reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 62. Public Finance › §62-555. Lost or destroyed checks, warrants or vouchers - Second or duplicate - Affidavit - Bond - Records.

If a check, warrant, or voucher has been issued and is subsequently lost or destroyed, the treasurer of any county, city, or town shall initiate a stop-payment order or submit a positive pay file providing the payee, amount, and serial number of the check, warrant, or voucher to the depository prior to the clerk of the county, city, or town issuing a second or duplicate check, warrant, or voucher. If the treasurer of any county, city, or town is unable to initiate a stop-payment order or submit a positive pay file providing the payee, amount, and serial number of the check, warrant, or voucher to the depository, clerks are authorized and empowered to issue a second or duplicate check, warrant, or voucher in lieu of any check, warrant, or voucher that has been issued and subsequently lost or destroyed if the following conditions are met:
1. An affidavit setting forth the facts as to the loss or destruction of the original check, warrant, or voucher has been filed with the clerk; and
2. An indemnifying bond running to the treasurer of the county, city, or town, or to the State Treasurer, in double the amount of such lost or destroyed check, warrant, or voucher.
The conditions of such bond shall be to indemnify and protect the county, city, or town, or to the State Treasurer, from any loss or harm occasioned or sustained on account of the issue of such second or duplicate check, warrant, or voucher. The bond shall be satisfactory to the treasurer of such county, city, or town, or to the State Treasurer, who shall, upon being satisfied as to the sufficiency of the bond, endorse approval thereon. The clerk and treasurer shall make such records in their respective offices as will, as nearly as possible, preclude any loss being sustained by the county, city, or town, or to the State Treasurer, on account of the issue of any second or duplicate check, warrant, or voucher. Warrants issued by the State Treasurer against claims submitted through the Director of the Office of Management and Enterprise Services in payment of obligations of the state which may subsequently be lost or destroyed will be governed by the provisions of Section 34.81 of this title.
Added by Laws 1953, p. 287, § 1, emerg. eff. June 1, 1953. Amended by Laws 1982, c. 39, § 2, emerg. eff. March 26, 1982; Laws 1985, c. 348, § 7, emerg. eff. July 30, 1985; Laws 1990, c. 221, § 4, operative July 1, 1990; Laws 1991, c. 124, § 29, eff. July 1, 1991; Laws 1997, c. 144, § 2, eff. July 1, 1997; Laws 2004, c. 361, § 14, eff. July 1, 2004; Laws 2012, c. 304, § 465; Laws 2022, c. 283, § 1, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-561. Advances made by United States for planning public works as not creating present indebtedness within meaning of Constitution.

It is the sense of the Legislature that the State of Oklahoma, its agencies and subdivisions, counties, cities, towns, and school districts should participate in the Program of Advances for Public Works Planning under Public Law No. 560, 83d Congress, as amended, and it is the further sense of the Legislature that any advances of funds made by the United States to the same under such program for the purpose of planning public works in the State of Oklahoma are repayable only when and if the public works so planned is undertaken and does not create any present indebtedness within the meaning of Article X, Section 26, of the Constitution of the State of Oklahoma.
Laws 1961, p. 732, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-562. Municipalities - Investment of sinking funds - Disposition of interest or dividends.

Notwithstanding the provisions of Section 399, Section 541 and Section 544 of this Title 62, incorporated cities, towns or municipalities possessing sinking funds may, when authorized so to do by the lawfully constituted governing body of such city, town or municipality, invest such sinking funds, when such funds are not required for the payment or purchase of bonds, in bonds of the United States, bonds of the State of Oklahoma or in any type of interest or dividend-bearing account in a sum covered by the terms of the Federal Deposit Insurance Corporation, or The Federal Savings and Loan Insurance Corporation. Providing further, that any interest or dividends accruing to the benefit of an incorporated city, town or municipality from the investment of such sinking funds may be credited to the general fund of such city, town or municipality.
Laws 1963, c. 223, § 1, emerg. eff. June 11, 1963.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-573. Definition.

As used in this act, unless the context requires otherwise, the term "government entity" means and includes any city, town, county, school district, other district of whatsoever nature or any other political subdivision.
Laws 1976, c. 11, § 3, eff. Jan. 1, 1977; Laws 1992, c. 350, § 21, emerg. eff. June 4, 1992.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-574. Publication of projects.

