reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.15. Contract to loan - Security - Foreclosure and other remedies.

A. When it has been determined by the Authority, upon application of an enterprise and hearing thereon in the manner provided in this act, that a particular project referred to in such application will accomplish the purposes of this act, the Authority may contract to loan such enterprise an amount up to one hundred percent (100%) of the estimated cost of the building and equipment necessary to such project. The Authority shall take as security for its loan a first or second mortgage lien on such approved project.
B. The Authority is hereby authorized to take title by foreclosure to any building and equipment on which it has a loan outstanding, where such acquisition is necessary to protect any loan previously made by the Authority. The Authority is hereby authorized to sell, transfer and convey any such building and equipment to any responsible buyer, provided, that all such property shall be sold to the highest bidder at a public sale. The Authority shall decline the highest bid and reoffer the property for sale if it considers the price bid insufficient to recover the total cost of the Authority's investment. In the event such sale, transfer and conveyance cannot be effected with reasonable promptness, the Authority may, in order to minimize financial losses and sustain employment, lease such building and equipment to a responsible tenant or tenants. Provided, that the terms of such lease shall be sufficient to ensure that no financial loss shall be incurred by the Authority, county or school district by the leasing of such property.
Added by Laws 1983, c. 168, § 15, emerg. eff. June 6, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.17. Audit of accounts and books of Authority.

The accounts and books of the Authority, including its receipts, disbursements, contracts, mortgages, investments and other matters relating to its finances, operations and affairs shall be examined and audited annually by the State Auditor and Inspector as provided by law.
Added by Laws 1983, c. 168, § 17, emerg. eff. June 6, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.18. Priority Enterprise Zones.

The Oklahoma Department of Commerce shall select a number of enterprise zones whether county, municipal or federal for which the state may provide additional resources or programs. Such enterprise zones shall be known as Priority Enterprise Zones. The criteria for selection of the Priority Enterprise Zones shall be developed by the Oklahoma Department of Commerce. The criteria for selection may include but shall not be limited to the degree of need, the likelihood of success in attracting new economic growth, and the evidence of local commitment. The criteria for selection of Priority Enterprise Zones shall be subject to the Administrative Procedures Act.
B. An enterprise zone that is selected as a Priority Enterprise Zone, regardless of its change in statistics, shall continue in its status as a Priority Enterprise Zone for a minimum of three (3) years.
C. The Oklahoma Department of Commerce shall work with other agencies, entities, and groups to assist Priority Enterprise Zones in obtaining other services vital to the economic recovery of such zones.
Added by Laws 1990, c. 321, § 3, emerg. eff. May 30, 1990.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.19. Annual performance report.

The Oklahoma Department of Commerce shall produce an annual report by October 15 of each year for the Governor, the Speaker of the House of Representatives and the President Pro Tempore of the Senate regarding the performance of the zones. Information in the report shall include but not be limited to the amount of tax credits granted, jobs added, if known, and the impact on unemployment rates within the zones. The information concerning the tax credits shall be provided to the Department of Commerce by the Oklahoma Tax Commission. The report shall include those zones in existence prior to the passage of this act.
The county commissioners, municipal governing body or enterprise district management authority of any enterprise zone, or enterprise district shall submit to the Department of Commerce the name and address of the individual in charge of supervising such enterprise zones by July 1 of each year.
Added by Laws 1990, c. 321, § 6, emerg. eff. May 30, 1990. Amended by Laws 1991, c. 334, § 2, eff. Sept. 1, 1991.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.20. Limitation upon benefits already conferred.

The provisions of this act shall not operate as a limitation upon any benefit conferred upon an enterprise prior to July 1, 1999. An enterprise which has previously qualified for a benefit or incentive pursuant to Section 690.1 et seq. of Title 62 of the Oklahoma Statutes prior to July 1, 1999, or which has expended money or undertaken an obligation or made a location decision in reliance upon the conditions prescribed by Section 690.1 et seq. of Title 62 of the Oklahoma Statutes or other provisions of law related to benefits available based upon location of business activity within an enterprise zone shall continue to be entitled to all such benefits or incentives on and after July 1, 1999.
Added by Laws 1998, c. 349, § 4, eff. July 1, 2000.
NOTE: Laws 1999, c. 382, § 5, eff. July 1, 1999, amended the effective date of Laws 1998, c. 349, § 4 from July 1, 1999 to July 1, 2000.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-695.1. Short title.

