reglab/housing_qa huggingface dataset:
62 OK Stat § 62-829 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-829. Required attributes of bonds – Open competitive offering – Special limited obligations – Investment by financial and insurance companies.

|A. Bonds issued pursuant to this act shall: |1. Be issued in one or more series;2. Bear such date or dates;3. Mature at such time or times not exceeding twenty-five (25) years from their date;4. Be in such denomination or denominations;5. Be payable in such medium of payment at such place or places;6. Be subject to such terms of redemption with or without premium; and7. Bear such rate or rates of interest as may be provided in the Final Project Plan; provided, however, that the average coupon rate for such bonds shall not exceed fourteen percent (14%) per annum.B. All bonds issued hereunder, except bonds sold to the federal government or any agency thereof or to any agency of the State of Oklahoma, shall be awarded to the lowest and best bidder based upon an open competitive public offering, advertised at least once a week for two (2) successive weeks in a newspaper of general circulation in the county where the Participating Entity is located prior to the date on which bids are received and opened; provided, however, that the Governor may waive this requirement if the Governor determines that a lower aggregate interest cost may be obtained through a negotiated sale. In no event, however, shall any bonds issued hereunder be sold for less than ninety-six percent (96%) of par value.C. Bonds shall have all the qualities and incidents of negotiable paper and the interest thereon shall not be subject to taxation by the State of Oklahoma.D. Each Participating Entity may issue bonds pursuant to this act for the purpose of refunding any obligations of such entity issued pursuant to this act.E. The bonds issued pursuant to this act shall not constitute an obligation of the State of Oklahoma, or general obligations of the issuers thereof, but shall be special, limited obligations payable solely from the taxes or other revenues described in the Final Project Plan and only to the extent authorized by the voters of each Participating Entity. The governing body of each Participating Entity is hereby authorized and directed to pledge all or any part of such revenues to the payment of principal, interest and premium, if any, on the bonds issued by such Participating Entity.F. A Participating Entity may enter into any agreement or contracts with the United States of America or the State of Oklahoma or any agency or instrumentality thereof which it may consider advisable or necessary in order to obtain a grant of funds or other aid to be used in connection with the proceeds of the bonds.G. Bonds issued pursuant to this act shall not be subject to the provisions of the Municipal and County Industrial Development Bonds Act, but instead, shall be issued pursuant to the provisions of this act.H. Any bank, trust or insurance company organized under the laws of Oklahoma may invest its capital, surplus and reserves in bonds issued under the provisions of this act.Added by Laws 2001, c. 318, § 9, eff. Nov. 8, 2002.
62 OK Stat § 62-830 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-830. Application to Supreme Court for validation of bonds – Notice – Conclusiveness of determination.

|A. The Governor is hereby authorized to file an application, at the Governor's discretion, with the Supreme Court of Oklahoma for the validation of any bonds to be issued hereunder or for any writ, including mandamus, which may lie in relation to any action to be taken by the governing body of a Participating Entity. Exclusive original jurisdiction is hereby conferred upon the Supreme Court to hear and determine each such application. Notice of the hearing on each application shall be given by a notice published in a newspaper of general circulation within the Regional District. Such notice shall inform all persons interested that they may file protests against the validation or approval and be present at the hearing and contest the same. Such notice shall be published one time, not less than ten (10) days prior to the date named for the hearing, and the hearing may be adjourned from time to time at the discretion of the court. |B. In any action to approve bonds, if the Supreme Court is satisfied that the bonds have been properly authorized in accordance with the provisions of this act, and that when issued they will constitute valid obligations of the respective issuers in accordance with their terms, the Supreme Court shall render its written opinion approving the bonds and shall fix the time within which a petition for rehearing may be filed. The decision of the Supreme Court shall be a judicial determination of the validity of the bonds, shall be conclusive as to the governing body of each Participating Entity, and thereafter the bonds so approved and the revenues pledged to their payment shall be incontestable in any court of the State of Oklahoma.Added by Laws 2001, c. 318, § 10, eff. Nov. 8, 2002.
62 OK Stat § 62-831 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-831. Disposition of bond proceeds.

