public funds in the

county treasurer's custody or of any voucher drawn by any public

officer against the public officer's official depository account

with the county treasurer, other than checks and vouchers which may

be issued to another public officer for the benefit of the state or

a subdivision thereof, it shall be the duty of the county treasurer

to make entry of cancellation opposite the record of the check or

registration of the voucher, and shall forthwith credit the amount

thereof to the fund on which it was drawn and report the action on

Oklahoma Statutes - Title 62. Public Finance Page 440

forms and in the manner prescribed by the State Auditor and

Inspector.

Provided, that nothing in this act shall supersede or repeal any

of Section 693 of Title 58 of the Oklahoma Statutes.Oklahoma Statutes - Title 62. Public Finance Page 16
Okla. Stat. tit. 62, § 62-57.77 — OK Code / Title 62 / Section 62-57.77
Building Bonds of 1965 - Cancellation of interest
Status: in_force

That all interest provided by House Bill No. 1010, O.S.L.1965,

page 521, enacted by the Thirtieth Session of the Oklahoma

Legislature on "State of Oklahoma Building Bonds 1965" issue, be and

the same is hereby canceled effective June 30, 1967, and no sums of

money shall thereafter be transmitted by the Oklahoma Tax Commission

out of the cigarette tax collections for interest on said bonds.
Okla. Stat. tit. 62, § 62-34.48 — OK Code / Title 62 / Section 62-34.48
Federal funds - Deposit and disbursement
Status: in_force

Federal funds received by any agency of the state shall be

deposited in the State Treasury and disbursed upon warrants issued

by the State Treasurer. These funds shall be subject to the other

fiscal controls imposed by the Oklahoma State Finance Act, except

where federal laws and/or regulations of a federal agency which

makes such funds available to the State requires such federal funds

to be granted, deposited, allocated or expended through channels

other than those required by the provisions of the Oklahoma State

Finance Act.
Okla. Stat. tit. 62, § 62-3103v1 — OK Code / Title 62 / Section 62-3103v1
Definitions
Status: in_force

As used in the Oklahoma Pension Legislation Actuarial Analysis

Act:

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

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

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

Senate;

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

assigned to a retirement bill by the respective staffs of the

Oklahoma State Senate and the Oklahoma House of Representatives when

the respective staff office prepares a retirement bill for a member

of the Legislature;

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

into a contract with the Legislative Service Bureau pursuant to

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

actuarial services and other duties provided for in the Oklahoma

Pension Legislation Actuarial Analysis Act;

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

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

Oklahoma Statutes - Title 62. Public Finance Page 652

factor of an actuarial investigation specified in subsection A of

Section 3109 of this title;

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

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

retirement system,

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

not:

(1) grant a benefit increase under the retirement

system affected by the bill,

(2) create an actuarial accrued liability for or

increase the actuarial accrued liability of the

retirement system affected by the bill, or

(3) increase the normal cost of the retirement system

affected by the bill,

c. which authorizes the purchase by an active member of

the retirement system, at the actuarial cost for the

purchase as computed pursuant to the statute in effect

on the effective date of the measure allowing such

purchase, of years of service for purposes of reaching

a normal retirement date in the applicable retirement

system, but which cannot be used in order to compute

the number of years of service for purposes of

computing the retirement benefit for the member,

d. which provides for the computation of a service-

connected disability retirement benefit for members of

the Oklahoma Law Enforcement Retirement System

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

Statutes if the members were unable to complete twenty

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

e. which requires membership in the defined benefit plan

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

Oklahoma Statutes for persons whose first elected or

appointed service occurs on or after November 1, 2018,

if such persons had any prior service in the Oklahoma

Public Employees Retirement System prior to November

1, 2015,

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

benefits if the increase in retirement benefits is not

a permanent increase in the gross annual retirement

benefit payable to a member or beneficiary, occurs

only once pursuant to a single statutory authorization

and does not exceed:

