Okla. Stat. tit. 62, § 62-57.183 — OK Code / Title 62 / Section 62-57.183
Schedule of repayment - Interest
Status: in_force

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

amounts, respectively, as follows:

FISCAL YEAR BEGINNING JULY 1

1978 890,000.00

1979 925,000.00

1980 965,000.00

1981 1,005,000.00

1982 1,050,000.00

1983 1,100,000.00

1984 1,150,000.00

1985 1,200,000.00

1986 1,255,000.00

1987 1,310,000.00

1988 1,375,000.00

1989 1,440,000.00

1990 1,505,000.00

1991 1,580,000.00

1992 1,655,000.00

Oklahoma Statutes - Title 62. Public Finance Page 272

1993 1,735,000.00

1994 1,815,000.00

1995 1,895,000.00

1996 1,975,000.00

The Series E 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, § 62-57.151 — OK Code / Title 62 / Section 62-57.151
Sale and issuance of bonds authorized - Amount
Status: in_force

The State of Oklahoma Building Bonds Commission is hereby

authorized and directed to sell and issue Series B of the State of

Oklahoma Building Bonds of 1968 in the principal sum of Twenty-six

Million Seventy-eight Thousand Dollars ($26,078,000.00) on or about

Oklahoma Statutes - Title 62. Public Finance Page 262

October 15, 1970, under the terms and conditions of Chapter 339,

O.S.L.1969 (62 O.S.Supp.1969, Sections 57.121 - 57.136), except

where such terms and conditions are superseded by the provisions of

this act.
Okla. Stat. tit. 62, § 62-275.8 — OK Code / Title 62 / Section 62-275.8
State Treasurer - Redeemed bonds, etc. - Microfilm or
Status: in_force

duplicates - Disposition.

All state bonds, bond interest coupons and duplicates of

receipts redeemed by the State Treasurer and delivered to the

Director of the Office of Management and Enterprise Services as

provided by Section 34.80 of this title shall be delivered by the

Director of the Office of Management and Enterprise Services to the

Archives and Records Commission to be retained in accordance with

the provisions of Sections 305 through 317 of Title 67 of the

Oklahoma Statutes. All warrants or checks redeemed by the State

Treasurer, shall be microfilmed, imaged or duplicated by the State

Treasurer. The microfilm, image or other duplication shall be in

accordance with requirements established for such records by the

Archives and Records Commission. Any redeemed warrant or check that

has been microfilmed, imaged or duplicated in a manner acceptable to

the Archives and Records Commission shall be destroyed after a

period of time consistent with banking industry standards for

checks. The Archives and Records Commission, with the assistance of

the State Treasurer, shall survey financial institutions to

determine the industry standard for retention of paper checks after

they have been duplicated in a manner consistent with federal law

Oklahoma Statutes - Title 62. Public Finance Page 364

and industry practice. Such survey shall include the industry

standard or federal law for retention of duplicated checks.

No state agency may require the State Treasurer to furnish an

original warrant, state check, or state voucher to the state agency

if the State Treasurer makes a duplicate available. If the State

Treasurer is in possession of the original warrant, the original may

be furnished in response to the following:

1. A subpoena;

2. A proper discovery request in a legal proceeding;

3. For investigative purposes of a law enforcement agency; or

4. For other good cause as determined by the State Treasurer.
Okla. Stat. tit. 62, § 62-310.8 — OK Code / Title 62 / Section 62-310.8
Blanket purchase orders
Status: in_force

A. A municipality, county or school district may issue a

blanket purchase order for:

1. Recurring purchases of goods or services if a maximum

authorized amount for all purchases pursuant to a blanket purchase

order is specified in the order and approved by the governing board;

or

2. The repair of county equipment, machinery or vehicles when

the estimated cost of repairs is greater than Five Thousand Dollars

($5,000.00). The maximum authorized amount of a blanket purchase

order may be increased to cover unforeseen expenses. A written

explanation of said increase shall be attached to the blanket

purchase order prior to payment.

B. Blanket purchase orders shall be prepared, filed, and

encumbered in the manner provided for purchase orders and as

authorized by law or regulation, except no written requisition shall

be required for a blanket purchase order. Prior to payment, the

requesting county officer shall verify the blanket purchase order by

signature. Before transacting any purchase pursuant to a blanket

Oklahoma Statutes - Title 62. Public Finance Page 379

purchase order, the order shall be submitted to the governing board

for its approval. After satisfactory delivery of goods or services

pursuant to a blanket purchase order, a vendor's invoice shall be

submitted to and approved by the purchasing officer of a

municipality or a school district or a county purchasing agent and

forwarded for payment. An itemized list of goods or services

purchased pursuant to the blanket purchase order shall be attached

to the vendor's invoice if said invoice does not contain an itemized

list of goods or services purchased pursuant to the blanket purchase

order. Payment of invoices from vendors pursuant to a requisition

and approved blanket purchase order issued pursuant to the

provisions of this section shall be authorized by the encumbering

officer.
Okla. Stat. tit. 62, § 62-589 — OK Code / Title 62 / Section 62-589
Collection of costs - Reimbursement
Status: in_force

A. An issuer, prior to or at original issuance of registered

public obligations, may provide as a part of a system of

registration that the transferor or transferee of the registered

public obligations pay all or a designated part of the costs of the

system as a condition precedent to transfer, that costs be paid out

of proceeds of the registered public obligations, or that both

methods be used. The portion of the costs of the system not

provided to be paid for by the transferor or transferee or out of

proceeds shall be the liability of the issuer.

B. The issuer may as a part of a system of registration provide

for reimbursement or for satisfaction of its liability by payment by

others. The issuer may enter into agreements with others respecting

such reimbursement or payment, may establish fees and charges

pursuant to such agreements or otherwise, and may provide that the

amount or estimated amount of such fees and charges shall be

Oklahoma Statutes - Title 62. Public Finance Page 464

reimbursed or paid from the same sources and by means of the same

collection and enforcement procedures and with the same priority and

effect as with respect to the obligations.
Okla. Stat. tit. 62, § 62-34.6 — OK Code / Title 62 / Section 62-34.6
General powers and duties of Director
Status: in_force

A. The Director of the Office of Management and Enterprise

Services shall have the power and duty under the direction of the

Governor to:

1. Prepare the budget document and assist in the drafting of

legislation to make it effective;

2. Make field surveys and studies of governmental agencies,

looking toward economy and greater efficiency;

3. Make allotments to control expenditures;

4. Authorize transfers of appropriation authorized by law;

5. Study accounting and other reports rendered by the Division

of Central Accounting and Reporting;

6. Enter into agreements with the United States Secretary of

the Treasury for the purpose of implementing federal law;

7. Aid the Governor in the economical management of state

affairs; and

8. Adopt such rules and regulations concerning the exercise of

powers and duties as the Director shall deem appropriate, in

accordance with the Administrative Procedures Act.

B. In addition to other duties, the Director of the Office of

Management and Enterprise Services shall, upon request, advise and

consult with members of the Legislature and legislative committees

concerning revenue and expenditures of state agencies.

Oklahoma Statutes - Title 62. Public Finance Page 32

C. The Director of the Office of Management and Enterprise

Services shall publish daily reports of all expenditures of funds

from the Coronavirus Aid, Relief, and Economic Security (CARES) Act

on the Oklahoma Checkbook page on the state website.

D. The Director of the Office of Management and Enterprise

Services shall report weekly on the status of all grant agreements,

as provided for in Section 1 of this act.

E. The Director of the Office of Management and Enterprise

Services shall report quarterly to the chairs of the Joint Committee

on Pandemic Relief Funding and make available to the public on the

state's website, a quarterly report of all expenditures of federal

funds drawn down from the American Rescue Plan Act 2021 (ARPA),

Public Law 117-2.

F. The Director of the Office of Management and Enterprise

Services shall provide technical assistance to agencies seeking to

comply with state law and federal guidelines as a recipient of

federal funds. Technical assistance shall include, but not be

limited to, procurement and competitive bidding requirements

assistance, capital expenditure assistance, model templates, model

agreements, grants management software or other advice, recommended

reporting, and accounting of federal funds, to all state agencies

who request technical assistance.
Okla. Stat. tit. 62, § 62-41.30 — OK Code / Title 62 / Section 62-41.30
Renumbered as § 34.35 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.

Oklahoma Statutes - Title 62. Public Finance Page 164
Okla. Stat. tit. 62, § 62-34.210 — OK Code / Title 62 / Section 62-34.210
Managing state data by state agencies – Standards and
Status: in_force

criteria for sharing data between agencies.

A. As used in this section, "state data" means all data files

hosted, procured, owned, processed, secured, stored, or created by

this state or its state agencies, while in the course of state

business and shall include any and all data not otherwise prohibited

from such classification or required to be kept confidential by

state or federal law. Such data shall be the property of this state

unless prohibited by law.

B. While this state is the owner of state data, individual

state agencies shall comply with their respective statutory

obligations in managing state data including responding to open

records requests, reporting and responding to data breaches, and any

other statutory obligations required when hosting, accessing,

storing, collecting, or processing state data.

C. The Chief Information Officer for the State of Oklahoma may

establish standards and criteria for sharing state data between

state agencies. Agency requests to share state data shall be denied

if the stated purpose does not meet the established standards and

criteria for sharing state data as established by the CIO. State

agencies may decline requests to share state data if the state data

requested is otherwise privileged, required to be kept confidential,

or prohibited from being shared by state or federal law.

D. The powers provided in this section shall be in addition to

and not in substitution for any powers provided to the Office of

Management and Enterprise Services or the Chief Information Officer

by rule or law.

E. No powers provided in this section shall exempt or supersede

a state agency's statutory responsibility to protect data and to

Oklahoma Statutes - Title 62. Public Finance Page 141

comply with requirements of the Oklahoma Open Records Act or

applicable state or federal law.

F. The provisions of this section shall not be applicable to

the judicial department of state government or any entity organized

within the judicial department and shall not be applicable to the

legislative department or any entity organized within the

legislative department.
Okla. Stat. tit. 62, § 62-362 — OK Code / Title 62 / Section 62-362
Proof as to indebtedness before judgment - Appeals
Status: in_force

Before final judgment in any suit based on contract, including

but not limited to proceedings by the Commissioners of the Land

Office to collect deficient payments plus interest and reasonable

attorney fees related to bonds or other types of indebtedness

guaranteed by the corpus of the permanent school fund for the

support of common schools pursuant to Section 10 of this act, shall

be rendered against any municipality by any court of any county in

the State of Oklahoma, except in proceedings to refund any

indebtedness of said municipality, proof shall be made to the court,

of the existence, character and amount of the outstanding legal

indebtedness of said municipality, which proof shall include a

statement compiled by the various officers having custody of the

records from which the information required in the statement is

taken, under oath, showing the following:

1. An itemized statement of the bonded indebtedness of said

municipality.

2. An itemized statement of the legal indebtedness of said

municipality, exclusive of the bonded indebtedness and the alleged

indebtedness proposed to be converted into a judgment.

3. An itemized statement of the indebtedness proposed to be

converted into a judgment, so classified as to show, in separate

exhibits, all items of questionable legality, if any, and the

reasons of said officer or officers therefor:

(a.) The appropriations against which each warrant was drawn or

claim accrued if in judgment, and if within the limits and purposes

thereof as provided by law;

(b.) The income and revenue provided for the respective years,

consisting of taxes levied and the actual collections of "estimated

income"; the total warrants issued against the same or the

accumulated accruals as the case may be, and the amount, if any, in

excess of the total income and revenue of the year;

Oklahoma Statutes - Title 62. Public Finance Page 401

(c.) The condition of each fund from which such indebtedness is

payable as of the close of the month next preceding the filing of

application.

Appeals from the judgment of the court shall be allowed as

provided by law upon the giving of a bond for cost and damages in

such sum as the court shall require; provided, that the county

attorney of any county may, without the consent of the board of

county commissioners of said county, take an appeal from said

judgment on behalf of said county and without bond for costs and

damages.
Okla. Stat. tit. 62, § 62-34.81 — OK Code / Title 62 / Section 62-34.81
Replacement warrant or bond - Affidavit - Records
Status: in_force

A. The State Treasurer is hereby authorized and empowered to

issue a replacement warrant or bond in lieu of any warrant or bond

that has been lost or destroyed; provided, that no replacement

warrant or bond shall be issued until an affidavit setting forth the

facts as to the loss or destruction of said original warrant or bond

has been filed with the Director of the Office of Management and

Enterprise Services.

B. The Director and the State Treasurer shall maintain

appropriate records in their offices to prevent, as nearly as

reasonably possible, the state from mistakenly issuing any

replacement warrant or bond.

C. Such records shall include a stop payment order against the

original warrant to cancel the original warrant.

D. For such lost or destroyed miscellaneous warrants, the

Director of the Office of Management and Enterprise Services shall

cancel the original warrant record and process a replacement warrant

against the original disbursement claim when possible, or otherwise

shall transfer to the Canceled Warrant Fund the payable amount of

lost or destroyed warrants on which payment has been stopped

pursuant to the provisions of this section from the fund and account

against which said warrant had been drawn and issue a replacement

from the Canceled Warrant Fund.

E. For lost or destroyed payroll warrants, the Director of the

Office of Management and Enterprise Services shall issue all payroll

replacement warrants pursuant to the provisions of this section from

the Canceled Warrant Fund. The Director shall allow the original

payroll warrant record to cancel by statute and shall transfer to

the Canceled Warrant Fund the payable amount to cover the lost or

destroyed warrants on which payment has been stopped pursuant to the

provisions of this section from the fund and account against which

the warrant had been drawn.

Oklahoma Statutes - Title 62. Public Finance Page 120

R.L. 1910, § 8067. Amended by Laws 1915, c. 63, § 1; Laws 1979, c.

47, § 93, emerg. eff. April 9, 1979; Laws 1982, c. 39, § 3, emerg.

eff. March 26, 1982; Laws 1996, c. 219, § 5, eff. July 1, 1996; Laws

2009, c. 441, § 58, eff. July 1, 2009. Renumbered from § 34 of

Title 74 of Laws 2009, c. 441, § 64, eff. July 1, 2009. Amended by
Okla. Stat. tit. 62, § 62-411 — OK Code / Title 62 / Section 62-411
General obligation bonds to fund special assessment
Status: in_force

obligations, interest and penalties - Sale - Interest - Maturity -

Proceeds - Lien.

Any county, city, town, township, board of education, school

district, or any other municipal corporation in this state, whether

operating under the provisions of a special charter or otherwise, is

hereby authorized and empowered to issue its general obligation

bonds for the purpose of funding any or all of its matured and

outstanding special assessment obligations and the interest and/or

penalties thereon, lawfully assessed against any such municipal

corporation for the payment of special improvements and for which

such special assessments levies have been made by such municipality,

but for which there are not sufficient funds on hand with which to

pay such special assessment obligations. Said bonds may be sold for

not less than par and accrued interest in the manner now or

Oklahoma Statutes - Title 62. Public Finance Page 416

hereafter provided by law for the sale of other bonds of such

municipalities, or any of them, and the proceeds of said sale shall

be applied to the payment of the special assessments, interest

and/or penalties, to be funded. If said bonds are offered for sale,

and no legally accepted bids are received at said sale, the county,

city, town, township, board of education, school district, or other

municipal corporations issuing such bonds, may, in its discretion

again offer such bonds for sale. Said bonds shall bear interest at

any rate not exceeding six percent (6%) per annum and shall mature

serially in equal installments beginning not less than three (3) nor

more than five (5) years after the date of said Bonds and shall be

in denominations of Fifty Dollars ($50.00) or any multiple thereof;

provided, however, the last maturing installment and/or the last

bond of the last maturing installment, may be for such sum less than

two installments as will complete the full issue of such bonds,

notwithstanding the necessity of varying the amount thereof to

complete the same. Such bonds shall in no event be delivered to the

purchaser thereof except upon simultaneous payment therefor at par

and accrued interest to the date of said payment and the treasurer

of any such municipality shall immediately upon delivering said

bonds and being paid therefor, proceed to pay to the proper officer,

the special assessment, interest and/or penalties which said bonds

were issued to fund and he shall procure a receipt therefor showing

all of such matured special assessments and the interest accumulated

thereon to the date of payment, as being paid in full. If any of

the purchase money derived from the sale of the bonds is left in the

hands of the treasurer after the payment of such special

assessments, interest and/or penalties, the same shall be credited

to the sinking fund created for the payment of said bonds, however,

nothing herein shall be construed to authorize the issuance of bonds

in an aggregate face amount greater than the total amount of matured

outstanding special assessments, interest and/or penalties, to be

funded. Nor shall any such bonds issued hereunder extend any lien

upon or create any liability against any property not liable

therefor under existing or prior bonds.
Okla. Stat. tit. 62, § 62-57.11 — OK Code / Title 62 / Section 62-57.11
Refunding bonds
Status: in_force

The Commission may issue bonds hereunder for the purpose of

refunding any obligations issued under the provisions of this act.

Such bonds may either be sold or delivered in exchange for

outstanding obligations. If sold, the proceeds may be either

applied to the payment of the obligations refunded or deposited in

escrow for the retirement thereof. Nothing herein contained shall

be construed to authorize the refunding of any outstanding

obligations which are not either maturing, callable for redemption

under their terms, or voluntarily surrendered by their holders for

cancellation, unless the Commission covenants that sufficient funds

to pay all remaining interest and principal payments of outstanding

obligations when due will be placed in escrow for such purpose in

the State Treasury at the time of delivery of and payment for the

new bonds issued hereunder. All bonds issued under this section

shall in all respects be authorized, issued and secured in the

manner provided for other bonds issued under this act, and shall

have all the attributes of such bonds. The Commission may provide

that any such refunding bonds shall have the same priority of

payment and be paid from the same revenues in the manner enjoyed by

the obligations refunded thereby.
Okla. Stat. tit. 62, § 62-189 — OK Code / Title 62 / Section 62-189
Purposes for which fund expended
Status: in_force

The monies in said revolving fund may be expended for the

following purposes:

(a) For the purchase of livestock to replace livestock sold or

used in connection with said institution and the keeping up and

maintaining its dairy herd;

(b) for the purchase of material, appliances and equipment used

in such business enterprises, occupations, factories, or shops, and

other business carried on at such institution;

(c) for the purchase of feed for the livestock owned by said

institution;

(d) for the purchase of materials and parts necessary in

repairing and maintaining the machinery and equipment for the

industries of said institution, and for the payment of labor

incidental thereto.
Okla. Stat. tit. 62, § 62-255.2 — OK Code / Title 62 / Section 62-255.2
Pandemic Relief Primary Source Revolving Fund
Status: in_force

There is hereby created in the State Treasury until July 1,

2028, a revolving fund for the Oklahoma Department of Commerce to be

designated the "Pandemic Relief Primary Source Revolving Fund".

