Okla. Stat. tit. 62, § 62-57.175 — OK Code / Title 62 / Section 62-57.175
Deposit of proceeds - Investment
Status: in_force

Notwithstanding the provisions of Section 57.133, Title 62,

Oklahoma Statutes, to the contrary, the proceeds from the sale of

such Series D Bonds shall be deposited in the State of Oklahoma

Oklahoma Statutes - Title 62. Public Finance Page 270

Building Bonds of 1968 Fund, where the proceeds shall remain subject

to disposition as provided for by the Legislature of Oklahoma,

provided that it shall be the duty of the agency to which an

appropriation therefrom is made by Senate Bill No. 374 of the lst

Session of the 34th Oklahoma Legislature to advise in writing the

State Treasurer of the dates and amounts when each such appropriated

sum or portion thereof will be required by such agency to satisfy

its program for the expenditure thereof, such written advice to be

delivered by each such agency to the State Treasurer within ten (10)

days of the sale of such bonds, and it shall be the duty of the

State Treasurer to invest the proceeds from the sale of such bonds

in direct obligation of the United States of America or in

certificates of deposit from banks in Oklahoma acceptable as

depositories by the State Treasurer when such certificates of

deposit are secured by acceptable collateral and yield as much or

more than direct obligations of the United States of America,

maturing at such times and in such amounts as to enable the State of

Oklahoma to issue warrants in the amounts and at the times indicated

by the said agencies in their said written advices to the State

Treasurer, and the income from such investments shall be deposited

by the State Treasurer in the State of Oklahoma Building Bonds of

1968 Sinking Fund and shall be used to pay the interest on such

Series D Bonds.
Okla. Stat. tit. 62, § 62-381 — OK Code / Title 62 / Section 62-381
Bonds legalized
Status: in_force

All bonds issued or voted in good faith by any municipal

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

since the admission of this state into the Union, where the amount

thereof does not exceed the limit prescribed by the constitution,

and where the election at which the same were voted was conducted in

Oklahoma Statutes - Title 62. Public Finance Page 408

substantial compliance with the law, and where the proceedings of

the municipal authorities of any such municipal corporation, county,

township or school district calling any such election were conducted

in substantial compliance with the law, and the bonds were

authorized by the requisite vote as required by the constitution and

laws of Oklahoma, and when the full contract purchase price has been

paid to the municipal corporation, county, township or school

district issuing the same, are hereby made legal and valid,

notwithstanding any irregularities in the proceedings of the

authorities of such municipal corporation, county, township or

school district in calling any such election or in holding the same.
Okla. Stat. tit. 62, § 62-34.11.7 — OK Code / Title 62 / Section 62-34.11.7
Statewide assistance program - Performance reporting
Status: in_force

metrics – Telework pilot program.

A. 1. The State Governmental Technology Applications Review

Board shall establish a statewide assistance program with guidelines

and support to encourage all state agencies in the development of a

telework model designed for maximum efficiency and to reduce the

need for additional state office space and to produce cost savings.

2. In establishing a statewide assistance telework program, the

Board, working with the Office of Management and Enterprise

Services, shall:

a. provide policies and guidance for telework in the

areas of pay and leave, performance management,

official worksite, recruitment and retention and

accommodation for employees with disabilities,

b. assist each state agency in establishing qualitative

and quantitative measures and telework goals,

c. provide guidance to ensure the adequacy of information

and security protections for information and

information systems while teleworking to:

(1) control access to agency information and

information systems,

(2) protect agency information and information

systems,

Oklahoma Statutes - Title 62. Public Finance Page 46

(3) protect information systems not under the control

of the state agency that are used for telework,

(4) limit the introduction of vulnerabilities, and

(5) safeguard wireless and other telecommunications

capabilities, and

d. maintain a central telework website including:

(1) telework links,

(2) announcements,

(3) guidance developed by the Board and the Office of

Management and Enterprise Services, and

(4) documents to be used by staff, managers and human

resource professionals.

B. The State Governmental Technology Applications Review Board

shall establish performance reporting metrics for each state

employee who begins participating in telework following July 1,

2012. These reports shall be published through the data.ok.gov

website.

C. The Oklahoma Healthcare Authority shall authorize one

division of employees to participate in a telework pilot program

pursuant to the terms of this section.

D. For the purposes of this section, "performance reporting

metrics" shall mean a set of criteria which demonstrates the

quantity and quality of work. "Telework" shall mean work which is

performed outside of the traditional on-site work environment.
Okla. Stat. tit. 62, § 62-863 — OK Code / Title 62 / Section 62-863
Tax apportionment bonds or notes
Status: in_force

A. With the approval of the governing body, a public entity,

other than a city, town or county, may issue tax apportionment bonds

or notes, other bonds or notes, or both, the proceeds of which may

be used to pay project costs pursuant to the plan notwithstanding

any other statutory provision to the contrary. Subject to the

approval of the governing body, such public entity may issue

refunding bonds or notes for the payment or retirement of bonds or

notes previously issued by the public entity to pay project costs

pursuant to the plan.

B. The public entity issuing tax apportionment bonds or notes

may, as authorized by the governing body pursuant to Section 6C of

Article X of the Constitution of the State of Oklahoma, irrevocably

pledge all or part of the apportioned increments and other revenue

for payment of the tax apportionment bonds or notes. The part of

the apportioned increments pledged in payment may be used only for

the payment of the bonds or notes or interest on the bonds or notes

until the bonds or notes have been fully paid. A holder of the

bonds or notes or of coupons issued on the bonds has a lien to the

extent authorized by the pledge against the apportionment fund and

the future increments for payment of the bonds or notes and interest

on the bonds or notes and may protect or enforce the lien at law or

in equity.

C. The issuing public entity may provide in the contract with

the owners or holders of tax apportionment bonds that they will pay

into the apportionment fund all or any part of the revenue produced

or received from the operation or sale of a facility acquired,

improved, or constructed pursuant to a project plan, to be used to

pay principal and interest on the bonds. If the public entity

agrees, the owners or holders of these bonds may have a lien or

mortgage on a facility acquired, improved, or constructed with the

proceeds of the bonds.

D. Tax apportionment bonds may be issued to mature in a period

not to exceed twenty-five (25) years in one or more series;

provided, however, that for any increment district established after

November 1, 1992, such time period shall be tolled for a period of

time equal to the pendency of any litigation directly or indirectly

challenging the increment district or apportionment or disbursement.

The trust indenture, ordinance, or resolution approved, issued in

connection with such bond or note, shall provide:

1. The date that the bond or note bears;

2. That the bond or note is payable on demand or at a specified

time;

3. The interest rate that the bond or note bears;

4. The denomination of the bond or note;

5. Whether the bond or note is in coupon or registered form;

Oklahoma Statutes - Title 62. Public Finance Page 562

6. The conversion or registration privileges of the bond or

note;

7. The manner of execution of the bond or note;

8. The medium of payment in which and the place or places at

which the bond or note is payable;

9. The terms of redemption, with or without premium, to which

the bond or note is subject;

10. The manner in which the bond or note is secured; and

11. Any other characteristic of the bond or note.

E. A bond or note issued pursuant to the provisions of the

Local Development Act is fully negotiable. In a suit, action, or

other proceeding involving the validity or enforceability of a bond

or note issued pursuant to the provisions of the Local Development

Act or the security of a bond or note issued pursuant to the

provisions of the Local Development Act, if the bond or note recites

in substance that it was issued by the public entity pursuant to the

Local Development Act, the bond or note is deemed to have been

issued for that purpose, and the recital shall be conclusive of its

validity and the regularity of its issuance.

F. A bank, trust company, savings bank or institution, savings

and loan association, investment company or other person carrying on

a banking or investment business; an insurance company, insurance

association, or other person carrying on an insurance business; or

an executor, administrator, curator, trustee, or other fiduciary may

invest any sinking funds, money, or other funds belonging to it or

in its control in tax apportionment bonds or notes issued under the

Local Development Act. This act does not relieve any person of the

duty to exercise reasonable care in selecting securities or of

complying with other applicable laws.

G. A tax apportionment bond or note issued pursuant to the

provisions of this section is not a debt, liability, or obligation

of the city, town or county creating or approving the plan, project

or increment district. The bond or note does not give rise to a

charge against the general credit or taxing powers of such city,

town or county and is not payable except as provided by the Local

Development Act. Bonds or notes issued pursuant to the provisions

of this section are not general obligations of the state and have no

claim on the revenues or resources of the state. A bond or note

issued pursuant to the provisions of this section must state the

restrictions of this subsection on its face.

H. A tax apportionment bond or note issued pursuant to the

provisions of this section may not be included in any computation of

the general obligation debt of the city, town or county creating or

approving the plan, project or increment district.

I. A public entity may not issue bonds or notes, pursuant to

the provisions of this section, providing for repayment of any

portion of the principal from apportioned tax increments in an

Oklahoma Statutes - Title 62. Public Finance Page 563

amount that exceeds the total cost of implementing the project plan

for which the bonds or notes are issued except to the extent that

bond or notes issues may be sized to include costs of issuance,

credit enhancement fees or premiums, and reasonably required

reserves or amounts to be repaid from sources other than apportioned

tax increments.

J. All bonds issued pursuant to the provisions of this section

shall be reviewed by the Oklahoma State Bond Advisor who will give a

recommendation on such bonds to the issuing entity.
Okla. Stat. tit. 62, § 62-34.79 — OK Code / Title 62 / Section 62-34.79
Transportation preaudit and settlement system for claims
Status: in_force

and payments.

A. The Department of Transportation may establish a preaudit

and settlement system for claims and payments of state-funded

contractor estimates and right-of-way payments.

B. Nothing in this section shall modify or alter condemnation

proceedings as provided by law.
Okla. Stat. tit. 62, § 62-880 — OK Code / Title 62 / Section 62-880
Transmission of project plan documents
Status: in_force

After the adoption by the governing body of a project plan which

contains the provisions required by Section 5 of this act, the clerk

of the municipality or county shall transmit a copy of the

description of the land within the district, a copy of the ordinance

or resolution adopting the project plan, and a map or plat

indicating the boundaries of the district, to the clerk, assessor,

and treasurer of the county in which the district is located and to

the governing bodies of any taxing subdivision which levy taxes upon

any property in the district. Such documents shall be transmitted

as promptly as practicable following the adoption or modification of

the project plan, but in any event, on or before January 1 of the

year following the adoption or modification of the project plan.
Okla. Stat. tit. 62, § 62-57.184 — OK Code / Title 62 / Section 62-57.184
Bids
Status: in_force

The State of Oklahoma Building Bonds Commission may reject all

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

interest rate bid is unfavorable and there is a substantial prospect

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

in which event the Commission shall readvertize and reoffer such

bonds all in accordance with the provisions of Sections 57.121

through 57.136 of Title 62, Oklahoma Statutes.
Okla. Stat. tit. 62, § 62-90.7 — OK Code / Title 62 / Section 62-90.7
Rules and forms
Status: in_force

The Department, in consultation with the State Banking

Commissioner, shall promulgate rules and prescribe forms to

implement the provisions of the Rural Economic Development Loan Act,

which shall include, but not be limited to, those necessary to

effect contractual arrangements between participating financial

institutions pursuant to the making and collection of loans pursuant

to the provisions of subsection B of Section 90.6 of this title.

Oklahoma Statutes - Title 62. Public Finance Page 323
Okla. Stat. tit. 62, § 62-552 — OK Code / Title 62 / Section 62-552
When no funds - Payment thereafter in order of
Status: in_force

presentation - Penalty for violation.

Whenever a warrant or order shall be presented to any treasurer

named in the preceding section, and the same is not paid for the

Oklahoma Statutes - Title 62. Public Finance Page 453

reason that there is not money sufficient in the fund on which same

is drawn, the treasurer shall endorse on the back of such warrant or

order, "Not paid for want of funds," number, date and sign the same;

and he shall set down in a book to be kept for that purpose, the

number, amount, the date and upon what fund drawn, to whom payable,

and the date when presented for payment, and such warrants or orders

shall be paid in the order of their presentation and registration as

shown by such book, and such book shall be known in each such office

as the "Warrant Register"; and any such treasurer who shall fail,

neglect or refuse to pay any warrant or order drawn on the treasurer

in the order of registration as shown by the warrant register, or

shall pay any warrant or order so drawn out of its regular order,

and give preference to the same over other warrants or orders, shall

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

subject to a fine of not less than One Hundred Dollars ($100.00) nor

more than One Thousand Dollars ($1,000.00).
Okla. Stat. tit. 62, § 62-846 — OK Code / Title 62 / Section 62-846
Issuance of payment warrants
Status: in_force

A. As soon as practicable after verification of the amount of

the state local enterprise matching payments authorized by Section

844 of this title, the Oklahoma Tax Commission shall issue a warrant

to the qualifying establishment in the amount of the sales tax

exempted or apportioned pursuant to the applicable provisions of the

Oklahoma Statutes - Title 62. Public Finance Page 538

Local Development Act, subject to the limitations imposed by Section

842 of this title.