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

annual retirement benefit of the member or One

Thousand Dollars ($1,000.00) and requires that

the benefit may only be provided if the funded

ratio of the affected retirement system would not

Oklahoma Statutes - Title 62. Public Finance Page 653

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

than eighty percent (80%) after the benefit

increase is paid,

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

annual retirement benefit of the member or One

Thousand Two Hundred Dollars ($1,200.00) and

requires that the benefit may only be provided if

the funded ratio of the affected retirement

system would be greater than eighty percent (80%)

but not greater than one hundred percent (100%)

after the benefit increase is paid,

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

annual retirement benefit of the member or One

Thousand Four Hundred Dollars ($1,400.00) and

requires that the benefit may only be provided if

the funded ratio of the affected retirement

system would be greater than one hundred percent

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

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

annual retirement benefit of the volunteer

firefighter or One Hundred Dollars ($100.00) for

persons who retired from the Oklahoma

Firefighters Pension and Retirement System as

volunteer firefighters and who did not retire

from the Oklahoma Firefighters Pension and

Retirement System as a paid firefighter.

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

figure derived by dividing the actuarial value of

assets of the applicable retirement system by the

actuarial accrued liability of the applicable

retirement system,

g. which modifies the disability pension standard for

police officers who are members of the Oklahoma Police

Pension and Retirement System as provided by Section

50-115 of Title 11 of the Oklahoma Statutes,

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

pursuant to the provisions of:

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

Statutes,

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

Statutes,

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

Statutes,

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

Statutes,

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

Statutes, or

Oklahoma Statutes - Title 62. Public Finance Page 654

(6) Section 930.11 of Title 74 of the Oklahoma

Statutes,

i. which provides for the reinstatement of retirement

benefits for members of the Oklahoma Law Enforcement

Retirement System pursuant to Section 2-305 of Title

47 of the Oklahoma Statutes for those who were hired

on or after November 1, 2012, or May 24, 2013,

j. which authorizes the purchase of military service

credit as provided in Section 50-128 of Title 11,

Section 1102.2 of Title 20, Section 2-307.4 of Title

47, and Section 913.8 of Title 74 of the Oklahoma

Statutes,

k. which restores benefits pursuant to Sections 49-100.1,

49-101, 49-101.2, 49-106.1, 49-108, 49-117.1, and 49-

135 of Title 11 of the Oklahoma Statutes,

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

disability benefit pursuant to the provisions of this

act.

A nonfiscal retirement bill shall include any retirement bill that

has as its sole purpose the appropriation or distribution or

redistribution of monies in some manner to a retirement system for

purposes of reducing the unfunded liability of such system or the

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

system or increasing the percentage of the revenue earmarked from a

tax to a retirement system;

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

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

bill as such cost is determined by the actuarial investigation for

the bill prepared pursuant to Section 3109 of this title;

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

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

the Oklahoma Legislature which creates or amends any law directly

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

bill or resolution that impacts the revenue of any state tax in

which a portion of the revenue generated from such tax is earmarked

for the benefit of a retirement system;

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

retirement bill creating or establishing a retirement system and any

other retirement bill other than a nonfiscal retirement bill; and

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

Oklahoma, the Oklahoma Public Employees Retirement System, the

Uniform Retirement System for Justices and Judges, the Oklahoma

Firefighters Pension and Retirement System, the Oklahoma Police

Pension and Retirement System, the Oklahoma Law Enforcement

Retirement System, or a retirement system established after January

1, 2006.

Oklahoma Statutes - Title 62. Public Finance Page 655
Okla. Stat. tit. 62, § 62-41.5q — OK Code / Title 62 / Section 62-41.5q
Renumbered as § 34.25 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.

Oklahoma Statutes - Title 62. Public Finance Page 161
Okla. Stat. tit. 62, § 62-34.301 — OK Code / Title 62 / Section 62-34.301
Short title - Civil Service and Human Capital
Status: in_force

Modernization Act - State Employee Dispute Resolution Program.