Except as otherwise provided in this section, the fund shall be a

continuing fund, not subject to fiscal year limitations, and shall

consist of all monies directed for deposit to the fund by law. All

monies accruing to the credit of said fund are hereby appropriated

and shall be awarded by the Oklahoma Department of Commerce through

grants to enhance industrial parks, airparks, and ports to cover

costs related to water, wastewater, sewer, and broadband projects

eligible under the provisions of the American Rescue Plan Act of

2021 that support sites or surrounding communities identified by the

Department as having such needs prior to the passage of this act and

as discussed in the Transportation, Infrastructure, and Rural

Development Working Group public meeting on September 15, 2022.

Such funds shall be utilized in a manner consistent with the

recommendations adopted by the Joint Committee on Pandemic Relief

Funding on September 20, 2022.

Expenditures from said 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, § 62-831 — OK Code / Title 62 / Section 62-831
Disposition of bond proceeds
Status: in_force

All proceeds received by a Participating Entity from the sale of

bonds shall be transferred to a public trust created pursuant to the

provisions of Section 176 et seq. of Title 60 of the Oklahoma

Statutes, which public trust shall have among its beneficiaries, all

of the Participating Entities. In lieu of a public trust, the

Oklahoma Development Finance Authority may be designated as the

agency in charge of administering the Regional District, subject to

the approval of the governing board of the Oklahoma Development

Finance Authority. The administering agency shall be responsible

for disbursing funds from proceeds of the sale of the bonds for

payment of all costs relating to the project, including the costs of

issuance of the bonds, and may take title to such property and take

all other such actions as it deems necessary to implement the Final

Project Plan. The administering agency shall be entitled to collect

an administrative fee from the proceeds of the bond, said fee to be

described in the Final Project Plan. The Final Project Plan may

also designate said agency to serve as the paying agent for any

monies which are to be remitted to the Participating Entities,

whether such revenues are in the form of lease payments, debt

service payments, tax increment revenues or otherwise.
Okla. Stat. tit. 62, § 62-402 — OK Code / Title 62 / Section 62-402
Coupons receivable for taxes
Status: in_force

The interest coupons provided for in this article, shall, as

fast as they become due, be receivable in payment of taxes due to

the particular county, city, town, the board of education of any

city, the township or school district, which may have issued such

coupons, and shall be received by all collecting officers the same

as cash, in payment of such taxes.
Okla. Stat. tit. 62, § 62-276.1 — OK Code / Title 62 / Section 62-276.1
Creation of fund - Use
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the Office of the Secretary of State to be designated the

"Revolving Fund for the Office of the Secretary of State". The

revolving fund shall be a continuing fund, not subject to fiscal

year limitations, and shall consist of fees and monies received by

the Office of the Secretary of State for reproducing records or

other papers or documents, and such other fees as are directed by

law to be deposited in this fund, and any other miscellaneous

receipts not otherwise directed by law. All monies accruing to the

Oklahoma Statutes - Title 62. Public Finance Page 365

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

expended by the Office of the Secretary of State for costs incurred

in performing the duties and functions of the Office. Expenditures

from said fund shall be made on 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, § 62-3106.1 — OK Code / Title 62 / Section 62-3106.1
Amendments creating nonfiscal retirement bill or
Status: in_force

retirement bill having fiscal impact.

A. Any amendment made to any non-retirement bill or resolution

which would cause the bill or resolution to become a nonfiscal

retirement bill or a retirement bill having a fiscal impact as

defined in the Oklahoma Pension Legislation Actuarial Analysis Act

shall result in the bill or resolution being assigned an RB number

by the applicable legislative staff. The bill or resolution shall

be submitted to the Legislative Actuary by the chair of the

committee, if a committee amendment, or by the presiding officer of

the Senate or House of Representatives if the amendment was made by

the Senate or the House of Representatives or by the author of such

bill when the bill is assigned to a conference committee. If the

Legislative Actuary certifies in writing that the amendment causes

the bill to become a nonfiscal retirement bill and does not cause

the bill to become a retirement bill having a fiscal impact, the

bill, as amended, may continue in the legislative process as any

other bill. If the Legislative Actuary will not issue such a

certification for the amendment, the progress of the bill in the

legislative process will end, and the bill shall not be considered

further by either the Senate or House of Representatives.

B. An amendment to a non-retirement bill which causes the bill

to become a retirement bill having a fiscal impact may be withdrawn

by the committee which made the amendment, if a committee amendment,

or by the Senate, if that body made the amendment, or by the House

of Representatives, if that body made the amendment, or by the

author of the bill, if the amendment was made in conference. If the

amendment is withdrawn, the bill may continue in the legislative

Oklahoma Statutes - Title 62. Public Finance Page 665

process as any other bill, unless it is subsequently amended, and,

in that event, the provision of this section shall apply to the

subsequent amendment.
Okla. Stat. tit. 62, § 62-34.57 — OK Code / Title 62 / Section 62-34.57
Agency clearing accounts - Deposits - Transfers -
Status: in_force

Exemptions.

A. There is hereby created in the official depository in the

State Treasury an agency clearing account for each state officer,

department, board, commission, institution or agency of the state,

hereinafter referred to collectively as state agencies. An agency

special account established under Section 7.2 of this title may be

used for the purposes of an agency clearing account.

B. It shall be the duty of each state agency, officer or

employee, to deposit in the agency clearing account, or agency

special account, established under Section 7.2 of this title, all

monies of every kind, including, but not limited to:

1. Tax revenues;

2. Receipts from licenses, examinations, per diem and all other

reimbursements, fees, permits, fines, forfeitures and penalties; and

3. Income from money and property, grants and contracts,

refunds, receipts, reimbursements, judgments, sales of materials and

services of employees, and nonrevenue receipts, received by a state

agency, officer or employee by reason of the existence of and/or

operation of a state agency.

C. All such monies collected pursuant to this section shall be

deposited as follows in the agency clearing account or agency

special account established therefor:

1. Receipts of One Hundred Dollars ($100.00) or more shall be

deposited on the same banking day as received; and

2. Receipts of less than One Hundred Dollars ($100.00) may be

held until accumulated receipts equal One Hundred Dollars ($100.00)

or for five (5) business days, whichever occurs first, and shall

then be deposited no later than the next business day.

a. Each state agency that has custody of receipts of less

than One Hundred Dollars ($100.00) shall provide

adequate safekeeping of such receipts.

b. No disbursements shall be made from such receipts

prior to this deposit.

c. All checks received must be restrictively endorsed

immediately upon receipt.

D. The State Treasurer is authorized to accept deposits

directly to State Treasury funds, consisting of cash, bank drafts,

bank cashier's checks, federal treasury checks and other forms of

Oklahoma Statutes - Title 62. Public Finance Page 98

remittance which are uniformly honored for payment. The State

Treasurer is further authorized to accept checks deposited directly

into State Treasury funds if the depositing state agency maintains

sufficient balances in their agency clearing account to cover return

items. Notwithstanding the provisions of subsection E of this

section, state agencies are authorized to maintain sufficient

balances in their agency clearing account to cover returned checks,

credit card adjustments, credit card returns, and other debit items.

Amounts of said balances shall be subject to approval by the State

Treasurer.

All checks, drafts, orders and vouchers so deposited shall be

credited and cleared at par and should payment be refused on any

such check, draft, order or voucher, or should the same prove

otherwise worthless, the amount thereof shall be charged by the

State Treasurer against the account or fund theretofore credited

with the same; and the person issuing the check, draft, order or

voucher shall be charged a fee of Twenty-five Dollars ($25.00) to

cover the costs of processing each returned check; provided, such

charge shall not be made unless efforts have been made to present

such check, draft, order or voucher for payment a second time.

Unless otherwise provided by law, such fee shall be deposited to the

revolving fund of the state agency to which the check, draft, order

or voucher was issued. If no revolving fund exists for the state

agency, then such fee shall be deposited to the General Revenue

Fund. The State Treasurer shall not accept for deposit to any

agency clearing account, or any agency special account, created

pursuant to the provisions of Section 7.2 of this title, any

warrant, check, order or voucher drawn against any state fund or

account in favor of any individual or other person except the state

officer, department, institution or agency for which account or fund

the deposit is made, or a bona fide student enrolled at any of the

state institutions of higher learning when such warrant, check,

order or voucher is endorsed to the institution as payment of any

fees or other accounts due such institution.

E. 1. Except as provided in paragraph 2 of this subsection, at

least once each month each state agency shall transfer monies

deposited in agency clearing accounts to the various funds or

accounts, subdivisions of the state, or functions as may be provided

by statute and no money shall ever be disbursed from the agency

clearing account for any other purpose, except in refund of

erroneous or excessive collections and credits.

2. District offices under the control of the Corporation

Commission shall be permitted to make deposit of receipts on a

monthly basis, provided that such receipts must be deposited within

the month received or when such receipts equal or exceed One Hundred

Dollars ($100.00), whichever first occurs. The Oklahoma Tourism and

Recreation Department and entities under its control shall be

Oklahoma Statutes - Title 62. Public Finance Page 99

required to make deposit of receipts on a weekly basis, provided

that such receipts must be deposited within seven (7) calendar days

from the date received or when such deposits equal or exceed Five

Hundred Dollars ($500.00), whichever first occurs.

F. Funds and revenues of the Oklahoma Municipal Power

Authority, the Grand River Dam Authority, the Oklahoma Ordnance

Works Authority and the Midwestern Oklahoma Development Authority

are exempt from the requirements of this section.

G. Monies used for investment purposes by the Oklahoma

Firefighters Pension and Retirement System, the Oklahoma Police

Pension and Retirement System, the Uniform Retirement System for

Justices and Judges, the Oklahoma Law Enforcement Retirement System,

the Oklahoma Public Employees Retirement System, the Teachers'

Retirement System of Oklahoma, the Oklahoma State Regents for Higher

Education, the State and Education Employees Group Insurance Board

and the Commissioners of the Land Office are exempt from the

requirements of this section, and shall be placed with the

respective custodian bank or trust company.
Okla. Stat. tit. 62, § 62-7.1 — OK Code / Title 62 / Section 62-7.1
Renumbered as § 34.57 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.

Oklahoma Statutes - Title 62. Public Finance Page 24
Okla. Stat. tit. 62, § 62-7.5 — OK Code / Title 62 / Section 62-7.5
Renumbered as § 34.9 of this title by Laws 2009, c. 441, §
Status: in_force

64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-399 — OK Code / Title 62 / Section 62-399
Sinking fund - How computed - Installment bonds
Status: in_force

It shall be the duty of every county, city, town, township, the

board of education of any city, and of every school district,

Oklahoma Statutes - Title 62. Public Finance Page 414

issuing bonds under this article, and of the proper officers

thereof, to create a sinking fund; and there shall be levied by the

proper officers, annually, a sufficient tax therefor for the

redemption of such bonds, which shall be collected as other taxes,

and paid into the treasury as provided by law for other taxes, and

shall remain as a specific fund for the redemption of said bonds;

the amount of which sinking fund shall be as follows: In every

instance in which bonds shall be issued under this article, for

twenty (20) years or less, the quotient found by dividing the amount

of the principal of such bonds by such number of years shall be the

amount of sinking fund to be levied each year for the redemption of

such bonds; but in every instance in which such bonds shall be

issued for more than twenty (20) years, it shall not be necessary to

create a sinking fund, or to levy a tax therefor, until the

twentieth year prior to maturity of such bonds, at which time, and

each year thereafter one-twentieth (1/20) of the principal amount of

such bonds shall be levied as a sinking fund for the redemption of

such bonds: Provided, that any county, city, town township, the

board of education of any city, or any school district, issuing

bonds under this article, may buy in and cancel any such bonds

whenever the same can be done at or below par: Provided, further,

that such sinking fund, when not required for the payment or

purchase of bonds, may be invested in bonds of the United States or

of the State of Oklahoma, and in no other manner: And provided,

further, that under the provisions of this article, the proper

officers are authorized, if desirable, to issue installment bonds,

running twenty-five (25) years, having coupons attached,

representing the semiannual interest to become due thereon; and each

coupon attached to any installment bond shall, after five (5) years

from its date, represent one-fortieth (1/40) of its principal, which

amount shall be shown by separate words and figures aside from the

interest represented in the coupon; and each installment bond shall

show upon its face that its principal is included in its coupons.
Okla. Stat. tit. 62, § 62-34.92 — OK Code / Title 62 / Section 62-34.92
Oklahoma Student Aid Revolving Fund
Status: in_force

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

fund for the Oklahoma State Regents for Higher Education to be

designated the "Oklahoma Student Aid Revolving Fund". The fund

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

and shall consist of monies received pursuant to the provisions of

subparagraph c of paragraph 2 and subparagraph c of paragraph 3 of

subsection A of Section 1004 of Title 68 of the Oklahoma Statutes

and any funds previously deposited in the Oklahoma Tuition

Scholarship Fund. All monies accruing to the credit of the fund are

hereby appropriated and may be budgeted and expended by the Oklahoma

State Regents for Higher Education as authorized by the Oklahoma

Legislature. Expenditures from said 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.

B. Beginning with fiscal year 2003, monies accruing to the

credit of the Oklahoma Student Aid Revolving Fund shall be

appropriated for and budgeted and expended for providing student aid

in the form of state tuition aid grants awarded pursuant to the

Higher Education Tuition Aid Act and scholarships awarded pursuant

to the Oklahoma State Regents' Academic Scholars Program.

Oklahoma Statutes - Title 62. Public Finance Page 125
Okla. Stat. tit. 62, § 62-877 — OK Code / Title 62 / Section 62-877
Issuance of special obligation bonds - Pledge of revenue -
Status: in_force

Execution and recitals.

A. Any municipality or county which has established a housing

incentive district as provided in the Oklahoma Rural Housing

Incentive District Act may issue special obligation bonds to finance

the implementation of the project plan adopted for the district by

the governing body, subject to the limitations on indebtedness of

the municipality or county as provided in Section 26 of Article X of

the Oklahoma Constitution. The issuance of such bonds shall be

required to be approved by the voters of the district, voting at an

election called for such purpose by the governing body of the

municipality or county. Such special obligation bonds shall be made

payable, both as to principal and interest:

1. From property tax increments allocated to, and paid into a

special fund of the municipality or county under the provisions of

subsection A of Section 10 of this act;

2. From revenues of the municipality or county derived from or

held in connection with the implementation of the project or

projects in the district;

3. From any private sources, contributions or other financial

assistance from the state or federal government;

4. From any financial sureties or other guarantees provided by

the developer;

5. From a pledge of any other lawfully available municipal or

county revenue sources including, but not limited to, a portion of

all increased franchise fees collected from utilities and other

businesses using public rights-of-way within the district or a

portion of the sales and use tax revenues received by the

municipality or county; or

6. By any combination of these methods.

Oklahoma Statutes - Title 62. Public Finance Page 575

The municipality or county may pledge such revenue to the

repayment of such special obligation bonds prior to, simultaneously

with, or subsequent to the issuance of such special obligation

bonds.

B. Bonds issued pursuant to the provisions of this section

shall not be general obligations of the municipality or county, nor

in any event shall they give rise to a charge against the general

credit or taxing powers of the municipality or county, or be payable

out of any funds or properties other than any of those set forth in

this subsection. Such bonds shall so state on their face.

C. The bonds issued under the provisions of this section shall

be special obligations of the municipality or county and are hereby

declared to be negotiable instruments. The bonds shall be executed

by the mayor and clerk of the municipality or, in the case of

counties, by the chair of the board of county commissioners and

clerk of the county, and shall be sealed with the corporate seal of

the municipality or the seal of the county. All details pertaining

to the issuance of such special obligation bonds shall be determined

by ordinance of the municipality or resolution of the county. All

special obligation bonds issued pursuant to the Oklahoma Rural

Housing Incentive District Act shall be exempt from all state taxes

except estate taxes. Special obligation bonds issued pursuant to

the provisions of this section shall contain the following recitals:

1. The authority under which such special obligation bonds are

issued;

2. That they are in conformity with the provisions,

restrictions, and limitations thereof; and

3. That such special obligation bonds and the interest thereon

are to be paid from the money and revenue received as provided in

subsection A of this section.

D. The maximum maturity on bonds issued to finance projects

pursuant to the Oklahoma Rural Housing Incentive District Act shall

not exceed fifteen (15) years.

E. Any municipality or county issuing special obligation bonds

under the provisions of the Oklahoma Rural Housing Incentive

District Act may refund all or part of such issue as provided by

law.

F. In the event the municipality or county shall default in the

payment of any special obligation bonds as authorized pursuant to

the provisions of this section, no public funds shall be used to pay

the holders thereof except as otherwise specifically authorized in

the Oklahoma Rural Housing Incentive District Act.

G. Any and all terms, conditions, exclusions and limitations

which are otherwise applicable to bonds issued by municipalities and

counties shall also be applicable to bonds issued pursuant to this

section.
Okla. Stat. tit. 62, § 62-57.42 — OK Code / Title 62 / Section 62-57.42
Approval of bonds by Supreme Court
Status: in_force

The Commission is authorized in its discretion to file an

application with the Supreme Court of Oklahoma for the approval of

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

jurisdiction is hereby conferred upon the Supreme Court to hear and

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

to give such applications precedence over the other business of the

court and to consider and pass upon such applications and any

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

of the hearing on each application shall be given by notice

published in an 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

Oklahoma Statutes - Title 62. Public Finance Page 219

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 34, 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, § 62-804 — OK Code / Title 62 / Section 62-804
Sale of bonds - Per value - Maturing installments - Notice
Status: in_force

for bids - Acceptance of bids - Contestability.

Except as otherwise provided in the Municipal and County

Economic and Community Development Bonds Act, bonds sold pursuant to

Section 35 of Article X of the Oklahoma Constitution shall be issued

pursuant to the following terms:

Oklahoma Statutes - Title 62. Public Finance Page 521

1. Bonds may be sold for not less than ninety-eight percent

(98%) of par with accrued interest added. All commissions allowed

any firms, persons, or corporations for the sale of the bonds, after

deducting from the sum total for which the bonds are sold, must

leave in the treasury a sum equal to ninety-eight percent (98%) of

the par value and accrued interest thereof;

2. The bonds must be made to mature in installments so that the

annual maturing principal plus interest is as nearly equal as

practicable throughout the term of the issue, or provide for level

principal debt service payments, which provide for principal on the

bonds to mature in equal annual installments, 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

the bonds notwithstanding the necessity of varying the amount

thereof to complete the same;

3. Whenever bonds shall be made or ordered by any municipality

or county, the proper officers, before selling the bonds, shall

cause at least ten (10) days' notice to be given of the time and

place when and where bids therefor will be received. The notice

shall be signed by the county clerk if issued by a county, and by

the clerk of the municipality if issued by a municipality, and shall

be published once a week for two (2) consecutive weeks in a legally

qualified newspaper published in such political subdivision. The

date mentioned in the notice for the sale of the bonds shall not be

less than ten (10) days after the first publication thereof; and

4. The bonds must be awarded to the lowest true interest cost

bidder who will pay therefor at least ninety-eight percent (98%) of

par plus accrued interest. Bidders shall indicate the true interest

cost of their bid. Upon the acceptance of a bid, the bonds shall be

issued in accordance therewith and shall be delivered to the

purchaser upon payment of the purchase price of the bonds. Each

bidder shall submit with the bid a sum in cash or its equivalent,

equal to two percent (2%) of the bid, and upon the acceptance of any

bid, the deposit becomes the property of the county or municipality

selling the bonds, and shall be credited on the purchase price of

the bonds or returned upon payment in full of the purchase price,

upon the understanding that if the purchaser fails for five (5) days

after tender of the bonds to pay the balance of the purchase price,

the sale is annulled and the deposit is retained by the governing

body of the county or municipality and credited to the account for

which the bonds are being issued and shall be used accordingly. No

tender of the bonds to the purchaser is valid until after the

expiration of the period of contestability, as now provided by law.

