reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 62. Public Finance › §62-395. Duty to issue bonds as agreed - Bonded indebtedness which 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.
R.L.1910, § 366.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-396. Registration of bonds.

The clerk of every county, city, town, township, school district and board of education, issuing bonds under Sections 391 et seq. of this title shall register the same in his office. Such bonds shall also, in every case, be registered by the county clerk, showing the date, number and amount thereof, rate of interest, to whom payable, where payable, date of maturity, and, if optional, under what conditions; and all indebtedness refunded under this article shall have the words "paid in full" marked in a plain manner across the face of each bond, or warrant refunded; and such canceled obligations shall be carefully preserved in the office of the county clerk or destroyed by the county commissioners, a register of the number, amount and date of issue having been first made by the county clerk. The proper officer shall, at the time of issuing refunding bonds, make out and transfer to the State Auditor and Inspector a certified statement of all proceedings had by the proper board or city council as shown of record and that said bonds have been issued for value in all respects in conformity to this article for certain indebtedness to be surrendered, definitely describing the bonds issued and the indebtedness to be surrendered, in exchange therefor and that they have been duly registered by the attesting clerk and the county clerk as required herein; which statement shall be in such form and include such other information as the State Auditor and Inspector may require, and be signed by all the officers whose signatures are attached to such bonds, and attested by the proper clerk, with the corporate seal of the county, city, town, township, school district or board of education, if any, and duly acknowledged before the county clerk. And the State Auditor and Inspector shall, upon being satisfied that such bonds have been issued according to the provisions of this article, and that the signatures thereto of the officers signing the same are genuine, register the same in his office in a book kept for that purpose and shall, under his seal of office, certify upon such bonds the fact that they have been registered in his office according to law. Nothing in Sections 391 et seq. of this title shall be construed to prohibit options available under the Registered Public Obligations Act of Oklahoma.
Amended by Laws 1983, c. 170, § 47, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-397. Levy of taxes - Sinking fund - Penalty for neglect or refusal.

In every instance in which any county, city, town, township, the board of education of any city, or any school district shall issue bonds under Sections 391 et seq. of this title, it shall be the imperative duty of the proper officers to provide annually, at the time of providing for the levy of other taxes, for a tax sufficient in amount to pay the interest upon said bonds or the coupons as they become due, and to create a sinking fund, as provided for in this article, for the payment of the principal of such bonds; and if such officers fail or neglect to provide for such levy, it shall be the duty of the county clerk forthwith to do so; and in case any such officer shall neglect or refuse to levy any such tax at the time aforesaid, and in case any county clerk shall neglect or refuse to extend such tax upon the tax roll of the county at the proper time, then and in that case any such officer so neglecting or refusing to levy or extend such tax shall be severally and individually liable and shall also be liable upon his official bond to the holder of any such bond or coupon falling due during the year for which such tax should have been levied or extended for the full amount thereof as soon as the same is due, which liability may be enforced in a civil action in the name of such holder; and any such officer so neglecting or refusing to levy or extend such tax shall also be deemed guilty of a misdemeanor, and on conviction thereof shall be fined in an amount equal to the amount which it may be shown should have been so levied or extended during such year, or imprisoned in the county jail for a term not less than three (3) nor more than twelve (12) months.
Amended by Laws 1983, c. 170, § 48, eff. July 1, 1983. Amended by Laws 1983, c. 170, § 48, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-398. Failure to levy tax - Cuty of State Auditor and Inspector and county treasurer - Liability - Penalty.