B. As soon as is practicable after verification of the amount

of state local government matching payments authorized by Section

844 of this title, the Tax Commission shall issue a warrant to the

qualifying public entity in the amount provided for in subsection D

of Section 844 of this title, subject to the limitations imposed by

Section 842 of this title.
Okla. Stat. tit. 62, § 62-34.36 — OK Code / Title 62 / Section 62-34.36
Estimate of funds needed
Status: in_force

A. On the first day of October preceding each regular session

of the Legislature, each state agency, including those created or

established pursuant to constitutional provisions, shall report to

the Director of the Office of Management and Enterprise Services and

the Chair and Vice Chair of the Legislative Oversight Committee on

State Budget Performance an itemized request showing the amount

needed for the ensuing fiscal year beginning with the first day of

July.

B. The forms which must be used in making these reports shall

be approved by the Director of the Office of Management and

Enterprise Services and the Legislative Oversight Committee on State

Budget Performance.

C. The forms shall be uniform, and shall clearly designate the

information to be given.

D. The information provided shall include, but not be limited

to:

1. A budget analysis of existing and proposed programs

utilizing performance-informed budgeting techniques. Such analysis

shall be included as a part of the estimate of funds needed;

2. A statement listing any other state, federal or local

agencies which administer a similar or cooperating program and an

outline of the interaction among such agencies;

Oklahoma Statutes - Title 62. Public Finance Page 75

3. A statement of the statutory authority for the missions and

quantified objectives of each program;

4. A description of the groups of people served by each program

in the agency;

5. A quantification of the need for the program;

6. A description of the tactics which are intended to

accomplish each objective;

7. A list of quantifiable program outcomes which measure the

efficiency and effectiveness of each program;

8. A ranking of these programs by priority;

9. Actual program expenditures for the current fiscal year and

prior fiscal years and the number of personnel required to

accomplish each program;

10. Revenues expected to be generated by each program, if any;

11. With respect to appropriated state agencies, a detailed

listing of all employees and resources dedicated to the provision of

financial services including but not limited to procurement,

payroll, accounts receivable and accounts payable. The provisions

of this paragraph shall not be applicable to the Oklahoma State

Regents for Higher Education or to any institutions within The

Oklahoma State System of Higher Education; and

12. A certification that following the effective date of this

act and prior to July 1, 2011, no expenditure shall have been made

or funds encumbered for the purchase, lease, lease-purchase or

rental of any computers, software, telecom, information technology

hardware, firmware or information technology services, including

support services without the prior written approval of the State

Comptroller or his or her designee.

E. These appropriated agencies shall make an itemized estimate

of needs for the ensuing fiscal year and the following two (2)

fiscal years and request for funds for the ensuing fiscal year and

an estimate of the revenues from all sources to be received by the

agency during the ensuing fiscal year and the following two (2)

fiscal years.

F. The Director of the Office of Management and Enterprise

Services shall submit to the Governor and the Legislative Oversight

Committee on State Budget Performance no later than the fifth day of

October a complete list of all spending agencies which have failed

to submit budgets by October 1.

G. The reports required by this section shall include an

itemized listing of outstanding capital lease debt and estimated

capital lease needs for the ensuing fiscal year and the following

two (2) fiscal years, and shall be provided on forms prescribed by

the Director of the Office of Management and Enterprise Services.

H. For the purposes of this section, “capital lease” means a

lease-purchase agreement which provides an option for the State of

Oklahoma or its agencies to purchase property, including personal

Oklahoma Statutes - Title 62. Public Finance Page 76

and real property, which is the subject thereof and/or a lease

agreement that provides an option for the State of Oklahoma or its

agencies to lease such property, which is the subject thereof, at a

nominal annual amount, after a period in which leased property is

rented at fair market value.

I. Not later than January 1, the Director of the Office of

Management and Enterprise Services shall publish a shared services

cost-performance assessment report documenting the amount of each

state agency’s cost for providing shared services. The lowest

ranking state agencies shall enter into a contract with the Office

of Management and Enterprise Services for the provision of shared

financial services, provided that the Director of the Office of

Management and Enterprise Services determines that implementation of

such a contract would be feasible and documents that the contractual

agreement will result in cost savings or efficiencies to the state.

Contracts required by this subsection shall be entered into at the

start of the next fiscal year. When a state agency is contracted

with the Office of Management and Enterprise Services for the

provision of shared financial services, the agency may discontinue

using shared services when documentation showing that the agency can

provide the services at a lower cost to the state is provided to and

approved by the Director of the Office of Management and Enterprise

Services. As used in this subsection, “shared services” means

process, resource utilization or action as defined by administrative

rule. On a yearly basis the Director of the Office of Management

and Enterprise Services shall compile and publish a report

documenting the cost savings resulting from shared services

contracts. The provisions of this subsection shall not be

applicable to the Oklahoma State Regents for Higher Education or to

any institutions within The Oklahoma State System of Higher

Education.
Okla. Stat. tit. 62, § 62-283 — OK Code / Title 62 / Section 62-283
Initiation of proceeding under bankruptcy laws
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 368

A debtor municipal corporation or political subdivision of this

state is hereby permitted and authorized, as a debtor, to initiate

and conduct proceedings provided by the Bankruptcy Acts of the

United States for the readjustment of municipal debts according to

the provisions of said Bankruptcy Acts.
Okla. Stat. tit. 62, § 62-881 — OK Code / Title 62 / Section 62-881
Short title
Status: in_force

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

Housing Reinvestment Program Act”.
Okla. Stat. tit. 62, § 62-10.1 — OK Code / Title 62 / Section 62-10.1
Renumbered as § 34.54 of this title by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-3112 — OK Code / Title 62 / Section 62-3112
Retirement bills having a fiscal impact - Concurrent
Status: in_force

funding determination by State Board of Equalization - Procedure.

A. Following the close of each regular legislative session

during which retirement bills having a fiscal impact may be enacted,

the State Board of Equalization shall make a determination for each

such bill enacted during such session, which is not vetoed by the

Governor, of whether or not provision has been made for the

concurrent funding of the bill in conformity with the applicable

requirements of Section 311 of this title.

B. The Legislative Actuary, the Director of the Office of

Management and Enterprise Services, legislative staff, retirement

system administrators, and employers shall provide such information

and assistance as may be necessary for the State Board of

Equalization to make the determinations required by subsection A of

this section.

C. The State Board of Equalization shall make the

determinations required by subsection A of this section by not later

than the fifteenth day immediately following the last day on which

the Governor is authorized to veto bills following the close of each

regular legislative session. The State Board of Equalization's

findings shall be made in a report to the Secretary of State showing

the determination for each retirement bill by reference to the

respective Senate or House of Representatives number for the bill.

The report shall be submitted to the Secretary of State by not later

than the last day on which the State Board of Equalization is

required to make the determinations. The Secretary of State shall

cause the State Board of Equalization's report to be printed in the

annual session laws of the State of Oklahoma.
Okla. Stat. tit. 62, § 62-356 — OK Code / Title 62 / Section 62-356
Sale of bonds in amounts governing board deems proper
Status: in_force

The governing board of any county, city, town, school district,

township, and other municipal subdivisions of this state is hereby

permitted to sell bonds heretofore and hereafter voted upon and

authorized by a vote of the qualified electors of the respective

municipalities in such amounts as the governing board of said

municipalities may deem necessary and proper. The sale of said

bonds shall be in the manner now provided by law.
Okla. Stat. tit. 62, § 62-89.5 — OK Code / Title 62 / Section 62-89.5
State Treasurer's Revolving Fund - Employees; duties and
Status: in_force

compensation.

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

fund for the Office of the State Treasurer to be designated the

"State Treasurer's Revolving Fund". The fund shall be a continuing

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

all monies received by the Office of the State Treasurer from fees

and receipts collected pursuant to the Oklahoma Open Records Act,

Section 24A.1 et seq. of Title 51 of the Oklahoma Statutes; monies

received, including, but not limited to, reasonable and customary

service-related charges, any monies received from the sale of

surplus property, and any grants-in-aid received from the federal

government for the operations of the Office of the State Treasurer

unless otherwise provided by federal law or regulation. All monies

accruing to the credit of said fund are hereby appropriated and may

be budgeted and expended by the Office of the State Treasurer for

the operating expenses of the said office. 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. Monies in the fund may be invested by the State Treasurer

in the manner prescribed in Section 89.1a et seq. of this title.

Interest income derived from the investment of monies in the fund

shall be credited to and placed in the fund.

Oklahoma Statutes - Title 62. Public Finance Page 313

B. The State Treasurer shall appoint and fix the duties and

compensation of employees, not otherwise prescribed by law,

necessary to perform the duties imposed upon the Office of the State

Treasurer by law.
Okla. Stat. tit. 62, § 62-857 — OK Code / Title 62 / Section 62-857
Conflict of interest - Disclosure
Status: in_force

A. If any member of the governing body of a city, town or

county which is in the process of adopting a project plan for a

district or which has adopted such a plan pursuant to the provisions

of the Local Development Act or if any member of the governing body

of a taxing entity within the boundaries of a district or any person

who is a member of the immediate family of such member, owns or

controls a financial interest, direct or indirect, in any property

in any project area to be acquired or developed with public

financial assistance, said member shall disclose the same in writing

to the clerk of the city, town or county with such disclosure

entered into the minutes of the governing body. Any such member

with any interest of ten percent (10%) or more or any such member

with an immediate family member with any interest of ten percent

(10%) or more shall be ineligible to vote on any matter or

transaction pertaining to such property, and shall refrain from

taking any other official action related to such property. This

section shall not preclude acquisition of a residence, acquisition

of any property after issuance of a certificate of completion, or

agreement to develop in accordance with the objectives of such

project plan, provided such member discloses any actual or

prospective interest and does not participate in any official action

approving such agreement.

B. For purposes of this act and unless otherwise provided

therein, any matter requiring a vote by the governing body of a

city, town or county or a governing body of a taxing entity within

the district shall be by a majority of those eligible to vote.
Okla. Stat. tit. 62, § 62-45.6 — OK Code / Title 62 / Section 62-45.6
Hearings
Status: in_force

The Office of Management and Enterprise Services or the Joint

Legislative Committee on Budget and Program Oversight, jointly or

separately, may hold hearings on any matter required by the Oklahoma

Program Performance Budgeting and Accountability Act.
Okla. Stat. tit. 62, § 62-139.47 — OK Code / Title 62 / Section 62-139.47
Specified emergencies - Expenditures without Board
Status: in_force

action.

A. Where the written findings of fact required by Section

139.46 of this title include one of the following emergencies, and

the Governor finds that such emergency exists, and was not foreseen

or reasonably foreseeable by the Legislature, the Governor may

allocate and authorize the expenditure of monies from the State

Emergency Fund to provide for such emergency without any action by

the Contingency Review Board:

1. Destruction of or damage to public property caused by fire,

hail, tornado, explosion, windstorm, flood, or other catastrophe;

2. Maintenance and operation of the National Guard when called

to active state service in cases of emergency;

3. Allocation or expenditures necessary to provide matching

funds for participation in any federal disaster relief program,

emergency equipment purchase, or otherwise expedite receipt of

disaster funds;

4. Allocations or expenditures deemed necessary to remove

asbestos from public buildings or facilities;

5. Emergency response action necessary to protect the public

health, safety or welfare or livestock, wild animals, birds, fish or

other aquatic life from the discharge of any hazardous waste,

deleterious substance or any such other waste or substance as will

or is likely to be detrimental or cause injury to the public or such

livestock, wild animals, birds, fish or other aquatic life;

6. Funding for funeral expenses not to exceed Seven Thousand

Dollars ($7,000.00) for state employees who are killed in the line

of their duty and funding for premiums for six (6) months of

insurance coverage already in force for spouse and dependents who

are eligible for survivor coverage of those employees pursuant to

rules of the Oklahoma State and Education Employees Group Insurance

Oklahoma Statutes - Title 62. Public Finance Page 335

Board, provided, that if funds in the State Emergency Fund are

insufficient to cover these expenses, the employing agency of the

employees shall pay the expenses;

7. Allocation or expenditures necessary to provide funds for

disaster relief programs to political subdivisions for damage caused

by fire, hail, tornado, explosion, windstorm, flood or other

catastrophe for which federal disaster relief funds have been

requested by the Governor and rejected by the Federal Emergency

Management Agency (FEMA). Provided, that no political subdivision

shall be deemed eligible for an allocation or expenditure of funds

from the State Emergency Fund under this paragraph unless such area

has first been deemed a disaster area by an executive declaration by

the Governor of the State of Oklahoma; and

8. Allocation or expenditures necessary to provide funds for

cooperative actions with the United States Army Corps of Engineers

to respond to emergencies or to protect the public health, safety,

or welfare.