This act shall be known and may be cited as the "Oklahoma Bond Oversight and Reform Act".
Added by Laws 1987, c. 222, § 91, operative July 1, 1987. Amended by Laws 2012, c. 275, § 1, eff. Nov. 1, 2012.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-695.2. Legislative findings and declarations.

The Legislature hereby finds and declares that there is a need to establish procedures for the efficient sale and issuance of bonds or other obligations by State Governmental Entities which are hereby declared to be essential to the economic well-being of the state. The Legislature further declares that there are hereby adopted procedures, requirements and methods allowing for significant systematic oversight of State Governmental Entity issuers of bonds or other obligations. The Legislature further declares such oversight is essential to protect the public welfare of the State of Oklahoma.
Added by Laws 1987, c. 222, § 92, operative July 1, 1987. Amended by Laws 2012, c. 275, § 2, eff. Nov. 1, 2012.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-695.3. Definitions.

As used in the Oklahoma Bond Oversight and Reform Act:
1. "Council" means the Council of Bond Oversight;
2. "State Governmental Entity" means the State of Oklahoma or any agency, board, commission, authority, department, public trust of which the state is the beneficiary or other instrumentality of state government, other than a public trust with the state as beneficiary whose jurisdiction is limited to one county, including, but not limited to, the following:
a.
Oklahoma Municipal Power Authority,
b.
Oklahoma Development Authority,
c.
Oklahoma Industrial Finance Authority,
d.
Grand River Dam Authority,
e.
Oklahoma Water Resources Board,
f.
Northeast Oklahoma Public Facilities Authority,
g.
Oklahoma Turnpike Authority,
h.
Oklahoma Housing Finance Authority, and
i.
Oklahoma Public, Industrial and Cultural Facilities Authority;
3. "Local Governmental Entity" means counties, cities and towns, school districts, public trusts of which a county, city or town or school district is the beneficiary or other political subdivision of the state;
4. "Purpose" means the issuer's principal intended use of the funds derived from the issuance of bonds or other obligations; and
5. "State Governmental Entity Financing" shall include local governmental transactions where the project is leased by a State Governmental Entity or debt service is paid directly or indirectly by a State Governmental Entity or where the project or improvement is in direct support of or administered by a State Governmental Entity.
Added by Laws 1987, c. 222, § 93, operative July 1, 1987. Amended by Laws 2012, c. 275, § 3, eff. Nov. 1, 2012.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-695.6a. Council of Bond Oversight - Membership.

A. The Council of Bond Oversight shall consist of five (5) members as follows:
1. One member shall be appointed by the President Pro Tempore of the Senate;
2. One member shall be appointed by the Speaker of the House of Representatives;
3. Two members shall be appointed by the Governor, with the advice and consent of the Senate; and
4. The State Treasurer or his or her designee shall be a member.
B. Three members shall constitute a quorum. The affirmative vote of three members shall be necessary for any action to be taken by the Council.
C. Members appointed to the Council shall serve a term of four (4) years and may be removed for cause by the appointing authority. Members may be reappointed for additional terms.
D. A vacancy on the Council shall be filled in the same manner as the original appointment, to hold office during the unexpired term for which the member was appointed. The Council shall elect one of its members chair and may elect such other officers as it deems necessary. No vacancy in the membership of the Council shall impair the right of the Council to exercise all duties of the Council.
E. The State Treasurer, as provided in Section 695.7 of this title, shall provide support staff as necessary to implement the purposes and functions of the Council.
F. The Attorney General shall provide legal counsel to the Council.
G. No member of the Oklahoma State Legislature shall be eligible to serve as a member of the Council.
Added by Laws 2012, c. 275, § 4, eff. Nov. 1, 2012. Amended by Laws 2017, c. 374, § 2, eff. Nov. 1, 2017; Laws 2019, c. 53, § 1, eff. Nov. 1, 2019.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-695.8a. Bond Oversight Revolving Fund.