Should the proper officer whose duty it is to levy the taxes to pay such bonds and coupons, fail or neglect to make such levy as provided for in this article, it shall be the duty of the State Auditor and Inspector, at any time thereafter, to ascertain the amount of interest and sinking fund, or principal of such bonds, accrued and to accrue during that year, and to certify the amount thereof to the treasurer of the county in which such bonds were issued, setting forth the amount thus due, and whether from the county or from a particular city, town, township, the board of education of any city or school district within such county; and it shall be the duty of such county treasurer, immediately upon receiving such certified statement from the State Auditor and Inspector to proceed to ascertain from the assessment roll of the county the amount of taxable property in such county, city, town, township, or such school district, and what percentage is required to be levied thereon to pay the said interest and sinking fund or principal, and when so ascertained to levy such percentage upon the taxable property of such county, city, township, or such school district, as may be liable thereto, and immediately to place the same upon the tax roll of the county in a separate column or columns, designating the purpose for which such taxes are levied; and the said taxes shall be collected by the county treasurer of such county in the same manner that other taxes are collected. And should such county treasurer neglect or refuse to levy tax and place the same upon the tax roll for collection as herein provided, he shall be personally liable, and also liable upon his official bond to the holder of any such bonds or coupons then due, for the full amount thereof, and shall also be deemed guilty of a misdemeanor and upon conviction thereof shall be imprisoned in the county jail for not less than three (3) months nor more than twelve (12) months.
R.L.1910, § 369; Laws 1979, c. 30, § 31, emerg. eff. April 6, 1979.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-399. Sinking fund - How computed - Installment bonds.

It shall be the duty of every county, city, town, township, the board of education of any city, and of every school district, issuing bonds under this article, and of the proper officers thereof, to create a sinking fund; and there shall be levied by the proper officers, annually, a sufficient tax therefor for the redemption of such bonds, which shall be collected as other taxes, and paid into the treasury as provided by law for other taxes, and shall remain as a specific fund for the redemption of said bonds; the amount of which sinking fund shall be as follows: In every instance in which bonds shall be issued under this article, for twenty (20) years or less, the quotient found by dividing the amount of the principal of such bonds by such number of years shall be the amount of sinking fund to be levied each year for the redemption of such bonds; but in every instance in which such bonds shall be issued for more than twenty (20) years, it shall not be necessary to create a sinking fund, or to levy a tax therefor, until the twentieth year prior to maturity of such bonds, at which time, and each year thereafter one-twentieth (1/20) of the principal amount of such bonds shall be levied as a sinking fund for the redemption of such bonds: Provided, that any county, city, town township, the board of education of any city, or any school district, issuing bonds under this article, may buy in and cancel any such bonds whenever the same can be done at or below par: Provided, further, that such sinking fund, when not required for the payment or purchase of bonds, may be invested in bonds of the United States or of the State of Oklahoma, and in no other manner: And provided, further, that under the provisions of this article, the proper officers are authorized, if desirable, to issue installment bonds, running twenty-five (25) years, having coupons attached, representing the semiannual interest to become due thereon; and each coupon attached to any installment bond shall, after five (5) years from its date, represent one-fortieth (1/40) of its principal, which amount shall be shown by separate words and figures aside from the interest represented in the coupon; and each installment bond shall show upon its face that its principal is included in its coupons.
R.L.1910, § 370.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-400. Payment of bonds.

Whenever the bonds or interest coupons issued under Sections 391 et seq. of this title, shall become due, they shall be, on presentation of coupon bonds, promptly paid by the proper disbursing officer, out of the money in his hands collected for that purpose; and he shall endorse upon the face of any bond or coupon paid by him, in red ink, the word "paid", and the date of payment, and sign his name thereto, and at each settlement he shall turn over the bonds and coupons so paid and canceled, which shall be carefully preserved or destroyed. Provided however, the presentation of a registered bond shall not be required for payment of interest thereon when payment of interest is otherwise provided by the terms of the bond.
Amended by Laws 1983, c. 170, § 49, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-401. Penalty for misappropriation.

Any person who shall appropriate or use, or aid or abet in appropriating or using, any of the funds or monies mentioned in this article, for any other purpose than as in this article, provided, shall be deemed guilty of a misdemeanor, and on conviction thereof shall be fined in a sum equal to the amount of money so appropriated or used, and imprisoned in the county jail for not less than three (3) nor more than twelve (12) months, and shall also be liable in a civil action for the amount so misappropriated or used, to be prosecuted by any such bond holder or other party entitled thereto.
R.L.1910, § 372.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-402. Coupons receivable for taxes.

The interest coupons provided for in this article, shall, as fast as they become due, be receivable in payment of taxes due to the particular county, city, town, the board of education of any city, the township or school district, which may have issued such coupons, and shall be received by all collecting officers the same as cash, in payment of such taxes.
R.L.1910, § 373.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-413. Registration of bonds - Endorsement of legality.