B. Expenditures made to political subdivisions under this

section shall be audited and processed by the Oklahoma Department of

Emergency Management. No application for an allocation or

expenditure of funds shall be made until it is certified by the

political subdivision that no other monies are available to

reimburse the requesting entity for expenditures made as a result of

the catastrophe. No geographical area which has been declared a

disaster area by the Governor may receive an allocation of funds

under this section in excess of One Hundred Thousand Dollars

($100,000.00) in a calendar year.

Provided further, that the Governor shall allocate, without any

action by the Contingency Review Board, monies from the State

Emergency Fund to pay expenses for the Court on the Judiciary

approved pursuant to Section 16.6 of Title 20 of the Oklahoma

Statutes and not otherwise funded by other legislative

appropriations.
Okla. Stat. tit. 62, § 62-57.185 — OK Code / Title 62 / Section 62-57.185
Deposit of proceeds - Investment
Status: in_force

Notwithstanding the provisions of Section 57.133, Title 62,

Oklahoma Statutes, to the contrary, the proceeds from the sale of

such Series E Bonds, Section 1, this act, shall be deposited in the

State of Oklahoma Building Bonds of 1968 Fund, where the proceeds

shall remain subject to disposition as provided for by the

Legislature of Oklahoma, provided that it shall be the duty of the

Oklahoma Statutes - Title 62. Public Finance Page 273

agency to which an appropriation therefrom is made to advise in

writing the State Treasurer of the dates and amounts when each such

appropriated sum or portion thereof will be required by such agency

to satisfy its program for the expenditure thereof, such written

advice to be delivered by each such agency to the State Treasurer

within ten (10) days of the sale of such bonds, and it shall be the

duty of the State Treasurer to invest the proceeds from the sale of

such bonds in direct obligation of the United States of America or

in certificates of deposit from banks in Oklahoma acceptable as

depositories by the State Treasurer when such certificates of

deposit are secured by acceptable collateral and yield as much or

more than direct obligations of the United States of America,

maturing at such times and in such amounts as to enable the State of

Oklahoma to issue warrants in the amounts and at the times indicated

by the said agencies in their said written advices to the State

Treasurer, and the income from such investments shall be deposited

by the State Treasurer in the State of Oklahoma Building Bonds of

1968 Sinking Fund and shall be used to pay the interest on such

Series E Bonds.
Okla. Stat. tit. 62, § 62-57.181 — OK Code / Title 62 / Section 62-57.181
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 E of the State of

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

Million Six Hundred Eighty Thousand Dollars ($26,680,000.00) on or

about July 15, 1974, under the terms and conditions of Sections

57.121 through 57.136, Title 62, Oklahoma Statutes, except where

such terms and conditions are superseded by the provisions of this

act.
Okla. Stat. tit. 62, § 62-2401 — OK Code / Title 62 / Section 62-2401
Invest In Oklahoma program
Status: in_force

A. The State Treasurer shall create an "Invest In Oklahoma"

program to provide entities in this state with funds for

opportunities to invest in Oklahoma-based private equity funds,

venture capital funds, growth funds, and direct investments in

Oklahoma companies to the extent allowable under the Oklahoma

Constitution.

B. Subject to final approval of the Invest in Oklahoma Board,

the State Treasurer may retain directly or through a contractual

relationship qualified investment advisors and fiduciary managers to

assist in the selection of the investments authorized under this

act. Prior to submission for confirmation and approval, the State

Treasurer's Office shall confirm with the Securities and Exchange

Commission and Oklahoma Securities Commission that the investment

advisor or fiduciary manager is in good standing. The Treasurer

shall choose an advisor or manager, based on factors including but

not limited to:

1. Rate of return;

2. Years of operation;

3. Sufficiency of capitalization;

4. Investment performance track record;

5. Differentiation and sustainability of investment strategy;

6. Fee structure;

7. Background of limited partners;

8. Ratio of capital invested in this state;

9. Investment professional with ten (10) or more years of

experience in venture capital, private equity and real estate

investing; and

10. Investment professional has experience with Oklahoma

investing.

C. The State Treasurer acting within parameters established by

the Invest in Oklahoma Board shall:

1. Exercise judgment and care, under circumstances then

prevailing, which persons of prudence, discretion and intelligence

exercise in the management of their own affairs, for investment,

considering the probable safety of their capital as well as the

probable income to be derived when determining qualifying venture

capital and growth funds to ensure the funds are being appropriately

managed and invested; and

2. Develop processes and procedures for requesting, accepting,

and decision criteria for proposals related to investments

authorized under the provisions of this act.

Oklahoma Statutes - Title 62. Public Finance Page 650
Okla. Stat. tit. 62, § 62-586 — OK Code / Title 62 / Section 62-586
Authorized signatures to remain valid - Adoption of
Status: in_force

predecessor's signature.

A. Any certificated registered public obligation signed by the

authorized officers at the time of the signing thereof shall remain

valid and binding, notwithstanding that before the issuance thereof

any or all of such officers shall have ceased to fill their

respective offices.

B. Any authorized officer empowered to sign any certificated

registered public obligation may adopt as and for the signature of

such officer the signature of a predecessor in office in the event

that such predecessor's signature appears on such certificated

registered public obligation. An authorized officer incurs no

liability by adoption of a predecessor's signature that would not be

incurred by such authorized officer if the signature were that of

such authorized officer.
Okla. Stat. tit. 62, § 62-3114 — OK Code / Title 62 / Section 62-3114
Enrolled acts resulting from retirement bills -
Status: in_force

Attachment of certificates and summaries of actuarial

investigations.

The enrolled act resulting from a bill which is subject to the

legislative procedures provided by the Oklahoma Pension Legislation

Actuarial Analysis Act shall have attached thereto the original or a

true and correct copy of all certificates and summaries of actuarial

investigations submitted by the Legislative Actuary pursuant to the

requirements of the Oklahoma Pension Legislation Actuarial Analysis

Act.
Okla. Stat. tit. 62, § 62-41.5r — OK Code / Title 62 / Section 62-41.5r
Renumbered as § 34.26 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-591 — OK Code / Title 62 / Section 62-591
Coupon bond or coupon bonds defined
Status: in_force

Whenever the terms "coupon bond" or "coupon bonds" appear in any

statute such terms shall mean any bond, note, or other evidence of

indebtedness of any public entity, department, public trust, or

agency, regardless of whether such instruments are in coupon,

registered, or other form. The use of the word coupon does not

limit the form of instruments authorized to be issued by such

entities. The use of the terms coupon or coupon rate or terms of

similar import shall mean interest or interest rate on bonds

regardless of the form of such bonds and shall not imply that bonds

must bear coupons.
Okla. Stat. tit. 62, § 62-160.1 — OK Code / Title 62 / Section 62-160.1
Comprehensive Cancer Center Debt Service Revolving Fund
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the University of Oklahoma Health Sciences Center to be

designated the "Comprehensive Cancer Center Debt Service Revolving

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

year limitations, and shall consist of all monies apportioned to the

fund pursuant to Sections 302-5 and 402-3 of Title 68 of the

Oklahoma Statutes. All monies accruing to the credit of the fund

are hereby appropriated and may be budgeted and expended by the

University for the purpose of construction, operations and servicing

debt obligations incurred by the University to construct a

nationally designated comprehensive cancer center. The cancer

center constructed shall include a department known as the Janna L.

Robbins Memorial Colorectal Screening and Research Department that

has a primary function of conducting research and screening

procedures for the treatment and detection of colorectal cancer.

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, § 62-34.20.1 — OK Code / Title 62 / Section 62-34.20.1
OneNet - Statewide contract - GSA schedule or contract
Status: in_force

purchases - Negotiation for education or government discounts.

A. The Office of Management and Enterprise Services shall

recognize as a statewide contract an unencumbered contract

consummated in behalf of the telecommunications network known as

OneNet by the Oklahoma State Regents for Higher Education or any

other state entity assigned responsibility for OneNet; provided,

said recognition shall require recommendation by the Information

Services Division of the Office of Management and Enterprise

Services. The Office of Management and Enterprise Services shall

not subject purchases pursuant to said contracts to any quantity

limit.

B. For purchases that require review of the purchase

requisition by the Information Services Division of the Office of

Management and Enterprise Services and that are not available on a

statewide contract but are available from a General Services

Administration (GSA) schedule or contract, or are available from a

GSA schedule or contract at a lesser price than from a state

contract, state agencies may, with the approval of the Information

Oklahoma Statutes - Title 62. Public Finance Page 57

Services Division, purchase from the vendor or vendors on the GSA

schedule or contract.

C. The Oklahoma State Regents for Higher Education and any

other state entity assigned responsibility for OneNet are authorized

to negotiate for education or government discounts from published

price listings and to make contracts at such prices subject to

adjustment for price increases nationally published.
Okla. Stat. tit. 62, § 62-178 — OK Code / Title 62 / Section 62-178
Composition of fund - Appropriations and incomes
Status: in_force

The said fund shall consist of all appropriations made for such

purpose and shall include all net earnings or profits derived from

all business enterprises, occupations, factories, shops,

manufacturing, farming, dairying, livestock, and poultry raising, or

any other business enterprise or undertaking that may be conducted

and carried on by said institution by and through its administrative

officers subject to the supervision and authority of the Office of

Management and Enterprise Services as an ex officio board of control

or their successors or such supervising or managing officers as may

be provided for by law. The fund shall be kept in such a way as to

show from what particular source, business, or enterprise such fund

was derived, and each particular source, business, or enterprise

being credited with its proper part of said fund.

Oklahoma Statutes - Title 62. Public Finance Page 344
Okla. Stat. tit. 62, § 62-41.5e — OK Code / Title 62 / Section 62-41.5e
Renumbered as § 34.16 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-442 — OK Code / Title 62 / Section 62-442
Courthouse - Use of sinking fund for construction - Tax
Status: in_force

levy - Special courthouse fund - Warrants against fund.

The board of county commissioners is hereby authorized to use

for the purpose of erecting or rebuilding a county courthouse or a

superior court building at such points in the county as the board

may deem necessary and to furnish and equip such building, and for

such purpose, said board is authorized to use any or all of the

unassigned portions of the sinking fund of the county derived from

penalties, interest or forfeitures accrued or to accrue and in

addition thereto, is authorized to make and enter a levy of not to

exceed one (1) mill of tax in any one (1) year and under the

existing laws such tax shall be annually added to the funds herein

provided for and which said levy may be equal to but not to exceed

the constitutional limitation of eight (8) mills; provided further,

that there is hereby authorized to be created by resolution a

courthouse fund of any such county which shall be known and

designated as a special courthouse fund and all monies as aforesaid

shall be converted into and become a part of said special fund and

shall be irrevocably pledged to the payment of the costs of the

construction or rebuilding or repair of any such courthouse. Such

board of county commissioners is further authorized to issue time

warrants against said special fund which shall run serially and

shall bear interest not to exceed six percent (6%), per annum, which

interest shall be payable annually; when such warrants have been

issued, then the levies so made and the accumulations of penalties,

interests and forfeitures which constitute the fund from which such

time warrants are payable; provided, that this act shall not affect

or impair the provisions of Chapter 209, Session Laws of Oklahoma,

1919, being otherwise known as Chapter 80, Session Laws of Oklahoma,

1921.
Okla. Stat. tit. 62, § 62-446 — OK Code / Title 62 / Section 62-446
Transfer of surplus to general fund - Reduction of ad
Status: in_force

valorem tax levy - Construction of permanent improvements.

Whenever any city or town of the State of Oklahoma shall have

accumulated an amount of money in its sinking fund sufficient to pay

at maturity the principal and interest of all its outstanding bonds,

coupons and judgments, any surplus money in said fund, after all

outstanding bonds, judgments or other charges against said sinking

funds have been fully paid, whether maturing in the current or in

future years, may be transferred by the governing body of such city

or town to its general fund to be used in reducing the ad valorem

tax levies for the ensuing fiscal year or years, or in constructing

public buildings or other permanent improvements as the governing

body may determine.

Oklahoma Statutes - Title 62. Public Finance Page 432
Okla. Stat. tit. 62, § 62-2303 — OK Code / Title 62 / Section 62-2303
Tobacco Settlement Endowment Trust Fund – Monies
Status: in_force

consisting principal.

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

a trust fund to be known as the “Tobacco Settlement Endowment Trust

Fund”. The trust fund principal shall consist of the portion of

monies which are received by the State of Oklahoma on or after July

1, 2001, pursuant to any settlement with or judgment against any

tobacco company or companies as provided by subsection B of this

section, the Fifty Million Dollars ($50,000,000.00) transferred to

the Tobacco Settlement Endowment Trust Fund pursuant to Section 29,

Chapter 8, 1st Extraordinary Session, O.S.L. 2000, and any other

monies that may be appropriated or otherwise directed to the trust

fund by the Legislature.