A. At any election upon the question of issuing bonds, which if approved would require an ad valorem tax levy or pledging the full faith and credit of the State of Oklahoma, the governmental entity calling such election shall set forth in each proposition to be voted upon the general purpose for which the bond proceeds will be expended. This shall not require the proposition or the bond to recite specific projects and dollar amounts.
B. At any election upon the question of issuing bonds, which if approved would require an ad valorem tax levy or pledging the full faith and credit of the State of Oklahoma, the governmental entity calling such election shall set forth in the call of election, in a legally qualified newspaper of general circulation in the area wherein said bond issue proceeds are to be expended, a general statement of all purposes and specific projects for which seventy percent (70%) of the proceeds shall be expended, with a further listing of the dollar amounts to be expended on each specific project. The dollar figure left unlisted as to specific projects shall not exceed thirty percent (30%) of the total amount of the bond issue.
C. If any such bond issue is approved at an election, the particular governmental entity shall expend all of the proceeds of such bond issue for the purposes set out in the proposition voted upon and shall expend not less than eighty-five percent (85%) of the monies allocated to each specific project, unless such project can be completed for a smaller amount of money, on that project as published according to Section 4(B) of this act and for which the bond issue was approved. Provided, however, that if any money becomes available from any source outside the bond proceeds for any specific project, the outside funds would be used to reduce the amount of bond funds to be expended on that specific project. In such event, the governmental entity may expend that amount less than the specified eighty-five percent (85%) and may use the surplus funds on other projects within the same general purpose or to reduce the sinking fund. This section shall not apply in the event a final judicial determination or federal or state laws, regulations or rules preclude the undertaking or completion of a specific project.
Laws 1976, c. 11, § 4, eff. Jan. 1, 1977.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-575. Violations.

Any member of the governing body of a governmental entity or other elected or appointed official charged with the duty of expending the proceeds of any bond issue, who knowingly and willfully violates any provision of this act, shall forfeit his office.
Added by Laws 1976, c. 11, § 5, eff. Jan. 1, 1977.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-576. Exceptions.

The provisions of this act shall not apply to any bond issue approved by the qualified electors of any governmental entity prior to the effective date of this act nor to any bond or bonds issued pursuant to Article 10, Section 35 of the Oklahoma Constitution.
Added by Laws 1976, c. 11, § 6, eff. Jan. 1, 1977.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-583. Purpose.

A. The Code provides that interest with respect to certain obligations may not be exempt from federal income taxation unless they are in registered form. It is therefore a matter of state concern that public entities be authorized to provide for the issuance of obligations in such form. It is a purpose of this act to empower all public entities to establish and maintain a system pursuant to which obligations may be issued in registered form within the meaning of the applicable provisions of the Code.
B. Obligations have traditionally been issued in bearer rather than in registered form, and a change from bearer to registered form may affect the relationships, rights and duties of issuers of and the persons that deal with obligations, and by such effect, the costs. Such effects will impact the various issuers and varieties of obligations differently depending on their legal and financial characteristics, their markets and their adaptability to recent and prospective technological and organizational developments. It is therefore a matter of state concern that public entities be provided flexibility in the development of such systems and control over system incidents, so as to accommodate such differing impacts. It is a purpose of this act to empower the establishment and maintenance, and amendment from time to time, of differing systems of registration of obligations, including system incidents, so as to accommodate the differing impacts upon issuers and varieties of obligations. It is further a purpose of this act to authorize systems that will facilitate the prompt and accurate transfer of registered public obligations and developing practices with regard to the registration and transfer of registered public obligations.
C. In order that all state and local obligations issued after July 1, 1983, retain their tax exempt status and avoid other penalties, the Legislature of the State of Oklahoma hereby urges and encourages all state and local obligations be in registered form unless:
1. The obligation is not of a type offered to the public;
2. The obligation has a maturity at issue of one (1) year or less; or
3. The obligation is sold only to foreign persons and interest on such obligation is payable only outside the United States and its possessions.
These exemptions from registration shall be construed in light of Internal Revenue Code Regulations interpreting 16 U.S.C.A. Section 310(b).
Added by Laws 1983, c. 170, § 3, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-585. Execution of obligations - Signatures.

A. A certificated registered public obligation shall be executed by the issuer by the manual or facsimile signature or signatures of authorized officers. Any signature of an authorized officer may be attested by the manual or facsimile signature of another authorized officer.
B. In addition to the signatures referred to in subsection A of this section any certificated registered public obligation or any writing relating to an uncertificated registered public obligation may include a certificate or certificates signed by the manual or facsimile signature of an authenticating agent, registrar, transfer agent or the like.
C. At least one signature of an authorized officer, authenticating official or other person required or permitted to be placed on a certificated registered public obligation shall be a manual signature.
Added by Laws 1983, c. 170, § 5, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-586. Authorized signatures to remain valid - Adoption of predecessor's signature.