All other deposits shall be returned. The governing body selling

the bonds shall have the right to reject all bids and readvertise

the bonds for sale.

Oklahoma Statutes - Title 62. Public Finance Page 522
Okla. Stat. tit. 62, § 62-57.16 — OK Code / Title 62 / Section 62-57.16
Building Bonds Commission as agency - Indebtedness -
Status: in_force

Purposes and limitation.

The State of Oklahoma Building Bonds Commission, created by

Section 1 of House Bill No. 4 of the Extraordinary Session of the

Twenty-second (1949) Oklahoma Legislature (Chapter 4 of the Session

Laws of said session), acting for and on behalf of the State of

Oklahoma, shall be the agency by and through which the state of

Oklahoma may incur indebtedness to the extent of, but not to exceed

the sum of Fifteen Million Dollars ($15,000,000.00) as principal,

for the purpose of constructing new buildings and other capital

improvements, and for equipping, remodeling, modernizing, and

repairing any and all existing buildings and capital improvements,

at the constituent institutions of The Oklahoma State System of

Higher Education and other state institutions, pursuant to, and

under authority of, Section 33 of Article X of the Constitution of

the State of Oklahoma, and this act.

Oklahoma Statutes - Title 62. Public Finance Page 203
Okla. Stat. tit. 62, § 62-8014 — OK Code / Title 62 / Section 62-8014
Agencies and institutions to furnish information and
Status: in_force

cooperate.

A. Each agency or institution of the state shall, upon request,

furnish and make available to the Legislative Office of Fiscal

Transparency all records, documents, materials, personnel,

information or other resources as the Office deems necessary to

conduct performance evaluations as required by this act. Any

record, document, material or other information made confidential by

law shall be provided to the Office, which shall also maintain such

confidentiality. All records, documents, materials or other

information of the Office shall be deemed to be a record of the

Legislature.

B. Each state agency and other affected persons shall cooperate

with the oversight committee and the Office in the providing of any

information requested. The oversight committee shall have the power

to conduct hearings, administer oaths, issue subpoenas and compel

the attendance of witnesses and the production of information as

provided in Sections 773 and 775 of Title 74 of the Oklahoma

Statutes.

Oklahoma Statutes - Title 62. Public Finance Page 682

C. For the purpose of creating a data clearinghouse to aid in

the work of the Legislative Office of Fiscal Transparency, each

agency or institution of the state shall regularly transmit to the

Legislative Office of Fiscal Transparency raw datasets as requested

by the Legislative Office of Fiscal Transparency. The Legislative

Office of Fiscal Transparency shall adopt policies and procedures

pursuant to which a state agency shall be required to comply with

the provisions of this section, including the format in which the

data is transmitted, how the data is organized and such other

matters as the Office may prescribe.
Okla. Stat. tit. 62, § 62-45.11 — OK Code / Title 62 / Section 62-45.11
Program management and performance report
Status: in_force

A. No later than October 1 of each year, each state agency

shall submit a program management and performance report to the

Chair and Vice Chair of the House Appropriations and Budget

Committee, the Chair and Vice Chair of the Senate Appropriations

Committee, the Chair and Vice Chair of the Senate Finance Committee,

and the Director of the Office of Management and Enterprise

Services. The report shall contain, at a minimum, detailed data for

each agency program relating to each of the evaluation factors set

out in Section 45.9 of Title 62 of the Oklahoma Statutes. It shall

also list:

1. Specific cost avoidance and cost containment measures

implemented during the previous fiscal year;

2. The agency's methodology for:

a. determining its fee structure,

b. calculating fees, and

c. measuring customer satisfaction;

3. Programs or operations not required for the agency's core

function; and

4. Details showing the actual cost of any programs or

operations listed under paragraph 3 of this subsection.

B. For purposes of this section:

1. "State agency" means a governmental agency as defined in

Section 34.29 of Title 62 of the Oklahoma Statutes that receives an

appropriation and is authorized to adopt a fee; and

2. "Program" means a service, contract, operation or procedure

of an agency.
Okla. Stat. tit. 62, § 62-34.200 — OK Code / Title 62 / Section 62-34.200
Debt limit
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 137

A. The State of Oklahoma shall not become indebted in an amount

that causes total annual debt service payments from the General

Revenue Fund to exceed five percent (5%) of the average of the

general fund revenue, as certified by the State Board of

Equalization in December of each calendar year, for the preceding

five (5) fiscal years. The Legislature, upon an affirmative vote of

two-thirds of the members of both houses, may declare an emergency

and permit the total annual debt service payments of the state to

exceed the amount provided in this section.

B. The state shall not be in violation of the provisions of

this section if a decline in the average of the general fund

revenue, as certified by the State Board of Equalization in December

of each calendar year, for the preceding five (5) fiscal years,

results in annual debt service payments exceeding the limit provided

in subsection A of this section; provided that, the state shall not

incur any additional debt service payments so long as the amount of

debt service payments, as defined in this section, continue to

exceed five percent (5%) of the average of the general fund revenue,

as certified by the State Board of Equalization in December of each

calendar year, for the preceding five (5) fiscal years.

C. For purposes of calculating the total amount of indebtedness

as provided in subsection A of this section, annual debt service

payments shall not include any indebtedness incurred through the

master lease program as provided in Sections 3206.6 and 3206.6a of

Title 70 of the Oklahoma Statutes, pursuant to a declaration of an

emergency as provided in subsection A of this section or any general

obligation bonds issued pursuant to Section 39A of Article X of the

Oklahoma Constitution.
Okla. Stat. tit. 62, § 62-120.1 — OK Code / Title 62 / Section 62-120.1
Exchange, trade-in or separate sale authorized -
Status: in_force

Transfers to educational entities without compensation.

A. Each state department, institution, or agency which is

empowered by law to purchase supplies and equipment, and which also

is authorized by law to maintain a revolving fund and make

expenditures therefrom for purchase of supplies and equipment is

hereby authorized to dispose of outworn, outmoded, obsolescent, or

obsolete equipment solely for the purpose of acquiring suitable

equipment of comparable kind and purpose, by any of the following

methods or combinations of methods:

1. By exchange;

2. By trade-in to cover part of the cost of equipment to be

acquired by purchase; and

3. By separate cash sale in cases where it appears that a

greater amount can be recovered than could be realized by exchange

or trade-in; provided that nothing in this act shall apply to the

Grand River Dam Authority.

B. The entities authorized to dispose of obsolete equipment

pursuant to subsection A of this section are also authorized to

dispose of obsolete or surplus equipment by transfer to a public

school district or to entities within The Oklahoma State System of

Higher Education without compensation.
Okla. Stat. tit. 62, § 62-891.19 — OK Code / Title 62 / Section 62-891.19
Corporate income tax exclusion for for-profit business
Status: in_force

entities.

For-profit business entities that participate in the Public-

Private Partner Development Pool will not be subject to corporate

income tax associated with the segregation and payment of

withholding taxes to local government entities when such payment is

made for the purpose of infrastructure development in the Public-

Private Partner Development Pool.
Okla. Stat. tit. 62, § 62-2307 — OK Code / Title 62 / Section 62-2307
Determination of earnings
Status: in_force

A. On or before September 1 of each year, the Board of

Investors of the Tobacco Settlement Endowment Trust Fund shall

determine the earnings of the trust fund for the previous fiscal

year ending June 30. In determining earnings, the Board of

Investors shall certify an amount which is prudent under the

standard set forth in paragraph C of this section. The earnings so

determined and certified by the Board of Investors for each fiscal

year shall constitute the earnings of the Tobacco Settlement

Endowment Trust Fund for the purposes of Section 40 of Article X of

the Oklahoma Constitution.

B. “Earnings” consist of dividends and interest, less fees to

manage the fund.

C. In the administration of the powers to determine earnings,

to make and retain investments, and to delegate investment

management of institutional funds, the Board of Investors shall

exercise ordinary business care and prudence under the facts and

circumstances prevailing at the time of the action or decision. In

so doing, the Board of Investors shall consider:

1. Long- and short-term needs of the trust fund in carrying out

its purposes;

Oklahoma Statutes - Title 62. Public Finance Page 644

2. The present and anticipated financial requirements for

programs funded by the Board of Directors of the Tobacco Settlement

Endowment Trust Fund;

3. Expected total return on its investments;

4. Price level and inflation trends; and

5. General economic conditions.
Okla. Stat. tit. 62, § 62-57.122 — OK Code / Title 62 / Section 62-57.122
Building Bonds Commission as agency - Indebtedness -
Status: in_force

Purposes.

The State of Oklahoma Building Bonds Commission, acting for and

on behalf of the State of Oklahoma, shall be the agency by and

through which the State of Oklahoma shall incur indebtedness to the

extent of the sum of Ninety-nine Million Eight Hundred Eight

Thousand Dollars ($99,808,000.00) for the purpose of planning and

constructing new buildings or additions to existing state buildings

and other capital improvements for remodeling, modernizing and

repairing existing buildings and capital improvements and purchase

of land, equipment and furnishings necessary for construction or

remodeling for the following departments and agencies of state

government in the amounts and for the purposes set forth as follows:

1. The constituent institutions of The Oklahoma

2. Medical Center of the University of Oklahoma.... 26,870,000.00

4. A new junior college at Midwest City and new

5. Griffin Memorial Hospital, Eastern State

Hospital, Western State Hospital and Taft

State Hospital, and for community mental

health centers, provided not more than

$1,200,000.00 may be spent on community

6. Administrative offices and laboratories of

8. Acquisition of land and completion of streets

9. Equipment and remodeling at Wiley Post

Building and acquisition and improvement of

10. Technology center schools and technical

11. Oklahoma State University Institute of

12. Southern Oklahoma Resource Center of Pauls

Valley, the Northern Oklahoma Resource Center

of Enid, Hissom Memorial Center, School for

the Blind, School for the Deaf, Whitaker

Oklahoma Statutes - Title 62. Public Finance Page 253

State Children's Home, Taft State Children's

Home, Helena State School for Boys, Boley

State School for Boys, Taft State School for

13. Construction of a Juvenile Diagnostic

14. Construction of a Plans and Training

Building and for district headquarters of

15. Construction of headquarters,

warehouse and armory buildings of

16. State Bureau of Investigation

17. Construction and equipping of a reception

and diagnostic center and other capital

18. Constructing, renovating and equipping

academic and vocational school

facilities and other capital projects

21. Constructing community social service centers

at Ada, Shawnee, Lawton and other communities
Okla. Stat. tit. 62, § 62-158 — OK Code / Title 62 / Section 62-158
Teachers' Retirement System Revolving Fund
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the Teachers' Retirement System of Oklahoma, to be designated

"The Teachers' Retirement System Revolving Fund". The fund shall

consist of monies deposited to said fund by the Board of Trustees of

the Teachers' Retirement System of Oklahoma, or pursuant to said

Board's authorization. The revolving fund shall be a continuing

fund not subject to fiscal year limitations and shall be under the

administrative direction of the Board of Trustees of the Teachers'

Retirement System of Oklahoma. Expenditures from said fund shall be

made pursuant to general laws for expenses of administration of the

Teachers' Retirement System. Warrants for expenditures shall be

drawn by the State Treasurer based on claims signed by an authorized

employee or employees of the Teachers' Retirement System and

Oklahoma Statutes - Title 62. Public Finance Page 339

approved for payment by the Director of the Office of Management and

Enterprise Services.
Okla. Stat. tit. 62, § 62-15 — OK Code / Title 62 / Section 62-15
Issuance and sale of general obligation bonds – Procedures
Status: in_force

- Fees.

A. In all stages of proceedings leading to the issuance and

sale of general obligation bonds pledging the full faith and credit

of the state, it shall be a duty of the Attorney General to perform

all necessary legal work incident thereto. Neither the Attorney

General nor any other officer of the state may use any public funds

to pay for the services of a private attorney or consulting fee in

connection with such work. Neither the Attorney General nor

Assistant Attorney General shall receive any remuneration, other

than salary, for legal services performed in proceedings leading to

the issuance and sale of bonds as provided in this act. If a

marketing opinion is desired, the bond buyers shall pay for its

procurement.

B. In all proceedings leading to the issuance and sale of

revenue bonds by any state agency acting pursuant to a specific

legislative validating act, a private attorney or attorneys may be

employed when the legislative validating act does not prohibit such

Oklahoma Statutes - Title 62. Public Finance Page 26

employment. The employment contract with the private attorney or

attorneys shall be filed of record with the Attorney General. In no

case shall the employed private attorney be paid a fee in excess of

that authorized in the validating act. In addition, the Attorney

General is authorized to charge an examination fee for review and

approval of revenue bond or note proceedings, as provided for in

subsection E of this section. If a marketing opinion is desired,

the bond buyers shall pay for its procurement.

C. In all proceedings leading to the issuance and sale of

general obligation bonds or revenue bonds by any state agency acting

pursuant to a specific legislative validating act, any financial or

marketing consultant employed by the state for services relative to

the marketing of such bonds shall not be paid a fee in excess of

that authorized in the validating act.

D. Except for the provisions of subsection E of this section,

nothing herein shall apply to legal proceedings leading to the

issuance or sale of bonds pursuant to Article X, Sections 26, 27 and

35 of the Oklahoma Constitution or to any obligation issued by

public trusts under the Public Trust Act (except those trusts

created by the state as contrasted to its subdivisions or other

governmental entities), the Interlocal Cooperation Act and the Local

Industrial Development Act.

E. In all proceedings leading to the issuance and sale of

revenue bonds or notes by any state agency, or the issuance and sale

of general or limited obligation bonds pledging the faith and

credit, whether general or special, of the state or any political

subdivision thereof, where the Attorney General is required by law

to review such proceedings, the Attorney General is authorized to

charge and collect a nonrefundable examination fee, payable at the

time the proceedings are finally approved and bonds or notes are

delivered. The issuer may reimburse itself for the examination fee

from the proceeds of the bond or note issue. Such examination fee

shall not exceed the following amounts:

1. Three one-hundredths of one percent (0.03%) of the first

Five Million Dollars ($5,000,000.00) of the principal amount of

bonds or notes issued; and

2. Two one-hundredths of one percent (0.02%) of any principal

amount of bonds or notes issued in excess of Five Million Dollars

($5,000,000.00), up to and including Fifty Million Dollars

($50,000,000.00); and

3. One one-hundredth of one percent (0.01%) of any principal

amount of bonds or notes in excess of Fifty Million Dollars

($50,000,000.00).

All fees collected as authorized by this subsection shall be

deposited in the Attorney General’s Revolving Fund created in

Section 20 of Title 74 of the Oklahoma Statutes.

Oklahoma Statutes - Title 62. Public Finance Page 27
Okla. Stat. tit. 62, § 62-318 — OK Code / Title 62 / Section 62-318
Performance-based efficiency contracts
Status: in_force

A. For purposes of this section:

1. "Public entity" means any political subdivision of this

state, or a public trust which has as a beneficiary a political

subdivision of this state, or any institution of higher education

which is part of The Oklahoma State System of Higher Education;

2. "Performance-based efficiency contract" means a contract for

the design, development, financing, installation and service of any

improvement, repair, alteration or betterment of any building or

facility owned, operated or planned by a public entity; or any

equipment, fixture or furnishing to be added to or used in any such

building or facility; or any maintenance or operational strategy

that is designed and implemented that will reduce utility

consumption or lower operating costs, result in annual operating

cost savings, generate additional revenues or avoid capital cost

incurrence and may include, but is not limited to, one or more of

the following:

a. utility services,

b. heating, ventilating or air conditioning system

modifications or replacements and automated control

systems,

c. replacement or modifications of lighting fixtures,

d. indoor air quality improvements to increase air

quality that conform to the applicable state or local

building code requirements when done in conjunction

with other cost-saving measures,

e. any additional building infrastructure improvement,

cost saving, life safety or any other improvement that

Oklahoma Statutes - Title 62. Public Finance Page 381

provides long-term operating cost reductions and is in

compliance with state and local codes,

f. water-metering devices that increase efficiency or

accuracy of water measurement and energy reduction, or

g. any facility operation and support programs that

reduce operating cost;

3. "Qualified provider" means a person or business experienced

or trained in the design, analysis and installation of energy

conservation and facility management measures. A qualified provider

must employ a professional engineer registered in the State of

Oklahoma; and

4. "State governmental entity" means the State of Oklahoma or

any agency, board, commission, authority, department, public trust

of which the state is the beneficiary or other instrumentality of

state government, other than a public trust with the state as

beneficiary whose jurisdiction is limited to one county, including,

but not limited to, the following:

a. Oklahoma Municipal Power Authority,

b. Oklahoma Development Finance Authority,

c. Oklahoma Industrial Finance Authority,

d. Grand River Dam Authority,

e. Oklahoma Water Resources Board,

f. Northeast Oklahoma Public Facilities Authority,

g. Oklahoma Turnpike Authority,

h. Oklahoma Housing Finance Authority, and

i. Oklahoma Public, Industrial and Cultural Facilities

Authority.

B. In addition to any other legally permissible alternatives of

entering into contracts, any public entity may enter into

performance-based efficiency contracts with a qualified provider

pursuant to the provisions of this section. The public entity may

make an initial payment from any funds available. Further, any

public entity may enter into an installment contract, lease purchase

agreement or other contractual obligation for the purpose of

financing performance-based efficiency projects for a term not to

exceed the greater of twenty (20) years or the useful life of the

project. A qualified provider to whom the contract is awarded shall

be required to give a sufficient bond to the public entity for its

faithful performance of the contract. In addition, the public

entity may require performance bonds covering the annual amount of

guaranteed savings over the contract term.

The contract's cost savings to the public entity must be

guaranteed each year during the term of the agreement. The savings

must be sufficient to offset the annual costs of the contract. Any

initial payment from funds other than an installment agreement must

also be offset by savings, as described herein, over the term of the

agreement. In calculating cost savings, the public entity may

Oklahoma Statutes - Title 62. Public Finance Page 382

consider capital cost avoidance and include additional revenue that

is directly attributed to the performance-based efficiency contract.

The contract shall provide for reimbursement to the public entity

annually for any shortfall of guaranteed savings. Savings must be

measured, verified and documented during each year of the term and

may be utilized to meet the annual debt service. This section shall

constitute the sole authority necessary to enter into performance-

based efficiency contracts, without regard to compliance with other

laws which may specify additional procedural requirements for

execution of contracts.
Okla. Stat. tit. 62, § 62-34.103 — OK Code / Title 62 / Section 62-34.103
Revenue certification and apportionment by the State
Status: in_force

Board of Equalization.