The clerk or appointed agent of every county, city, town, township, board of education, school district, or other municipal corporation in this state, issuing bonds under Sections 411 et seq. of this title, shall register the same in his office. Such bonds shall also, in every case, be registered by the county clerk or appointed agent, showing the date, number and amount thereof, rate of interest, to whom payable, where payable, and date of maturity; and all bonds issued under this act shall have endorsed thereon a certificate signed by the county clerk and the district attorney of the county in which such issuing municipality is located, to the effect that said bonds are issued pursuant to law, and that said issue is within the debt limit. Said bonds shall thereafter be registered by the treasurer or appointed agent of the municipality issuing the same, said treasurer's or appointed agent's registration being made in like manner to that of the county clerk as hereinbefore set forth and each of said bonds shall have a certificate executed by said treasurer or appointed agent endorsed thereon to show that said treasurer or appointed agent has so registered said bonds. Thereafter said bonds shall be delivered to the State Auditor and Inspector, who shall register the same in his office in a book kept for that purpose and then shall, under his seal of office certify upon such bonds the fact that they have been registered in his office according to law. Nothing in Sections 411 et seq. of this title shall be construed to prohibit options available under the Registered Public Obligations Act of Oklahoma.
Amended by Laws 1983, c. 170, § 51, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-414. Annual tax levy to pay interest and principal - Sinking fund.

The governing body, or authority of any county, city, town, township, board of education, school district or other municipal corporation, issuing bonds under authority of this act, shall provide, prior to the delivery thereof to the purchaser, for a levy of annual taxes on all taxable property in the county, city, town, township, board of education, school district or other municipal corporation, as the case may be, sufficient in amount to pay, and for the express purpose of paying, the interest on said bonds as it falls due, and also to pay and discharge the principal thereof at maturity; and, in every instance in which any county, city, town, township, board of education, school district or other municipal corporation shall issue bonds under this act, it shall be the imperative duty of the proper officers, whose duty it may be to levy taxes, to levy annually, at the time of making the levy of other taxes, a tax sufficient in amount to pay the interest upon said bonds and the coupons as they become due, and to create a sinking fund for the payment of the principal of such bonds at their maturity.
Laws 1937, p. 151, § 4.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-415. Authority for bond issue - Approval by Attorney General.

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.
Laws 1937, p. 152, § 5.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-421. Bond issue for refunding indebtedness - Authorization - Exchange or sale - Interest - Maturity.

Any county, city, town, township, board of education, school district, or any other municipal corporation in this state, whether operating under the provision of a special charter or otherwise, is hereby authorized and empowered to issue its bonds for the purpose of refunding bonded and/or coupons indebtedness, outstanding for more than two (2) years, and to issue new bonds with interest representing the rate of interest agreed upon, in payment for any amount of outstanding bonded and coupon indebtedness; which bonds may be exchanged pursuant to agreement with the holders of such indebtedness, or sold for not less than their par value, in the manner now or hereafter provided by law for the sale of other bonds of such municipalities, or any of them, and the proceeds of said sale applied to the redemption of the bonds to be refunded. If said bonds are offered for sale, and no legally accepted bids are received at said sale, the county, city, town, township, board of education, school district, or other municipal corporation issuing such refunding bonds, in its discretion, may either again offer such bonds for sale, or may exchange such refunding bonds, on a par for par basis, for the bonds, and interest, to be refunded; provided, however, if an agreement has been made for the exchange of such bonds the same shall be exchanged, as herein provided, without first having been offered for sale. Whether such refunding bonds are sold or exchanged, they shall be delivered only upon simultaneous surrender, payment and cancellation of a like amount of the bonds to be refunded, inclusive of the interest accrued thereon. Such refunding bonds may be issued in such amount, or amounts, that the par value thereof, plus accrued interest to date of delivery, shall equal, but not exceed, the par value of the bonds and/or coupons to be refunded to the date of the delivery and cancellation thereof. Said refunding bonds shall bear interest at any rate not exceeding the maximum rate provided by Section 498.1 of this title, and shall mature serially and in substantially equal installments, beginning not less than three (3) nor more than five (5) years after the date of said bonds; provided, however, that the last maturing installment may be for such sum less than two installments as will complete the full issue of such bonds, notwithstanding the necessity of varying the amount thereof to complete the same.
Amended by Laws 1983, c. 170, § 52, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-422. Authorization by governing body - Notice - Execution and attestation - Denominations - Place of payment - Recital as to issuance under act.