A. Any certificated registered public obligation signed by the authorized officers at the time of the signing thereof shall remain valid and binding, notwithstanding that before the issuance thereof any or all of such officers shall have ceased to fill their respective offices.
B. Any authorized officer empowered to sign any certificated registered public obligation may adopt as and for the signature of such officer the signature of a predecessor in office in the event that such predecessor's signature appears on such certificated registered public obligation. An authorized officer incurs no liability by adoption of a predecessor's signature that would not be incurred by such authorized officer if the signature were that of such authorized officer.
Added by Laws 1983, c. 170, § 6, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-587. Facsimile seals.

When a seal is required or permitted in the execution of any certificated registered public obligation, an authorized officer may cause the seal to be printed, engraved, stamped or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal.
Added by Laws 1983, c. 170, § 7, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-588. Appointment of certain agents, etc. and depositories - Issuer as agent, etc.

A. An issuer may appoint for such term as may be agreed, including for so long as a registered public obligation may be outstanding, corporate or other authenticating agents, transfer agents, registrars, paying or other agents and specify the terms of their appointment, including their rights, their compensation and duties, limits upon their liabilities and provision for their payment of liquidated damages in the event of breach of certain of the duties imposed, which liquidated damages may be made payable to the issuer, the owner or a financial intermediary. None of such agents need have an office or do business within this state.
B. An issuer may agree with custodian banks and financial intermediaries, and nominees of any of them, in connection with the establishment and maintenance by others of a central depository system for the transfer or pledge of registered public obligations. Any such custodian banks and financial intermediaries, and nominees, may, if qualified and acting as fiduciaries, also serve as authenticating agents, transfer agents, registrars, paying or other agents of the issuer with respect to the same issue of registered public obligations.
C. Nothing shall preclude the issuer from itself performing, either alone or jointly with other issuers, any transfer, registration, authentication, payment or other function described in this section.
D. All paying agents on bond issues, after holding funds for payment of principal or interest for a period of five (5) years from their payment date and the bond or coupon has not been presented for payment, shall immediately return said funds to the issuer of the bonds to be used for any lawful purpose.
Added by Laws 1983, c. 170, § 8, eff. July 1, 1983. Amended by Laws 1998, c. 400, § 2, emerg. eff. June 10, 1998.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-589. Collection of costs - Reimbursement.

A. An issuer, prior to or at original issuance of registered public obligations, may provide as a part of a system of registration that the transferor or transferee of the registered public obligations pay all or a designated part of the costs of the system as a condition precedent to transfer, that costs be paid out of proceeds of the registered public obligations, or that both methods be used. The portion of the costs of the system not provided to be paid for by the transferor or transferee or out of proceeds shall be the liability of the issuer.
B. The issuer may as a part of a system of registration provide for reimbursement or for satisfaction of its liability by payment by others. The issuer may enter into agreements with others respecting such reimbursement or payment, may establish fees and charges pursuant to such agreements or otherwise, and may provide that the amount or estimated amount of such fees and charges shall be reimbursed or paid from the same sources and by means of the same collection and enforcement procedures and with the same priority and effect as with respect to the obligations.
Added by Laws 1983, c. 170, § 9, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-591. Coupon bond or coupon bonds defined.

Whenever the terms "coupon bond" or "coupon bonds" appear in any statute such terms shall mean any bond, note, or other evidence of indebtedness of any public entity, department, public trust, or agency, regardless of whether such instruments are in coupon, registered, or other form. The use of the word coupon does not limit the form of instruments authorized to be issued by such entities. The use of the terms coupon or coupon rate or terms of similar import shall mean interest or interest rate on bonds regardless of the form of such bonds and shall not imply that bonds must bear coupons.
Added by Laws 1983, c. 170, § 11, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-601. Definitions.

As used in this act:
(a) "Public security" means a bond, note, certificate of indebtedness or other obligation for the payment of money, issued by this state or by any of its departments, agencies, or other instrumentalities or by any of its political subdivisions or districts.
(b) "Authorized officer" means any official of this state or of any of its departments, agencies, or other instrumentalities or districts whose signature to a public security, or certificate thereon or thereto, is required or permitted.
(c) "Facsimile signature" means the reproduction by engraving, imprinting, stamping or other means of the manual signature of an authorized officer.
Added by Laws 1959, p. 258, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-602. Execution of public securities by facsimile signature - Effect.