A. This act shall be known and may be cited as the "Civil

Service and Human Capital Modernization Act".

B. The Human Capital Management Division and the Civil Service

Division of the Office of Management and Enterprise Services shall:

1. Establish and maintain a State Employee Dispute Resolution

Program, which may include mediation, to provide dispute resolution

services for state agencies and state employees. Actions agreed to

through the State Employee Dispute Resolution Program shall be

consistent with applicable laws and rules and shall not alter,

reduce or modify any existing right or authority as provided by

statute or rule;

2. Establish rules pursuant to the Administrative Procedures

Act as may be necessary to perform the duties and functions of this

act, including creating an Office of Veterans Placement to offer

counseling, assessment and assistance to veterans seeking state

employment;

3. Receive and only act on complaints by state employees

arising from disciplinary action;

4. Use administrative law judges as independent contractors or

administrative law judges provided by the Office of the Attorney

General to exercise the provisions of this act;

5. Submit quarterly reports on workload statistics to the

Governor, the Speaker of the Oklahoma House of Representatives and

the President Pro Tempore of the Oklahoma State Senate containing

the following information:

a. the number of cases, complaints and requests for

hearings filed, disposed of and pending with the

Divisions for each month of the quarter, and

b. a numerical breakdown of the methods of disposition of

such cases, complaints and requests for hearing.

Quarterly reports shall be submitted within thirty (30) days

following the last day of the month of the appropriate quarter;

6. Create a confidential whistleblower program and serve as the

chief administrator of such program whereby a state employee may

confidentially report claims of agency or employee mismanagement as

well as criminal misuse of state funds or property. Mismanagement

Oklahoma Statutes - Title 62. Public Finance Page 142

includes fraudulent activity or abuse or violation of a well-

established, articulated, clear, and compelling public policy. The

Office of the Attorney General shall have the authority to

investigate and determine whether to prosecute such whistleblower

claims. The Attorney General shall also have the power to refer

such claims to the appropriate district attorney; and

7. Receive and act upon complaints from disciplinary action and

grievances filed by state employees employed to perform duties as

outlined in paragraph 6 of subsection E of Section 3311 of Title 70

and Section 2-105 of Title 47 of the Oklahoma Statutes and to

establish rules pursuant to the Administrative Procedures Act as may

be necessary to carry out this objective and the right to be heard.

C. Complaints shall be filed with the Civil Service Division

within ten (10) business days of the date of when such action

occurred and hearings shall take place within thirty (30) business

days from the filing of the complaint, with the exception of actions

filed pursuant to paragraph 7 of subsection B of this section.

D. Employees filing a complaint with the Civil Service Division

shall prove that there was no reasonable basis for the disciplinary

action by the state agency. The review of the merits of the

complaint may be limited to the employee disciplinary file directly

at issue. In the event documents needed are not maintained in the

disciplinary file, or additional witnesses are requested by the

parties, the administrative law judge shall have the discretion to

allow additional documentation or witnesses regarding the

disciplinary action taken. Complaints relating to punitive

transfers shall be administrated through mediation first and shall

only proceed to a hearing if mediation is unsuccessful. Employees

who were offered a relocation incentive as set forth in

administrative rule shall not be deemed as being subject to a

punitive transfer. Complaints relating to written reprimands shall

be administered through mediation exclusively, and state employees

employed to perform duties as outlined in paragraph 6 of subsection

E of Section 3311 of Title 70 and Section 2-105 of Title 47 of the

Oklahoma Statutes shall be permitted to proceed to a hearing if

mediation is unsuccessful. Mediation may also be available for

other disciplinary actions.

E. Claimants shall be permitted to secure and utilize

representation during the adverse action process.

F. The presiding officer of any proceeding before the Civil

Service Division may require payment of reasonable attorney fees and

costs to the prevailing party if the position of the nonprevailing

party was without reasonable basis or was frivolous.