There is hereby created in the State Treasury a revolving fund for the Office of the State Treasurer, to be designated the "Bond Oversight Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of fees collected pursuant to Section 695.8 of this title and any other monies provided for by law. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Office of the State Treasurer for expenses related to the Oklahoma Bond Oversight and Reform Act. Expenditures from said fund 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.
Added by Laws 1988, c. 305, § 22, operative July 1, 1988. Amended by Laws 1994, c. 322, § 24, eff. July 1, 1994; Laws 2003, c. 215, § 3, emerg. eff. May 14, 2003; Laws 2012, c. 304, § 466; Laws 2017, c. 374, § 4, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-695.11. Application of Oklahoma Central Purchasing Act - Review and approval of Deputy Treasurer for Debt Management.

The provisions of The Oklahoma Central Purchasing Act shall not be applicable to any actions of a State Governmental Entity in regard to the sale and issuance of its obligations, including any contracts and undertakings relating thereto; however, such issuance, contracts and undertakings shall be subject to the provisions of the Oklahoma Bond Oversight and Reform Act regarding review or approval of such matters by the Deputy Treasurer for Debt Management.
Added by Laws 1987, c. 222, § 101, operative July 1, 1987. Amended by Laws 1998, c. 188, § 4, emerg. eff. April 29, 1998; Laws 2003, c. 215, § 4, emerg. eff. May 14, 2003; Laws 2019, c. 53, § 6, eff. Nov. 1, 2019.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-695.19. Refunding bonds – Review and approval of Deputy Treasurer for Debt Management.

Notwithstanding any other provision of law, a State Governmental Entity, as such term is defined in Section 695.3 of this title, is authorized to issue refunding bonds for the purpose of refinancing existing bonds or obligations without further authorization from the Legislature provided the issuance of the refunding bonds and any services, fees and expenses related thereto are reviewed and approved by the Deputy Treasurer for Debt Management and the Council of Bond Oversight pursuant to the provisions of the Oklahoma Bond Oversight and Reform Act.
Added by Laws 2003, c. 215, § 5, emerg. eff. May 14, 2003. Amended by Laws 2019, c. 53, § 7, eff. Nov. 1, 2019.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-695.22. Formula and procedures adopted for issuance of private 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.
Added by Laws 1990, c. 326, § 2, emerg. eff. May 30, 1990.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-752. Definitions.

As used in the General Obligation Public Securities Refunding Act:
1. "Escrow supplement" means any legally available funds or moneys, other than bond proceeds, of a public body, which are placed in an escrow or trust account established pursuant to the provisions of the General Obligation Public Securities Refunding Act to be used and expended, together with the proceeds of refunding bonds, to accomplish the purposes of the escrow or trust account;
2. "Federal securities" means United States Government or agency bills, certificates of indebtedness, notes, bonds or other obligations which are direct obligations of, or the principal of and interest on which obligations are unconditionally guaranteed by or secured by an unconditional obligation of, the United States of America;
3. "General obligation" means general obligation bonds or any other general obligation of a public body constituting a debt or indebtedness of the public body;
4. "Governing body" means a city council, town council, board, commission, board of commissioners, board of trustees, board of directors or other legislative body of a public body in which the legislative powers of the public body are vested;
5. "Net effective interest rate" means the net interest cost of such obligations to be refunded divided by the product of the principal amounts expressed in one-thousand-dollar units of such obligations to be refunded maturing on each maturity date and ten times the number of years from the date of the proposed refunding bonds to the respective maturities of the obligations to be refunded. The net effective interest rate shall be computed without regard to any option of redemption prior to the designated maturity dates of the obligations;
6. "Net interest cost" of outstanding obligations to be refunded means the total amount of interest which would accrue on the outstanding obligations from the date of the proposed refunding bonds to the respective maturity dates of the outstanding obligations to be refunded. The net interest cost shall be computed without regard to any option of redemption prior to the designated maturity dates of the obligations to be refunded;
7. "Public body" means any county, city, town, school district, or other political subdivision of the state;
8. "State" means the State of Oklahoma;
9. "Qualified escrow agent" means any commercial bank with full corporate trust powers located within the state whose accounts are insured by the Federal Deposit Insurance Corporation; and
10. "Escrow account" means an escrow or trust account established with a qualified escrow agent pursuant to the provisions of the General Obligation Public Securities Refunding Act. The escrow account shall be deemed a part of the sinking fund of the issuer of the refunded bonds.
Added by Laws 1984, c. 255, § 2, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-753. Purposes for refunding bonds - Certificate of certified public accountant - Accomplishment of refunding without election.