Any authorized officer, after filing with the Secretary of State his manual signature certified by him under oath, may execute or cause to be executed with a facsimile signature in lieu of his manual signature any public security, or any certificate thereon or thereto.
Upon compliance with this act by the authorized officer, his facsimile signature has the same legal effect as his manual signature.
Laws 1959, p. 258, § 2; Laws 1991, c. 124, § 30, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-603. Facsimile seals.

When the seal of this State or of any of its departments, agencies, or other instrumentalities or of any of its political subdivisions or districts is required in the execution of a public security, the authorized officer may cause the seal to be printed, engraved, stamped or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal itself.
Added by Laws 1959, p. 258, § 3.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-604. Use on a public security with intent to defraud.

Any person who with intent to defraud uses on a public security:
(a) A facsimile signature, or any reproduction of it, of any authorized officer, or
(b) Any facsimile seal, or any reproduction of it, of this state or of any of its departments, agencies, or other instrumentalities or of any of its political subdivisions or districts
is guilty of a felony and shall be punishable as provided by Section 9 of Title 21 of the Oklahoma Statutes.
Added by Laws 1959, p. 258, § 4. Amended by Laws 1997, c. 133, § 520, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 378, eff. July 1, 1999.
NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 520 from July 1, 1998, to July 1, 1999.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-652. Authority regarding industrial development.

Any municipality and any county is hereby authorized to own, acquire, construct, reconstruct, extend, equip, improve, maintain, sell, lease, contract concerning, or otherwise deal in or dispose of any lands, buildings, or facilities of any and every nature whatever that can be used in securing or developing industry within or near the municipality or county. Industry as referred to herein shall not include any trust purpose, function nor activity in any residential enterprise or function except as provided in Section 178.6 of Title 60 of the Oklahoma Statutes.
Added by Laws 1961, p. 471, § 2, emerg. eff. Aug. 8, 1961. Amended by Laws 1976, c. 222, § 9, eff. Dec. 1, 1976; Laws 2010, c. 195, § 2, emerg. eff. May 4, 2010.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-653. Use of revenues - Public trusts.

A. Municipalities and counties are hereby authorized to use any available revenues for the accomplishment of the purposes set forth in Section 652 hereof.
B. Trustees of public trusts who have constructed and leased or operated county law enforcement centers or jails for the benefit of counties may designate any available revenues for additional equipment, personnel, or compensation that are in addition to those provided by law in order to carry out the required duties of such project.
Added by Laws 1961, p. 471, § 3, emerg. eff. Aug. 8, 1961. Amended by Laws 1976, c. 222, § 10, eff. Dec. 1, 1976; Laws 2002, c. 48, § 1, eff. July 1, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-654. Election on issuance of revenue bonds.

(a) Revenue bonds may be issued by a public trust as referred to in Section 2 above for the purposes set forth in Sections 2 and 3 hereof only with the approval of a majority of the qualified electors of the municipality or county voting at an election called for that purpose. An election on the question of issuing revenue bonds shall be held at the request of the trustees at such time as the governing body of the municipality or the board of county commissioners of a county shall designate by ordinance or resolution. Such ordinance or resolution shall specifically state the purpose for which the bonds are to be issued, the total amount of the issue and the date upon which the election is to held, which date shall not occur earlier than thirty (30) days after the passage of said ordinance or resolution.
(b) The election shall be held and conducted, the vote canvassed, and the results declared in the manner now or hereafter provided for municipal or county elections, so far as the same may be applicable, except as herein otherwise provided.
(c) Notice of the election shall be given by the mayor or board of county commissioners by advertisement in a newspaper of general circulation within the municipality or county once a week for four (4) consecutive weeks, with the last publication to be not less than ten (10) days prior to the date of said election.
(d) only qualified electors of the municipality or county shall have a right to vote at said election.
(e) The results of the election shall be proclaimed by the mayor or chairman of the board of county commissioners, and shall be conclusive unless attacked in the courts within thirty (30) days after the date of such proclamation.
Laws 1961, p. 471, § 4.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-656. Bonds not general obligations of municipality or county - Payment of principal and interest.