G. For purposes of this section, "disciplinary actions" means

termination, suspension without pay, involuntary demotion, punitive

transfers or written reprimand.

H. Nothing in this section shall apply to:

Oklahoma Statutes - Title 62. Public Finance Page 143

1. Persons employed by the Governor, Lieutenant Governor,

Oklahoma House of Representatives, Oklahoma State Senate,

Legislative Service Bureau, or the Legislative Office of Fiscal

Transparency;

2. Elected officials;

3. Political appointees;

4. District attorneys, assistant district attorneys or other

employees of the district attorney's office, and the District

Attorneys Council;

5. The state judiciary or persons employed by the state

judiciary;

6. Not more than five percent (5%) of an agency's employees

designated as executive management as determined by the agency

director and the agency shall designate the status of the employee

as state employee or executive management in the State of Oklahoma's

Human Resources Information System, maintained by the Human Capital

Management Division;

7. Temporary employees employed to work less than one thousand

(1,000) hours in any twelve-month period;

8. Seasonal employees employed to work less than one thousand

six hundred (1,600) hours in any twelve-month period;

9. Employees in a trial period; or

10. State employees whose employment status is otherwise

provided by law.

I. Except as provided by subsection H of this section,

effective January 1, 2022, all state employee positions shall be

administered by the Human Capital Management Division of the Office

of Management and Enterprise Services, without reference to prior

classified or unclassified status.

J. In collaboration with executive branch agencies, and their

human resources personnel, the Human Capital Management

Administrator shall establish and define statewide minimum standards

for human resource business processes, based on industry standards

and statewide best practices, to be followed by all executive branch

agencies. The Human Capital Management Administrator has the

authority to grant exceptions to the statewide minimum standards.

Additionally, the Human Capital Management Administrator shall

establish and maintain a statewide job catalog and pay structure for

executive branch jobs and establish policies and procedures for a

market-based pay system, pay-for-performance system, and dispute

resolution process for issues that do not rise to a disciplinary

action as provided by the Civil Service and Human Capital

Modernization Act. The Human Capital Management Administrator shall

promulgate rules necessary to carry out the authority set forth in

this section.

K. The Civil Service Division is authorized to employ attorneys

or contract with private attorneys to serve as legal counsel to the

Oklahoma Statutes - Title 62. Public Finance Page 144

Civil Service Division. The attorneys shall be authorized to appear

for and represent the Civil Service Division in all litigation that

may arise from the discharge of its duties, including the

representation of the Civil Service Division when its decisions are

appealed to higher courts. Attorneys employed by the Office of

Management and Enterprise Services to represent the Civil Service

Division shall represent the Civil Service Division notwithstanding

its representation of the Office of Management and Enterprise

Services in the same or related matters pending before the Civil

Service Division or before any court. The Office of Management and

Enterprise Services shall establish internal administrative

procedures to ensure that all departments within the Office of

Management and Enterprise Services are provided independent legal

representation, and such simultaneous representation shall not, of

itself, be deemed to constitute a conflict of interest.

L. The Civil Service Division shall be exempt from the

requirements set forth in Section 20i of Title 74 of the Oklahoma

Statutes when carrying out the duties and functions of this act.
Okla. Stat. tit. 62, § 62-57.60 — OK Code / Title 62 / Section 62-57.60
Attorney General as representative of Commission
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 or pay any private attorney or

attorneys directly or indirectly.
Okla. Stat. tit. 62, § 62-414 — OK Code / Title 62 / Section 62-414
Annual tax levy to pay interest and principal - Sinking
Status: in_force

fund.