|All proceeds received by a Participating Entity from the sale of bonds shall be transferred to a public trust created pursuant to the provisions of Section 176 et seq. of Title 60 of the Oklahoma Statutes, which public trust shall have among its beneficiaries, all of the Participating Entities. In lieu of a public trust, the Oklahoma Development Finance Authority may be designated as the agency in charge of administering the Regional District, subject to the approval of the governing board of the Oklahoma Development Finance Authority. The administering agency shall be responsible for disbursing funds from proceeds of the sale of the bonds for payment of all costs relating to the project, including the costs of issuance of the bonds, and may take title to such property and take all other such actions as it deems necessary to implement the Final Project Plan. The administering agency shall be entitled to collect an administrative fee from the proceeds of the bond, said fee to be described in the Final Project Plan. The Final Project Plan may also designate said agency to serve as the paying agent for any monies which are to be remitted to the Participating Entities, whether such revenues are in the form of lease payments, debt service payments, tax increment revenues or otherwise. |Added by Laws 2001, c. 318, § 11, eff. Nov. 8, 2002.
62 OK Stat § 62-832 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-832. Powers supplemental.

|The powers conferred by this act shall be in addition and supplemental to the powers conferred by any other law. |Added by Laws 2001, c. 318, § 12, eff. Nov. 8, 2002.
62 OK Stat § 62-840 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-840. Short title.

|Sections 840 through 847 of this title and Section 2357.81 of Title 68 of the Oklahoma Statutes shall be known and may be cited as the “Oklahoma Local Development and Enterprise Zone Incentive Leverage Act”. |Added by Laws 2000, c. 339, § 9, eff. July 1, 2000. Amended by Laws 2008, c. 217, § 1, emerg. eff. May 20, 2008.
62 OK Stat § 62-844 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-844. State local enterprise matching payments - Eligibility and amount.

|A. If an enterprise is located within an incentive district pursuant to the provisions of Section 856 of this title, and the enterprise either constructs or expands a facility that is located within an enterprise zone designated pursuant to the provisions of Section 690.2 of this title, the enterprise shall be eligible for a state local enterprise matching payment equal to the amount of sales tax exemption afforded to the enterprise pursuant to Section 860 of this title. |B. The state local enterprise matching payment shall be made for the twelve-month period preceding March 1 of each calendar year. The state local government matching payment shall be made for the six-month periods preceding March 1 and September 1 of each calendar year.C. The state local enterprise matching payment shall be made in an amount equal to the amount of sales tax for which the enterprise has received payment during the period prescribed by subsection B of this section pursuant to Section 860 of this title.D. Beginning July 1, 2005, the state local government matching payment shall be made in an amount equal to the lesser of the amount of local sales taxes which have been apportioned under the applicable project plan during the period prescribed by subsection B of this section pursuant to Section 861 of this title or the net benefit rate multiplied by the actual gross sales derived from the project, pursuant to the limits provided in Section 842 of this title.Added by Laws 2000, c. 339, § 13, eff. July 1, 2000. Amended by Laws 2004, c. 448, § 4, emerg. eff. June 4, 2004.
62 OK Stat § 62-845 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-845. Agency special account.

|There is hereby created within the State Treasury an agency special account for the Oklahoma Tax Commission. The Oklahoma Tax Commission is hereby authorized and directed to withhold a portion of the taxes levied and collected pursuant to Section 2355 of Title 68 of the Oklahoma Statutes for deposit into the account in order to pay claims as they become due. All of the amounts deposited in the account shall be used and expended by the Tax Commission solely for the purposes and in the amounts authorized by the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act. |Added by Laws 2000, c. 339, § 14, eff. July 1, 2000. Amended by Laws 2021, c. 364, § 1, eff. Nov. 1, 2021.
62 OK Stat § 62-846 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-846. Issuance of payment warrants.

|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 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.Added by Laws 2000, c. 339, § 15, eff. July 1, 2000. Amended by Laws 2004, c. 448, § 5, emerg. eff. June 4, 2004; Laws 2008, c. 217, § 5, emerg. eff. May 20, 2008.
62 OK Stat § 62-847 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-847. Annual reporting by Tax Commission.