Such revenue bonds shall not be general obligations of the municipality or county, and in no event shall the revenue bonds constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory limitation. It shall be plainly stated on the face of each bond that the same has been issued under the provisions of this act, and under the terms of 60 O.S. 1951, Sections 176 - 180, inclusive, as amended by Sections 1 and 2, Chapter 4, Title 60, page 277, Oklahoma Session Laws 1953 (60 O.S. Supp.1959, Sections 176 and 177), relating to public trusts, and that it does not constitute an indebtedness of the municipality or county within any constitutional or statutory limitation. The principal of and the interest on the revenue bonds, and paying agent's fees, shall be payable in the first instance from gross revenues derived from the lands, buildings, and/or facilities acquired, constructed, reconstructed, extended, and/or improved, in whole or in part, with the proceeds of the bonds. In addition, the trustees, with prior approval of the municipality or county, are authorized to pledge to and use for the payment of the principal of and interest on the bonds, and paying agent's fees, such revenues derived from other lands, buildings, and/or facilities used and useful or securing and developing industry and/or surplus revenues derived from water, sewer, gas, and electric utilities owned by the municipality or county and by such beneficiary transferred or leased to the trustees for such purpose, provided that such transfer or lease shall have been included in the question voted upon and approved in the election required to be held under Section 4 of this act. For the purpose of this section the phrase "surplus revenues" is hereby defined to be any revenues over and above the costs of financing the general government and utility functions of the municipality or county in any fiscal year, or any prior commitments of such revenues.
Added by Laws 1961, p. 473, § 6, emerg. eff. Aug. 8, 1961.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-657. Refunding bonds.

Revenue bonds may be issued hereunder for the purpose of refunding any obligations issued hereunder. Such refunding bonds may be combined with bonds issued under the provisions of Section 3 of this act into a single issue. When bonds are issued under this section for refunding purposes, such bonds may either be sold or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof. All bonds issued under this section shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this act and shall have all the attributes of such bonds. The resolution under which such refunding bonds are issued may provide that any of the said refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby.
Added by Laws 1961, p. 473, § 7, emerg. eff. Aug. 8, 1961.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-658. Mortgage liens.

Subject to the subsequent provisions of this section, there shall exist a statutory mortgage lien upon the lands, buildings, and/or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this act which shall exist in favor of the holders of the bonds and in favor of the holders of the coupons attached to said bonds, and said lands, buildings, and/or facilities shall remain subject to such statutory mortgage lien until payment in full of the principal of and interest on said revenue bonds. Anything herein to the contrary notwithstanding, the resolution and/or indenture referred to in Section 5 of this act may impose a foreclosable mortgage lien upon the lands, buildings, and/or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this act and the nature and extent of said mortgage lien may be controlled by the resolution or indenture including, without limitation, provisions pertaining to the release of all or part of the lands, buildings, and/or facilities from the mortgage lien and the priority of mortgage lien in the event of successive bond issues as authorized by Section 5 of this act. Subject to such terms, conditions, and restrictions as may be contained in the resolution or indenture authorizing and/or securing the said bonds, any holder of bonds issued under the provisions of this act, or of any coupon attached thereto, may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the issuing trustees set forth in this act and set forth in any resolution and/or indenture authorizing and/or securing the said bonds.
Added by Laws 1961, p. 473, § 8, emerg. eff. Aug. 8, 1961.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-659. Defaults - Appointment and powers of receiver.

In the event of a default in the payment of the principal of or interest on any revenue bonds issued under this act, any court having jurisdiction may appoint a receiver to take charge of the lands, buildings, and/or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of revenue bonds issued under this act, upon which lands, buildings, and/or facilities, or any part thereof, there is a mortgage lien securing the said revenue bonds with reference to which there is such a default in the payment of principal and/or interest. The receiver shall have the power to operate and maintain the said lands, buildings, and/or facilities and to charge and collect rates and/or rents sufficient to provide for the payment of the principal of and interest on said bonds, after providing for the payment of any cost of receivership and operating expenses of said lands, buildings, and/or facilities, and to apply the income and revenues derived from said lands, buildings, and/or facilities in conformity with this act and the resolution or indenture authorizing and/or securing the said bonds. When the default has been cured, the receivership shall be ended and the properties returned to the trustees. The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the resolution or indenture authorizing and/or securing the bonds, and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from, and the mortgage lien on, said lands, buildings, and/or facilities as specified in and fixed by the resolutions or indentures authorizing and/or securing successive bonds issues.
Added by Laws 1961, p. 474, § 9, emerg. eff. Aug. 8, 1961.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-661. Definitions.