B. The trust fund principal shall consist of monies which are

deposited to the trust fund. Notwithstanding any other provisions

of law, income and investment return on trust fund principal shall

accrue to the trust fund.
Okla. Stat. tit. 62, § 62-2402 — OK Code / Title 62 / Section 62-2402
Public entities authority to invest
Status: in_force

The following public entities are encouraged to and may invest

up to five percent (5%) of their rolling three (3) year assets under

management with the Invest In Oklahoma Program approved venture

capital and growth funds as provided in Section 2 of this act:

1. The Board of Investors of the Tobacco Settlement Endowment

Trust Fund;

2. The Commissioners of the Land Office;

3. The Teachers’ Retirement System of Oklahoma;

4. The Oklahoma Public Employees Retirement System;

5. The Oklahoma Firefighters Pension and Retirement System;

6. The Oklahoma Police Pension and Retirement System;

7. The Oklahoma Law Enforcement Retirement System;

8. The Uniform Retirement System for Justices and Judges; and

9. The Department of Wildlife Conservation Retirement Fund.

B. The State Treasurer, acting within parameters established by

the Invest in Oklahoma Board is authorized to and may place cash

balance amounts in service with the Invest In Oklahoma program. For

purposes of this subsection, the term "cash balance amounts" shall

not include any monies deposited in or directed for deposit to:

1. The General Revenue Fund;

2. The Revenue Stabilization Fund;

3. The Education Reform Revolving Fund;

4. The Rate Preservation Fund;

5. Any Fund created under the Oklahoma Constitution;

6. Any fund from which the Legislature through law has

authorized, appropriated, or transferred monies within the preceding

three (3) fiscal years; or

7. Any revolving fund in the State Treasury specified for

direct appropriation or authorization from the Legislature, or any

revolving fund assigned to a state agency, unless such state agency

specifically authorizes such investments from such fund and such

authorization was approved by Invest in Oklahoma Board.
Okla. Stat. tit. 62, § 62-3107 — OK Code / Title 62 / Section 62-3107
Retirement bills having fiscal impact - Procedure -
Status: in_force

Amendments.

A. 1. Except as otherwise provided in this subsection, any

retirement bill having a fiscal impact may be introduced according

to the applicable deadlines established by the House of

Representatives or Senate only in any odd-numbered year during the

regular session. Any such retirement bill may be passed by the

Legislature only during an even-numbered year of the regular

session. Any retirement bill determined by the Legislative Actuary

in an even-numbered year to be a fiscal retirement bill may be

introduced in an even-numbered year, but shall not be considered by

the Legislature.

2. Notwithstanding the provisions of paragraph 1 of this

subsection, any retirement bill having a fiscal impact may be

introduced, considered and enacted in any year of a regular session

of the Legislature if such retirement bill is introduced solely for

the purpose of an unforeseen or emergency situation that needs to be

addressed immediately. Such retirement bill shall only be

considered if three-fourths (3/4) of the membership of each House

votes to allow the retirement bill to be considered. Such

retirement bill shall be subject to an actuarial investigation by

the Legislature Actuary in the year the bill is introduced and

considered and shall require concurrent funding, if applicable.

B. When a retirement bill having a fiscal impact is introduced,

it shall be assigned to the respective Senate or House of

Representatives standing committee or subcommittee that is primarily

responsible for the consideration of retirement legislation. If a

majority of the total membership of such committee is opposed to the

bill on its merits, no actuarial investigation provided for in

Section 3109 of this title shall be necessary, and the bill shall

not be reported out by the committee and shall not be adopted or

considered by the House of Representatives or the Senate. If a

majority of the committee wishes to consider the bill further and

votes in favor of an actuarial investigation of the bill, an

actuarial investigation shall be required as provided in Section

3109 of this title. Except as otherwise provided by subsection C of

this section, no retirement bill having a fiscal impact may be

reported out of the committee to which it is assigned or may be

considered or adopted by the House of Representatives or the Senate

unless an actuarial investigation of the bill is made.

C. The committee to which a retirement bill having a fiscal

impact is assigned following its introduction may amend the bill to

Oklahoma Statutes - Title 62. Public Finance Page 666

become a nonfiscal retirement bill. If the bill is so amended, an

exact copy of the amended version shall be submitted by the chair of

the committee to the Legislative Actuary. If the Legislative

Actuary issues a written certification that the committee amendment

has converted the status of the bill to a nonfiscal retirement bill,

the bill shall be a nonfiscal retirement bill for all purposes under

the provisions of this act as of the date of the certification of

the Legislative Actuary. Only the committee to which a retirement

bill having a fiscal impact is originally assigned following its

introduction may convert the bill to a nonfiscal retirement bill as

authorized in this subsection.
Okla. Stat. tit. 62, § 62-2305 — OK Code / Title 62 / Section 62-2305
Board of Investors of the Tobacco Settlement Endowment
Status: in_force

Trust Fund.

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

the Board of Investors of the Tobacco Settlement Endowment Trust

Fund.

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

salary for serving on the Board. All members shall receive

necessary travel expenses for the performance of their duties in

accordance with the provisions of the State Travel Reimbursement

Act.

C. The terms of the Board of Investors shall be staggered as

provided by subsection A of Section 2304 of this title.

D. The Board shall annually elect a vice-chair, who shall

preside over meetings in the absence of the State Treasurer, and any

other officers, provided that no member shall be elected vice-chair

for more than two (2) consecutive years. The Board shall meet at

least quarterly.

Oklahoma Statutes - Title 62. Public Finance Page 642

E. Staffing for the Board of Investors shall be provided by the

Office of the State Treasurer.
Okla. Stat. tit. 62, § 62-477 — OK Code / Title 62 / Section 62-477
Limit of authority to issue - Liability of officer
Status: in_force

It shall be unlawful for any officer to issue, approve, sign or

attest any warrant or certificate of indebtedness in any form in

excess of the estimate of expenses made and approved for the current

Oklahoma Statutes - Title 62. Public Finance Page 437

fiscal year or authorized for such a purpose by a bond issue, and

any such warrant or certificate of indebtedness issued, approved or

attested in excess of the estimate made and approved or authorized

by a bond issue, shall not be a charge against the city or town upon

which it is issued, but may be collected by civil action from any

officer issuing, drawing, approving, signing or attesting the same,

or from either or all of them, or from their bondsmen.
Okla. Stat. tit. 62, § 62-365.6 — OK Code / Title 62 / Section 62-365.6
Levies to reimburse sinking fund
Status: in_force

If all, or more than one-third (1/3) of a judgment be paid after

the levy for the first third thereof becomes final, out of surplus

cash as hereinbefore provided, levies to reimburse the sinking fund

shall thereafter be made only if there be other outstanding

indebtedness, in the same manner as if such prepayment had not been

made, but levy for interest shall not be included on such prepaid

portion other than for interest paid in excess of that already

provided for by tax levy.
Okla. Stat. tit. 62, § 62-57.39 — OK Code / Title 62 / Section 62-57.39
Delivery of bonds upon payment - Deposit and investment
Status: in_force

of proceeds - Interest.

The bonds and interest coupons attached thereto shall be

delivered to the 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 of this state, in a fund which is

hereby created and designated the "1961 Building Bond Fund", where

they shall remain subject to disposition to be provided for by the

Legislature of this state, provided that the State Treasurer, when

so directed by the 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 1961 Building Bond 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 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 so made 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 1961 Building Bond Fund to

meet the construction payment schedule, and upon receipt of such

certification the State Treasurer shall forthwith 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 1961 Building Bond Fund.
Okla. Stat. tit. 62, § 62-395 — OK Code / Title 62 / Section 62-395
Duty to issue bonds as agreed - Bonded indebtedness which
Status: in_force

may be refunded - Limitations on issuance of bonds.

When a refunding has been agreed upon, it shall be the duty of

the proper officers to issue such bonds at the rate agreed upon, to

the holder of such indebtedness, in the manner prescribed in this

article; but no bonds shall be issued under this article until the

proper evidence of the indebtedness for which the same are to be

issued shall be delivered up for cancellation: Provided, that no

bonded indebtedness shall be refunded by the board of county

commissioners or any mayor and city council or any board of trustees

of any town, township or any school district board, or board of

education, under this article, except such as have been issued and

outstanding at least two (2) years at the time of such refunding;

and Provided, further, that except for the refunding of outstanding

debt, including outstanding bonds and matured coupons thereof, or

judgments thereon, or warrants, no bonds of any class or description

shall hereafter be issued where the total bonded indebtedness of

said county, city, town, township, school district or board of

education would thereby exceed five percent (5%) of the assessment

for taxation as shown by the last finding and determination by the

proper board of equalization for state and county purposes.
Okla. Stat. tit. 62, § 62-891.8 — OK Code / Title 62 / Section 62-891.8
Economic Development Pool
Status: in_force

A. The Authority shall be authorized to act as a conduit issuer

for the benefit of one or more eligible local government entities or

for the benefit of one or more local government entities in

conjunction with a for-profit business entity for an authorized

economic development project using the Economic Development Pool.

B. The Authority shall be authorized to issue its obligations

in order to provide net proceeds on a pooled basis not to exceed One

Hundred Million Dollars ($100,000,000.00) for the Economic

Development Pool. The Authority shall be authorized to issue

obligations within the limit prescribed by this subsection based

upon the defeasance of previously issued obligations.

C. Except as otherwise provided by subsection G of this

section, proceeds from the Economic Development Pool shall be for

the purpose of providing financing for an eligible local government

entity or entities or for the benefit of a business entity for an

authorized economic development project located in this state.

D. Sixty-five percent (65%) of the net proceeds from the

Economic Development Pool shall be used by the Authority for the

benefit of eligible local government entities the population of

which, according to the most recent Federal Decennial Census, does

not exceed three hundred thousand (300,000) persons for any

participating municipality.

E. Thirty-five percent (35%) of the net proceeds from the

Economic Development Pool may be used by the Authority for the

benefit of any and all eligible local government entities regardless

of population.

Oklahoma Statutes - Title 62. Public Finance Page 588

F. Obligations issued pursuant to the provisions of this

section may be issued on a tax-exempt basis if the applicable

provisions of federal law governing private activity bonds allow

such issuance. Otherwise, the obligations issued pursuant to the

provisions of this section shall be issued on a taxable basis.

G. The proceeds from the Economic Development Pool may also be

used for the purposes authorized by Section 891.7 of this title.
Okla. Stat. tit. 62, § 62-654 — OK Code / Title 62 / Section 62-654
Election on issuance of revenue bonds
Status: in_force

(a) Revenue bonds may be issued by a public trust as referred to

in Section 2 above for the purposes set forth in Sections 2 and 3

hereof only with the approval of a majority of the qualified

electors of the municipality or county voting at an election called

for that purpose. An election on the question of issuing revenue

bonds shall be held at the request of the trustees at such time as

the governing body of the municipality or the board of county

commissioners of a county shall designate by ordinance or

resolution. Such ordinance or resolution shall specifically state

the purpose for which the bonds are to be issued, the total amount

of the issue and the date upon which the election is to held, which

date shall not occur earlier than thirty (30) days after the passage

of said ordinance or resolution.

(b) The election shall be held and conducted, the vote

canvassed, and the results declared in the manner now or hereafter

provided for municipal or county elections, so far as the same may

be applicable, except as herein otherwise provided.

(c) Notice of the election shall be given by the mayor or board

of county commissioners by advertisement in a newspaper of general

Oklahoma Statutes - Title 62. Public Finance Page 467

circulation within the municipality or county once a week for four

(4) consecutive weeks, with the last publication to be not less than

ten (10) days prior to the date of said election.

(d) only qualified electors of the municipality or county shall

have a right to vote at said election.

(e) The results of the election shall be proclaimed by the mayor

or chairman of the board of county commissioners, and shall be

conclusive unless attacked in the courts within thirty (30) days

after the date of such proclamation.
Okla. Stat. tit. 62, § 62-41.33 — OK Code / Title 62 / Section 62-41.33
Renumbered as § 34.38 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-900 — OK Code / Title 62 / Section 62-900
Short title
Status: in_force

Sections 1 and 2 of this act shall be known and may be cited as

the "State Capital Improvement Planning Act".
Okla. Stat. tit. 62, § 62-415 — OK Code / Title 62 / Section 62-415
Authority for bond issue - Approval by Attorney General
Status: in_force

This act shall be full authority for the issuance of the bonds

under this act authorized, without reference to any other act of the

Legislature of Oklahoma, and said bonds may be issued as herein

provided without an election; provided, however, that the provisions

of law, with respect to examination and approval as to form and

procedure of municipal bonds by the Attorney General of Oklahoma,

shall apply also to bonds issued under this act.
Okla. Stat. tit. 62, § 62-762 — OK Code / Title 62 / Section 62-762
Interpretation and construction of act
Status: in_force

The powers conferred by the General Obligation Public Securities

Refunding Act are in addition to and supplemental to and are not in

substitution for the powers conferred by any other law. Bonds may be

issued pursuant to the provisions of the General Obligation Public

Securities Refunding Act without regard to the provisions of any

other law unless otherwise provided for in the General Obligation

Public Securities Refunding Act, and if so issued, insofar as the

provisions of the General Obligation Public Securities Refunding Act

are inconsistent with the provisions of any other law, the

provisions of the General Obligation Public Securities Refunding Act

are controlling.
Okla. Stat. tit. 62, § 62-35.6 — OK Code / Title 62 / Section 62-35.6
Required information technology services and programs
Status: in_force

A. All appropriated and nonappropriated state agencies shall be

required to use the following information technology services and

systems operated and maintained by the Office of Management and

Enterprise Services for all agency functions:

1. Data Service Center of the Information Services Division;

2. Networking services;

3. Communication or intercommunication systems;

4. Electronic mail systems; and

5. Data and network security systems.

B. All appropriated and nonappropriated state agencies shall be

required to exclusively use the following programs, services,

software and processes provided through the Integrated Central

Financial System known as CORE and as implemented by the Office of

Management and Enterprise Services and shall not utilize any

programs, services, software or processes that are duplicative of

the following:

1. Payroll;

2. Employee leave system;

Oklahoma Statutes - Title 62. Public Finance Page 151

3. Human resources;

4. Accounts receivable;

5. Accounts payable;

6. Purchasing system;

7. Budgeting system;

8. Enterprise Learning Management (ELM);

9. Budget request system;

10. Asset management; and

11. Projects, grants and contracts, which includes federal

billing.