A. In addition to any other duties prescribed by law, at the

meeting required by Section 23 of Article X of the Oklahoma

Constitution to be held in February of 2017, and at the February

meeting of the State Board of Equalization each year thereafter, the

State Board of Equalization shall certify:

1. For the revenue derived from the tax levied on oil pursuant

to Section 1001 of Title 68 of the Oklahoma Statutes, which would

otherwise be apportioned to the General Revenue Fund, the average

annual amount of actual revenue apportioned to the General Revenue

Fund for the immediately preceding five (5) complete fiscal years.

For any year after the first year during which a deposit to the

Revenue Stabilization Fund is made, the amount of any deposit to the

Revenue Stabilization Fund shall be disregarded for purposes of this

paragraph and the average shall be computed using the total amount

of revenue that was available to be apportioned to the General

Revenue Fund for the applicable period of time;

2. For the revenue derived from the tax levied on natural gas

pursuant to Section 1001 of Title 68 of the Oklahoma Statutes, which

would otherwise be apportioned to the General Revenue Fund, the

average annual amount of actual revenue apportioned to the General

Revenue Fund for the previous five (5) fiscal years. For any year

Oklahoma Statutes - Title 62. Public Finance Page 133

after the first year during which a deposit to the Revenue

Stabilization Fund is made, the amount of any deposit to the Revenue

Stabilization Fund shall be disregarded for purposes of this

paragraph and the average shall be computed using the total amount

of revenue that was available to be apportioned to the General

Revenue Fund for the applicable period of time; and

3. For the revenue derived from the corporate income tax levied

pursuant to Section 2355 of Title 68 the Oklahoma Statutes, which

would otherwise be apportioned to the General Revenue Fund, the

average annual amount of actual revenue apportioned to the General

Revenue Fund for the previous five (5) fiscal years. For any year

after the first year during which a deposit to the Revenue

Stabilization Fund is made, the amount of any deposit to the Revenue

Stabilization Fund shall be disregarded for purposes of this

paragraph and the average shall be computed using the total amount

of revenue that was available to be apportioned to the General

Revenue Fund for the applicable period of time.

B. If the amount of revenue available for apportionment to the

General Revenue Fund for the next ensuing fiscal year exceeds the

amounts certified pursuant to paragraph 1 or 2 of subsection A of

this section, with respect to each such revenue source, one hundred

percent (100%) of such amount in excess of the separately computed

five-year average, which would otherwise be apportioned to the

General Revenue Fund, shall be deposited to the credit of the

Revenue Stabilization Fund.

C. If the amount of revenue available for apportionment to the

General Revenue Fund for the next ensuing fiscal year exceeds the

amount certified pursuant to paragraph 3 of subsection A of this

section:

1. Twenty-five percent (25%) of such amount in excess of the

five-year average, which would otherwise be apportioned to the

General Revenue Fund, shall be deposited to the credit of the

Constitutional Reserve Fund unless such deposit would exceed the

maximum balance permitted pursuant to Section 23 of Article X of the

Oklahoma Constitution and in such case the amount in excess of the

maximum balance shall be deposited to the credit of the Revenue

Stabilization Fund; and

2. Seventy-five percent (75%) of such amount in excess of the

five-year average, which would otherwise be apportioned to the

General Revenue Fund, shall be deposited to the credit of the

Revenue Stabilization Fund, together with any amount required for

deposit pursuant to the provisions of paragraph 1 of this

subsection.

D. 1. As used in this subsection and as used in subsection D

of Section 2355 of Title 68 of the Oklahoma Statutes:

a. "base year total collections" means the amount of

revenue certified by the State Board of Equalization

Oklahoma Statutes - Title 62. Public Finance Page 134

at its December meeting and includes all revenue

sources reported in the annual report of the Oklahoma

Tax Commission excluding any tax collected by the

Commission from levies imposed by counties, cities,

towns or any other entity of local government, which

for purposes of implementation of any income tax rate

reductions otherwise authorized by this act shall be

the highest preceding total collections amount as

defined by subparagraph b of this paragraph. For

purposes of reporting total collections for purposes

of this subsection, the Oklahoma Tax Commission shall

use the same methodology used to report estimated

revenues to the State Board of Equalization that was

used to make the report for the December 2024 meeting,

b. "highest preceding total collections" means the

largest amount of revenue reported for any single

fiscal year prior to the immediately preceding full

fiscal year, determined by the State Board of

Equalization at its December meeting and including all

revenue sources reported in the annual report of the

Oklahoma Tax Commission excluding any tax collected by

the Commission from levies imposed by counties,

cities, towns or any other entity of local government.

For purposes of reporting total collections for

purposes of this subsection, the Oklahoma Tax

Commission shall use the same methodology used to

report estimated revenues to the State Board of

Equalization that was used to make the report for the

December 2024 meeting,

c. "income tax rate reduction threshold" means the amount

of revenue determined by the Oklahoma Tax Commission

for twelve (12) months comprising a single tax year

predicted to be foregone as a result of any reduction

in income tax rates pursuant to the provisions of this

act, including the provisions of subsection D of

Section 2355 of Title 68 of the Oklahoma Statutes

multiplied by the number one and twenty-five

hundredths (1.25). The income tax rate reduction cost

threshold shall not be less than the amount of revenue

loss attributable to a reduction in the income tax

rates for the previous fiscal year and shall not be

greater than such revenue loss for the previous fiscal

year multiplied by the number one and twenty-five

hundredths (1.25), and

d. "comparison year total collections" means the amount

of revenue determined by the State Board of

Equalization at its December meeting for the

Oklahoma Statutes - Title 62. Public Finance Page 135

immediately preceding fiscal year and includes all

revenue sources reported in the annual report of the

Oklahoma Tax Commission excluding any tax collected by

the Commission from levies imposed by counties,

cities, towns or any other entity of local government.

For purposes of reporting total collections for

purposes of this subsection, the Oklahoma Tax

Commission shall use the same methodology used to

report estimated revenues to the State Board of

Equalization that was used to make the report for the

December 2024 meeting.

2. In addition to any other duties prescribed by law, at the

meeting required by Section 23 of Article X of the Oklahoma

Constitution to be held in December of 2026, and at the December

meeting of the State Board of Equalization each year thereafter, the

State Board of Equalization shall make a preliminary certification:

a. and report the base year total collections, the income

tax rate reduction threshold, and the comparison year

total collections,

b. if the comparison year total collections amount

exceeds the base year total collections amount plus

the income tax reduction cost threshold, the tax rates

otherwise prescribed pursuant to subsection D of

Section 2355 of Title 68 of the Oklahoma Statutes

shall be reduced according to the provisions of

Section 2355 of Title 68 of the Oklahoma Statutes and

any reduction in such rates shall become effective on

the January 1 date following the final February

certification by the State Board of Equalization that

an income tax rate reduction is authorized by the

provisions of this act, and

c. with respect to all subsequent meetings of the Board,

the Board shall make a preliminary finding at its

December meeting each year and, if the requirements of

this act are fulfilled, the State Board shall make a

final determination at its February meeting each year

whether the comparison year total collections exceeds

the base year total collections plus the income tax

reduction cost threshold, and a reduction in the

income tax rates otherwise prescribed pursuant to

paragraphs 1 and 2 of subsection D of Section 2355 of

Title 68 of the Oklahoma Statutes shall be implemented

and any reduction in such rates shall become effective

on the January 1 date following the final February

certification by the State Board of Equalization that

an income tax rate reduction is authorized by the

provisions of this act.

Oklahoma Statutes - Title 62. Public Finance Page 136

3. In addition to any other requirements of this act for the

implementation of a reduction of individual income tax rates

pursuant to this subsection and pursuant to subsection E of Section

2355 of Title 68 of the Oklahoma Statutes, at the State Board of

Equalization meeting to be held in December 2026, the State Board

must certify that the revenues accruing to certified funds during

the first five and one-half (5 1/2) months of fiscal year ending

June 30, 2027, were within ninety-five percent (95%) of the estimate

made in February 2026, and no revenue failure was declared.
Okla. Stat. tit. 62, § 62-690.1 — OK Code / Title 62 / Section 62-690.1
Short title
Status: in_force

This act may be cited as the "Oklahoma Enterprise Zone Act".
Okla. Stat. tit. 62, § 62-310.9 — OK Code / Title 62 / Section 62-310.9
Contracts with architects, contractors, engineers or
Status: in_force

suppliers of construction materials - Signed statement - Multiple or

continuing contracts - Affidavit.

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

contract entered into by any county, school district, technology

center school district or political subdivision of the state for an

architect, contractor, engineer or supplier of construction

materials of Twenty-five Thousand Dollars ($25,000.00) or more,

shall be the following signed statement:

STATE OF OKLAHOMA)

) ss.

COUNTY OF)

The undersigned (architect, contractor, supplier or engineer),

of lawful age, being first duly sworn, on oath says that this

contract is true and correct. Affiant further states that the

(work, services or materials) will be (completed or supplied) in

accordance with the plans, specifications, orders or requests

furnished the affiant. Affiant further states that (s)he has made

no payment directly or indirectly to any elected official, officer

or employee of the State of Oklahoma, any county or local

subdivision of the state, of money or any other thing of value to

obtain or procure the contract or purchase order.

_____________________________________

(Contractor, architect, supplier or

engineer)

Attested to before me this ___ day of _______, 20___.

B. Any county, municipality or school district executing a

contract with any architect, contractor, supplier or engineer for

Oklahoma Statutes - Title 62. Public Finance Page 380

construction work, services or materials which are needed on a

continual basis from such architect, contractor, supplier or

engineer under the terms of such contract, or executing more than

one contract during the fiscal year with such architect, contractor,

supplier or engineer, may require that the architect, contractor,

supplier or engineer complete a signed affidavit as provided for in

subsection A of this section which shall apply to all work, services

or materials completed or supplied under the terms of the contract

or contracts.
Okla. Stat. tit. 62, § 62-112 — OK Code / Title 62 / Section 62-112
Forms, terms and conditions of bonds issued
Status: in_force

The State Treasurer shall have prepared registered bonds in

blank form similar in tenor to the respective issues of coupon bonds

of the State of Oklahoma, and upon the surrender of any coupon bonds

of said state shall insert in such blanks the names of the

registered owner, the amount of the bond, the date of maturity, the

numbers and such other matter as may be necessary to complete the

same to correspond in other respects to the coupon bonds

surrendered; provided, that no registered bond or bonds shall exceed

in face value the par or face value of the coupon bonds surrendered

in exchange therefor, and provided also that said registered bonds

shall have printed on the face thereof a clause substantially in the

following form:

"This registered bond is issued in substitution for and in lieu

of coupon bonds of the State of Oklahoma, dated _____, 19__, Series

______ Nos. _____, to ______ inclusive, which have been surrendered

and canceled simultaneously with the execution and issuance of this

registered bond. This registered bond may be transferred by

executing the transfer or assignment on the reverse side hereof and

by presentation to the State Treasurer or appointed agent as

provided in the Registered Public Obligations Act of Oklahoma, who

shall register said bond in the name of the transferee."
Okla. Stat. tit. 62, § 62-48.2 — OK Code / Title 62 / Section 62-48.2
See the following versions:
Status: in_force

OS 62-48.2v1 (SB 840, Laws 2019, c. 262, § 1).

OS 62-48.2v2 (SB 200, Laws 2019, c. 313, § 1).
Okla. Stat. tit. 62, § 62-2308 — OK Code / Title 62 / Section 62-2308
Board of Directors - Officers
Status: in_force

A. Section 40 of Article X of the Oklahoma Constitution created

the Board of Directors of the Tobacco Settlement Endowment Trust

Fund.

B. The members of the Board of Directors shall receive no

salary for serving on the Board. All members shall receive

necessary travel expenses for the performance of their official

duties in accordance with the provisions of the State Travel

Reimbursement Act, provided that members of the Board of Directors

shall be paid necessary travel expenses pursuant to the State Travel

Reimbursement Act by their appointing authority until the Board of

Directors adopts its initial budget and monies are made available

for expenditures pursuant to the budget.

C. The Board of Directors shall serve at the pleasure of their

appointing authority, not to exceed a seven-year term of office.

D. The Board of Directors shall annually elect a chair and any

other officers, provided that no member shall be elected chair for

more than two (2) consecutive years.

E. The initial meeting of the Board of Directors shall be

called by the Attorney General and the State Treasurer.
Okla. Stat. tit. 62, § 62-211 — OK Code / Title 62 / Section 62-211
Fees - Payment into General Revenue Fund of state
Status: in_force

Unless otherwise provided by law, all self-sustaining boards

created by statute to regulate and prescribe standards, practices,

and procedures in any profession, occupation or vocation shall pay

into the General Revenue Fund of the state ten percent (10%) of the

gross fees charged, collected and received by such board.
Okla. Stat. tit. 62, § 62-41.5i — OK Code / Title 62 / Section 62-41.5i
Renumbered as § 34.20 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-41.4d — OK Code / Title 62 / Section 62-41.4d
Renumbered as § 34.74 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-34.72 — OK Code / Title 62 / Section 62-34.72
Procedure for payment of interest
Status: in_force

The Director of the Office of Management and Enterprise Services

shall establish a procedure to assess and pay interest for the late

payment of an invoice, which interest shall be calculated beginning

Oklahoma Statutes - Title 62. Public Finance Page 114

the thirtieth day after receipt by the designated office of a proper

invoice for which payment has not been mailed, transmitted, or

delivered to a vendor by the close of business on the forty-fifth

day. Such interest shall be at an annualized rate based on an

average of the interest rate for thirty-day time deposits of state

funds during the last calendar quarter of the last preceding fiscal

year, as reported by the State Treasurer.
Okla. Stat. tit. 62, § 62-2013 — OK Code / Title 62 / Section 62-2013
Function and purpose of expenditures
Status: in_force

The expenditures from the Rural Economic Action Plan Fund and

other expenditures governed by this act, if made in accordance with

the requirements of this act, shall be construed as an expenditure

of public funds in furtherance of governmental functions and for the

purpose of conferring general and uniform benefits resulting from

the expenditures upon the residents and other legal entities located

in areas subject to the jurisdiction of the entities described in

subsection A or B of Section 2007 of this title.
Okla. Stat. tit. 62, § 62-41.16 — OK Code / Title 62 / Section 62-41.16
Renumbered as § 34.62 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-57.104 — OK Code / Title 62 / Section 62-57.104
Serial coupon bonds - Maturities - Interest payment
Status: in_force

dates - Call and redemption.

The Series D Bonds shall be serial coupon bonds. Said bonds and

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

be designated by the State of Oklahoma Building Bonds Commission.

The Series D Bonds shall mature on July 15 in the years and amounts,

respectively, as follows:

Years Amounts

1972 $ 200,000.00

1973 $ 200,000.00

1974 $ 200,000.00

1975 $ 400,000.00

1976 $ 400,000.00

1977 $ 400,000.00

1978 $ 700,000.00

1979 $ 700,000.00

1980 $ 700,000.00

1981 $ 700,000.00

1982 $ 700,000.00

1983 $ 700,000.00

1984 $1,000,000.00

1985 $1,000,000.00

1986 $1,000,000.00

Oklahoma Statutes - Title 62. Public Finance Page 247

1987 $1,000,000.00

1988 $1,000,000.00

1989 $1,000,000.00

1990 $1,000,000.00

1991 $1,000,000.00

1992 $1,000,000.00

1993 $1,525,000.00

The Series D Bonds shall bear interest, payable semiannually on

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

denominations, may be secured by a reserve to assure prompt payment

of the principal and interest, may be in such form either coupon or

registered, may carry such registration or conversion privileges,

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

payment at such place or places, as may be provided by resolution or

resolutions to be adopted by the State of Oklahoma Building Bonds

Commission; provided, that all such bonds maturing on and after ten

(10) years from their dates may be subject to call and redemption,

in inverse order of bond numbers, at par and accrued interest, with

the detailed provisions for such calling and redemption thereof to

be fixed by the Commission in the resolution or resolutions for the

issuance of such bonds. Until such time as the sinking fund shall

be sufficient to retire all outstanding State of Oklahoma

Institutional Building Bonds of 1965, including interest thereon,

there shall be paid into the sinking fund during each fiscal year

from the sources hereinabove pledged such amounts as may be

necessary to pay the interest and principal payable during the next

succeeding fiscal year, and an amount sufficient to satisfy the

reserve requirements as fixed and provided by the State of Oklahoma

Building Bonds Commission in its resolution or resolutions

authorizing the issuance of said bonds. All bonds issued pursuant

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

paper, and neither said bonds nor the interest earned thereon shall

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

municipality or political subdivision thereof.
Okla. Stat. tit. 62, § 62-46.5 — OK Code / Title 62 / Section 62-46.5
State Revenue Apportionment Evaluation Commission
Status: in_force

A. There is hereby created until July 1, 2023, the "State

Revenue Apportionment Evaluation Commission".

B. The Commission shall consist of nine (9) members to be

appointed or selected as follows:

1. Two persons appointed by the Governor;

2. Two persons to be appointed by the Speaker of the Oklahoma

House of Representatives, one member of the majority party and one

member of the minority party;

3. Two persons to be appointed by the President Pro Tempore of

the Oklahoma State Senate, one member of the majority party and one

member of the minority party;

4. The Executive Director of the Oklahoma Tax Commission or a

designee;

5. The Director of the Office of Management and Enterprise

Services or a designee; and

6. The State Treasurer or a designee.

C. Any person appointed to the Commission pursuant to

subsection B of this section shall serve at the pleasure of the

appointing authority and may be removed by such appointing authority

without cause.

D. The Commission shall hold an organizational meeting not

later than sixty (60) days after the effective date of this act and

shall select from among its membership a chair and vice-chair.

E. The Commission shall be subject to the provisions of the

Oklahoma Open Meeting Act and the Oklahoma Open Records Act.

F. The Commission shall be authorized to meet as often as

required in order to perform the duties imposed upon it by law.

Oklahoma Statutes - Title 62. Public Finance Page 182

G. Staff assistance to the Commission shall be provided by the

Oklahoma House of Representatives, the Oklahoma State Senate, the

Office of Management and Enterprise Services and the Oklahoma Tax

Commission.

H. The Commission shall analyze the state revenue system with

special emphasis on the amount of revenue which is apportioned for

purposes other than expenditures from the General Revenue Fund of

the State Treasury. The Commission shall prepare a summary, within

one hundred twenty (120) days after the end of each fiscal year, of

the revenue sources which are apportioned to destinations other than

the General Revenue Fund, the amount of revenue apportioned to those

sources or purposes and the tax or other revenue system from which

the apportionment is derived, the total amount of revenue from the

state tax and revenue structure that is apportioned for purposes

other than expenditures from the General Revenue Fund, a summary of

any changes to apportionments enacted during the immediately

preceding regular session of the Legislature and any other

information which the Commission determines to be necessary for a

complete analysis of the topic of apportioned revenues.

I. The annual report required by subsection H of this section

shall be delivered to the Governor, the Speaker of the Oklahoma

House of Representatives and the President Pro Tempore of the State

Senate by the deadline prescribed in subsection H of this section.