Wherever used or referred to in this act, unless a different meaning clearly appears from the context:
(a) "Trustees" means the trustees appointed by the governing body of any municipality or the board of county commissioners to carry out the provisions of this act, and as provided in 60 O.S.1951, Sections 176 - 180, inclusive, as amended by Sections 1 and 2, Chapter 4, Title 60, page 277, Oklahoma Session Laws 1953 (60 O.S. Supp. 1959, Sections 176 and 177), relating to public trusts.
(b) "Municipality" means any incorporated city or town.
(c) "Trustee" means the person or corporation appointed by the trustees as trustee for the bondholders.
Added by Laws 1961, p. 474, § 11, emerg. eff. Aug. 8, 1961.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-662. Bids for purchase of materials and supplies costing over $500 - Meetings of trustees - Records.

In all cases where the trustees shall contract for the payment of Two Thousand Dollars ($2,000.00) or more for the purchase of any materials, equipment, or supplies or for the construction of facilities, said contract shall be made only, after public advertisement for bids, to the lowest and best bidder upon the proposal so advertised.
All meetings of the trustees shall be open to the public to the same extent as is required by law of meetings by other boards and commissions, and all records of the trustees shall be public records as provided by law and shall be kept either in the office of the city clerk or the county clerk, as the case may be.
Laws 1961, p. 475, § 12; Laws 1991, c. 124, § 31, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-663. Act inapplicable for acquiring certain utility plants or distribution systems.

The provisions of this act shall not be applicable to nor used by a municipality or county or trust for the purpose of purchasing, condemning, or otherwise acquiring a utility plant or distribution system owned or operated by a regulated public utility.
Added by Laws 1961, p. 475, § 13, emerg. eff. Aug. 8, 1961.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-664. Act as supplemental - Construction.

This act is intended to supplement all constitutional provisions and other acts now existing or hereafter adopted designed to secure and develop industry and, when applicable in accordance with the provisions hereof, may be used by any municipality or county as an alternative notwithstanding any constitutional provisions or any other act now existing or hereafter adopted authorizing a municipality or county, or any commission or agency thereof, to issue bonds for the purpose of securing and developing industry. This act shall be liberally construed to accomplish the purposes hereof.
Added by Laws 1961, p. 475, § 15, emerg. eff. Aug. 8, 1961.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.3. Designation of enterprise zones - Application.

A. On July 1 of each year, the Oklahoma Department of Commerce shall designate as enterprise zones those counties which meet the criteria set out in subparagraph a of paragraph 5 of Section 690.2 of this title or cities or towns or areas contiguous to cities or towns which meet the criteria set out in subparagraph b of paragraph 5 of Section 690.2 of this title. The list shall also include all areas designated as federal enterprise communities which shall be Priority Enterprise Zones for three (3) years.
B. The Oklahoma Department of Commerce shall, within thirty (30) days following July 1 of each year, submit to the board of county commissioners of each county a list of the counties designated enterprise zones.
C. Upon application by an enterprise seeking to qualify for the benefits and incentives authorized by the provisions of the Oklahoma Enterprise Zone Act, the Oklahoma Department of Commerce may approve an enterprise for the benefits and incentives as provided by law.
D. The Oklahoma Department of Commerce shall promulgate rules concerning application procedures and requirements for an enterprise to qualify for benefits and incentives pursuant to the Oklahoma Enterprise Zone Act in accordance with the Administrative Procedures Act.
Added by Laws 1983, c. 168, § 3, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 2, emerg. eff. June 18, 1985; Laws 1986, c. 207, § 57, operative July 1, 1986; Laws 1987, c. 171, § 2, emerg. eff. June 26, 1987; Laws 1990, c. 321, § 2, emerg. eff. May 30, 1990; Laws 1992, c. 176, § 2, emerg. eff. May 6, 1992; Laws 1998, c. 349, § 2, eff. July 1, 2000; Laws 1999, c. 382, § 2, eff. July 1, 1999; Laws 2000, c. 339, § 8, eff. July 1, 2000.
NOTE: Laws 1999, c. 382, § 5 amended the effective date of Laws 1998, c. 349, § 2 from July 1, 1999 to July 1, 2000. (However, Laws 1999, c. 382, § 2 amended Laws 1998, c. 349, § 2, giving it an effective date of July 1, 1999.)
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.5. Request for list of designated enterprise zones.