Bonds issued under this act shall be authorized 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. Notice of the intention to authorize the issuance of such bonds shall be given by one publication in a newspaper having a general circulation in said municipality, and such notice shall briefly state the class of bonds and interest to be refunded, the approximate amount, and the time and place of the meeting at which said refunding will be authorized; such notice shall be published not less than (10) ten 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 the governing body may adjourn to a later date and such resolution or ordinance adopted at such 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 outstanding indebtedness, which is sought to be refunded under this act, and where such township form of government has been abolished, 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 place of the trustee or president of the board of cirectors of such township, and shall be attested by the county clerk, and countersigned by the county treasurer, acting and signing in the place 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. The interest coupons attached to said bonds shall be executed by the lithographed facsimile signatures of the officers designated to sign such bonds. Such bonds may be in any denomination from One Hundred Dollars ($100.00) to One Thousand Dollars ($1,000.00), and may be payable at such place as may be designated upon the face thereof, and they shall contain a recital that they are issued under this act.
Laws 1935, p. 126, § 2.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-423. Registration of bonds - Cancellation of refunded obligations - Preservation - Certificate of refunded obligations - Preservation - Certificate of issuance pursuant to law - Certification by State Auditor and Inspector.

The clerk or appointed agent of every county, city, town, township, board of education, school district, or other municipal corporation in this state, issuing bonds under Sections 421 et seq. of this title, shall register the same in his office. Such bonds shall also, in every case, be registered by the county clerk or appointed agent, showing the date, number and amount thereof, rate of interest, to whom payable, where payable, and date of maturity; and all bonded indebtedness refunded under this act shall have the words "paid in full" marked in plain manner across the face of each bond refunded; and such canceled obligations shall be carefully preserved by the clerk or appointed agent of such municipality, or destroyed, upon resolution or ordinance therefor, as the case may be, after a registration of the number, amount and date of issuance having first been made by the clerk or appointed agent; and all bonds issued under Sections 421 et seq. of this title shall have endorsed thereon a certificate, signed by the county clerk and the district attorney of the county in which such issuing municipality is located, said bonds, or evidence of debt, are issued pursuant to law, and that said issue is within the debt limit. Thereafter said refunding bonds shall be delivered to the State Auditor and Inspector and he shall register the same in his office in a book kept for that purpose and shall, under his seal of office certify upon such bonds the fact that they have been registered in his office according to law. The provisions of the Registered Public Obligations Act of Oklahoma shall apply.
Amended by Laws 1983, c. 170, § 53, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-424. Tax for payment of bonds and creation of sinking fund.

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 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.
Laws 1935, p. 127, § 4.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-425. Act as authority for bonds - No election necessary - Examination and approval by Attorney-General - Repeal - Effect on existing laws.

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 of municipal bonds by the Attorney General of Oklahoma, shall apply also to refunding bonds issued under this act; and all acts, or parts of acts, in conflict herewith are herewith repealed, but this act shall not be construed to repeal other existing laws relating to municipal funding or refunding bonds, except in so far as may be necessary to make this act operative, and shall be construed, in all other respects as in addition to existing refunding legislation.
Laws 1935, p. 127, § 5.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-426. Acceptance of funding or refunding bonds in lieu of warrants, judgments or bonds in sinking fund.

The governing board of any county, city, town, township, board of education, school district or any other municipal corporation of this state, holding in its sinking fund either warrants, judgments or bonds, is authorized to enter into an agreement with the governing board of the municipality against which said warrants, judgments or bonds are an obligation thereof, to accept funding or refunding bonds in lieu of said obligations. Said agreement shall provide for the rate of interest said funding or refunding bonds shall bear, which may be less than the rate of interest the indebtedness to be funded bears.
Laws 1937, p. 152, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-426a. Refund by municipalities of bonded and judgment indebtedness and interest by funding or refunding term bonds - Redemption - Interest - Tenders at less than par - Call and purchase of bonds when no tenders made.