A. A refunding of outstanding obligations of a public body pursuant to the provisions of the General Obligation Public Securities Refunding Act shall only occur for the following purposes:
1. Avoiding or terminating any default in the payment of interest on or principal of, or both, of obligations, provided a postponement in the maturity date of all or any portion of obligations shall be approved at an election as provided for in Section 754 of this title; or
2. Reducing the net effective interest rate of obligations; or
3. Reducing the total interest payable over the life of obligations; or
4. Reducing the total principal and interest payable on obligations; or
5. Any combination of the purposes specified in this subsection.
Provided, no refunding shall be authorized for purposes of paragraph 2, 3 or 4 of this subsection unless the public body provides the Attorney General with a certificate of a certified public accountant that the taxes payable with respect to the refunding bonds over the life of the refunding bonds has a lesser present value than the present value of taxes that would have been payable with respect to the refunded bonds over the life of the refunded bonds. Such certificate shall assume no other sources of funding are deposited to the sinking fund with respect to either the refunding bonds or the refunded bonds and shall be calculated on the same present value basis.
B. A refunding of outstanding obligations of a public body may be accomplished pursuant to the provisions of the General Obligation Public Securities Refunding Act by the issuance, without an election except as otherwise provided in the General Obligation Public Securities Refunding Act, of bonds for refunding, paying, and discharging all or any part of the outstanding obligations, including a portion of one or more issues of the obligations and including any interest thereon in arrears or about to become due.
Added by Laws 1984, c. 255, § 3, emerg. eff. May 30, 1984. Amended by Laws 2003, c. 333, § 2, eff. July 1, 2003.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-753.1. Issuance of general obligation refunding bonds not to have certain effects.

The issuance of general obligation refunding bonds pursuant to the General Obligation Public Securities Refunding Act, to refund all or any portion of outstanding general obligation bonds shall not have the effect of extinguishing the requirements of either Section 26 or Section 27 of Article X of the Oklahoma Constitution that the proceeds of such bonds to be refunded shall be expended only for the purposes or projects for which such bonds were approved. The issuance of general obligation refunding bonds to refund all or any portion of outstanding general obligation bonds issued under and pursuant to Section 27 of Article X of the Oklahoma Constitution shall not have the effect of extinguishing the requirement that public utilities purchased, constructed, or repaired with the proceeds of such bonds shall be owned exclusively by the city or town which issued such bonds.
Added by Laws 1987, c. 94, § 2, emerg. eff. May 18, 1987.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-754.1. Public hearing on voting on refunding or altering terms of bond issue - Notice.

Prior to voting on refunding or altering the original terms of the bond issue involved, the entity involved must hold a public hearing to advise the public of the terms, conditions, fees and expenses involved. Notice of such hearing must be given at least ten (10) days prior thereto.
Added by Laws 1987, c. 94, § 3, emerg. eff. May 18, 1987.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-755. Principal amount of refunding bond - Requisites of bonds - Redemption - Recitals.