The annual report shall also be posted to the Internet website of

the Oklahoma Tax Commission.
Okla. Stat. tit. 62, § 62-498.2 — OK Code / Title 62 / Section 62-498.2
Applicability to bonds having higher or no interest rate
Status: in_force

limitation.

Nothing contained herein shall affect or apply to any bond or

other obligation having a higher interest rate limitation than that

provided in Section 498.1 of Title 62 or no interest rate

limitation.
Okla. Stat. tit. 62, § 62-891.18 — OK Code / Title 62 / Section 62-891.18
Local government entity to obtain a determination
Status: in_force

letter – Positive net benefit rate – Withholding taxes.

A. As used in this section:

1. "Estimated direct state benefits" means the tax revenues

projected by the Oklahoma Department of Commerce to accrue to the

state as a result of new direct jobs and capital spending associated

with one or more for-profit business entities, federal government

defense entities and infrastructure development by one or more local

government entities;

2. "Estimated indirect state benefits" means the indirect new

tax revenues projected by the Department to accrue to the state

including, but not limit to, revenue generated from ancillary

support jobs directly related to the new direct jobs, capital

spending and infrastructure spending;

3. "Estimated direct state costs" means the costs projected by

the Department to accrue to the state as a result of new direct

jobs. The costs shall include, but not be limited to:

a. the costs of education for new state resident

children,

b. the costs of public health, public safety and

transportation services to be provided to new state

residents,

c. the costs of other state services to be provided to

new state residents, and

Oklahoma Statutes - Title 62. Public Finance Page 599

d. the costs of other state services; and

4. "Estimated indirect state costs" means the costs projected

by the Department to accrue to the state as a result on new indirect

jobs. The costs shall include, but not be limited to, costs

enumerated in subparagraphs a, b, c and d of paragraph 3 of this

subsection.

B. An eligible local government entity in partnership with one

or more for-profit business entities and/or federal government

defense entities that would otherwise qualify to receive or benefit

from proceeds from the issuance of obligations by the Authority from

the Public-Private Partner Development Pool shall be required to

obtain a determination letter from the Department that the

infrastructure development will result in a positive net benefit

rate, to be computed by the Department using a methodology which

provides for the analysis of estimated direct state benefits,

estimated indirect state benefits, estimated direct state costs and

estimated indirect state costs. The Department shall use such

information as it determines to be relevant for the analysis

required by this subsection including, but not limited to, the type

of infrastructure development, the business activities in which the

participating for-profit business entities are engaged or will be

engaged, the amount of capital investment, type of assets acquired

or utilized by the participating business entities, economic effect

of the business activity within the relevant geographic region and

any other factors as the Department deems relevant. The Department

may use information regarding the infrastructure development alone

or in conjunction with relevant information regarding other business

activity in a geographically relevant area surrounding the

infrastructure development or the location of the participating for-

profit business entities in order to perform the computation of the

net benefit rate. If the result of the analysis is a positive net

benefit rate, the applying local government entity shall be allowed

to capture withholding taxes associated with new jobs or with

existing jobs associated with the participating for-profit business

entities as otherwise provided by this act. The Department shall

transmit a determination letter to the authorized representative of

the local government entity and shall also transmit a copy of the

determination letter to the Oklahoma Tax Commission and to the

Oklahoma Development Finance Authority notwithstanding the positive

or negative result of the net benefit rate. The Authority shall not

allow a local government entity to use captured withholding tax

revenues for purposes of any pooled financing otherwise authorized

by this act unless the Department has previously transmitted a

determination letter that reveals a positive net benefit rate for

the Public-Private Partner Development Pool project.

C. Any for-profit business entity that participates in the

Public-Private Partner Development Pool may be required by the

Oklahoma Statutes - Title 62. Public Finance Page 600

applicable local government entity to enter into such agreements as

may be required between the entity, the local government entity, the

Authority and the Oklahoma Tax Commission to provide for the

segregation of withholding taxes.

D. The amount of withholding taxes subject to the provisions of

this section shall, together with other revenue sources or

commitments and undertakings by the for-profit business entity or

third parties, be sufficient to make payment of any required

principal, interest, adequate reserves or other authorized costs for

borrowing by the Authority.

E. The Authority shall have the power of approval regarding the

amount and duration of withholding tax segregation pursuant to the

provisions of this section in order to ensure payment of its

obligations and to promote the marketability of such obligations.

F. The Authority shall obtain information from the

participating for-profit business entities as may be required in

order to determine the necessary amount of segregated withholding

taxes attributable to new direct jobs or existing payroll.

G. The Oklahoma Tax Commission shall determine with respect to

the withholding taxes attributable to the income of employees

engaged in new direct jobs or existing jobs for one or more for-

profit business entities participating in a pooled financing

pursuant to the Oklahoma Community Economic Development Pooled

Finance Act the amount of such withholding taxes required to be

deposited to the credit of the Community Economic Development Pooled

Finance Revolving Fund.

H. The Oklahoma Tax Commission shall make a deposit in the

Community Economic Development Pooled Finance Revolving Fund in

accordance with any applicable agreement entered into with one or

more eligible local government entities in conjunction with

participating for-profit business entities participating in a pooled

financing pursuant to the Oklahoma Community Economic Development

Pooled Finance Act.

I. No for-profit business entity that participates from

proceeds of obligations issued by the Authority from the Public-

Private Partner Development Pool may receive or continue to receive

incentive payments pursuant to the Economic Development Pool, the

Oklahoma Quality Jobs Program Act or claim any investment tax

credits otherwise authorized pursuant to Section 2357.4 of Title 68

of the Oklahoma Statutes during the period of time that any

withholding taxes attributable to the payroll of such entity are

being paid to the Community Economic Development Pooled Finance

Revolving Fund or in any manner used for the payment of principal,

interest or other costs associated with any obligations issued by

the Authority pursuant to the provisions of the act.
Okla. Stat. tit. 62, § 62-57.307 — OK Code / Title 62 / Section 62-57.307
Procedures and requirements for advertisement and sale
Status: in_force

of bonds.

A. The Commission shall advertise said bonds for sale in the

manner hereinafter provided. Notice of such sale shall be published

at least ten (10) days prior to the date fixed for such sale. Such

notice shall be published in a newspaper having general circulation

in the State of Oklahoma, and 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 the bonds will be

sold to the bidder offering the lowest net interest cost or lowest

true interest cost to the State of Oklahoma, stating also, however,

that the Commission may, in its discretion, reject all nonconforming

Oklahoma Statutes - Title 62. Public Finance Page 285

bids or all bids submitted. Such notice may contain such other

conditions, information and details as the Commission deems

appropriate and desirable to provide a thorough understanding of the

offer and to assure maximum competition among bidders. Upon

acceptance of the lowest and best 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 except as otherwise

provided herein. Provided, however, no tender of the bonds shall be

valid until after the expiration of the period of contestability

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

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

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

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

them. All such deposits by the successful bidder shall become the

property of the State of Oklahoma, and shall be credited against the

purchase price of the bonds so sold or returned upon payment in full

of such bonds. If the purchaser shall fail for five (5) days after

the tender of the bonds to pay the balance of the purchase price,

said sale shall be thereby annulled and the deposit shall in such

event be retained by the State of Oklahoma and credited to the

General Revenue Fund of the state.

B. Competitive bidding may be waived upon an affirmative vote

of three-fourths (3/4) of the Commission. The Commission thereupon

may negotiate for the private sale of the obligations to an

underwriter or other purchaser or purchasers. Regardless of the

method of sale, the Commission shall be subject to the provisions of

the Oklahoma Bond Oversight and Reform Act as set forth in Section

695.1 et seq. of this title.

C. Professionals selected pursuant to subsection B of this

section shall not be finally selected until after approval by a vote

of the people of the constitutional amendment identified as House

Joint Resolution No. 1076 of the 2nd Session of the 43rd Oklahoma

Legislature.

D. Except as otherwise provided in this act, no bonds shall be

sold for less than par value except upon approval of three-fourths

(3/4) of the Commission; except as otherwise provided in this act,

no bonds shall be sold for less than sixty-five percent (65%) of par

value. In no event shall the original purchaser of any bonds issued

by the Commission receive directly or indirectly any fees,

compensation or other remuneration in excess of four percent (4%) of

the price paid for such bonds by the purchaser of such bonds from

the Commission.
Okla. Stat. tit. 62, § 62-34.104 — OK Code / Title 62 / Section 62-34.104
Revenue Stabilization Fund performance report
Status: in_force

Not later than December 15, 2018, and every five (5) years

thereafter, the Office of Management and Enterprise Services shall

submit a report to the Joint Committee on Appropriations and Budget,

and the Governor on the performance of the Revenue Stabilization

Fund set forth in this section. The reports shall include an

analysis of the deposit formulae impact on General Revenue Fund tax

revenue volatility, the adequacy of deposits required by the formula

to the Revenue Stabilization Fund to replace potential future

revenue declines, and the withdrawal provisions of the Revenue

Stabilization Fund. The reports shall include recommended changes,

if any, to the deposit formulae or withdrawal rules that are

consistent with the purposes of the Revenue Stabilization Fund.
Okla. Stat. tit. 62, § 62-384 — OK Code / Title 62 / Section 62-384
Emergency public works - Validation of bonds and
Status: in_force

proceedings for authorization and issuance.

All bonds heretofore issued for the purpose of financing or

aiding in the financing of any work, undertaking or project by any

public body to which any loan or grant has heretofore been made by

the United States of America through the Federal Emergency

Administrator of Public Works for the purpose of financing or aiding

in the financing of such work, undertaking or project, including all

proceedings for the authorization and issuance of such bonds, and

the sale, execution and delivery thereof, are hereby validated,

ratified, approved and confirmed, notwithstanding any lack of power

(other than constitutional) of such public body, or the governing

Oklahoma Statutes - Title 62. Public Finance Page 409

board or commission or officers thereof, to authorize and issue such

bonds, or to sell, execute or deliver the same, and notwithstanding

any defects or irregularities (other than constitutional) in such

proceedings, or in such sale, execution or delivery; and such bonds

are and shall be binding, legal, valid and enforceable obligations

of such public body.
Okla. Stat. tit. 62, § 62-45.5 — OK Code / Title 62 / Section 62-45.5
Determination of acceptable measures – Training and other
Status: in_force

services to be provided by Office of Management and Enterprise

Services.

A. The Office of Management and Enterprise Services and the

Joint Legislative Committee on Budget and Program Oversight shall

work with each state agency to determine acceptable measures of

output, outcome, unit cost, and cost-effectiveness for use in the

agency's plan.

B. The Office of Management and Enterprise Services is

authorized to provide training or other services to state agencies

pursuant to this act.Oklahoma Statutes - Title 62. Public Finance Page 6
Okla. Stat. tit. 62, § 62-49 — OK Code / Title 62 / Section 62-49
Multi-year trend analysis of budget outlook
Status: in_force

On or before November 1 of each year, the Office of Management

and Enterprise Services shall develop and publish a multi-year trend

analysis of the state's budget outlook which includes the current

fiscal year, the ensuing fiscal year and the following two (2)

fiscal years. The trend analysis shall include projections of

revenues and expenditures reflecting the best available information

concerning economic activity, population change, policy developments

and other factors affecting the state budget. The analysis shall be

provided to the President Pro Tempore of the Senate, members of the

Senate Appropriations and Finance Committees, the Speaker of the

House of Representatives and members of the House Appropriations and

Budget Committee.
Okla. Stat. tit. 62, § 62-34.20 — OK Code / Title 62 / Section 62-34.20
Information Services Division of Office of Management
Status: in_force

and Enterprise Services - Additional powers and duties relating to

communications and telecommunications.

In addition to the powers and duties as defined elsewhere in

this title, the Information Services Division of the Office of

Management and Enterprise Services shall:

1. Coordinate statewide planning and approve statewide

contracts for communication and telecommunications needs of state

agencies, including, but not limited to, voice, data, radio

including the interoperable radio communications system for state

agencies, video, broadband, Wi-Fi or wireless networking, Global

Positioning Systems (GPS), Internet, eGovernment, as referenced in

Sections 34.24 and 34.25 of this title, and facsimile transmissions

through analysis of the telecommunications and information

technology plan of each agency;

2. In coordination with the Oklahoma Office of Homeland

Security, establish minimum mandatory standards and protocols for:

a. communication networks and equipment,

b. wide area and local area systems,

c. integration of equipment, systems and joint usage,

d. Internet and eGovernment,

e. operating systems or methods to be used to meet

communications requirements efficiently, effectively,

and securely,

f. rendering of aid between state government and its

political subdivisions with respect to organizing of

communications systems, and

g. an economical and cost-effective utilization of

communication services.

The standards and protocols shall be compatible with the

standards and protocols established for the Oklahoma Government

Telecommunications Network;

3. Serve as a focal point for all statewide projects and

approve all statewide contracts for state agencies involving current

communications vendors where the focus of such authority can

substantially enhance the state communications plan or the savings

which can be achieved thereunder;

4. Provide, when requested by political subdivisions of the

state, for the organizing of communications or telecommunications

systems and service between the state and its political subdivisions

and enter into agreements to effect the purposes of this section;

Oklahoma Statutes - Title 62. Public Finance Page 56

5. Cooperate with any federal, state or local emergency

management agency in providing for emergency communications and

telecommunication services;

6. Apply for, receive, and hold, or assist agencies in applying

for, receiving or holding such authorizations, licenses and

allocations of channels and frequencies to carry out the purposes of

this section;

7. Accomplish such other purposes as may be necessary or

incidental to the administration of its authority or functions

pursuant to law; and

8. Provide support for telecommunication networks of state

agencies through analysis of the telecommunications needs and

requirements of each agency and promotion of the use of the Oklahoma

Government Telecommunications Network.
Okla. Stat. tit. 62, § 62-41.28 — OK Code / Title 62 / Section 62-41.28
Renumbered as § 34.85 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-445 — OK Code / Title 62 / Section 62-445
Surplus of sinking fund - Transfer to general fund
Status: in_force

Where any county, city, town, or school district, dependent or

independent, has accumulated a surplus in the sinking fund thereof,

represented by actual cash on hand in excess of all outstanding bond

or judgment indebtedness, both matured and unmatured, including

coupon and/or other interest earnings thereon whether matured or

unmatured, earned or unearned, or if there be no known bond, coupon,

or judgment indebtedness outstanding against it, the county excise

board on application of the proper officers thereof is hereby

authorized to approve the transfer of said surplus in the sinking

fund of said county, city, town, or school district to be used for

general fund purposes of the same county, city, town, or school

district; provided, that before the excise board shall have

authority to consider or approve the application of the governing

board for authority to make such transfer, there shall be attached

to such application an affidavit and proof of publication of

published notice by such governing board of its intention to apply

for authority to make such transfer, which published notice shall

set forth in detail the condition of the sinking fund thereof or as

to the fact of there being no known bond, coupon or judgment

indebtedness outstanding. Such notice shall be published in some

newspaper of general circulation in such municipality, or in such

county if there be no newspaper published in the city, town, or

school district.
Okla. Stat. tit. 62, § 62-878 — OK Code / Title 62 / Section 62-878
Use of bond proceeds
Status: in_force

A. Any municipality or county which has established a rural

housing incentive district may use the proceeds of special

obligation bonds issued under Section 8 of this act, or any

uncommitted funds derived from those sources of revenue set forth in

subsection A of Section 8 of this act, to implement specific

projects identified within the rural housing incentive district

project plan including, without limitation:

1. Acquisition of property within the specific project area or

areas as provided in Section 7 of this act;

2. Payment of relocation assistance;

3. Site preparation;

4. Sanitary and storm sewers and lift stations;

5. Drainage conduits, channels and levees;

6. Street grading, paving, graveling, macadamizing, curbing,

guttering and surfacing;

7. Street lighting fixtures, connection and facilities;

8. Underground gas, water, heat, and electrical services and

connections located within the public right-of-way;

9. Sidewalks; and

10. Water mains and extensions.

B. None of the proceeds from the sale of special obligation

bonds issued under Section 8 of this act shall be used for the

construction of buildings or other structures to be owned by or to

be leased to any developer of a residential housing project within

the district.
Okla. Stat. tit. 62, § 62-41.41 — OK Code / Title 62 / Section 62-41.41
Renumbered as § 34.43 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-431 — OK Code / Title 62 / Section 62-431
Sinking fund - Levy for - Readjustment of annual bond
Status: in_force

accrual.

A. It shall be the duty of the officers of each municipal

corporation in the State of Oklahoma by law authorized to levy taxes

to make a levy each year for a sinking fund, which shall, with cash

actually on hand and lawful investments in such fund, excluding

taxes in process of collection, be sufficient to pay:

1. All the bonded indebtedness of such municipality coming due

prior to April 1 of the second ensuing fiscal year for which no

prior levy has been made;

2. The interest accrued but unpaid and to accrue on all

outstanding bonds of such municipality to April 1 of the second

ensuing fiscal year for which no prior levy has been made;

3. A sinking fund to pay any interest payable on the last and

final bond maturity coming due after June 30 of the ensuing fiscal

year but before the tax levy of the succeeding fiscal year may be

made and collected;

4. A sum, after reserving from said cash and investments on

hand for bond and bond-interest accruals as aforesaid and judgment

accruals theretofore levied for bonds unpaid, equal to one-third

(1/3) of the original amount of all outstanding judgments against

the municipality when one-third (1/3) or more of such judgment

remains due and unpaid, and in case less than one-third (1/3) of

such judgment remains due then for the entire amount of such

judgment yet remaining unpaid; and

5. The interest accrued but unpaid and to accrue on all

unsatisfied judgments within the ensuing fiscal year but not beyond

June 30 of such year.

B. The foregoing formula shall be applied by said taxing

officials each year in determining the amount necessary to raise by

tax levy for sinking fund purposes, independently of actions taken

in previous years; and, if by omission to make a levy which could

Oklahoma Statutes - Title 62. Public Finance Page 427

have been validly made for any judgment, bonds or interest coupons,

or where from any cause the cash and valid investments in the

sinking fund does not equal the accrual liabilities, it shall be the

duty of said taxing officials to readjust the annual bond accrual in

accordance with the foregoing formula in order that said bonds shall

be paid when due, save and except only that where the cash and valid

investments in the sinking fund at the close of any fiscal year,

after reserving for interest accrued and accruing under the priority

therefor as contained in Section 28 of Article X of the Oklahoma

Constitution, is insufficient to pay and retire any bonds matured or

to mature before another tax levy may be made and collected and no

action has been instituted to refund such matured bonds or to

convert them to judgment, it shall be the duty of said taxing

officials to include, in addition to interest thereon or aforesaid,

an accrual therefor in an amount equal to the bonds so matured or to

mature or the annual accrual first lawfully applicable to the issue

thereof, whichever is the lesser.

C. It is the sole intention of this section to require that the

pledge contained in Sections 26, 27 and 35 of Article X of the

Oklahoma Constitution, be fulfilled, and that sinking funds be

applied as provided by Section 28 of Article X of the Oklahoma

Constitution.
Okla. Stat. tit. 62, § 62-41.5 — OK Code / Title 62 / Section 62-41.5
Renumbered as § 34.11 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-756 — OK Code / Title 62 / Section 62-756
Bond proceeds and interest - Uses - Escrow and trust
Status: in_force

accounts.