The governing body, or authority of any county, city, town,

township, board of education, school district or other municipal

corporation, issuing bonds under authority of this act, shall

provide, prior to the delivery thereof to the purchaser, for a levy

of annual taxes on all taxable property in the county, city, town,

township, board of education, school district or other municipal

corporation, as the case may be, sufficient in amount to pay, and

for the express purpose of paying, the interest on said bonds as it

falls due, and also to pay and discharge the principal thereof at

maturity; and, in every instance in which any county, city, town,

township, board of education, school district or other municipal

corporation shall issue bonds under this act, it shall be the

imperative duty of the proper officers, whose duty it may be to levy

taxes, to levy annually, at the time of making the levy of other

taxes, a tax sufficient in amount to pay the interest upon said

bonds and the coupons as they become due, and to create a sinking

fund for the payment of the principal of such bonds at their

maturity.

Oklahoma Statutes - Title 62. Public Finance Page 419
Okla. Stat. tit. 62, § 62-41.5s — OK Code / Title 62 / Section 62-41.5s
Renumbered as § 34.27 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-306a — OK Code / Title 62 / Section 62-306a
Form and contents of compromise settlement
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 373

Such compromise settlement shall be in writing and shall

prescribe the bond or bonds, or warrant or warrants involved, the

date of issuance and maturity thereof; and the ordinance under which

the same were issued; it shall also describe the property sought to

be discharged and shall specify the total consideration for such

settlement and the proportions of the same which the bondholder or

warrant holder and the municipality shall each receive. It shall be

executed by such bondholder or warrant holder, the property owner

and the mayor of such municipality and shall be approved by

resolution of the city council of such municipality.
Okla. Stat. tit. 62, § 62-34 — OK Code / Title 62 / Section 62-34
58 Information on income, disbursements and transfers
Status: in_force

A. Each state agency shall furnish to the Director of the

Office of Management and Enterprise Services, in such form as the

Director shall prescribe, detailed information showing the income,

disbursements, and transfers for each agency clearing account and

each agency's special account. Income, disbursements and transfers

shall be identified in accordance with code designations as provided

in the accounting procedures of the Office of Management and

Enterprise Services.

Oklahoma Statutes - Title 62. Public Finance Page 100

B. The Director of the Office of Management and Enterprise

Services may approve any modification in the code designations of

income, disbursements and transfers that he or she finds expedient.

C. The State Treasurer shall not honor vouchers disbursing and

transferring monies from agency clearing accounts or special

accounts, when he or she has been notified by the Director of the

Office of Management and Enterprise Services that an agency is not

in compliance with the provisions of subsection A of this section.Section 34 et seq. of Title 62 of the Oklahoma Statutes shall be

known and may be cited as the "Oklahoma State Finance Act".
Okla. Stat. tit. 62, § 62-605 — OK Code / Title 62 / Section 62-605
Construction
Status: in_force

This act shall be so construed as to effectuate its general

purpose to make uniform the law of states which enact it.
Okla. Stat. tit. 62, § 62-57.313 — OK Code / Title 62 / Section 62-57.313
Filing application with Supreme Court for determination
Status: in_force

on bonds.

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 the constitutional

amendment identified as House Joint Resolution No. 1076 of the 2nd

Session of the 43rd Oklahoma Legislature, and that when issued they

Oklahoma Statutes - Title 62. Public Finance Page 289

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, § 62-34.66 — OK Code / Title 62 / Section 62-34.66
Writing of checks and warrants – Delegation of check and
Status: in_force

warrant issuing authority – Payment register – Transfer entries –

Electronic fund transfers.

Oklahoma Statutes - Title 62. Public Finance Page 107

A. The State Treasurer shall write checks or warrants in

payment of claims and payrolls certified to the State Treasurer for

payment by the Division of Central Accounting and Reporting or:

1. The Department of Human Services;

2. The Department of Rehabilitative Services;

3. The State Department of Health;

4. The Department of Transportation;

5. The State Department of Education;

6. The Oklahoma Department of Career and Technology Education;

and

7. The institutions within The Oklahoma State System of Higher

Education.