C. The Chief Information Officer shall have the authority to

enforce the provisions of this section.
Okla. Stat. tit. 62, § 62-261 — OK Code / Title 62 / Section 62-261
Payments to State Treasurer
Status: in_force

When any cashier's check or other exchange has been issued by

any state or national bank in the State of Oklahoma, made payable to

the State of Oklahoma or any agency thereof, and such cashier's

check or other exchange has not been presented for payment and paid

by the bank of issue within three (3) years from the date of

issuance, claim of the state thereto is hereby asserted and the bank

of issuance is hereby made the agent of the state, and pursuant to

such agency, the state or national bank issuing the same or the

successor thereof shall pay the amount of any such cashier's check

or other exchange to the State Treasurer under the provisions of the

Uniform Unclaimed Property Act using the same reports as required to

report other forms of property.

In addition to examination by the Office of the State Treasurer

pursuant to the provisions of Section 678 of Title 60 of the

Oklahoma Statutes - Title 62. Public Finance Page 361

Oklahoma Statutes, all such banks shall permit the State Auditor and

Inspector or a duly authorized deputy access to their records to

ascertain whether any such cashier’s check or exchange has been

issued and remains outstanding and unpaid.

To the extent discernable, the State Treasurer shall notify the

state agency named in the remittance forms returned by the bank of

the amount and of any other identifying data contained as to each

item named; and upon presentation by such agency to the State

Treasurer of claim duly authenticated and proof of right thereto the

State Treasurer shall draw a voucher or order for the amount thereof

found proper, to be paid to such agency.
Okla. Stat. tit. 62, § 62-412 — OK Code / Title 62 / Section 62-412
Issuance of bonds - Resolution or ordinance - Notice -
Status: in_force

Publication of notice - Execution of bonds and interest coupons.

Bonds issued under this act shall be authorized and the details

thereof fixed by resolution, or ordinance, as the case may be, of

the governing body of any county, city, town, township, board of

education, school district, or other municipal corporation issuing

such bonds. Said ordinance or resolution authorizing the issuance

of said bonds and fixing the details thereof shall not, however, be

passed or enacted until notice of the intention to fund said special

assessments, interest or penalties, shall have been given by one

Oklahoma Statutes - Title 62. Public Finance Page 417

publication in a newspaper having a general circulation in said

municipality, which said notice shall briefly state the kind of

special assessments, interest or penalties to be funded, the

aggregate amount of such special assessments, interest or penalties,

and the time and place of the meeting at which said funding will be

authorized. Such notice shall be published not less than ten (10)

nor more than thirty (30) days prior to the date set therein for the

authorization. The resolution or ordinance authorizing the issuance

of such bonds may be adopted at the time designated in such notice,

or on the date set in such notice, the governing body may adjourn to

a later date and such resolution or ordinance may be adopted at said

adjourned meeting without further notice. Bonds issued under this

act, by any county, shall be signed by the chairman of the board of

county commissioners, and attested by the county clerk, under the

seal of the county. Bonds issued by any city shall be signed by the

mayor, and attested by the city clerk, under the seal of the city.

Bonds issued by any towns shall be signed by the president of the

board of trustees, and attested by the town clerk, under the seal of

the town. Bonds issued by any township shall be signed by the

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

township treasurer; provided, however, where any township has any

such outstanding special assessments, interest or penalties as may

be sought to be funded under this act, and where township form of

government has been abolished, such bonds may be authorized to be

issued by the board of county commissioners and in such cases such

bonds shall be signed by the chairman of the board of county

commissioners of the county in which such township is located, who

shall sign and act in the places of the trustee or the president of

the board of directors of such township, and in such cases, such

bonds shall be attested by the county clerk, and countersigned by

the county treasurer, acting and signing in the places of the clerk

or treasurer, respectively, of the board of directors of such

township. Bonds issued by the board of education of any city or

town shall be signed by the president, and attested by the clerk of

the board, under the seal of such board. Bonds issued by any school

district shall be signed by the director, attested by the clerk, and

countersigned by the treasurer of such school district board. Such

bonds and interest may be made payable at such place as may be

designated, and they shall contain a recital that they are issued

under this act. All such bonds shall be designated "SPECIAL

ASSESSMENT RETIREMENT BONDS OF 19____". Nothing in this section

shall be construed to prohibit the use of facsimile signatures or

seals as provided in the Registered Public Obligations Act of

Oklahoma.

Amended by Law 1983, c. 170, § 50, eff. July 1, 1983.
Okla. Stat. tit. 62, § 62-310.2 — OK Code / Title 62 / Section 62-310.2
Record of appropriations - Charges - Approval of claims
Status: in_force

- indebtedness in excess of appropriation - Authority to incur

indebtedness.

The clerk of each county or encumbering officer of the

municipality shall keep a record in such form as prescribed by the

State Auditor and Inspector in which shall be kept an exact account

of each appropriation as made by the county excise board as

departmentalized for each department of government or as made by the

municipal governing body as authorized by law. The amount and

purpose of each purchase order or contract shall be charged against

the appropriation as made by the excise board or governing body at

the time purchase is made or contract let and the balance in the

appropriation account after such charges are deducted shall

constitute the unencumbered balance available. No purchase order

shall be paid until approved by the officer, board or commission

having charge of the office or department for which the

appropriation is available and from which such payment is proposed

to be made, provided that no indebtedness for any purpose shall be

incurred in excess of the appropriation for that purpose and

provided that the county and municipal officers referred to herein

are made responsible on their official bond for any and all

indebtedness incurred by them. Each county or municipal officer in

charge of a department or appropriation account shall be allowed to

incur indebtedness against all appropriations within his department

under the regulations as provided for herein, except when otherwise

provided by law; and provided further, that only those municipal

officers and employees designated by the governing board shall have

authority to obligate the municipality.
Okla. Stat. tit. 62, § 62-275.6 — OK Code / Title 62 / Section 62-275.6
Storage facilities and personnel - Duties of Department
Status: in_force

of Public Welfare.

The Department of Public Welfare shall provide adequate storage

facilities for warrants redeemed by the State Treasurer in payment

of assistance to the needy, aged persons, blind or dependent

Oklahoma Statutes - Title 62. Public Finance Page 363

children, out of funds apportioned to the administrative fund under

the direction of the Oklahoma Public Welfare Commission, and

immediately after the effective date of this act shall provide the

necessary personnel and equipment to remove all paid and canceled

warrants redeemed prior to the effective date of this act, and

thereafter, from the vaults in the State Capitol, to the place

provided by the Department of Public Welfare.
Okla. Stat. tit. 62, § 62-57.41 — OK Code / Title 62 / Section 62-57.41
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 shall be

construed to authorize the refunding of any outstanding obligations

which are not either maturing, or 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, § 62-34.3 — OK Code / Title 62 / Section 62-34.3
Office of Management and Enterprise Services
Status: in_force

A. There is hereby created in the Executive Department, the

Office of Management and Enterprise Services.

B. The term “state agency” or “agency”, when used in the

Oklahoma State Finance Act, shall mean any agency, board, bureau,

commission, or other entity organized within the executive

department of state government.

C. The term “authorization”, when used in the Oklahoma State

Finance Act, shall mean the legislative authorization for an agency

to expend a certain amount of money from a specified fund or funds

during a specified period of time.
Okla. Stat. tit. 62, § 62-603 — OK Code / Title 62 / Section 62-603
Facsimile seals
Status: in_force

When the seal of this State or of any of its departments,

agencies, or other instrumentalities or of any of its political

subdivisions or districts is required in the execution of a public

security, the authorized officer may cause the seal to be printed,

engraved, stamped or otherwise placed in facsimile thereon. The

facsimile seal has the same legal effect as the impression of the

seal itself.
Okla. Stat. tit. 62, § 62-157.1 — OK Code / Title 62 / Section 62-157.1
Deposit of monies accruing from rule of Will Rogers
Status: in_force

Papers

All monies which may accrue from the sale of Will Rogers Papers

shall be deposited in the Will Rogers Memorial Revolving Fund.
Okla. Stat. tit. 62, § 62-57.123 — OK Code / Title 62 / Section 62-57.123
Issuance and sale of bonds - Series
Status: in_force

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

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

"State of Oklahoma Building Bonds of 1968" in the principal sum of

Ninety-nine Million Eight Hundred Eight Thousand Dollars

($99,808,000.00). The Commission is hereby authorized and directed

to issue, sell and deliver said bonds as follows:

Series A, in the principal sum of Thirty Million Three Hundred

Thousand Dollars ($30,300,000.00) on or about July 15, 1969;

Series B, in the principal sum of Twenty-five Million Dollars

($25,000,000.00), on or about July 15, 1970;

Series C, in the principal sum of Twenty-five Million Dollars

($25,000,000.00), on or about July 15, 1971; and

Oklahoma Statutes - Title 62. Public Finance Page 254

Series D, in the principal sum equal to the balance of the

amount authorized in Section 38, Article X of the Oklahoma

Constitution.

The bonds in Series B, C and D shall not be sold, issued or

delivered until the Legislature has enacted a bill or joint

resolution (1) confirming the authorization contained in this

section, (2) confirming or adjusting the amount of bonds to be sold

and (3) determining the schedule for the payments into the sinking

fund and maturity schedule for such series. All proceeds from the

sale of such bonds shall be deposited in the State Treasury to the

credit of the "State of Oklahoma Building Bonds of 1968 Fund" which

is hereby created.
Okla. Stat. tit. 62, § 62-9010.2 — OK Code / Title 62 / Section 62-9010.2
Legislative intent
Status: in_force

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

the Pay for Success Act, to:

1. Authorize innovation opportunities in the form of pay-for-

success contracts and authorize success payments to be made from

appropriated or other agency funds;

Oklahoma Statutes - Title 62. Public Finance Page 684

2. Address outcomes that span the mission and purpose of

multiple agencies; and

3. Provide a fund that may be used by agencies for success

payments.

B. It is the intent of the Legislature that nothing in this act

shall prohibit the use of pay-for-success contracts by

municipalities, counties or other local jurisdictions.
Okla. Stat. tit. 62, § 62-41.17 — OK Code / Title 62 / Section 62-41.17
Renumbered as § 34.67 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-664 — OK Code / Title 62 / Section 62-664
Act as supplemental - Construction
Status: in_force

This act is intended to supplement all constitutional provisions

and other acts now existing or hereafter adopted designed to secure

and develop industry and, when applicable in accordance with the

provisions hereof, may be used by any municipality or county as an

alternative notwithstanding any constitutional provisions or any

other act now existing or hereafter adopted authorizing a

municipality or county, or any commission or agency thereof, to

issue bonds for the purpose of securing and developing industry.

This act shall be liberally construed to accomplish the purposes

hereof.
Okla. Stat. tit. 62, § 62-695.22 — OK Code / Title 62 / Section 62-695.22
Formula and procedures adopted for issuance of private
Status: in_force

activity bonds.

Pursuant to the provisions of the Federal Tax Reform Act of 1986

(26 U.S.C., Section 1 et seq.), as amended, under which a ceiling is

established on the amount of private activity bonds which may be

issued in a state during any calendar year, the following formula

and procedures are hereby adopted for the issuance of private

activity bonds for the purpose of promoting employment, economic

development, assuring the general health, safety and welfare of the

citizens and residents of the state and otherwise lessening the

burdens of government.
Okla. Stat. tit. 62, § 62-759 — OK Code / Title 62 / Section 62-759
Conclusive determination that applicable laws have been
Status: in_force

complied with.