A. The proceeds derived from the issuance of refunding bonds

pursuant to the provisions of the General Obligation Public

Securities Refunding Act, together with other legally available

funds, if any, of the public body, shall either be immediately

applied to the payment or redemption and retirement of the

obligations to be refunded and the cost and expense incident to such

procedure or shall be placed in escrow or trust to be applied for

the purposes and in the manner required or permitted pursuant to the

provisions of the General Obligation Public Securities Refunding Act

as the governing body may determine.

B. Any accrued interest and any premium appertaining to a sale

of refunding bonds may be:

1. applied to the payment of the interest thereon or the

principal thereof, or to both interest and principal; or

Oklahoma Statutes - Title 62. Public Finance Page 516

2. used to pay refunded obligations by deposit in the escrow or

trust account, or otherwise; or

3. used for any combination thereof or any lawful purpose of

the public body, as the governing body may determine.

C. For the purpose of implementing the provisions of the

General Obligation Public Securities Refunding Act, the governing

body shall have the power to enter into escrow agreements and to

establish escrow or trust accounts with any qualified escrow agent

under protective covenants and agreements whereby such accounts

shall be fully secured as provided for in Section 7 of this act.
Okla. Stat. tit. 62, § 62-2304 — OK Code / Title 62 / Section 62-2304
Appointments to Boards of Investors and Directors of the
Status: in_force

Tobacco Settlement Endowment Trust Fund – Terms.

A. Appointments to the Board of Investors of the Tobacco

Settlement Endowment Trust Fund shall be staggered as provided in

this section, pursuant to the provisions of Section 40 of Article X

of the Oklahoma Constitution. The initial staggered terms of office

of persons appointed prior to April 10, 2001, or persons appointed

to fill the remainder of an initial term of office shall be as

follows:

1. The term of office of the person appointed by the Speaker of

the House of Representatives shall expire June 30, 2001;

2. The term of office of the person appointed by the President

Pro Tempore of the Senate shall expire June 30, 2002;

3. The term of office of the person appointed by the Governor

shall expire June 30, 2003; and

4. The term of office of the person appointed by the State

Auditor and Inspector shall expire June 30, 2004.

Thereafter, persons shall be appointed for terms of four (4)

years beginning July 1. Any vacancy shall be filled by the

appointing authority for the remainder of the unexpired term.

Oklahoma Statutes - Title 62. Public Finance Page 641

B. Appointments to the Board of Directors of the Tobacco

Settlement Endowment Trust Fund shall be staggered as provided in

this section, pursuant to the provisions of Section 40 of Article X

of the Oklahoma Constitution. The initial staggered terms of office

of persons appointed prior to April 10, 2001, or persons appointed

to fill the remainder of an initial term of office shall be as

follows:

1. The term of office of the person appointed by the Speaker of

the House of Representatives shall expire June 30, 2001;

2. The term of office of the person appointed by the President

Pro Tempore of the Senate shall expire June 30, 2002;

3. The term of office of the person appointed by the Governor

shall expire June 30, 2003;

4. The term of office of the person appointed by the Attorney

General shall expire June 30, 2004;

5. The term of office of the person appointed by the State

Treasurer shall expire June 30, 2005;

6. The term of office of the person appointed by the State

Auditor and Inspector shall expire June 30, 2006; and

7. The term of office of the person appointed by the State

Superintendent of Public Instruction shall expire June 30, 2007.

Thereafter, persons shall be appointed for terms of seven (7)

years beginning July 1. Any vacancy shall be filled by the

appointing authority for the remainder of the unexpired term.
Okla. Stat. tit. 62, § 62-7.6 — OK Code / Title 62 / Section 62-7.6
Renumbered as § 34.69 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-2203.3 — OK Code / Title 62 / Section 62-2203.3
Prohibitions - Fine
Status: in_force

A. Notwithstanding the provisions of the Emergency Price

Stabilization Act, a retailer or wholesaler shall not, in connection

with the advertisement or sale of disaster relief materials:

1. Take advantage of the physical or mental impairment or

hardship of a person caused by extreme temporary conditions and

charge an excessive price for disaster relief materials;

2. Charge within a disaster area an excessive price for any

disaster relief materials; or

3. Charge any person an excessive price for disaster relief

materials which the seller has reason to know is likely to be

provided to consumers within a disaster area.

B. Notwithstanding the provisions of the Emergency Price

Stabilization Act, a retailer shall not advertise, offer to sell, or

sell at retail disaster relief materials at less than cost to the

retailer with the intent and purpose of inducing the purchase of

disaster relief materials or of unfairly diverting trade from a

competitor or otherwise injuring a competitor, impair and prevent

fair competition, injure public welfare, where the result of such

advertising, offer or sale is to tend to deceive any purchaser or

prospective purchaser, or to substantially lessen competition, or to

unreasonably restrain trade, or to tend to create a monopoly in any

line of commerce.

C. Notwithstanding the provisions of the Emergency Price

Stabilization Act, a wholesaler shall not advertise, offer to sell,

or sell disaster relief materials at less than cost to the

wholesaler with the intent and purpose of inducing the purchase of

disaster relief materials or of unfairly diverting trade from a

competitor or otherwise injuring a competitor, impair and prevent

fair competition, injure public welfare, where the result of such

advertising, offer or sale is to tend to deceive any purchaser or

prospective purchaser, or to substantially lessen competition, or to

unreasonably restrain trade, or to tend to create a monopoly in any

line of commerce.

D. Any person who is found to be in violation of this act shall

forfeit and pay a civil penalty of not more than One Thousand

Dollars ($1,000.00) per violation. The Attorney General, acting in

the name of the state, or a district attorney may petition for

recovery of civil penalties.
Okla. Stat. tit. 62, § 62-840 — OK Code / Title 62 / Section 62-840
Short title
Status: in_force

Sections 840 through 847 of this title and Section 2357.81 of

Title 68 of the Oklahoma Statutes shall be known and may be cited as

the “Oklahoma Local Development and Enterprise Zone Incentive

Leverage Act”.
Okla. Stat. tit. 62, § 62-9001 — OK Code / Title 62 / Section 62-9001
Payments required to governmental entities
Status: in_force

Any person, firm, partnership, corporation, limited partnership,

limited liability company or other lawfully recognized entity that

is required to make payment of a tax, fee, fine, charge, cost or

other expense payable to a state governmental entity or local

governmental entity shall make the instrument payable to the state

or local government office, agency or other governmental entity and

shall not make the instrument payable to the individual who holds

the public office.
Okla. Stat. tit. 62, § 62-57.311 — OK Code / Title 62 / Section 62-57.311
Attorney General to examine proceedings of Commission, resolutions passed and
Status: in_force

action taken in sale of bonds - Execution and filing of Attorney General's certificate - Facsimile of

certificate to appear on bonds - Jurisdiction of litigation - Signatures and certificate required onresolutions passed and action taken in sale of bonds - Execution and

filing of Attorney General's certificate - Facsimile of certificate

to appear on bonds - Jurisdiction of litigation - Signatures and

certificate required on bonds - Registration of bonds - Seals.

A. 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 the Attorney General

finds such bond proceedings and sale to be constitutional and

lawful, execute his or her 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 Building Bonds of 1992, Series ___, in the

aggregate principal amount of ____________________________dated

_____, authorized and sold pursuant to the constitutional amendment

identified as House Joint Resolution No. 1076 of the 2nd Session of

the 43rd Oklahoma Legislature 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."

The procedure above enacted shall be followed after the sale of each

series of bonds, and the above certificate shall be executed by the

Attorney General in the same form and manner, and shall specify the

series and the sum. Upon the filing of such certificate, bonds

issued pursuant to proceedings so examined by the Attorney General

shall be incontestable for all purposes upon the expiration of

thirty (30) days from the date of such certificate, unless suit is

brought in the Supreme Court of Oklahoma prior to the expiration of

said period as provided herein.

B. A facsimile of the Attorney General's certificate shall

appear on each bond 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 of Article X of the

Constitution of the State of Oklahoma. Such bonds shall also be

registered by the Treasurer of the State of Oklahoma or by a market

registrar as determined by the Commission and a statement of such

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

Oklahoma Statutes - Title 62. Public Finance Page 288

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

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

all signatures required to appear on the bonds may be facsimile

seals and signatures.
Okla. Stat. tit. 62, § 62-57.112 — OK Code / Title 62 / Section 62-57.112
Attorney General to represent 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 a private attorney or attorneys.
Okla. Stat. tit. 62, § 62-285 — OK Code / Title 62 / Section 62-285
Carrying out plan of municipal debt readjustment
Status: in_force

Any municipal corporation or political subdivision of this

state shall carry out the plan or plans of municipal debt

readjustment when and if authorized and approved by said Bankruptcy

Court by refunding the same in the amounts and under the terms of

said plan or plans so approved.

Provided, however, that said plan or plans does not authorize

any greater interest than now provided for municipal securities

under the laws of this state, and

Provided further, that any and all issues of bonds, securities

or warrants authorized under any such plan or plans shall be

conducted in conformity with and under the provisions of the laws of

Oklahoma relating to refunding of municipal indebtedness, and

Provided further, that all creditor municipal corporations, as

well as debtor municipal corporations of this state, shall be bound

by the final decree of said Bankruptcy Court confirming the plan of

readjustment of the debtor corporation.
Okla. Stat. tit. 62, § 62-57.101 — OK Code / Title 62 / Section 62-57.101
Purpose
Status: in_force

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

vitalize Section 37, Article X, of the Oklahoma Constitution

heretofore vitalized by House Bill No. 1122, enacted by the

Thirtieth Oklahoma Legislature, and to direct the issuance and sale

of general obligation bonds authorized by said constitutional

amendment and vitalizing act.
Okla. Stat. tit. 62, § 62-845 — OK Code / Title 62 / Section 62-845
Agency special account
Status: in_force

There is hereby created within the State Treasury an agency

special account for the Oklahoma Tax Commission. The Oklahoma Tax

Commission is hereby authorized and directed to withhold a portion

of the taxes levied and collected pursuant to Section 2355 of Title

68 of the Oklahoma Statutes for deposit into the account in order to

pay claims as they become due. All of the amounts deposited in the

account shall be used and expended by the Tax Commission solely for

the purposes and in the amounts authorized by the Oklahoma Local

Development and Enterprise Zone Incentive Leverage Act.
Okla. Stat. tit. 62, § 62-57.124 — OK Code / Title 62 / Section 62-57.124
Pledge of cigarette tax
Status: in_force

It is hereby expressly provided and pledged for the benefit of

the purchasers, owners and holders of said bonds that five cents

($0.05) of the tax on each package of cigarettes levied by Section

1, Chapter 47, 1968 Oklahoma Session Laws, constituting the

remainder of revenue available for the revenues lawfully levied and

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

already committed to other obligations of the State of Oklahoma, or

so much as may be necessary, shall be devoted irrevocably to the

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

bonds issued hereunder as the same become due, and said revenues

shall be, and hereby are, irrevocably pledged for such purposes.
Okla. Stat. tit. 62, § 62-90.9 — OK Code / Title 62 / Section 62-90.9
Employment created not to be counted in determination of
Status: in_force

gross payroll.

No employment created pursuant to the provisions of this act

shall be counted in a determination of “gross payroll” pursuant to

the Oklahoma Quality Jobs Program Act, the Saving Quality Jobs Act,

the Former Military Facilities Development Act or the Small Employer

Quality Jobs Incentive Act.
Okla. Stat. tit. 62, § 62-57.81 — OK Code / Title 62 / Section 62-57.81
Purpose
Status: in_force

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

vitalize Section 37, Article X, of the Oklahoma Constitution

heretofore vitalized by House Bill No. 1122, enacted by the 30th

Oklahoma Legislature, and to direct the issuance and sale of general

obligation bonds authorized by said Constitutional Amendment and

vitalizing act.
Okla. Stat. tit. 62, § 62-517.1 — OK Code / Title 62 / Section 62-517.1
Short title
Status: in_force

Sections 8 through 14 of this act shall be known and may be

cited as the "Security for Local Public Deposits Act".
Okla. Stat. tit. 62, § 62-841 — OK Code / Title 62 / Section 62-841
Definitions
Status: in_force

As used in the Oklahoma Local Development and Enterprise Zone

Incentive Leverage Act:

1. “Enterprise” means any form of business organization

including, but not limited to, any partnership, sole proprietorship,

corporation, limited liability company or other legally constituted

business entity;

2. “Enterprise zone” means an area as defined pursuant to

paragraph 5 of Section 690.2 of this title;

3. “Estimated direct state benefits” means the total

incremental state tax revenues new to the state estimated by the

Oklahoma Department of Commerce to accrue to the state from new

investments and new employment during the period of apportionment of

local sales taxes as a result of the project and/or projects

described in the related project plan. For purposes of projecting

state benefits for a military growth impact project, the military

growth impacts shall be used in lieu of the project and/or projects

described in the related project plan. In projecting such benefits,

the Oklahoma Department of Commerce shall consider, if practicable,

whether or not the project plan involves an enterprise:

a. relocating from within the state,

b. subject to or in the process of recruitment by two or

more governmental entities within the state, or

c. which will be in direct competition with an existing

enterprise located in the state;

4. “Estimated direct state costs” means the costs projected by

the Oklahoma Department of Commerce to be incurred by the state

during the period of apportionment of local sales taxes, as a result

of the project and/or projects described in the related project

plan. For purposes of projecting state costs for a military growth

impact project, the military growth impacts shall be used in lieu of

the project and/or projects described in the related project plan;

5. “Estimated net direct state benefits” means the estimated

direct state benefits less the estimated direct state costs;

Oklahoma Statutes - Title 62. Public Finance Page 530

6. “Facility” means the definition contained in paragraph 8 of

Section 690.2 of this title;

7. “Governing body” means the governing board of a local

governmental entity in the case of a single incentive district or

increment district when the boundaries of the district are

coextensive with or contained within the jurisdiction of any such

single local governmental entity or the governing boards of a

combination of counties, cities, or towns forming an incentive

district or an increment district pursuant to the provisions of the

Local Development Act;

8. “Incentive district” means an area created pursuant to the

provisions of the Local Development Act, including Section 856 of

this title;

9. “Increment district” means an area created pursuant to the

provisions of the Local Development Act;

10. “Local governmental entity” means a county, city or town

forming an incentive district or an increment district pursuant to

the provisions of the Local Development Act;

11. “Local sales taxes” means amounts payable to or for the

benefit of a local governmental entity calculated as a percentage,

which, except on transient lodgings, shall not exceed four and one-

half percent (4.5%) of gross sales whether imposed by ordinance,

resolution, covenant, or agreement;

12. “Major tourism destination project” means a project which:

a. meets the definition of a “tourism attraction” as set

forth in subparagraph a of paragraph 10 of Section

2357.36 of Title 68 of the Oklahoma Statutes, subject

only to the restrictions of divisions (1), (3) and (6)

of subparagraph b of paragraph 10 of Section 2357.36

of Title 68 of the Oklahoma Statutes,

b. is projected to meet the following qualifications

within three (3) years of the date of substantial

completion of the project based upon the findings of

the Oklahoma Department of Commerce:

(1) at least Fifty Million Dollars ($50,000,000.00)

in capital investment,

(2) at least Fifty Million Dollars ($50,000,000.00)

in projected annual gross sales revenues or at

least Ten Million Dollars ($10,000,000.00) in

annual gross sales revenues to out-of-state

visitors,

(3) a number of out-of-state visitors of at least:

(a) twenty percent (20%) of the number of total

visitors, or

(b) twenty thousand (20,000) visitors per year,

and

Oklahoma Statutes - Title 62. Public Finance Page 531

(4) a number of visitors traveling at least one

hundred (100) miles of at least:

(a) thirty percent (30%) of the number of total

visitors, or

(b) twenty-five thousand (25,000) visitors per

year, or

c. is a lake resort project, containing a hotel, a

conference center, and an eighteen-hole golf course,

located within twenty-five (25) linear miles of the

state boundary on a lake containing at least forty-

five thousand (45,000) surface acres of water, that is

estimated to generate at least Fifty Million Dollars

($50,000,000.00) in capital investment;

13. “Military growth impacts” means the increases in

investment, employment, and residents resulting from military growth

activities;

14. “Military growth impact community” means a city, town, or

county experiencing and reasonably projected to experience a

population growth of at least one thousand (1,000) persons and

increased payrolls of at least Ten Million Dollars ($10,000,000.00)

within a five-year period directly resulting from federal military

base activities;

15. “Military growth impact project” means a project pursuant

to the Local Development Act which the governing body determines to

be in support of the needs and quality of life issues resulting from

the military growth impacts;

16. “Net benefit rate” means the estimated net direct state

benefits computed as a percentage of gross taxable sales derived

from the project during the period of apportionment of local sales

taxes by the local governmental entity;

17. “Public entity” means those entities described in the Local

Development Act;

18. “Retail purposes” means the objectives of selling tangible

personal property, other than art, on the physical premises of an

establishment. Retail purposes shall not mean a hotel, motel,

entertainment facility, museum, cultural facility, art gallery,

restaurant supporting another establishment excluded herein,

military growth impact project located within a military growth

impact community, or a major tourism destination project;

19. “State local enterprise matching payment” means the payment

authorized by subsection A of Section 844 of this title; and

20. “State local government matching payment” means the payment

authorized by subsection D of Section 844 of this title.
Okla. Stat. tit. 62, § 62-34.89 — OK Code / Title 62 / Section 62-34.89
Education Reform Revolving Fund
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the State Department of Education to be designated the

"Education Reform Revolving Fund". The Education Reform Revolving

Fund shall consist of any monies as apportioned by Sections 1353,

1403 and 2352 of Title 68 of the Oklahoma Statutes, Section 312.1 of

Title 36 of the Oklahoma Statutes, Section 1135.5 of Title 47 of the

Oklahoma Statutes and any other funds designated by law for deposit

thereto. The Education Reform Revolving Fund herein created may be

expended for the purposes stated in Enrolled House Bill No. 1017 of

the 1st Extraordinary Session of the 42nd Oklahoma Legislature, and

in the same manner as appropriated funds.
Okla. Stat. tit. 62, § 62-34.11.8 — OK Code / Title 62 / Section 62-34.11.8
Oklahoma State Government IT Project Monitoring and
Status: in_force

Transparency Initiative.

A. There is hereby established the “Oklahoma State Government

IT Project Monitoring and Transparency Initiative”.

B. The Chief Information Officer shall develop and maintain an

online web presence at the web address “projects.ok.gov”. The site

shall allow the public to monitor the status of every information

technology project resulting in expenditure in excess of One Hundred

Thousand Dollars ($100,000.00).