Any municipality may refund any part or all of its bonded and judgment indebtedness and the interest thereon, by agreement with holders of such indebtedness to be funded or refunded, by issuance of funding or refunding bonds maturing within twenty-five (25) years from date. When any such funding or refunding bonds mature other than serially they shall be optional and subject to redemption on any interest-paying date. Said bonds shall be designated optional funding or refunding bonds, and shall recite that they are subject to redemption at any interest-paying date. Said bonds shall be authorized, executed, registered and approved in the same manner as funding and refunding bonds issued under other statutes in force. Provided, however, that no funding or refunding bonds issued hereunder shall bear a higher rate of interest than the indebtedness which is funded or refunded.
It shall be the duty of the treasurer and governing board of any municipality issuing funding or refunding bonds under the provisions of this act to request tenders from all known holders of such bonds at least thirty (30) days prior to each interest paying date. The form of such call for tenders setting out the time and place and other particulars shall be prescribed by the Attorney General. The said treasurer and governing board are hereby directed to purchase any bonds which may have been offered at less than par, provided preference must be given to the purchase of bonds which are offered for the least money. Provided further that if no bonds are offered at less than par, then it shall be the duty of the treasurer and governing board to call by lot at par and accrued interest as many of the bonds as he may have funds on hand for that purpose and that interest on said bonds so called shall cease within sixty (60) days after said call is made. All tenders of bonds and all drawing of bonds by lot shall be performed in a public meeting of the governing board. Provided sufficient money is retained in the sinking fund to pay the next two succeeding semiannual interest payments coming due on each bond.
Amended by Laws 1983, c. 170, § 54, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-426b. Term "governing board" defined.

The term governing board as used in this act shall mean the council or commission of a city; the town council or board of trustees of a town; the board of education of an independent school district; and the board of county commissioners for and on behalf of townships, counties, and dependent school districts.
Added by Laws 1937, p. 153, § 3, emerg. eff. May 7, 1937. Amended by Laws 1939, p. 150, § 2, emerg. eff. March 10, 1939.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-430.5. Participation in federal program.

The board of county commissioners of any county, the governing board of any city or town, the school board, or board of education of any school district is hereby authorized to participate in any federal government program dealing with fire prevention or with the purchasing or leasing of fire-fighting equipment, and said governing boards hereinabove enumerated are hereby authorized to receive and expend any Federal grant or equipment made available by the federal government and to coordinate their program with the rules and regulations prescribed by the appropriate federal agency.
Laws 1953, p. 33, § 6.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-435. Use of fund - Judgments against municipality - Payment from sinking funds - Reimbursement.

(Application.) Such sinking funds shall be used:
First. For the payment of interest coupons as they fall due.
Second. For the payment of bonds falling due, if any such there be, and,
Third. For the payment of judgments against the municipality, if any there be; provided, that when any sinking fund has been used or may hereafter be used to pay judgments as herein provided, that notwithstanding the fact that such judgment or judgments have been paid with such sinking fund, it shall be the duty of the proper officers to make levies to pay such judgments the same as if the same had not been paid out of such sinking fund, and when so levied and collected the same shall be turned into the sinking fund out of which such judgment or judgments was paid.
R.L.1910, § 6773. Amended by Laws 1915, c. 80, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-436a. Delinquent tax penalties, interest and forfeitures - Credit on apportionment.

All penalties, interest and forfeitures which may accrue on delinquent ad valorem taxes, whether real or personal, tangible or intangible, on any properties, persons, firms or corporations within any school district, township, town or city within a county, shall, when collected, be credited on apportionment by the county treasurer as follows: In all counties having an assessed net valuation of less than Seven Million Dollars ($7,000,000.00) one-half (1/2) of such penalties shall be credited to the general fund of the county and one-half (1/2) to the resale property fund of such county; and in all counties having an assessed net valuation of Seven Million Dollars ($7,000,000.00) or more, all such penalties interest and forfeitures on property located in any township having a bonded indebtedness of any kind, one-half (1/2) of such penalties interests and forfeitures, when normally collected, shall be paid into the sinking fund of such township and the remaining one-half (1/2) thereof in such township and all penalties, interests and forfeitures where there exists no township bonded indebtedness of any kind shall be credited to the resale property fund of such county.
Laws 1953, p. 285, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-436b. County resale property fund - Rebates - Disclaimers.