The determination of the governing body that the provisions and

limitations contained in the General Obligation Public Securities

Refunding Act and in any other applicable law and imposed upon the

issuance of any bonds pursuant to the provisions of the General

Obligation Public Securities Refunding Act have been met shall be

conclusive in the absence of fraud or arbitrary and gross abuse of

discretion.
Okla. Stat. tit. 62, § 62-80 — OK Code / Title 62 / Section 62-80
Actions to enforce provisions of act
Status: in_force

It shall be the duty of the State Treasurer and he is hereby

empowered to institute in the name of the state the necessary suits,

actions and proceedings to enforce the provisions of this act, and

in the event of the neglect, failure or refusal of the State

Treasurer to bring such suits, actions and proceedings, then the

same may be instituted and maintained on the relation of any citizen

of the state.
Okla. Stat. tit. 62, § 62-34.67 — OK Code / Title 62 / Section 62-34.67
Claims and payrolls
Status: reserved

A. The Director of the Office of Management and Enterprise

Services is hereby authorized to prescribe forms and electronic

systems to process claims and payroll to be used by the various

agencies of the state. Any agency of the state may file a claim

against more than one item of the current allotments within funds by

indicating on the claim or payroll the account, or accounts to be

charged. The Director shall approve and charge such claim to the

account, or accounts, indicated after proper audit of the claim or

payroll.

Oklahoma Statutes - Title 62. Public Finance Page 108

B. These payroll systems are hereby authorized for use in

claiming amounts due individually to all employees within an agency

of the state. Each payroll record shall show the total earnings,

the amount of each type of withholding and the net amount due each

employee. Withholdings may be reserved by the Director of the

Office of Management and Enterprise Services to be paid to the

proper entity by lump sum payments.
Okla. Stat. tit. 62, § 62-57.84 — OK Code / Title 62 / Section 62-57.84
Serial coupon bonds - Maturities - Interest payment
Status: in_force

dates - Call.

Bonds issued under this act shall be serial coupon bonds. Said

bonds and the interest thereon shall be payable at such place or

places as may be designated by the State of Oklahoma Building Bonds

Commission. Said bonds shall be issued in series bearing such date

or dates as set forth in Section 3 herein, and shall mature as

follows:

SERIES C

7/15/71 $200,000.00

7/15/72 $200,000.00

7/15/73 $200,000.00

7/15/74 $200,000.00

7/15/75 $300,000.00

7/15/76 $300,000.00

7/15/77 $300,000.00

7/15/78 $500,000.00

Oklahoma Statutes - Title 62. Public Finance Page 239

7/15/79 $500,000.00

7/15/80 $500,000.00

7/15/81 $500,000.00

7/15/82 $500,000.00

7/15/83 $500,000.00

7/15/84 $700,000.00

7/15/85 $700,000.00

7/15/86 $700,000.00

7/15/87 $700,000.00

7/15/88 $700,000.00

7/15/89 $700,000.00

7/15/90 $700,000.00

7/15/91 $700,000.00

7/15/92 $500,000.00

Said bonds shall have interest payable semi-annually on January

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

denominations, may provide for a reserve to assure prompt payment of

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

coupon or registered, may carry such registration or conversion

privileges, may be executed in such manner, may be payable in such

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

resolution or resolutions to be adopted by the State of Oklahoma

Building Bonds Commission. Provided, that all such bonds maturing

on and after ten (10) years from their dates may be subject to call

and redemption, in inverse order of bond numbers, at par and accrued

interest, with the detailed provisions for such calling and

redemption thereof to be fixed by the Commission in the resolution

for the issuance of such bonds. Until such time as the State of

Oklahoma Institutional Building Bonds of 1965 Sinking Fund Series C

shall be sufficient to retire all outstanding bonds and interest

coupons, there shall be paid into said sinking fund during each

fiscal year, from the sources hereinabove pledged such amounts as

may be necessary to pay the interest and principal payable during

the next succeeding fiscal year, and an amount sufficient to satisfy

the reserve requirements as fixed and provided by the State of

Oklahoma Building Bonds Commission in its resolution authorizing the

issuance of said bonds. All bonds issued pursuant to this act shall

have all the qualities and incidents of negotiable paper, and

neither said bonds nor the interest earned thereon shall be subject

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

political subdivision thereof.
Okla. Stat. tit. 62, § 62-45.7 — OK Code / Title 62 / Section 62-45.7
Long-range strategic state plan
Status: in_force

A. The Governor and the State Legislature may compile a long-

range strategic plan for state government using the state agency

plans issued under this act.

B. The long-range strategic state plan shall be sent to the

Governor, Lieutenant Governor, State Auditor and Inspector, and each

member of the Legislature not later than when the Governor delivers

the annual message on the condition of the state pursuant to Section

9 of Article VI of the Constitution of the State of Oklahoma.
Okla. Stat. tit. 62, § 62-426c — OK Code / Title 62 / Section 62-426c
Partial invalidity
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 424

The sections of this act, and each part of such sections are

hereby declared to be independent sections. If any section, or part

of a Section, be held unconstitutional, such holding shall not

affect the remaining portions thereof.
Okla. Stat. tit. 62, § 62-343 — OK Code / Title 62 / Section 62-343
Assessment or installments delinquent - Discharge of lien
Status: in_force

In the event any such paving or improvement assessments or

installments thereof mentioned in Sections 1 and 2 of this act are

delinquent and in the hands of the county treasurer of the county in

which such city or town is located, for collection, then said

receipt issued by the clerk of such city or town, as provided by

Section 2 of this act, may be presented by the holder thereof to the

county treasurer of such county who shall thereupon endorse upon his

records the satisfaction and discharge of the paving or improvement

taxes upon the property for the installments described in such

receipt, and thereafter such property shall be free and discharged

of and from all further lien for such assessments or installments

thereof.
Okla. Stat. tit. 62, § 62-204 — OK Code / Title 62 / Section 62-204
Disposition of monies received from United States under
Status: in_force

Flood Control Act.

The State Treasurer of Oklahoma is hereby authorized and

required to distribute monies now in his hands, or hereafter

received by him under the provisions of Section 7 of the Flood

Control Act of Congress, approved August 18, 1941, as amended by 33

U.S.C.A. Section 701c-3, in the following manner:

Such monies shall be distributed by the State Treasurer at the

end of each fiscal year to the county treasurers of counties wherein

is located a federal flood control project, and shall be by the said

county treasurer of each such county distributed as follows: one-

fourth (1/4) to the county sinking fund, except that if there be no

county bonded indebtedness said one-fourth (1/4) shall be

apportioned to the general fund of the county to be used for any

lawful general fund purpose as and in the manner provided by law;

one-fourth (1/4) to the various school districts of such county on

an enumeration basis, said amount to be placed in the general fund

of said district to be used for any lawful general fund purpose as

and in the manner provided by law; and one-half (1/2) to the general

fund of such county, to be used for any lawful general fund purpose,

as and in the manner provided by law.
Okla. Stat. tit. 62, § 62-57.12 — OK Code / Title 62 / Section 62-57.12
Judicial approval of bonds
Status: in_force

The Commission is authorized in its discretion to file an

application with the Supreme Court of Oklahoma for the approval of

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

jurisdiction is hereby conferred upon the Supreme Court to hear and

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

to give such applications precedence over the other business of the

court and to consider and pass upon such applications and any

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

of the hearing on each application shall be given by notice

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

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

application and approve the bonds. Such notice shall inform all

persons interested that they may file protests against the issuance

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

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

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

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

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

authorized in accordance with this act and Section 31, Article X, of

Oklahoma Statutes - Title 62. Public Finance Page 202

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, it 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, § 62-2006 — OK Code / Title 62 / Section 62-2006
Rural Economic Action Plan Fund - Establishment -
Status: in_force

Accounts.

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

to be known as the Rural Economic Action Plan Fund, to be

administered by the Oklahoma Department of Commerce. The fund shall

be a continuing fund not subject to fiscal year limitations. Within

the Rural Economic Action Plan Fund there shall be established

separate accounts as prescribed by Section 2004 of this title into

which shall be deposited such funds as may be provided by law.

B. Except as otherwise provided by Section 2004 of this title,

one of nine accounts shall be available to each entity described in

subsection A of Section 2007 of this title.

C. Except as otherwise provided by Section 2004 of this title,

one account shall be divided equally into two subaccounts. One of

the two subaccounts shall be available to each of the entities

described by subsection B of Section 2007 of this title for

distribution to any city or town within the respective jurisdiction

of the entity if the population of such city or town does not exceed

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

Decennial Census or for the benefit of an unincorporated area.

Funds may also be expended for any city or town with a population

below seven thousand (7,000) persons based upon the current

population estimate according to the U.S. Census Bureau. Funds may

be expended for such cities and towns until the next following

Federal Decennial Census.

D. No funds deposited into one account or subaccount shall be

transferred to any other account. No entity may access any more

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

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

available to each account as may be provided by law.

E. No monies in the Rural Economic Action Plan Fund shall be

used for the payment of administrative expenses, salaries or any

other continuing obligation of the Oklahoma Department of Commerce.
Okla. Stat. tit. 62, § 62-57.56 — OK Code / Title 62 / Section 62-57.56
Certificate of Attorney General - Signatures and seals
Status: in_force

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

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

proceedings of the Commission and all resolutions passed and actions

taken by it in connection with the authorization and issuance and

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

sale to be constitutional and lawful, execute his certificate and

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

the State of Oklahoma, which said certificate shall read

Oklahoma Statutes - Title 62. Public Finance Page 223

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

connection with the issuance of the State of Oklahoma Building Bonds

of 1965 in the aggregate principal amount of Seven Million Dollars

($7,000,000.00) dated ____, authorized and sold pursuant to Section

36, Article X, Constitution of Oklahoma, and laws of the State of

Oklahoma enacted pursuant thereto, and find said proceedings and

sale to be constitutional, lawful and regular in all particulars and

that said bonds will be valid legal general obligations of the State

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

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

of this certificate, said bonds shall be incontestable for all

purposes. Date ____, Attorney General of the State of Oklahoma".

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 be brought in

the Supreme Court of Oklahoma prior to the expiration of said period

as provided herein.

A facsimile of such Attorney General's certificate shall appear

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

vested with exclusive jurisdiction over any litigation involving the

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

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

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

Constitution of Oklahoma. Such bonds shall also be registered by

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

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

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

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

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

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

seals and signatures.
Okla. Stat. tit. 62, § 62-41.24 — OK Code / Title 62 / Section 62-41.24
Renumbered as § 212.4 of Title 74 by Laws 2009, c. 441,
Status: in_force

§ 64, eff. July 1, 2009.
Okla. Stat. tit. 62, § 62-345 — OK Code / Title 62 / Section 62-345
Intent of Act - Face value or warrants or bonds
Status: in_force

It is the intent and purpose of this act to allow the owner of

any paving, drainage or street improvement warrants or bonds

heretofore or hereafter issued, as described in Sections 1 and 2 of

this act, to use the same to the extent of their face value in the

payment and satisfaction of all paving, drainage and street

improvement assessments which have been levied upon his property

located in the paving, drainage, or street improvement district in

and for which such paving, drainage or improvement warrants or bonds

were issued in payment, whether such assessments or installments are

due or to become due, and to the extent of the face value of such

warrants or bonds tendered in payment thereof, and to cause all

penalties hereafter collected, and all such penalties heretofore

collected, which may be identified, by the county treasurer on such

drainage assessments to be credited to and placed in the funds of

such district from which only the warrants and bonds of such

district and the interest thereon, issued for the construction of

said improvements, may be paid and discharged.
Okla. Stat. tit. 62, § 62-2203.4 — OK Code / Title 62 / Section 62-2203.4
Civil liability
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 638

A. In addition to the penalties provided by this act, any

person injured by any violation, or who shall suffer injury from any

threatened violation of this act, may maintain an action in any

court of equitable jurisdiction to prevent, restrain or enjoin such

violation or threatened violation. If in such action a violation or

threatened violation of this act shall be established, the court

shall enjoin and restrain or otherwise prohibit such violation or

threatened violation and, in addition thereto, shall assess in favor

of the plaintiff and against the defendant the cost of suit. In

such action if damages are alleged and proved, the plaintiff in the

action, in addition to such injunctive relief and costs of suit,

shall be entitled to recover actual damages from the defendant.

B. In the event no injunctive relief is sought or required, any

person injured by a violation of this act may maintain an action for

damages in any court of general jurisdiction, and the measure of

damages shall be the same as prescribed in subsection A of this

section. Provided, this act shall not authorize suits or actions

against newspapers, radio broadcasters, or other advertising

agencies through which such advertisements are published, broadcast

or otherwise made.

C. Evidence of advertisement, offering to sell, or sale of

disaster relief materials by any retailer or wholesaler at less than

cost, shall be prima facie evidence of intent to injure competitors

and to destroy or substantially lessen competition.

D. Any defendant or any witness in any civil action brought

under the provisions of this act may be required to testify. Any

defendant or any witness, may, upon proper process, be compelled to

produce books, records, invoices and all other documents of the

defendant or witness into court and may be introduced as evidence.