C. A report of each project subject to the terms of this

initiative shall be updated regularly and provide the public with

updates as to the status of the project’s estimated completion time,

deliverables and cost. Projects shall be judged against clear

metrics which shall be articulated on the website prior to the

commencement of each project.
Okla. Stat. tit. 62, § 62-115 — OK Code / Title 62 / Section 62-115
Issuance of bonds - Attorney General's duties
Status: in_force

All registered bonds issued under this act shall be signed by

the Governor under the great seal of this state, and attested by the

Secretary of State and the State Treasurer. Facsimile signatures

and seals may be used as provided in the Registered Public

Obligations Act of Oklahoma. The bonds shall have endorsed thereon a

certificate signed by the State Auditor and Inspector and Attorney

General of the state, showing that such bond is issued pursuant to

law and is within the debt limit. It shall also be the duty of the

Attorney General as ex officio bond commissioner of the State of

Oklahoma to examine into and pass upon any registered bonds so

issued, and such registered bonds, when declared by the certificate

of said bond commissioner to be issued in accordance with the forms

of procedure provided by him, shall be incontestable in any court in

the State of Oklahoma.
Okla. Stat. tit. 62, § 62-34.44 — OK Code / Title 62 / Section 62-34.44
Budget in year in which Governor-elect assumes office
Status: in_force

In any year in which a Governor-elect assumes office, the budget

shall be the budget of the new Governor and shall be submitted to

the Legislature by the new Governor. The Division of the Budget

shall render to the Governor-elect all possible assistance in the

preparation of the budget. The Governor and agencies of the state

shall furnish the Governor-elect estimates and other budget

information, in order that the Governor-elect may discharge

effectively his or her budget responsibilities upon assuming office.
Okla. Stat. tit. 62, § 62-2024 — OK Code / Title 62 / Section 62-2024
Construction of expenditures
Status: in_force

The expenditures from the Oklahoma Disaster Mitigation and

Recovery Matching Fund and other expenditures governed by this act,

if made in accordance with the requirements of this act, shall be

construed as an expenditure of public funds in furtherance of

governmental functions and for the purpose of conferring general and

uniform benefits resulting from the expenditures upon the residents

and other legal entities located in areas subject to the

Oklahoma Statutes - Title 62. Public Finance Page 632

jurisdiction of the entities described in subsection A or B of

Section 4 of this act.
Okla. Stat. tit. 62, § 62-9010.3 — OK Code / Title 62 / Section 62-9010.3
Definitions
Status: in_force

As used in the Pay for Success Act:

1. "Pay–for-success contract" or "contract" means a written

agreement executed in order to create a public-private partnership

contingent upon a specified service or program meeting specified

performance targets and outcome measures; and

2. "Success payment" means a single payment or schedule of

payments that is identified in a pay-for-success contract to be paid

when specified performance targets and outcome measures are met.
Okla. Stat. tit. 62, § 62-690.14 — OK Code / Title 62 / Section 62-690.14
Loan hearings and examinations - Grant of loan
Status: in_force

The Authority shall hold such hearings and examinations as to

each loan application received as shall be necessary to determine

whether the public purposes of this act will be accomplished by the

granting of loans requested. When the Authority shall have

determined the facts to be favorable as to any loan application, it

is hereby authorized and empowered to grant a loan to an enterprise

in the manner and to the extent provided in this act.
Okla. Stat. tit. 62, § 62-517.2 — OK Code / Title 62 / Section 62-517.2
Definitions
Status: in_force

As used in the Security for Local Public Deposits Act:

1. “Financial institution” means any bank, savings bank,

savings and loan association or credit union; and

2. “Public entity” means any county, city, town or board of

education of a public school district or vocational-technical school

district or other governmental or public entity of a local nature

which is required or permitted by law to collateralize its deposits.
Okla. Stat. tit. 62, § 62-88.1B — OK Code / Title 62 / Section 62-88.1B
Investment of linked deposit program monies
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 302

A. The amount that the State Treasurer may invest in all linked

deposit programs authorized by law shall not exceed the lesser of

Five Hundred Million Dollars ($500,000,000.00) or fifteen percent

(15%) of all monies available to the State Treasurer for investment

as calculated by taking the average of the quarter-end amount for

the previous four (4) quarters.

B. The State Treasurer shall on a quarterly basis review the

percentage of total investable state funds invested in all linked

deposit programs created by law to determine compliance with

subsection A of this section.

C. If the State Treasurer determines that more than the amount

allowable pursuant to subsection A of this section is invested in

all linked deposit programs created by law, the State Treasurer

shall suspend any renewal or any initiation of new linked deposit

program investments until the time that the State Treasurer

determines the investment percentage limitation established by this

section has been met and except as provided by Section 88.1A of this

title.
Okla. Stat. tit. 62, § 62-57.7 — OK Code / Title 62 / Section 62-57.7
Interim bonds
Status: in_force

The Commission is authorized to issue one or more interim bonds,

representative of the bonds so sold, which said interim bonds may be

in any denomination, shall have all of the qualities and be secured

by all of the covenants and pledges made to secure the bonds so

sold, but said interim bonds shall represent the bonded debt only

until such time as the definitive bonds are printed, executed and

delivered to the purchaser thereof. No tender of any such interim

bonds shall be valid until the expiration of the period of

contestability provided in this act. Simultaneously with delivery

of the definitive bonds, any such interim bonds shall be surrendered

for cancellation and canceled by the State Treasurer of Oklahoma.
Okla. Stat. tit. 62, § 62-695.3 — OK Code / Title 62 / Section 62-695.3
Definitions
Status: in_force

As used in the Oklahoma Bond Oversight and Reform Act:

1. "Council" means the Council of Bond Oversight;

2. "State Governmental Entity" means the State of Oklahoma or

any agency, board, commission, authority, department, public trust

of which the state is the beneficiary or other instrumentality of

state government, other than a public trust with the state as

beneficiary whose jurisdiction is limited to one county, including,

but not limited to, the following:

a. Oklahoma Municipal Power Authority,

b. Oklahoma Development Authority,

c. Oklahoma Industrial Finance Authority,

d. Grand River Dam Authority,

e. Oklahoma Water Resources Board,

f. Northeast Oklahoma Public Facilities Authority,

g. Oklahoma Turnpike Authority,

h. Oklahoma Housing Finance Authority, and

i. Oklahoma Public, Industrial and Cultural Facilities

Authority;

3. "Local Governmental Entity" means counties, cities and

towns, school districts, public trusts of which a county, city or

Oklahoma Statutes - Title 62. Public Finance Page 486

town or school district is the beneficiary or other political

subdivision of the state;

4. "Purpose" means the issuer's principal intended use of the

funds derived from the issuance of bonds or other obligations; and

5. "State Governmental Entity Financing" shall include local

governmental transactions where the project is leased by a State

Governmental Entity or debt service is paid directly or indirectly

by a State Governmental Entity or where the project or improvement

is in direct support of or administered by a State Governmental

Entity.
Okla. Stat. tit. 62, § 62-690.10 — OK Code / Title 62 / Section 62-690.10
Bond election - Notice - Resolution - Ballots
Status: in_force

A. Upon adoption of a resolution by a majority of the members

of each board of county commissioners of an enterprise district or

of the governing bodies of each member city or town of an enterprise

district, and pursuant to the recommendation of the Authority, said

boards or governing bodies shall by resolution call for an election

for the purpose of issuing general obligation bonds to finance low

interest loans as provided by Section 690.16 of this title.

B. Each board or governing body shall give notice of said

election by publication once a week for two (2) consecutive weeks in

a daily or weekly newspaper of general circulation published in its

respective county. If there is no daily or weekly newspaper

published in the county, then notice shall be given in a newspaper

of general circulation in such county.

C. The resolution calling for the election and the notice shall

contain:

1. The amount of bonds to be issued;

2. The time of holding said election, which shall not be less

than thirty (30) days from the first publication of any notice;

3. The names of all counties or cities and towns in the

enterprise district; and

4. The purpose for which the bonds are to be used.

D. Printed ballots stating "For District Bonds" and "Against

District Bonds" shall be cast at the election.
Okla. Stat. tit. 62, § 62-34.90 — OK Code / Title 62 / Section 62-34.90
Common Education Technology Revolving Fund
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the State Department of Education to be designated the "Common

Education Technology Revolving Fund". The fund shall be a

continuing fund, not subject to fiscal year limitations, and shall

consist of monies received pursuant to the provisions of

subparagraph a of paragraph 2 and subparagraph a of paragraph 3 of

Section 1004 of Title 68 of the Oklahoma Statutes and any funds

previously deposited in the Common Education Technology Fund. All

monies accruing to the credit of the fund are hereby appropriated

and may be budgeted and expended by the State Department of

Education as authorized by the Oklahoma Legislature. 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, § 62-57.109 — OK Code / Title 62 / Section 62-57.109
Delivery - Deposit of proceeds - Investment of surplus
Status: in_force

The bonds and interest coupons attached thereto shall be

delivered to the purchaser thereof only upon payment of par and

accrued interest to the date of delivery thereof, together with any

premium bid. The proceeds of the sale of said bonds shall be

deposited in the State Treasury in the sinking fund, where they

shall remain subject to disposition as provided for by the

Legislature of this state, provided that the State Treasurer, when

so directed by the Director of the Office of Management and

Enterprise Services and the Oklahoma State Regents for Higher

Education acting on behalf of the governing boards, according to the

funds allocated, as to the amounts available for investment shall

invest said designated amounts of the sinking fund in direct

obligations of the United States of America or in certificates of

deposits from banks in this state acceptable as depositories by the

State Treasurer when such certificates of deposits are secured by

the acceptable collateral and yield as much as or more than direct

obligations of the United States of America. All such investments of

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

enable this state to issue warrants for payment of the valid

indebtedness incurred for the purpose for which said bonds are

issued, when the said indebtedness has been incurred pursuant to

legislative authority. The Director of the Office of Management and

Enterprise Services and the Oklahoma State Regents for Higher

Education shall promptly certify to the State Treasurer the amount

of all sums not needed for payment of construction and other legal

expenditures payable from the sinking fund to meet the construction

payment schedule, and upon receipt of such certification the State

Treasurer shall make the investment specified in this section. All

interest received by the State Treasurer upon the securities

referred to in this section shall be deposited in the sinking fund.
Okla. Stat. tit. 62, § 62-57.90 — OK Code / Title 62 / Section 62-57.90
Investment of sinking fund
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 243

certificates of deposits from banks in the State of Oklahoma

acceptable as depositories by the State Treasurer when such

certificates of deposits are secured by acceptable collateral and

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

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

payments on the 1965 Institutional Building Bonds Series C, which

earnings shall be deposited in the sinking fund.
Okla. Stat. tit. 62, § 62-159 — OK Code / Title 62 / Section 62-159
State Election Board Revolving Fund
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the Secretary of the State Election Board. Said revolving fund

shall consist of all monies received by the Secretary of the State

Election Board under 26 O.S. 1971, Sections 161, 165a, 391 and 392.

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

year limitations. Expenditures from said fund shall be made

pursuant to the laws of this state and the statutes relating to the

Secretary of the State Election Board, and without legislative

appropriation. Warrants for expenditures from said fund shall be

drawn by the State Treasurer, based on claims signed by an

authorized employee or employees of the State Election Board and

approved for payment by the Director of the Office of Management and

Enterprise Services.
Okla. Stat. tit. 62, § 62-653 — OK Code / Title 62 / Section 62-653
Use of revenues - Public trusts
Status: in_force

A. Municipalities and counties are hereby authorized to use any

available revenues for the accomplishment of the purposes set forth

in Section 652 hereof.

B. Trustees of public trusts who have constructed and leased or

operated county law enforcement centers or jails for the benefit of

counties may designate any available revenues for additional

equipment, personnel, or compensation that are in addition to those

provided by law in order to carry out the required duties of such

project.
Okla. Stat. tit. 62, § 62-57.89 — OK Code / Title 62 / Section 62-57.89
Delivery - Deposit of proceeds - Investment of surplus
Status: in_force

The bonds and interest coupons attached thereto shall be

delivered to the purchaser thereof only upon payment of par and

accrued interest to the date of delivery thereof, together with any

premium bid. The proceeds of the sale of said bonds shall be

deposited in the State Treasury, in a fund which is hereby created

and designated the "1965 Institutional Building Bond Fund Series C",

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 Director of the Office of Management and

Enterprise Services and the Oklahoma State Regents for Higher

Education acting on behalf of the governing boards, according to the

funds allocated, as to the amounts available for investment shall

invest said designated amounts of the 1965 Institutional Building

Bond Fund Series C in direct obligations of the United States of

America or in certificates of deposits from banks in this state

acceptable as depositories by the State Treasurer when such

certificates of deposits are secured by the acceptable collateral

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

States of America. All such investments of said monies must be made

so that the same shall mature in time to enable this state to issue

warrants for payment of the valid indebtedness incurred for the

purpose for which said bonds are issued, when the said indebtedness

has been incurred pursuant to legislative authority. The Director

of the Office of Management and Enterprise Services and the Oklahoma

State Regents for Higher Education shall promptly certify to the

State Treasurer the amount of all sums not needed for payment of

construction and other legal expenditures payable from the 1965

Institutional Building Bond Fund Series C to meet the construction

payment schedule, and upon receipt of such certification the State

Treasurer shall make the investment specified in this section. All

interest received by the State Treasurer upon the securities

referred to in this section shall be deposited in the 1965

Institutional Building Bond Fund Series C.

Added Laws 1967, c. 289, § 9, emerg. eff. May 8, 1967. Amended by
Okla. Stat. tit. 62, § 62-34.84 — OK Code / Title 62 / Section 62-34.84
Deficiency certificates
Status: in_force

A. The Governor shall have discretion to issue a deficiency

certificate or certificates, for the benefit of any agency of the

state, if the amount of such deficiency certificate, or

certificates, is within the limit of the current appropriation for

that agency.

B. The State Treasurer shall issue warrants to the extent of

such certificate or certificates for the payment of such claims as

may be authorized by the Governor.

C. Such warrants shall become a part of the public debt and

shall be paid out of any money appropriated by the Legislature and

made lawfully available therefor.

D. In no event shall said deficiency certificate, or

certificates, exceed in the aggregate the sum of Five Hundred

Thousand Dollars ($500,000.00), in any fiscal year.
Okla. Stat. tit. 62, § 62-326 — OK Code / Title 62 / Section 62-326
Rental from forest reserves - Disposition and
Status: in_force

apportionment.

From and after the passage of this act, each county treasurer

of this state shall, out of any funds now on hand and any funds

hereinafter received by him from the United States Government as

said County's share of the rentals from forest reserves located

therein, immediately apportion same as follows:

1st. Twenty-five percent (25%) of all money now on hand and

hereinafter received to be prorated and apportioned among the

various school districts of said counties situated and located

contiguous to such forest reserves, according to the scholastic

population thereof;

2nd. Seventy-five percent (75%) of all such money now on hand

and hereinafter received, shall be deposited in a special road fund

to be expended on county highways leading into and away from such

forest reserves, under the direction and supervision of the Board of

county commissioners of such county.
Okla. Stat. tit. 62, § 62-517.3 — OK Code / Title 62 / Section 62-517.3
Public deposits defined - Official depositories
Status: in_force

A. All public deposits made by a treasurer of a public entity

in financial institutions shall be secured as provided for in the

Security for Local Public Deposits Act. As used in this section,

"public deposits" means all forms of demand deposits or time

deposits, but shall not include other investments authorized by

statute which are made by a treasurer of a public entity.

B. The treasurer of every public entity shall deposit daily,

not later than the immediately next banking day, all funds and

monies of whatsoever kind that shall come into the possession of the

treasurer by virtue of the office, in one or more financial

institutions that have been designated as either state or county

depositories, or both, and the acceptance of any such deposit from

any such treasurer shall be tantamount to adoption, in relation

thereto, of the same privileges and conditions, other than

collateral security, as are now provided by law in acceptance of

designation as state or county depositories. The treasurer may

establish a depository or depositories for demand accounts in

financial institutions outside of the governmental or municipal area

Oklahoma Statutes - Title 62. Public Finance Page 445

of the treasurer but within this state; provided, that the treasurer

of a public entity may authorize any designated depository within

this state to redeposit funds of the public entity into interest-

bearing demand-deposit accounts in one or more federally insured

financial institutions; and provided further, that the full amount

of principal and any accrued interest of each such demand-deposit

account shall be insured by the Federal Deposit Insurance

Corporation. The State Treasurer is hereby authorized to be the

official depository for the treasurer of any county, and for the

treasurer of any city or board of education where such city or

school district has a population of five thousand (5,000) or more

inhabitants but only for deposit of remaining fund balances in

inactive funds and not for checking purposes. The county treasurer

is hereby authorized to be official depository for the treasurer of

any city, town, or board of education.
Okla. Stat. tit. 62, § 62-690.9 — OK Code / Title 62 / Section 62-690.9
Powers and duties of Authority
Status: in_force

The Authority is hereby authorized and empowered:

1. To adopt bylaws for the regulation of its affairs and

conduct of its business;

2. To adopt an official seal and alter the same;

3. To maintain an office at such place or places within the

enterprise district as it may designate;

4. To sue and be sued, in contract, reverse condemnation,

equity, mandamus and similar actions in its own name, plead and be

impleaded; provided however, that any and all actions at law or in

equity against the Authority shall be brought in the county in which

the principal office of the Authority shall be located, or in the

county of the residence of the plaintiff, or the county wherein the

cause of action arose;

Oklahoma Statutes - Title 62. Public Finance Page 479

5. To acquire, hold and dispose of real and personal property

in the exercise of its powers and the performance of its duties

under this section;

6. To make and enter into all contracts and agreements

necessary or incidental to the performance of its duties and the

execution of its powers under this act; and

7. To adopt such rules and regulations and do all things

necessary or convenient to carry out the powers and duties expressly

granted in this section.
Okla. Stat. tit. 62, § 62-57.19 — OK Code / Title 62 / Section 62-57.19
Sales to State Treasurer and Commissioners of Land
Status: in_force

Office.

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

authorized and required to purchase from the Commission at private

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

Oklahoma Statutes - Title 62. Public Finance Page 206

investment of the public monies in his possession. It shall be the

responsibility of the State Treasurer to invest only that portion of

such public monies as the State Treasurer deems to be more than

sufficient to meet current expenditures payable from public monies.

The State Treasurer is authorized and required to buy, and the

Commission is authorized and required to sell to the State Treasurer

at private sale as provided in this section so many of the bonds

authorized by this act, as may be safely purchased for investment of

public monies by the State Treasurer, without handicapping the State

of Oklahoma in promptly meeting its obligations. In event of such

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

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

exceed two and one-half percent (2 1/2%) per annum. All interest

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

such investment shall, as collected, be paid into the State of

Oklahoma Building Bonds of 1955 Sinking Fund.

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

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

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

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

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

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

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

of their investments as they may constitutionally sell and

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

All State of Oklahoma Building Bonds of 1955 purchased by the

Commissioners of the Land Office under the provisions of this

subsection shall provide for a rate of interest equal to the average

interest yield of the securities sold and liquidated to make such

purchase, but in no event more than two and one-half percent (2

1/2%) per annum.