B. The State Treasurer, within such limitations as the State

Treasurer may prescribe, may authorize the Director of the Office of

Management and Enterprise Services and the entities specified in

subsection A of this section to issue the checks or warrants for

payment of claims and payrolls that have been certified by the

respective agency.

C. The Director of the Office of Management and Enterprise

Services and the entities specified in subsection A of this section

shall provide the State Treasurer a register of each payment for

each check or warrant issued. To protect against fraud, information

contained within the register of checks or warrants shall not be

subject to the Oklahoma Open Records Act until the earlier of:

1. Such checks or warrants are submitted for redemption; or

2. Such checks or warrants are cancelled by statute.

D. In lieu of checks or warrants:

1. The Director of the Office of Management and Enterprise

Services may, with the concurrence of the State Treasurer, settle

interagency claims by transfer entry; and

2. At the discretion of the State Treasurer, pay claims and

payrolls by the electronic transfer of funds.
Okla. Stat. tit. 62, § 62-41.21 — OK Code / Title 62 / Section 62-41.21
Renumbered as § 34.64 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-351 — OK Code / Title 62 / Section 62-351
Sales of bonds - Minimum net value plus interest
Status: in_force

It shall be unlawful for any board of county commissioners,

governing body of any municipality or school district or any other

officer of any such political subdivision of this state, to sell,

agree to sell or contract to sell any bonds issued by a vote of the

people for any sum less than ninety-nine percent (99%) of the face

amount thereof with accrued interest added, and any and all

commission allowed any firm, person or corporation for the sale of

such bonds must, after being deducted from the sum total for which

said bonds are sold, leave in the treasury the sum equal to at least

ninety-nine percent (99%) of the face value of the bonds and accrued

interest thereof.
Okla. Stat. tit. 62, § 62-34.35 — OK Code / Title 62 / Section 62-34.35
Information furnished to the Director of Office of
Status: in_force

Management and Enterprise Services.

Each state agency shall immediately furnish the Director of the

Office of Management and Enterprise Services any information

concerning their respective affairs or activities, upon request and

in such form as directed.
Okla. Stat. tit. 62, § 62-34.93 — OK Code / Title 62 / Section 62-34.93
Teachers' Retirement System Dedicated Revenue Revolving
Status: in_force

Fund – Separate accounting of revenues – Permitted expenditures.

A. The Office of Management and Enterprise Services shall

separately account for revenues which are deposited to the credit of

the Teachers' Retirement System Dedicated Revenue Revolving Fund of

the State Treasury pursuant to the provisions of Sections 1353, 1403

and 2352 of Title 68 of the Oklahoma Statutes on a fiscal year basis

and shall provide an accounting to the Governor, President Pro

Tempore of the Senate, and the Speaker of the House of

Representatives within thirty (30) days after the end of the fiscal

year.

B. Funds separately accounted for herein shall be used only to

fund the currently unfunded liability of the Teachers' Retirement

System and for no other purpose. Any appropriation or expenditure

of any of such funds for any other purpose shall be null and void

and of no effect. Each month the State Department of Education

shall transfer the monies apportioned to the Teachers' Retirement

System Dedicated Revenue Revolving Fund to the Teachers' Retirement

System of Oklahoma to be used by the System for the purposes

prescribed by this section; provided that in no fiscal year shall

the total amount of such transfers exceed the amount authorized by

the Legislature for transfer in such fiscal year.

C. There is hereby created in the State Treasury a revolving

fund for the benefit of the Oklahoma Teachers' Retirement System to

be designated the "Teachers' Retirement System Dedicated Revenue

Revolving Fund" which fund shall be administered by the State

Department of Education. The fund shall consist of any monies as

apportioned to the fund by Sections 1353, 1403 and 2352 of Title 68

of the Oklahoma Statutes. The fund herein created may be expended

for the purpose set forth in subsection B of this section and in the

same manner as appropriated funds.