No defendant or any witness in a civil action shall be prosecuted or

subjected to any penalty or forfeiture for or on account of any

transaction or matter. The defendant or witness may be required to

testify or produce evidence, documentary or otherwise. No testimony

thus given or produced shall be received against the defendant or

witness upon any criminal proceeding or investigation.
Okla. Stat. tit. 62, § 62-517.7 — OK Code / Title 62 / Section 62-517.7
Liability of treasurer of public entity
Status: in_force

When public deposits are made in accordance with the Security

for Local Public Deposits Act, the treasurer of a public entity

shall not be liable for any loss resulting from the default or

insolvency of a public depository in the absence of negligence,

malfeasance, misfeasance or nonfeasance on the part of the

treasurer.
Okla. Stat. tit. 62, § 62-41.47 — OK Code / Title 62 / Section 62-41.47
Renumbered as § 34.96 of this title by Laws 2009, c
Status: in_force

441, § 64, eff. July 1, 2009.

Oklahoma Statutes - Title 62. Public Finance Page 165
Okla. Stat. tit. 62, § 62-695.24 — OK Code / Title 62 / Section 62-695.24
Designation of various pools - Amounts reserved and
Status: reserved

placed.

A. For the period January 1 through June 30 of each calendar

year, the state ceiling shall be reserved and placed in pools

according to the following:

1. Ten percent (10%) of the state ceiling shall be reserved

and placed in a pool designated as the Student Loan Pool.

Allocations from this pool may be made only to qualified student

loan bonds issued by eligible state issuers;

2. Twenty-five percent (25%) of the state ceiling shall be

reserved and placed in a pool designated as the Economic Development

Pool. Allocations from this pool may be made only upon the

recommendation of the Director of the Oklahoma Department of

Commerce and following review and approval by the Council of Bond

Oversight. In order to approve the recommendation, the Council of

Bond Oversight must find that the project seeking an allocation from

this pool will result in the creation of manufacturing jobs in this

state or will in some other way contribute to an economic

development objective of this state;

3. Forty percent (40%) of the state ceiling shall be reserved

and placed in a pool designated as the Housing Pool. Allocations

from this pool may be made only to qualified single-family bonds,

multifamily bonds, or mortgage credit certificates.

a. No single project or issuer shall be eligible to

receive an allocation or allocations in excess of

Oklahoma Statutes - Title 62. Public Finance Page 501

twenty-five percent (25%) of the state ceiling under

this paragraph.

b. Notwithstanding subparagraph a of this paragraph, an

issuer shall be eligible to receive subsequent

allocations provided that any previous allocations

have already issued;

4. Twenty-five percent (25%) of the state ceiling shall be

reserved and placed in a pool to be designated the Discretionary

Pool. Allocations from this pool may be made to any qualified

private activity bond, as provided by Section 141 of the Internal

Revenue Code, that is not subject to paragraph 1, 2, or 3 of this

subsection.

a. Before June 30 of any calendar year, an amount not to

exceed ten percent (10%) of the state ceiling may be

reserved and placed from the Discretionary Pool to any

of the pools defined in paragraph 1, 2, or 3 of this

subsection.

b. Reservation and placement from the Discretionary Pool

shall be at the discretion of the Deputy Treasurer for

Debt Management and subject to the approval of the

Council of Bond Oversight; and

5. Projects subject to one or more pools shall be eligible to

receive an allocation from the pool designated by the Deputy

Treasurer for Debt Management.

a. No pool designation shall be made for the purpose of

denying or delaying an allocation by intentionally

selecting a pool containing insufficient amounts of

available state ceiling.

b. Any appeal from such designation shall be made to the

Council of Bond Oversight.

B. On July 1 of each calendar year, any unallocated sums

remaining in the pools of subsection A of this section shall be

reserved and placed in the Consolidated Pool.

C. Notwithstanding subsection H of Section 695.25, no later

than 9:00 a.m. on December 1 of each calendar year, any previous

allocations that fail to issue, or unallocated sums remaining in the

Consolidated Pool, shall be reclaimed or reserved for qualified

carryforward projects, as said term is used in Section 103(n)(10)

and 146(f) of the Internal Revenue Code.
Okla. Stat. tit. 62, § 62-424 — OK Code / Title 62 / Section 62-424
Tax for payment of bonds and creation of sinking fund
Status: in_force

The governing body, or authority of any county, city, town,

township, board of education, school district or other municipal

corporation, issuing refunding bonds under authority of this act,

shall provide, prior to the delivery of said refunding bonds, for a

levy of annual taxes on all taxable property in the county, city,

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

Oklahoma Statutes - Title 62. Public Finance Page 422

municipal corporations, as the case may be, sufficient in amount to

pay, and for the express purpose of paying, the interest on said

bonds as it falls due, and also to pay and discharge the principal

thereof at maturity; and, in every instance in which any county,

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

municipal corporation shall issue bonds under this act, it shall be

the imperative duty of the proper officers, whose duty it may be to

levy taxes, to annually levy, at the time of making the levy of

other taxes, a tax sufficient in amount to pay the interest upon

said bonds and the coupons as they become due, and to create a

sinking fund for the payment of the principal of such bonds at their

maturity.
Okla. Stat. tit. 62, § 62-891.1 — OK Code / Title 62 / Section 62-891.1
Short title
Status: in_force

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

Community Economic Development Pooled Finance Act”.
Okla. Stat. tit. 62, § 62-282 — OK Code / Title 62 / Section 62-282
Definitions - Debtor municipal corporation - Creditor
Status: in_force

municipal corporation.

For the purpose of this Act, a debtor municipal corporation

hereunder is hereby defined as a municipal corporation or other

political subdivision of this state which is insolvent or unable to

meet its debts as they mature. A creditor municipal corporation

hereunder is defined as being a municipal corporation or other

political subdivision of this state which holds or owns bonds,

warrants or securities of a debtor municipal corporation of this

state.
Okla. Stat. tit. 62, § 62-221 — OK Code / Title 62 / Section 62-221
Oklahoma Tax Commission Fund - Nature of fund -
Status: in_force

Expenditures.

A. There is hereby created a fund to be known as the "Oklahoma

Tax Commission Fund". There shall be paid to the State Treasurer

and placed to the credit of said "Oklahoma Tax Commission Fund", out

of collections made by said Commission, the sums of money required

to be apportioned thereto by law.

B. From and after July 1, 1986, the Oklahoma Tax Commission

Fund shall be a revolving fund. Such fund shall be a continuing

fund not subject to fiscal year limitations and shall consist of any

revenues required to be deposited in the Oklahoma Tax Commission

Oklahoma Statutes - Title 62. Public Finance Page 355

Fund by Article XXVIII, Section 7 of the Oklahoma Constitution, any

other revenues apportioned to such fund by law, and any other

miscellaneous fees and monies received by the Oklahoma Tax

Commission. All monies accruing to the credit of said fund are

hereby appropriated and may be budgeted and expended by the Oklahoma

Tax Commission to carry out the duties of the Commission according

to law. 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, § 62-545 — OK Code / Title 62 / Section 62-545
Application of statute - Intention of Legislature
Status: in_force

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

this act shall apply to any and all investments that may be made

from and after the effective date of this act out of the sinking

funds of the state or any of its municipal subdivision, and likewise

to the sale of all bonds and securities now owned or held or that

may hereafter be owned or held as investments for any of the sinking

funds in the custody of the Treasurer of the State, or any county,

city, town or board of education thereof. It is further declared to

be the intent of the Legislature that all reference in this act to

sinking funds in the custody of the county treasurer shall be deemed

to include the sinking funds of such county, of the several

townships, and of the several dependent school districts thereof;

and with reference to such county treasurer, the board of county

commissioners of such county shall be deemed his governing board,

being the board to whom he is, by law, required to account, wherever

the concurrence or authority of such governing board is required

with reference to the making of investment in sinking fund monies or

the sale of the securities so purchased.
Okla. Stat. tit. 62, § 62-657 — OK Code / Title 62 / Section 62-657
Refunding bonds
Status: in_force

Revenue bonds may be issued hereunder for the purpose of

refunding any obligations issued hereunder. Such refunding bonds

may be combined with bonds issued under the provisions of Section 3

of this act into a single issue. When bonds are issued under this

section for refunding purposes, such bonds may either be sold or

delivered in exchange for the 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. 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

resolution under which such refunding bonds are issued may provide

that any of the said refunding bonds shall have the same priority of

lien on the revenues pledged for their payment as was enjoyed by the

obligations refunded thereby.
Okla. Stat. tit. 62, § 62-436b — OK Code / Title 62 / Section 62-436b
County resale property fund - Rebates - Disclaimers
Status: in_force

In addition to the purposes for which the resale property fund

of any county may be expended under the restrictions, terms and

conditions set forth in 68 Oklahoma Statutes 1951 Section 432(L),

said resale property fund shall be available between July first and

June fifteenth of any year for all rebates allowed under authority

of statute by the board of county commissioners or the tax roll

corrections board of the county upon taxes found to have been

illegally or erroneously collected, or on the sale of certificate or

issue of deed on lands or lots on which no tax was due or as to

which the sale thereof is, or was, illegal for any reason. Provided,

however, before the owner and holder of such invalid deed may be

reimbursed as aforesaid, he shall first be required to attach to his

claim on which he shall set forth all allegations of fact in support

of the invalidity of the deed, a disclaimer, quit claim, or other

instrument necessary to disavow or divest himself of all right,

title, and interest in the property described in such invalid deed

or certificate and no fees shall be required for the recording and

indexing thereof. Where such deed was executed by the chairman of

the board of county commissioners and based upon an invalid resale

tax deed issued by the county treasurer, upon execution of such

disclaimer or quit claim by such purchaser, or if no deed has been

issued and the county retain title under invalid resale tax deed

issued by the county treasurer, then the board of county

commissioners, so finding, is hereby authorized to execute its

resolution or order of disclaimer as to fee title, with the reasons

therefor, and a certificate or copy of such resolution or order of

disclaimer shall be executed by the chairman of such board, attested

Oklahoma Statutes - Title 62. Public Finance Page 429

by the signature and seal of the county clerk, and the same shall be

recorded and indexed, as other instruments relating to realty,

without fee therefor. The determination of whether such property

has been erroneously sold for taxes to such purchaser or to the

county or subsequently by the board of county commissioners, shall

be made by the board of county commissioners upon proper application

of the aggrieved owner if sustained by the record.
Okla. Stat. tit. 62, § 62-334 — OK Code / Title 62 / Section 62-334
Purpose of law - Successive levies for school building
Status: in_force

It is the purpose of this act to dispose of surplus tax

collections hereinabove referred to in keeping with "no tax levied

and collected for one purpose shall ever be devoted to another

purpose" as provided in Section Nineteen (19), Article Ten (10),

Oklahoma Constitution. Nothing in this act shall prevent a school

district from levying successive levies for the purpose of erecting

a building.
Okla. Stat. tit. 62, § 62-161 — OK Code / Title 62 / Section 62-161
Revolving funds created
Status: in_force

There is hereby created a hospital revolving fund for the

Medical Department of the State University and also a revolving fund

for the University of Oklahoma; also a revolving fund for the

Southern Oklahoma Resource Center of Pauls Valley, the Oklahoma

School for the Deaf at Sulphur, the Oklahoma School for the Blind at

Muskogee, the Oklahoma College of Liberal Arts at Chickasha, Griffin

Memorial Hospital at Norman, Western State Psychiatric Center at

Fort Supply, Eastern State Hospital at Vinita, the Northern Oklahoma

Resource Center of Enid, located at Enid, Oklahoma, the Whitaker

State Children's Home at Pryor, the Taft State Children's Home at

Taft, Oklahoma State University at Stillwater, Langston University

at Langston, for the Smith Lever Fund for the cooperation of

agricultural extension work by the federal government with the

state, and for the Morrill Fund to be expended and applied solely

for instruction in agriculture and mechanical arts, the English

language and the various branches of mathematical, physical and

economical science, with special reference to these applications in

the industries of life, and for any purpose for which said funds are

permitted to be expended by the United States government and for the

Hatch and Adams Fund for certain experiments and classes of

scientific work as prescribed by the federal government and state

and on sales station funds and other funds as hereinafter provided

for the purpose of conducting and maintaining the dairy, livestock

and farm departments for said institution, the said funds coming

from the federal government to be available only for the purpose and

in the manner contemplated by the Congress of the United States; a

revolving fund for the Oklahoma Panhandle State University at

Goodwell and for the Commissioners of the Land Office; also a

revolving fund for each of the following institutions, to wit: the

Northeastern State Normal at Tahlequah, the Southeastern State

Normal at Durant, the East Central State Normal at Ada, the

Oklahoma Statutes - Title 62. Public Finance Page 342

Northeastern State Normal at Alva, the Southwestern State Normal at

Weatherford, and the Central State Normal at Edmond, and the School

of Mines and Metallurgy at Wilburton, the University Preparatory

School at Tonkawa, the Eastern University Preparatory School at

Claremore, the Home for the Aged and Infirm, the Murray Agricultural

School at Tishomingo, the Connor Agricultural School at Warner, the

Cameron Agricultural School at Lawton, the West Oklahoma Orphan Home

at Helena, each of said revolving funds shall be available for the

purposes indicated and as now and hereafter authorized by law.
Okla. Stat. tit. 62, § 62-34.38 — OK Code / Title 62 / Section 62-34.38
Form of budget - Budget message - Budget estimates
Status: in_force

The budget shall be submitted to the Legislature and shall be in

two parts:

1. A budget message:

a. outlining the fiscal policy of the state for the

fiscal year and describing the important features of

the budget,

b. giving a summary of the budget setting forth aggregate

figures of proposed revenues and expenditures and the

balanced relations between the proposed revenues and

expenditures and the total expected income and other

means of financing the budget compared with the

corresponding figures for the preceding fiscal year,

c. including explanatory schedules classifying proposed

expenditures by organization units, objects and funds,

d. giving estimated statements of assets and liabilities

as of the close of the preceding fiscal year and of

the budget year, and

e. explaining any proposed major increases in revenue

from any existing source or any new source of revenue

proposed, and

f. giving any further information or making any

suggestions; and

2. The detailed budget estimates of revenues and expenditures

for each fund as provided for in the Oklahoma State Finance Act

showing the recommendations of the Governor on each, compared with

the figures for the preceding fiscal year and giving an explanation

of each major change in the recommendations from the revenues and

expenditures in the previous fiscal year.
Okla. Stat. tit. 62, § 62-9010.5 — OK Code / Title 62 / Section 62-9010.5
Pay for Success Innovation Fund
Status: in_force

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

fund for the Office of Management and Enterprise Services to be

designated the "Pay for Success Innovation Fund". The fund shall be

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

consist of all monies designated by state agencies to the Pay for

Success Innovation Fund and monies which may otherwise be available

to the Office of Management and Enterprise Services for use as

provided for in this section.