|A. The Oklahoma Tax Commission shall maintain a record of state local enterprise matching payments and state local government matching payments made pursuant to Section 844 of this title. Local sales taxes apportioned under the applicable project plan shall be reported, collected, remitted, and disbursed in the same manner as other local sales taxes under Title 68 of the Oklahoma Statutes. |B. The Tax Commission shall prepare a report separately identifying the amounts described in subsection A of this section and data collection and analysis prepared by the Oklahoma Department of Commerce pursuant to subsection J of Section 842 of this title. The Commission shall submit the report prior to April 1 each year to the Governor, the Speaker of the House of Representatives and the President Pro Tempore of the Senate.Added by Laws 2000, c. 339, § 16, eff. July 1, 2000. Amended by Laws 2004, c. 448, § 6, emerg. eff. June 4, 2004; Laws 2008, c. 217, § 6, emerg. eff. May 20, 2008; Laws 2021, c. 126, § 2, eff. Nov. 1, 2021.
62 OK Stat § 62-850 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-850. Short title.

|Sections 1 through 20 of this act shall be known and may be cited as the "Local Development Act". |Added by Laws 1992, c. 342, § 1.
62 OK Stat § 62-851 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-851. Purpose of act.

|The Local Development Act shall serve to implement and execute Section 6C of Article X of the Oklahoma Constitution as approved by the voters of the State of Oklahoma on November 6, 1990, by: |1. Providing for the granting of incentives and exemptions from taxation within certain areas, placing restrictions thereon, and limiting the time period for the exemptions, as authorized by subsection A thereof;2. Providing for apportionment of an increment of local taxes and fees, placing restrictions thereon, and limiting the time period for the apportionment, as authorized by subsection B thereof; and3. Providing for the planning, financing, and carrying out of development and redevelopment within certain areas, as authorized by subsection C thereof.Nothing in the Local Development Act shall be construed in a manner contrary to or inconsistent with the provisions of said constitutional provision.The Legislature hereby finds that historic preservation, reinvestment or enterprise areas as defined under this act are unproductive, undeveloped, underdeveloped or blighted areas pursuant to subsection C of Section 6 of Article X of the Oklahoma Constitution.Added by Laws 1992, c. 342, § 2.
62 OK Stat § 62-852 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-852. Legislative guidelines.

|It is the intent of the Legislature that the provisions of this act be used in accordance with the following guidelines: |1. That the tools of this act be used in those cases where investment, development and economic growth is difficult, but is possible if the provisions of this act are available;2. That the tools of this act not be used in areas where investment, development and economic growth would have occurred anyway and that the governing body take care to exclude areas that do not meet this criteria;3. That the tools of this act be used to supplement and not supplant or replace normal public functions and services;4. That the tools of this act work in conjunction with existing programs and efforts such as the Oklahoma Main Street Program, Oklahoma Enterprise Zone Act, historic preservation and other locally implemented economic development efforts;5. That any proposed districts be delineated with particular emphasis not to have boundaries that dissect a similar area or create unfair competitive advantage;6. That the governing body recognizes the need for residential and neighborhood treatment, capital improvements to neighborhood public schools, as well as commercial/industrial development;7. That where possible partial credits or credits that do not utilize the full time frame allowed be pursued;8. That maximum effort be made to allow full public knowledge and participation in the local use of this act;9. That conservation, preservation and rehabilitation be emphasized while demolition, clearance and relocation be minimized where possible; and10. That the governing bodies develop and apply clear standards, criteria and threshold limits that are applicable to all similar property and areas and that the governing bodies enact protection against nearby relocations to utilize incentives.Added by Laws 1992, c. 342, § 3. Amended by Laws 1998, c. 63, § 2, eff. Nov. 1, 1998.
62 OK Stat § 62-857 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-857. Conflict of interest - Disclosure.

|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.Added by Laws 1992, c. 342, § 8. Amended by Laws 2005, c. 210, § 4, emerg. eff. May 23, 2005; Laws 2008, c. 367, § 2, eff. Nov. 1, 2008.
62 OK Stat § 62-864 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-864. Adjustment in school State Aid.