A. The principal amount of the refunding bonds may be less than, more than, or the same as the principal amount of the obligations being refunded, if there is a provision for the payment in full and discharge of such refunded obligations. The principal amount of the refunding bonds may be greater than the principal amount of the bonds being refunded only if the total principal and interest of the refunding bonds is less than the total principal and interest of the bonds being refunded.
B. Refunding bonds issued pursuant to the provisions of the General Obligation Public Securities Refunding Act shall:
1. Be of a convenient denomination;
2. Mature at such time not exceeding twenty-five (25) years from the date of the refunding bonds as determined by the governing body, with municipal levies to begin as determined by the governing body, but in not more than five (5) years of the date of the refunding bonds;
3. Be in coupon or registered form;
4. Bear interest at a specified rate determined by the governing body, but not exceeding any applicable statutory rate, payable annually or semiannually, but the first interest payment may be for interest accruing for any other period not to exceed three (3) years;
5. Be made payable, both principal and interest, in legal tender of the United States, at such place as determined by the governing body;
6. Be legal tender and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians, and for the State of Oklahoma and any of its political subdivisions, departments, institutions and agencies. Coupon bonds, when accompanied by all unmatured coupons appurtenant thereto, and registered bonds are approved as collateral security for all deposits of state funds or any other public funds. Provided, the bonds being refunded shall still be approved as collateral security for all deposits of state funds or any other public funds.
C. The right to redeem all or part of the refunding bonds prior to their maturity, and the order of any said redemption, may be reserved in the ordinance or resolution of the governing body authorizing the issuance of the bonds and, if so reserved, shall be set forth in the text of such refunding bonds.
D. Any ordinance or resolution authorizing, or any escrow agreement or trust indenture or other instrument appertaining to, any refunding bonds issued pursuant to the provisions of the General Obligation Public Securities Refunding Act may provide that each refunding bond shall recite that it is issued pursuant to the authority of the General Obligation Public Securities Refunding Act. The recital shall conclusively impart full compliance with all of the provisions and limitations of the General Obligation Public Securities Refunding Act. All refunding bonds issued containing the recital shall be incontestable for any cause whatsoever after their delivery for value.
Added by Laws 1984, c. 255, § 5, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-756. Bond proceeds and interest - Uses - Escrow and trust accounts.

A. The proceeds derived from the issuance of refunding bonds pursuant to the provisions of the General Obligation Public Securities Refunding Act, together with other legally available funds, if any, of the public body, shall either be immediately applied to the payment or redemption and retirement of the obligations to be refunded and the cost and expense incident to such procedure or shall be placed in escrow or trust to be applied for the purposes and in the manner required or permitted pursuant to the provisions of the General Obligation Public Securities Refunding Act as the governing body may determine.
B. Any accrued interest and any premium appertaining to a sale of refunding bonds may be:
1. applied to the payment of the interest thereon or the principal thereof, or to both interest and principal; or
2. used to pay refunded obligations by deposit in the escrow or trust account, or otherwise; or
3. used for any combination thereof or any lawful purpose of the public body, as the governing body may determine.
C. For the purpose of implementing the provisions of the General Obligation Public Securities Refunding Act, the governing body shall have the power to enter into escrow agreements and to establish escrow or trust accounts with any qualified escrow agent under protective covenants and agreements whereby such accounts shall be fully secured as provided for in Section 7 of this act.
Added by Laws 1984, c. 255, § 6, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-757. Moneys in escrow or trust account - Investment - Security - Sufficiency.

A. Moneys placed in any escrow or trust account shall not necessarily be limited to proceeds of refunding bonds but may include other moneys legally available for that purpose.
B. Any moneys in an escrow or trust account, pending use for their intended purpose, may be invested or reinvested only in federal securities.
C. The escrow agent shall continuously secure any moneys placed in an escrow or trust account and not so invested or reinvested in federal securities by a pledge of federal securities with a market value determined on a daily basis at least equal to the total uninvested moneys held in such escrow or trust account in strict accordance with the provisions of the escrow agreement. The requirements of this subsection shall not apply to any said uninvested moneys insured by the Federal Deposit Insurance Corporation.
D. Such moneys and investments in the escrow or trust account, together with the interest or other gain to be derived from any such investments, shall at all times be at least sufficient to make all of the payments required to be made pursuant to the escrow agreement in the manner and at the times specified in the escrow agreement. The computations made in determining such sufficiency shall be verified by a certified public accountant. Said computations shall be certified within five (5) days prior to the delivery of and payment for the refunded bonds.
Added by Laws 1984, c. 255, § 7, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-758. Issuance of combination of bonds.

Any refunding bonds and bonds for any other purpose authorized by law may, in the discretion of the governing body, be issued separately or in combination in one or more series by the public body, subject to the same limitations provided for in subsection C of Section 4 of this act for combined refunding of two or more outstanding obligations.
Added by Laws 1984, c. 255, § 8, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-759. Conclusive determination that applicable laws have been 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.
Added by Laws 1984, c. 255, § 9, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-760. Examination of bonds by Attorney General.