B. All monies appropriated to the fund shall be budgeted and

expended by the Office of Management and Enterprise Services for the

purpose of funding contracts as authorized by this act. Pursuant to

contract, the Office of Management and Enterprise Services shall

provide payment to private entities for the delivery of performance

targets and outcome measures at the direction of the agency engaged

in the contract and only in accordance with the terms of the pay-

for-success contract.

C. To the extent that any money credited to this fund for a

particular pay-for-success contract remains unpaid at the time the

particular contract expires or is terminated, as soon after the

contract expiration as is practicable, the Office of Management and

Enterprise Services shall return the unpaid amount to the agency to

which the money was originally appropriated.

D. The Office of Management and Enterprise Services may enter

into memorandums of understanding with other agencies and promulgate

rules as necessary to administer this section and pay-for-success

contracts entered into under this section.
Okla. Stat. tit. 62, § 62-359 — OK Code / Title 62 / Section 62-359
Expenses
Status: in_force

The governing board of any county, city, town, school district

or any other political subdivision of the state is hereby authorized

to pay all expenses incident to the issuance of any general

obligation bonds, including fees for legal or other assistance in

the preparation of proceedings therefor, same to be paid from the

proceeds of such bonds, or from any other monies legally available.
Okla. Stat. tit. 62, § 62-57.162 — OK Code / Title 62 / Section 62-57.162
Schedule for payments into Sinking Fund
Status: in_force

The State Treasurer shall deposit in the State of Oklahoma

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

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

following fiscal year for the payment of the principal upon the

Series C Bonds:

FISCAL YEAR BEGINNING JULY 1 AMOUNT

1972 $ -0-

1973 -0-

1974 75,000.00

1975 80,000.00

1976 85,000.00

1977 90,000.00

1978 95,000.00

1979 100,000.00

1980 105,000.00

1981 115,000.00

1982 120,000.00

1983 125,000.00

1984 135,000.00

1985 140,000.00

1986 150,000.00

1987 160,000.00

1988 170,000.00

1989 180,000.00

1990 190,000.00

1991 200,000.00

1992 210,000.00

1993 225,000.00
Okla. Stat. tit. 62, § 62-860 — OK Code / Title 62 / Section 62-860
Incentives or exemptions from local taxation
Status: in_force

A. A project plan may contain a provision that certain local

taxes may be subject to incentives or may be exempted in

reinvestment areas, historic preservation areas or enterprise areas.

B. The governing body may grant incentives or exemptions from

local taxation only on the new investment made. No ad valorem tax

Oklahoma Statutes - Title 62. Public Finance Page 555

incentives or exemptions may be granted on the value of property

which has been assessed or which is subject to assessment prior to

the adoption of the project plan. No ad valorem tax incentives or

exemptions authorized in this section may be granted for retail

establishments. If a retail establishment is located in property

which otherwise qualifies for an incentive or exemption pursuant to

this section, the incentive or exemption shall not be allowed for

that portion of the property used for such retail establishment. As

used in this subsection, “retail establishment” shall not include an

establishment that provides lodging including but not limited to a

hotel, apartment hotel, public rooming house, or motel. No ad

valorem tax incentives or exemptions authorized in this section may

be granted if the property is located in an increment district or as

long as the property is subject to the ad valorem tax exemption for

new or expanding manufacturing facilities as authorized by Section

6B of Article X of the Oklahoma Constitution. In the event of

disposition by lease or sublease to a lessee not entitled to an ad

valorem tax exemption, the improvements placed thereon shall not be

entitled to an ad valorem tax exemption provided for in Section 850

et seq. of this title. Except as otherwise provided by this

subsection, the incentives, or exemptions, which may be full or

partial, may be granted for a period not to exceed five (5) years.

With respect to an establishment, the business of which is described

by U.S. Industry Number 518210 of the North American Industry

Classification System (NAICS) Manual, 2017 revision, such incentives

or exemptions may be granted for a period not to exceed twenty-five

(25) years.

C. No incentives or exemptions may be granted to any business

or firm that is relocating from within the state and is subject to

or in the process of recruitment by two or more governmental

entities within the state unless the governmental entity in which

the business or firm does not locate adopts a resolution giving

their approval to the granting of incentives or exemptions to the

business or firm locating in the competing governmental entity. No

incentives or exemptions may be granted to an out-of-state business

or firm that is subject to or in the process of recruitment by two

or more governmental entities within the state except as otherwise

provided for in this subsection. The prohibition against incentives

or exemptions to a business or firm relocating within the state may

be waived upon application by the governing body to, and approval

of, the Director of the Oklahoma Department of Commerce. In order

for the Director to approve the waiver, the Director must find that

the incentives or exemptions are necessary and sufficient to attract

the business or firm and that the benefits generated by the business

location outweigh the costs of the business location.

D. A project plan may contain a provision that ad valorem taxes

may be exempted in a commercial historic preservation area that is

Oklahoma Statutes - Title 62. Public Finance Page 556

adjacent to and serves designated historical residential areas for

neighborhood commercial preservation purposes in order for the

neighborhood to retain its basic character and scale. No ad valorem

tax exemption may be granted on the value of property which has been

assessed or which is subject to assessment prior to the adoption of

the project plan. No ad valorem tax exemption shall be granted

pursuant to the provisions of this subsection for single-family

residences. The governing body may grant the exemption only on the

increase in value of the property. The exemptions may be granted

for a specific period of time as determined by a written agreement

between the property owners of the area and the governing body and

may be renewed. Uses of the property eligible for this exemption

may include but not be limited to commercial, office, or multifamily

residential use.

E. For increment districts in operation for nine (9) months or

more, on or before the ninetieth day following the end of each

fiscal year, the governing body of a city, town, or county shall

submit a report to the Oklahoma Department of Commerce. The

Department shall provide a copy of the report to any member of the

public upon request. The disclosure report shall include the

following information:

1. The amount and source of revenue captured and apportioned

pursuant to the project plan;

2. The amount and purpose of expenditures;

3. The amount of principal and interest due on outstanding

bonded indebtedness;

4. The tax increment base and current captured appraised value

or the other local tax or fee collections retained by the area;

5. The captured appraised value or the other local tax or fee

collections shared by the city, town, or county and other taxing

entities, the total amount of tax increments received, and any

additional information necessary to demonstrate compliance with the

plan adopted by the city, town, or county;

6. The name of the person who is currently in charge of the

implementation of the plan; and

7. The names of the persons who have disclosed an interest as

required pursuant to Section 857 of this title and the interest

disclosed.

F. For those incentive districts in operation for nine (9)

months or more, on or before the ninetieth day following the end of

each fiscal year, the governing body of a city, town, or county

shall submit a report to the Oklahoma Department of Commerce. The

Department shall provide a copy of the report to any member of the

public upon request. The disclosure report shall include the

following information:

1. The parties receiving incentives or exemptions;

Oklahoma Statutes - Title 62. Public Finance Page 557

2. A general description of the property and the improvements

to be made;

3. The portion and fair market value of the property to be

exempted or that portion of the local taxes to be subject to

incentives or to be exempted;

4. The duration of the incentives or exemptions;

5. Any additional information necessary to demonstrate

compliance with the tax incentives or exemptions;

6. The name of the person who is currently in charge of the

implementation of the plan; and

7. The names of the persons who have disclosed an interest as

required pursuant to Section 857 of this title and the interest

disclosed.
Okla. Stat. tit. 62, § 62-57.107 — OK Code / Title 62 / Section 62-57.107
Legal investments
Status: in_force

Oklahoma Statutes - Title 62. Public Finance Page 249

Any bank, trust or insurance company organized under the laws of

Oklahoma may invest its capital, surplus and reserve funds and other

funds under its control in bonds issued under the provisions of this

act. The officers having charge of any fund of the State of

Oklahoma, or any department, agency, or institution thereof or any

sinking fund of any county, city, town, township, board of education

or school district may invest such funds in bonds issued under the

provisions hereof. Such bonds shall also be approved as collateral

security for the deposit of any public funds and for the investment

of trust funds.

1968, c. 265, § 7, emerg. eff. April 29, 1968.
Okla. Stat. tit. 62, § 62-891.16 — OK Code / Title 62 / Section 62-891.16
Authority as conduit issuer - Public-Private Partner
Status: in_force

Development Pool – Issuance of obligations – Purpose of proceeds.

A. The Oklahoma Development Finance Authority shall be

authorized to act as a conduit issuer for the benefit of at least

one eligible local government entity in conjunction with one or more

for-profit business entities and/or federal government defense

entities for an authorized infrastructure development project using

the Public-Private Partner Development Pool.

B. The Authority shall be authorized to issue obligations in

order to provide net proceeds on a pooled basis not to exceed the

combined Economic Development Pool and Infrastructure Development

Oklahoma Statutes - Title 62. Public Finance Page 597

Pool amount authorized by Sections 891.7 and 891.8 of this title.

The Authority shall be authorized to issue obligations within the

limit prescribed by this subsection based upon the defeasance of

previously issued obligations.

C. The proceeds from the Public-Private Partner Development

Pool shall be for the purpose of providing financing for an eligible

local government entity for an authorized infrastructure project

located in this state that will benefit one or more business

entities located in this state.

D. Sixty-five percent (65%) of the net proceeds from the

Public-Private Partner Development Pool shall be used by the

Authority for the benefit of eligible local government entities the

population of which, according to the most recent Federal Decennial

Census, does not exceed three hundred thousand (300,000) persons for

any participating municipality.

E. Thirty-five percent (35%) of the net proceeds from the

Public-Private Partner Development Pool may be used by the Authority

for the benefit of any and all eligible local government entities

regardless of population.

F. Obligations issued pursuant to the provisions of this

section may be issued on a tax-exempt basis if the applicable

provisions of federal law governing private activity bonds allow

such issuance. In the event federal law does not allow issuance of

obligations on a tax-exempt basis, such obligations shall be issued

on a taxable basis.
Okla. Stat. tit. 62, § 62-57.126 — OK Code / Title 62 / Section 62-57.126
Deposits for payment of principal
Status: in_force

The State Treasurer shall deposit in the sinking fund, in

addition to all other amounts required to be deposited therein, the

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

principal upon the Series A Bonds:

FISCAL YEAR BEGINNING

JULY 1 AMOUNT

1969 -0-

1970 -0-

1971 $ 850,000.00

1972 900,000.00

1973 1,000,000.00

1974 1,000,000.00

1975 1,100,000.00

1976 1,100,000.00

1977 1,200,000.00

1978 1,300,000.00

1979 1,300,000.00

1980 1,400,000.00

1981 1,500,000.00

1982 1,550,000.00

1983 1,650,000.00

1984 1,750,000.00

1985 1,850,000.00

1986 1,950,000.00

1987 2,050,000.00

1988 2,150,000.00

1989 2,250,000.00

1990 2,450,000.00
Okla. Stat. tit. 62, § 62-57.67 — OK Code / Title 62 / Section 62-57.67
Investment - Approval as collateral security
Status: in_force

Any bank, trust or insurance company organized under the laws of

Oklahoma may invest its capital, surplus and reserve funds and other

funds under its control in bonds issued under the provisions of this

act. The officers having charge of any fund of the State of

Oklahoma, or any department, agency, or institution thereof or any

sinking fund of any county, city, town, township, board of education

or school district may invest such funds in bonds issued under the

provisions hereof. Such bonds shall also be approved as collateral

security for the deposit of any public funds and for the investment

of trust funds.