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 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.
Laws 1953, p. 285, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-436c. Apportionment and credit of resale property fund.

After June fifteenth of each year the county treasurer shall, after reserving sufficient of the Resale Property Fund for all encumbrances and sufficient for estimated cost of preparing, publishing, and completing through the ensuing fiscal year all tax-enforcement procedures imposed by law upon the county treasurer, all excess remaining in said resale property fund on such June fifteenth shall be, by the county treasurer, apportioned and credited to the county, and the several cities, towns and school districts therein, and to the several funds thereof, in ratio to the final gross ad valorem taxes for such fiscal year levied in each thereof in accordance with the certificate of the county excise board on the current budget of each thereof, unless the same has been altered by order of the Court of Tax Review or the Supreme Court and then in ratio to the amounts so adjusted. Provided, that, if the board of county commissioners so order by current resolution, in any county, that portion so accruing to all or any of the county's funds shall be credited to the courthouse and jail fund of the county.
Laws 1953, p. 286, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-438. Bonds for city hall - Rentals paid into sinking fund.

That all cities in the State of Oklahoma operating under a charter form of government, wherein such cities may hereafter issue bonds for the purpose of raising funds to construct a city hall building, be and are hereby required to pay into the sinking fund for the payment of interest and the retirement of such bonds so issued, all rentals so derived from the use of such parts of the city hall building as are not required for the use of the city, and such rentals so acquired over and above maintenance shall be irrevocably pledged for the payment of the interest and the retirement of such bonds and shall not be used for any other purpose.
Laws 1925, c. 39, p. 60, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-442. Courthouse - Use of sinking fund for construction - Tax 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.
Laws 1923, c. 86, p. 151, § 1; Laws 1925, c. 13, p. 15, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-443. Procedure - Restrictions on use of funds - Investment of sinking fund in warrants.

The procedure for the making of an appropriation for the aforesaid purpose from such sinking fund and for the levy of a tax of not to exceed one (1) mill annually, shall be by resolution in which a majority of the board of county commissioners shall concur; and provided further, that the funds herein provided for shall not be used for the purpose of purchasing a site for the construction of the buildings herein provided for; and providing further, that in the event time warrants are issued for the aforesaid purposes, the county treasurer of any such county is hereby authorized to invest any available sinking fund money of such county in any such time warrants; and any such investment so made is hereby ratified and approved.
Laws 1923, c. 86, p. 151, § 2; Laws 1925, c. 13, p. 16, § 2.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-445. Surplus of sinking fund - Transfer to general fund.

Where any county, city, town, or school district, dependent or independent, has accumulated a surplus in the sinking fund thereof, represented by actual cash on hand in excess of all outstanding bond or judgment indebtedness, both matured and unmatured, including coupon and/or other interest earnings thereon whether matured or unmatured, earned or unearned, or if there be no known bond, coupon, or judgment indebtedness outstanding against it, the county excise board on application of the proper officers thereof is hereby authorized to approve the transfer of said surplus in the sinking fund of said county, city, town, or school district to be used for general fund purposes of the same county, city, town, or school district; provided, that before the excise board shall have authority to consider or approve the application of the governing board for authority to make such transfer, there shall be attached to such application an affidavit and proof of publication of published notice by such governing board of its intention to apply for authority to make such transfer, which published notice shall set forth in detail the condition of the sinking fund thereof or as to the fact of there being no known bond, coupon or judgment indebtedness outstanding. Such notice shall be published in some newspaper of general circulation in such municipality, or in such county if there be no newspaper published in the city, town, or school district.
Laws 1929, c. 5, p. 4, § 1; Laws 1935, p. 121, § 1; Laws 1943, p. 146, § 1; Laws 1991, c. 124, § 25, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-446. Transfer of surplus to general fund - Reduction of ad 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.
Laws 1933, c. 42, p. 80, § 1; Laws 1991, c. 124, § 26, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-447. District court - Application for order authorizing transfer - Hearing.