All general obligation refunding bonds issued pursuant to the provisions of the General Obligation Public Securities Refunding Act shall be examined by the Attorney General as ex officio Bond Commissioner in the manner provided for by law for general obligation bonds.
Added by Laws 1984, c. 255, § 10, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-761. Impairment of other bonds, obligations or refunding transactions prohibited.

Nothing in the General Obligation Public Securities Refunding Act shall be construed so as to impair the obligations of any refunding bonds issued or any refunding transaction consummated by a public body prior to the effective date of this act, or otherwise to invalidate any such bond, obligation, or refunding transaction.
Added by Laws 1984, c. 255, § 11, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-762. Interpretation and construction of act.

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.
Added by Laws 1984, c. 255, § 12, emerg. eff. May 30, 1984.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-800. Short title.

This act shall be known and may be cited as the "Municipal and County Economic and Community Development Bonds Act".
Added by Laws 1991, c. 142, § 1, emerg. eff. May 1, 1991. Amended by Laws 2003, c. 433, § 1, eff. July 1, 2003.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-801. Legislative finding and declaration.

The Legislature hereby finds and declares that there is a need to establish terms regarding the purposes for which bonds may be issued under Section 35 of Article X of the Oklahoma Constitution and terms under which such bonds may be sold and issued by municipalities and counties for economic and community development, which are hereby declared to be essential to the economic well-being of the state.
Added by Laws 1991, c. 142, § 2, emerg. eff. May 1, 1991. Amended by Laws 2003, c. 433, § 2, eff. July 1, 2003.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-803. Issuance of bonds - Requirements - Verification of registration of advisers and brokers.

Whenever any municipality or county of this state votes any bonds or refunding bonds pursuant to Section 35 of Article X of the Oklahoma Constitution, such bonds shall be subject to the following requirements:
1. At least ninety percent (90%) of the proceeds from the bonds must be used for a qualified economic development or community development purpose, or to refund bonds issued for a purpose, which, on the date originally issued, was a qualified economic development or community development purpose; provided, however, that for purposes of determining such use, proceeds used to fund a debt service reserve shall be considered to be for a qualifying economic development or community development purpose;
2. The bonds must be issued in denominations of One Hundred Dollars ($100.00) or multiples thereof, except that the first numbered bond may be for such odd amount as will complete the full issue of the bonds;
3. The average coupon rate of the bonds shall not exceed fourteen percent (14%) per annum;
4. The principal shall begin to mature not less than one (1) year or more than five (5) years after the dated date of the issue;
5. The bonds must have a final maturity no later than thirty (30) years after their date of issuance; and
6. A verification from the Administrator of the Oklahoma Department of Securities that all persons receiving compensation, directly or indirectly, for providing advice to a municipality or county with regard to the Municipal and County Economic and Community Development Bonds Act are appropriately registered with the Oklahoma Department of Securities as investment advisers or investment adviser representatives, as applicable, and that all persons receiving compensation, directly or indirectly, for the placement of the bonds are registered as broker-dealers or agents, as applicable.
Added by Laws 1991, c. 142, § 4, emerg. eff. May 1, 1991. Amended by Laws 2003, c. 433, § 4, eff. July 1, 2003.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-822. Purpose – Contingent on approval of proposed constitutional amendment.

The Regional Economic Development District Act is intended to implement and execute paragraph (h) of Section 35 of Article X of the Constitution of the State of Oklahoma as amended pursuant to the provisions of Enrolled House Bill No. 1198 of the 1st Session of the 48th Oklahoma Legislature by providing for the issuance of bonds by municipalities and counties located within regional economic development districts. None of the provisions of the Regional Economic Development District Act shall be effective until the amendment to Section 35 of Article X of the Constitution of the State of Oklahoma as proposed by Enrolled House Bill No. 1198 of the 1st Session of the 48th Oklahoma Legislature is approved by the people.
Added by Laws 2001, c. 318, § 2, eff. Nov. 8, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-823. Definitions.