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

Treasurer under the provisions of subsection (a) hereof and

thereafter the uninvested cash on hand and in solvent banks should

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

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

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

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

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

for either permanent or temporary investment. It shall be the

mandatory duty of the Commissioners of the Land Office to purchase

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

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

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

liquidate such of their investments as they may constitutionally

sell and liquidate and shall purchase such bonds with the proceeds

thereof.

Oklahoma Statutes - Title 62. Public Finance Page 207

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

bonds as offered by the State Treasurer as provided in subsection

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

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

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

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

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

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

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

with the method and procedure for refunding provided in this act.
Okla. Stat. tit. 62, § 62-443 — OK Code / Title 62 / Section 62-443
Procedure - Restrictions on use of funds - Investment of
Status: in_force

sinking fund in warrants.

The procedure for the making of an appropriation for the

aforesaid purpose from such sinking fund and for the levy of a tax

of not to exceed one (1) mill annually, shall be by resolution in

which a majority of the board of county commissioners shall concur;

and provided further, that the funds herein provided for shall not

be used for the purpose of purchasing a site for the construction of

the buildings herein provided for; and providing further, that in

the event time warrants are issued for the aforesaid purposes, the

county treasurer of any such county is hereby authorized to invest

any available sinking fund money of such county in any such time

warrants; and any such investment so made is hereby ratified and

approved.
Okla. Stat. tit. 62, § 62-34.1 — OK Code / Title 62 / Section 62-34.1
Tax accounts with counties – Certification of information
Status: in_force

by State Board of Equalization – Reports by county clerks – Power

and authority of State Auditor and Inspector.

A. The official tax accounts with the several counties of the

state shall be kept by the State Auditor and Inspector, which said

accounts shall exhibit the true amount of each class and year's

taxes charged to each of the several counties, together with the

amounts received from each county, and the balance due therefrom;

provided, that all taxes of each of the several counties that shall

be delinquent for four (4) or more years may be consolidated by

classes into one account.

B. As a means of accurately establishing the ad valorem tax

accounts herein provided for, it is hereby made the duty of the

State Board of Equalization to certify annually to the State Auditor

and Inspector, within five (5) days after the same shall have been

ascertained by such Board for the year, the state equalized value of

all property assessed ad valorem in each of the counties of the

state, the rate of levy for the year, together with the amount of ad

valorem taxes assessed against the property in each of the several

counties of the state for the year.

C. For the purpose of maintaining an accurate check and balance

on the accounts between the state and the several counties, it shall

be the duty of the county clerk of each county to make and file with

the State Auditor and Inspector on or before the third Monday

following the close of the semiannual periods ending June 30th, and

December 31st, of each year, a certified report and statement in

writing showing by years and by classes the amount of all taxes due

Oklahoma Statutes - Title 62. Public Finance Page 28

the state, or its fund or funds under its management at close of

such periods, together with the dates and amounts of all payments

into the State Treasury during such periods, which said statement

when so filed with the State Auditor and Inspector shall become a

permanent and official record.

D. It shall be the duty of the State Auditor and Inspector, and

the State Auditor and Inspector is hereby given full power and

authority to reconcile and adjust all tax accounts with the several

counties and to require a proper accounting for all revenue laid and

levied, or required to be laid and levied, against all properties

and subjects selected for taxation by the state in the respective

counties, together with the amount thereof collected for or on

behalf of the state by any county or any officer thereof.
Okla. Stat. tit. 62, § 62-753.1 — OK Code / Title 62 / Section 62-753.1
Issuance of general obligation refunding bonds not to
Status: in_force

have certain effects.

The issuance of general obligation refunding bonds pursuant to

the General Obligation Public Securities Refunding Act, to refund

all or any portion of outstanding general obligation bonds shall not

have the effect of extinguishing the requirements of either Section

26 or Section 27 of Article X of the Oklahoma Constitution that the

proceeds of such bonds to be refunded shall be expended only for the

purposes or projects for which such bonds were approved. The

issuance of general obligation refunding bonds to refund all or any

portion of outstanding general obligation bonds issued under and

pursuant to Section 27 of Article X of the Oklahoma Constitution

shall not have the effect of extinguishing the requirement that

public utilities purchased, constructed, or repaired with the

proceeds of such bonds shall be owned exclusively by the city or

town which issued such bonds.
Okla. Stat. tit. 62, § 62-41.5f — OK Code / Title 62 / Section 62-41.5f
Renumbered as § 34.17 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-46.1 — OK Code / Title 62 / Section 62-46.1
Transfer of surplus funds accruing to General Revenue
Status: in_force

Fund to certain funds.

A. On July 1, 2005, or as soon thereafter as feasible, the

Office of Management and Enterprise Services shall transfer any

surplus funds which accrue to the General Revenue Fund of this state

for the fiscal year ending June 30, 2005, over and above that which

is placed in the Constitutional Reserve Fund pursuant to Section 23

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

fiscal year ending June 30, 2005, to the following funds and in the

specified amounts:

1. Fifty percent (50%) to the Oklahoma Dynamic Economy and

Budget Security Fund established in Section 46.2 of this title; and

2. Fifty percent (50%) to the Oklahoma Taxpayer Relief

Revolving Fund established in Section 2355.2 of Title 68 of the

Oklahoma Statutes.

B. On July 1, 2006, or as soon thereafter as feasible, the

Office of Management and Enterprise Services shall transfer the

following amounts of surplus funds which accrue to the General

Revenue Fund of this state for the fiscal year ending June 30, 2006,

over and above that which is placed in the Constitutional Reserve

Fund pursuant to Section 23 of Article X of the Constitution of the

State of Oklahoma for the fiscal year ending June 30, 2006:

1. The first Eighty-five Million Five Hundred Thousand Dollars

($85,500,000.00) to the State Regents Revolving Fund of the Oklahoma

Oklahoma Statutes - Title 62. Public Finance Page 176

State Regents for Higher Education, to be used for operations of The

Oklahoma State System of Higher Education;

2. Contingent upon passage and approval of Enrolled House Bill

No. 1169 of the 2nd Extraordinary Session of the 50th Oklahoma

Legislature, the next Forty-five Million Dollars ($45,000,000.00) to

the Oklahoma Opportunity Fund created in Section 48 of this title;

3. Contingent upon passage and approval of Enrolled Senate Bill

No. 99 of the 2nd Extraordinary Session of the 50th Oklahoma

Legislature, the next One Hundred Fifty Million Dollars

($150,000,000.00) to the Economic Development Generating Excellence

(EDGE) Fund created in Section 47 of this title;

4. The next Twenty-five Million Dollars ($25,000,000.00) to the

County Bridges and Road Improvement Fund, to be expended for repair,

renovation, rehabilitation, or replacement of county bridges;

5. The next Seven Million Dollars ($7,000,000.00) to the

Oklahoma Department of Veterans Affairs Revolving Fund, to be used

for expenses associated with the State Veterans Home in Sulphur;

6. The next Five Million Dollars ($5,000,000.00) to the Rural

Fire Equipment Grant Revolving Fund of the Oklahoma Department of

Agriculture, Food, and Forestry;

7. The next Eighty Million Dollars ($80,000,000.00) to the

Comprehensive University Capital Projects Revolving Fund created in

Section 2, Chapter 84, O.S.L. 2006;

8. The next Eight Million Dollars ($8,000,000.00) to the

Tourism Equipment Revolving Fund of the Oklahoma Tourism and

Recreation Department, to be used for operations, capital

improvements and maintenance of state parks;

9. The next Fifteen Million Dollars ($15,000,000.00) to the

State Emergency Fund created in Section 139.42 of this title;

10. The next Nine Hundred Thousand Dollars ($900,000.00) to the

Oklahoma Tax Commission Fund created pursuant to Section 221 of this

title for the implementation of a digital license plate system;

11. The next Thirty-five Million Dollars ($35,000,000.00) to

the Oklahoma Firefighters Pension and Retirement System in order to

replace monies that would otherwise have been apportioned over a

period of years pursuant to paragraph 1 of subsection C of Section

312.1 of Title 36 of the Oklahoma Statutes if such modified

apportionment is enacted pursuant to legislation passed during the

2nd Extraordinary Session of the 50th Oklahoma Legislature. If such

modification to the apportionment is not enacted as a result of the

passage of such legislation, the sum specified by this paragraph

shall not be transferred to the Oklahoma Firefighters Pension and

Retirement System; and

12. The next Nine Hundred Thousand Dollars ($900,000.00) to the

Oklahoma Tax Commission Fund created pursuant to Section 221 of this

title for the acquisition of a main frame computer.

Oklahoma Statutes - Title 62. Public Finance Page 177

The transfers authorized pursuant to the provisions of

paragraphs 1 through 12 of this subsection shall not be subject to

fiscal year 2007 agency category or budget limits.
Okla. Stat. tit. 62, § 62-182 — OK Code / Title 62 / Section 62-182
Appropriation to be placed in fund
Status: in_force

The sum of One Thousand Five Hundred Dollars ($1,500.00) is

hereby appropriated out of any funds in the State Treasury, not

otherwise appropriated, to be placed in the revolving fund of said

institution for the purpose of carrying out the provisions of this

act.
Okla. Stat. tit. 62, § 62-2007 — OK Code / Title 62 / Section 62-2007
Eligibility to obtain funding
Status: in_force

A. A voluntary association of Oklahoma local governmental

jurisdictions or another legal entity, including a public trust or a

nonprofit corporation or other entity which performs functions for

Oklahoma Statutes - Title 62. Public Finance Page 625

the benefit of or which exists for the primary benefit of Oklahoma

local governmental jurisdictions and which is not described in

subsection B of this section, shall be eligible to obtain funding

for rural economic development projects as authorized by Section

2004 of this title or as authorized by subsection B of Section 2006

of this title.

B. A voluntary association of Oklahoma local governmental

jurisdictions containing at least one municipality with a population

in excess of three hundred fifty thousand (350,000) persons

according to the latest Federal Decennial Census, shall be eligible

to obtain funding as authorized by Section 2004 of this title or as

authorized by subsection C of Section 2006 of this title.

C. The entities described in subsection A or B of this section

and which are eligible for any funds authorized by Section 2006 of

this title shall be prohibited from making expenditures on behalf of

or from making payment directly to any city or town with a

population in excess of seven thousand (7,000) persons using any

funds deposited to the Rural Economic Action Plan Fund created by

Section 2006 of this title. Funds may also be expended for any city

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

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

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

next following Federal Decennial Census.

D. An organization described in subsection A or B of this

section shall be authorized to make payment of funds obtained

pursuant to Section 2006 of this title directly to a county if the

funds are used for the benefit of an unincorporated area located

within the county to which payment is made if the area benefited

does not contain a population in excess of seven thousand (7,000)

persons. After the county has provided a request to an organization

described in subsection A or B of this section for funds to benefit

an unincorporated area of the county, together with a statement that

the county has conducted a review of the needs of unincorporated

areas located within the county and that the funding requested is

consistent with the evaluation of priorities for funds by the

county, the funds requested may be paid to the county. Any funds

paid to a county pursuant to the provisions of this subsection shall

be expended by the county exclusively for the purpose identified in

the request.

E. No county to which funds are paid pursuant to the provisions

of subsection D of this section shall be liable to any person or

other legal entity for damages arising out of any condition, act,

omission or other cause alleged to have arisen as a result of a

project upon which funds expended pursuant to the authority of

subsection D of this section were paid to the county.

Oklahoma Statutes - Title 62. Public Finance Page 626
Okla. Stat. tit. 62, § 62-802 — OK Code / Title 62 / Section 62-802
Definitions
Status: in_force

As used in the Municipal and County Economic and Community

Development Bonds Act:

1. "Amortization" means the reduction of bonded indebtedness by

making annual or fiscal year payments of principal and interest

sufficient to pay off bonds by their stated maturity;

2. "Annual maturing principal plus interest shall be as nearly

equal as practicable throughout the term of the issue" means that

the total annual or fiscal year debt service, except for short

periods, must be approximately equal for every annual or fiscal

period, provided each net annual or fiscal year debt service payment

in relation to all other net annual or fiscal year payments must be

made within a dollar amount range not to exceed twice the stated

denomination of the bonds;

3. "Debt service" means money required, pursuant to the terms

of issuance, for payments of principal and interest due on

outstanding bonds;

4. "Level principal debt service payments" means the amount of

principal retired annually or during a fiscal year with respect to

outstanding bonds shall be equal;

5. "Qualified economic or community development purpose" means

the use of bond proceeds for the acquisition, construction,

development and/or equipping of the following projects or programs:

a. industrial facilities including manufacturing,

maintenance, servicing, warehouse, wholesale

distribution, and transportation facilities,

b. tourism facilities including recreation or

entertainment facilities, theme parks, cultural and

historic sites,

c. sports facilities including arenas, stadiums,

ballparks, and golf courses,

Oklahoma Statutes - Title 62. Public Finance Page 519

d. agricultural facilities including grain elevators,

cotton gins, compresses, livestock barns, and other

commodity processing facilities,

e. defense industry facilities including office

facilities, security facilities, and the acquisition

of land for clear zones or to implement noise

abatement zoning,

f. redevelopment programs including the acquisition of

real property in a designated blighted area and the

rehabilitation of such property, the clearing and

preparation of land for redevelopment, the transfer of

interests in the property to nongovernmental persons

for fair market value, and the relocation of occupants

of the real property acquired,

g. governmental facilities including city halls,

courthouses, administration buildings, police and fire

stations, county jails, detention facilities, and

emergency or first response facilities,

h. community facilities including parks, senior citizens

centers, shelters for homeless or abused persons, and

juvenile centers,

i. public infrastructure facilities including highways,

roads, streets, bridges, sewers, traffic control

systems and devices, telecommunications systems,

wastewater and water distribution and supply systems,

curbing, sidewalks and any similar public

improvements, gas and electric production,

distribution and transmission facilities, common

utility or service facilities, landscaping, parking,

and water detention/retention systems,

j. economic development programs including but not

limited to job creation payments, low interest, and/or

forgivable loans, and

k. public health facilities including but not limited to

county or public hospitals, clinics, emergency medical

service facilities, and county health department

facilities;

6. "Short periods" means the period of time preceding the

beginning of full amortization of principal and interest due on

bonds;

7. "True interest cost" means the rate used to discount the

amounts payable on the respective principal and interest maturity

dates which yields a result equal to the purchase price received for

bonds; and

8. "Ultimate user" means the industry on whose behalf bonds are

issued.

Oklahoma Statutes - Title 62. Public Finance Page 520
Okla. Stat. tit. 62, § 62-41.29d — OK Code / Title 62 / Section 62-41.29d
Renumbered as § 34.91 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-45.1 — OK Code / Title 62 / Section 62-45.1
Short title – Duties of all state agencies
Status: in_force

Sections 45.1 through 45.10 of this title shall be known and may

be cited as the “Oklahoma Program Performance Budgeting and

Accountability Act”. All state agencies are to prepare and submit

their budgetary systems in a program format. In addition, all state

agencies are to collect and identify data to measure performance of

their programs.

Implementation of this act shall be designed to better

prioritize state funding needs, reduce program duplication, enhance

budgeting information necessary to improve the efficiency of state

operations and improve state services to the public.
Okla. Stat. tit. 62, § 62-34.3.1 — OK Code / Title 62 / Section 62-34.3.1
Consolidated agencies
Status: in_force

A. The Department of Central Services, Office of Personnel

Management, Oklahoma State Employees Benefits Council and the State

and Education Employees Group Insurance Board are consolidated into

the Office of Management and Enterprise Services. The Director of

the Office of Management and Enterprise Services shall assume all

executive-level responsibilities for each agency and shall function

as and possess the powers of the agency director for each

consolidated agency as enumerated by existing statute. For the

purposes of this section the term “consolidated agencies” shall mean

the Department of Central Services, Office of Personnel Management,

Oklahoma State Employees Benefits Council and the State and

Education Employees Group Insurance Board. Any funds appropriated

to, in the possession of or allocated to any of the consolidated

agencies shall be deemed to be funds of the Office of Management and

Enterprise Services.

B. Upon request of the Director of the Office of Management and

Enterprise Services, the personnel of the consolidated agencies

shall deliver to the Office of Management and Enterprise Services

all books, papers, records and property of the consolidated

agencies.

C. All functions, powers, duties and obligations previously

assigned to each of the consolidated agencies are hereby transferred

to the Office of Management and Enterprise Services.

D. All rules, regulations, acts, orders, determinations and

decisions of the consolidated agencies pertaining to the functions

and powers herein transferred and assigned to the Office of

Management and Enterprise Services, in force at the time of such

transfer, assignment, assumption or devolution shall continue in

force and effect as rules, regulations, acts, orders, determinations

and decisions of the consolidated agencies until duly modified or

abrogated by the appropriate body or until otherwise provided by

law.
Okla. Stat. tit. 62, § 62-255.1 — OK Code / Title 62 / Section 62-255.1
XXX
Status: in_force

A. Pursuant to the American Rescue Plan Act of 2021 (ARPA),

Public Law 117-2, the State of Oklahoma is the recipient of the

federal ARPA funds drawn down by the Office of Management and

Enterprise Services (OMES). The Oklahoma Legislature shall not be

considered a subrecipient of the ARPA funds. The Office of

Management and Enterprise Services shall be the responsible entity

for any claw back penalties, legal, or other recoupment costs for

the state.

B. 1. The Legislature authorizes the Office of Management and

Enterprise Services to manage federal APRA funds by requiring all

receiving entities known as subrecipients to sign a grant agreement.

Any entity, without exception, including state agencies receiving an

appropriation from the Statewide Recovery Fund or a similar fund

with federal requirement attached to its use shall have a fully

executed grant agreement in place within sixty (60) days after

enactment of any legislation that appropriates funding from the

Statewide Recovery Fund of the State Treasury created in Section 1,

Chapter 319, O.S.L. 2022, and be in compliance with such agreement

before a disbursement can be made. The mutually agreed upon grant

agreement, as reviewed and approved by the subrecipient's legal

counsel or advisor, shall be between the Office of Management and

Enterprise Services and the subrecipient. The grant agreement shall

be standard for all receiving entities and shall be executed by an

executive officer of the Office of Management and Enterprise

Services and the subrecipient. The grant agreement shall outline

the disbursement schedule, the subrecipient's efforts for compliance

with the federal requirements for the use of the funds, including

auditing, reporting, further disbursement, and cash management

procedures as well as compliance with the Oklahoma laws governing

the administration of the subrecipient. The requirements of this

subsection shall also apply when a receiving entity has been

designated as both a pass-through entity and a subrecipient.

Oklahoma Statutes - Title 62. Public Finance Page 357

2. The Office of Management and Enterprise Services shall

publish a weekly report, to the Chairs of the Joint Committee on

Pandemic Relief Funding and make available to the public on the

state's website, of the status of all grant agreements, until such

agreements are fully executed.

C. The Office of Management and Enterprise Services shall

provide to Chairs of the Joint Committee on Pandemic Relief Funding

and make available to the public on the state's website, a quarterly

report of all expenditures of ARPA funds. The quarterly report

shall include, but not be limited to, any impediments to

distribution and corrective action necessary.