Provided, however, that before any governing body of such city or town shall make such transfer, application shall be made by such governing body to the district court of the county for an order authorizing it so to do. Such application shall be filed in the office of the clerk of the district court as in other cases, setting forth briefly, the amount of money in the sinking fund of said city or town, and the amount of all its outstanding bonds, interest and judgments, and the amount of the sinking fund that the governing body wishes to transfer to the general fund of the said city or town.
Notice of the hearing of said application shall be given by publication of a notice thereof in a newspaper of general circulation throughout the county, for two (2) consecutive weekly issues of such newspaper. Upon the date fixed for the hearing of said application, any taxpayer, bond, coupon or judgment holder may appear and contest the same. After hearing, the court shall make an order as to distribution of said surplus funds, if there be any, any such order shall be final.
Amended by Laws 1983, c. 170, § 55, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-448. Tax for sinking fund - Cancellation when no deficit in fund.

If now or hereafter in any county, city, town, township, school district or other municipal subdivision of the State of Oklahoma, there exists no deficit in the sinking fund thereof, the governing body of such municipality may by proper resolution recite such facts and cancel all taxes thereof which are unpaid and which were levied for the sinking fund of such municipality, for all fiscal years previous to the one in which such resolution is passed. Such resolution need be only in general terms reciting the rate of levy and the year or years for which the same was levied and shall thereupon be applicable to all taxes levied for that purpose for that year or years which are unpaid.
Laws 1935, p. 337, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-449. Cancellation and reduction of taxes by county treasurer.

It shall be the duty of the county treasurer upon his being presented with a properly certified copy of such resolution to cancel and vacate all unpaid levies and taxes to the extent provided for in such resolution and to reduce the rate of levy and the amount of taxes due and unpaid upon all real and personal property and property of utilities within such municipal subdivision for all previous fiscal years to the extent provided for in such resolution and to enter such reduction upon the tax rolls of said county and to give due credit to such reduction in the collection of all such taxes.
Laws 1935, p. 337, § 2.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-450. Application of act.

The provisions of this act are applicable only in cases where all the bond, interest and judgment indebtedness of such municipal subdivision for which such sinking fund levies for such previous years were made and which is or was an obligation of such sinking fund has either been paid, or is subject to immediate payment out of unencumbered and unappropriated cash then in said sinking fund, or refunded or reduced to judgment and legal provision made for payment thereof out of sinking fund levies, or other wise, within the current and/or future fiscal years.
Laws 1935, p. 337, Sec. 3.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-461. Transfers authorized - Request for transfer - Approval - Notice.

If additional or supplemental needs exist in any department or appropriation account of a county, school board of education or municipal government as to any item or items of appropriation therefor, that are immediately urgent, and there exists in any other appropriation account or department of the government unexpended and unencumbered balances of appropriations of less immediately urgent need, the duly-constituted head of such department or officer in charge of an account needing additional or supplementalappropriations, shall make a written request for transfer of appropriation balance or any portion thereof to the governing body. The written request for transfer shall set forth such additional or supplemental needs and the occasion for such needs, together with detail of account items and the amount of each item proposed to be canceled, and the written consent of the department head or officer in charge of the account from which the appropriation or any portion thereof is to be canceled. The approval of the request for transfer by the governing body, without other formality, shall effect cancellation of appropriations in the items and amounts less urgently needed and increase in like total sum to the appropriation accounts or department by items and amounts for such immediately urgent needs. The clerk of the governing body shall notify in writing the clerk of the county excise board of the changes and shall also notify the treasurer and the head of each department affected of the action, and they shall adjust their accounts accordingly. In a municipality, or school board of education, the actions and consent of the respective department heads or officers provided in this section may be performed by the governing body or by persons designated by the governing body.
Added by Laws 1951, p. 190, § 1, emerg. eff. May 15, 1951. Amended by Laws 1980, c. 226, § 5, emerg. eff. May 27, 1980.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-463. Supplemental and additional appropriations - Law not affected.

It is hereby declared to be the intent of the Legislature that this act shall not in any manner repeal or abate any of the provisions or requirements of Title 68, Section 292, O.S. 1951, but shall be cumulative thereto.
Laws 1951, p. 191, § 3.