Any enterprise may request from the Oklahoma Employment Security Commission or the Oklahoma Department of Commerce a list of designated enterprise zones. The boards of county commissioners of counties and the governing bodies of any city or town designated enterprise zones shall make available information concerning such designation to local chambers of commerce, trade associations and similar business organizations.
Added by Laws 1983, c. 168, § 5, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 4, eff. June 18, 1985; Laws 1986, c. 207, § 58, operative July 1, 1986.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.6. Enterprise districts - Establishment.

A. The boards of county commissioners of at least three but no more than six contiguous enterprise zones are authorized, by adoption of a resolution by a majority of the members of each board, to form an enterprise district.
B. The governing body of at least three but no more than six contiguous enterprise zones, established within the corporate limits of a city or town, are authorized, by adoption of a resolution by a majority of the members of the governing body of such city or town, to form an enterprise district.
C. Before an enterprise zone can be established within the corporate limits of a city or town or before an enterprise zone can be established which incorporates any part of a city or town the need for participation of such city or town shall be determined by a majority vote of the governing body. No enterprise zone shall include all or part of a city or town if the governing body does not approve such inclusion.
Added by Laws 1983, c. 168, § 6, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 5, emerg. eff. June 18, 1985.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.7. Enterprise District Management Authority.

Each enterprise district formed pursuant to Section 690.6 of this title shall create, by adoption of a resolution by a majority of the members of each board or governing body, an authority to be known as the "Enterprise District Management Authority". Each Authority created pursuant to this section shall be, and is hereby declared to be a public body, corporate and politic, with the powers and duties specified in this act.
Added by Laws 1983, c. 168, § 7, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 6, emerg. eff. June 18, 1985.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.8. Membership of Authority - Appointment - Terms - Officers - Compensation - Conflict of Interest - Eligibility - Treasurer's bond.

A. The boards of county commissioners of each member county of an enterprise district or the governing bodies of each member city or town of an enterprise district shall appoint, from their respective counties, cities or towns, no more than five (5) persons to serve as members of the Authority of the enterprise district.
B. Each Authority member shall have been a qualified elector in the county from which he is appointed for a period of at least three (3) years next preceding his appointment.
C. The members of any Authority first appointed shall serve staggered terms. Thereafter, each successor shall serve for a term of five (5) years, except that any person appointed to fill a vacancy shall be appointed to only the unexpired term and any member shall be eligible for reappointment, and no member shall be removed except for cause.
D. The members of the Authority shall elect a chairman, a vice-chairman and a treasurer from among its membership. A majority of the Authority shall constitute a quorum, the affirmative vote of which shall be necessary for any action taken by the Authority.
E. A member of the Authority shall receive no compensation for his services, but shall be reimbursed by the political subdivision which made his appointment for expenses incurred for attending meetings of the Authority.
F. During his tenure and for three (3) years thereafter, no member of an Authority shall own or acquire any interest, direct or indirect, in any facility included or planned to be included in any project financed through bonds issued pursuant to this act.
G. No person shall be eligible for appointment as a member of an Authority who has been convicted of a felony.
H. The treasurer of the Authority shall be bonded in the sum of One Hundred Thousand Dollars ($100,000.00) conditioned upon faithful performance of duty and true account of money and proper disposition of all said money.
Added by Laws 1983, c. 168, § 8, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 7, emerg. eff. June 18, 1985.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.9. Powers and duties of Authority.

The Authority is hereby authorized and empowered:
1. To adopt bylaws for the regulation of its affairs and conduct of its business;
2. To adopt an official seal and alter the same;
3. To maintain an office at such place or places within the enterprise district as it may designate;
4. To sue and be sued, in contract, reverse condemnation, equity, mandamus and similar actions in its own name, plead and be impleaded; provided however, that any and all actions at law or in equity against the Authority shall be brought in the county in which the principal office of the Authority shall be located, or in the county of the residence of the plaintiff, or the county wherein the cause of action arose;
5. To acquire, hold and dispose of real and personal property in the exercise of its powers and the performance of its duties under this section;
6. To make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this act; and
7. To adopt such rules and regulations and do all things necessary or convenient to carry out the powers and duties expressly granted in this section.
Added by Laws 1983, c. 168, § 9, emerg. eff. June 6, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.10. Bond election - Notice - Resolution - Ballots.