|In those cases where the net assessed valuation of the real property within a school district increases as a result of the provisions of Sections 860 and 861 of this title, the school district's State Aid shall be determined by subtracting such increase in the net assessed valuation from the assessed valuation of the school district and the state. Such increase shall be subtracted for each fiscal year during which the incentives or exemptions are granted in the case of property within an incentive district or such increase shall be subtracted for each fiscal year the increment is captured in the case of property within an increment district. The increase in net assessed valuation subtracted, in the case of property within an increment district, shall be the amount that represents that portion of the increment which is captured and which is actually used for the purposes of this act. |Added by Laws 1992, c. 342, § 15. Amended by Laws 2008, c. 367, § 5, eff. Nov. 1, 2008.
62 OK Stat § 62-865 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-865. Agreement between other local taxing entity and governing body.

|A. In accordance with the requirements of Section 6C of Article X of the Oklahoma Constitution, the tax incentives or exemptions granted pursuant to the provisions of Section 860 of this title shall only be allowed for that portion of the tax under jurisdiction of another local taxing entity by written agreement between said other local taxing entity and the governing body of the city, town or county. |B. In order for the tax incentives or exemptions to be granted for that portion of the tax under the jurisdiction of each taxing entity within the district, the governing body of the taxing entity must adopt the agreement provided for in subsection A of this section upon a majority vote of those members eligible to vote as determined by Section 857 of this title. Action on the agreement by these governing bodies must occur within sixty (60) days after the governing body of the city, town or county submits the proposed agreement to the governing bodies of such taxing entities.Added by Laws 1992, c. 342, § 16. Amended by Laws 2000, c. 351, § 6, emerg. eff. June 6, 2000.
62 OK Stat § 62-867 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-867. Report to taxing entity.

|A. For those 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 chief executive officer of each taxing entity that levies ad valorem taxes on property in an increment district. The report shall include: |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 fees 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; and7. The names of the persons who have disclosed an interest as required pursuant to Section 857 of this title and the interest disclosed.B. 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 to the chief executive officer of each taxing entity that levies property taxes on real property in an incentive district. The report shall include:1. The parties receiving incentives or exemptions;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; and7. The names of the persons who have disclosed an interest as required pursuant to Section 857 of this title and the interest disclosed.C. At the time of submitting the reports as required by subsections A and B of this section, the governing body shall publish in a newspaper of general circulation in the city, town or county, a summary of the relevant financial information along with a notice to the effect that such report has been prepared and that the report is available for inspection during business hours in the office of the municipal or county clerk.Added by Laws 1992, c. 342, § 18. Amended by Laws 2003, c. 255, § 10, eff. Nov. 1, 2003; Laws 2008, c. 367, § 6, eff. Nov. 1, 2008.
62 OK Stat § 62-867.1 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-867.1. Incentive or increment district creation – Dissolution – Annual revenue loss.

|A. Within thirty (30) days after the creation of either an incentive district or an increment district, the sponsoring governmental entity shall notify the Oklahoma Tax Commission, upon such form as the Commission shall prescribe, of the geographic area where the district is located, a description of any locally authorized tax incentives, such as property tax exemptions, sales tax exemptions or for purposes of an increment district, whether there is or will be indebtedness incurred the repayment of which will partially or entirely be paid from incremental tax revenues apportioned for such purpose. |B. If an incentive district or increment district is dissolved or for any reason ceases to be operative, the sponsoring entity shall notify the Oklahoma Tax Commission within thirty (30) days of such dissolution or termination upon a form to be prescribed by the Commission for such purpose.C. The Oklahoma Tax Commission, in conjunction with the Oklahoma Department of Commerce, shall make an estimate of the annual revenue loss resulting from all matching payments to be made pursuant to Section 844 of Title 62 of the Oklahoma Statutes.Added by Laws 2008, c. 367, § 1, eff. Nov. 1, 2008.
62 OK Stat § 62-869 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-869. Powers conferred by act.

|The powers conferred by this act shall be in addition and supplemental to the power conferred by any other law. |Added by Laws 1992, c. 342, § 20.