As used in the Regional Economic Development District Act:
1. “Bonds” means any bonds, notes, certificates of participation or other evidences of indebtedness issued pursuant to Section 35 of Article X of the Oklahoma Constitution;
2. “Department” means the Oklahoma Department of Commerce established pursuant to Section 5001 et seq. of Title 74 of the Oklahoma Statutes and any successor agency;
3. “Governing body” means the city council, city commission, board of trustees of a municipality or the board of commissioners of a county;
4. “Participating Entity” means any municipality or county comprising an established Regional District;
5. “Project” means the acquisition or construction of real or personal property, or both, by or for the use of public or private entities as may be authorized for economic development purposes by the Legislature pursuant to the provisions of Section 35 of Article X of the Oklahoma Constitution; and
6. “Regional District” means a regional economic development district, as designated by the Governor pursuant to Section 7 of this act.
Added by Laws 2001, c. 318, § 3, eff. Nov. 8, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-824. Creation of regional districts – Issuance of bonds – Governmental entities of which comprised.

Regional Districts may be created pursuant to the provisions of this act, to assist in financing economic development projects which have a substantial regional economic impact, by allowing municipalities and counties comprising such districts to issue bonds in accordance with Section 35 of Article X of the Oklahoma Constitution. Such districts may be comprised of:
1. Two or more municipalities;
2. Two or more counties; or
3. One or more municipalities and one or more counties.
Added by Laws 2001, c. 318, § 4, eff. Nov. 8, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-826. Approval or rejection by Governor of Final Project Plan – Election proclamation.

A. After receipt and review of the Final Project Plan, the Governor shall either approve the Final Project Plan and the terms and conditions contained therein, or the Governor shall reject the plan and return it to the Oklahoma Department of Commerce along with any revisions which the Governor may deem appropriate. If returned to the Department, the Department will revise the plan and resubmit the plan to the Governor.
B. Once the Final Project Plan is approved by the Governor, the Governor shall then issue an election proclamation calling for an election to be held within each of the municipalities and counties listed in the Final Project Plan. The election proclamation shall set a date on which elections shall be held within each of the listed municipalities and counties. The elections shall be conducted by the appropriate county election board or boards pursuant to the general election laws of the state, but shall be coordinated by the State Election Board under such procedures as it may, by rule, prescribe. Notice of the election shall be given by the mayor of each municipality or by the county commissioners of each county, by advertisement weekly for at least four times in a newspaper of general circulation in said municipality or county, with the last publication to be not less than ten (10) days prior to the date of the elections. All costs associated with the holding of such elections shall be paid for by the Department, and no municipal or county funds shall be used; provided, however, that the Governor is authorized to accept donations from private parties for the purpose of defraying all or a portion of the costs associated with the holding of such elections.
C. The State Election Board shall certify the results of such elections and shall forward the same to the Governor.
Added by Laws 2001, c. 318, § 6, eff. Nov. 8, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-827. Voter approval of bond authorization – Determination of sufficient financial resources.

If the voters of one or more of the municipalities or counties listed in the Final Project Plan approve the authorization of bonds issued pursuant to this act, the Governor shall determine, with the assistance of the Department, whether the bonds authorized by such entity or entities will provide sufficient financial resources to allow for the project to be undertaken. If the Governor determines that sufficient financial resources are available and that the project is feasible, then the Governor shall, by executive order, establish a Regional District comprised of those municipalities and counties whose voters approved the issuance of bonds pursuant to this act. No municipality or county whose voters failed to authorize the issuance of bonds shall be a part of the Regional District established by the Governor.
Added by Laws 2001, c. 318, § 7, eff. Nov. 8, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-828. Issuance of bonds by participating entities – Examination by Attorney General.

Once a Regional District has been established by the Governor, the governing bodies of each of the Participating Entities comprising such district shall take all actions required by law for the issuance of the type of bonds described in the Final Project Plan. A transcript of proceedings for each of the Participating Entities shall thereafter be prepared and submitted to the Attorney General of Oklahoma for examination. Such bonds, having been examined and certified as legal obligations by the Attorney General in accordance with such requirements as the Attorney General may make, shall be incontestable in any court of the State of Oklahoma unless suit thereon shall be brought in a court having jurisdiction thereof within thirty (30) days from the date of such approval. Bonds so approved by the Attorney General shall be prima facie valid and binding obligations according to their terms. The only objection which may be offered thereto in any suit instituted after such thirty-day period shall have expired shall be a violation of provisions of either the United States Constitution or the Oklahoma Constitution.
Added by Laws 2001, c. 318, § 8, eff. Nov. 8, 2002.
2023 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; and
7. 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.