A. Upon adoption of a resolution by a majority of the members of each board of county commissioners of an enterprise district or of the governing bodies of each member city or town of an enterprise district, and pursuant to the recommendation of the Authority, said boards or governing bodies shall by resolution call for an election for the purpose of issuing general obligation bonds to finance low interest loans as provided by Section 690.16 of this title.
B. Each board or governing body shall give notice of said election by publication once a week for two (2) consecutive weeks in a daily or weekly newspaper of general circulation published in its respective county. If there is no daily or weekly newspaper published in the county, then notice shall be given in a newspaper of general circulation in such county.
C. The resolution calling for the election and the notice shall contain:
1. The amount of bonds to be issued;
2. The time of holding said election, which shall not be less than thirty (30) days from the first publication of any notice;
3. The names of all counties or cities and towns in the enterprise district; and
4. The purpose for which the bonds are to be used.
D. Printed ballots stating "For District Bonds" and "Against District Bonds" shall be cast at the election.
Added by Laws 1983, c. 168, § 10, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 8, emerg. eff. June 18, 1985.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.11. Issuance of bonds - Sale - Disposition of proceeds - Nature of bonds - Payment of principal and interest.

A. If at the election three-fifths of the voters of each county or city or town voting thereon shall vote in favor of the issuance of the bonds, the boards of county commissioners or the governing bodies of each city and town of the enterprise district shall proceed at once with the issuing of the bonds and shall deposit them with the treasurer of the Authority. Said election shall be held in accordance with the general election laws of the State of Oklahoma.
B. The bonds shall be sold by competitive bid. The Authority shall award the purchase of the bonds to the highest responsible bidder, but shall have the right to reject any and all bids. The Authority shall in no event sell any of the bonds for less than par with accrued interest.
C. All proceeds derived from the sale of said bonds shall be deposited in an "Enterprise District Loan Fund" by the treasurer of the Authority.
D. All such bonds shall be general obligation bonds, backed by the full faith and credit of the member counties, cities or towns of the enterprise district, and there is hereby pledged to the payment of principal and interest of such bonds:
1. The net proceeds from repayment of loans and interest received thereon;
2. Any monies available from other funds of the counties not otherwise obligated; and
3. The proceeds of any tax imposed for such purpose in the event funds available for use and pledge under paragraphs 1 and 2 of this subsection should be insufficient.
Added by Laws 1983, c. 168, § 11, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 9, emerg. eff. June 18, 1985; Laws 1990, c. 321, § 4, emerg. eff. May 30, 1990.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.12. Venture capital loan program.

The Authority shall establish and administer a program of venture capital loans to enterprises seeking to establish or expand facilities within an enterprise district. As part of such program, it shall be the duty of the Authority to solicit written proposals from enterprises seeking to establish or expand facilities in the enterprise district. Any proposal received by the Authority shall be submitted to the Oklahoma Department of Commerce for comments and recommendations.
Added by Laws 1983, c. 168, § 12, emerg. eff. June 6, 1983. Amended by Laws 1986, c. 207, § 59, operative July 1, 1986.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.13. Loan application - Contents.

Prior to the loaning of any funds to an enterprise for building and equipment, the Authority shall receive from such enterprise a loan application in the form adopted by the Authority which shall contain, without being limited to, the following provisions:
1. A general description of the project and a general description of the purpose for which the project is to be established;
2. A legal description of all real estate necessary for the project;
3. Such plans and other documents as may be required to show the type, structure and general character of the project;
4. A general description of the types and categories of skills, and the number of employees to be employed in the operation of the project;
5. Estimates of costs of the project;
6. A general description and statement of value of any property, real or personal, of the enterprise applied or to be applied to the project;
7. A statement of cash funds which are to be applied to the project by the enterprise;
8. Evidence that the project will not cause the removal of an industrial or manufacturing plant or facility from one area of the state to another area of the state, or replace an existing facility; and
9. Any additional evidence which the Authority may deem pertinent to the determination of the probable successful operation of the project at the selected location, and indicating that a substantial increase in employment and payrolls will probably result from the granting of such loans.
Added by Laws 1983, c. 168, § 13, emerg. eff. June 6, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-690.14. Loan hearings and examinations - Grant of loan.

The Authority shall hold such hearings and examinations as to each loan application received as shall be necessary to determine whether the public purposes of this act will be accomplished by the granting of loans requested. When the Authority shall have determined the facts to be favorable as to any loan application, it is hereby authorized and empowered to grant a loan to an enterprise in the manner and to the extent provided in this act.
Added by Laws 1983, c. 168, § 14, emerg. eff. June 6, 1983.