Okla. Stat. tit. 11, § 11-22-154: Additional sources of security for utility revenue

obligations.

Nothing in the Oklahoma Municipal Utility Revenue Bond Act shall

prevent a municipality from dedicating sales taxes or other

municipal taxes as an additional source of payment and security for

its utility revenue obligations, provided that the dedication of

such tax revenue is approved by a majority of municipal voters

voting at an election held for that purpose, in the manner set out

in Section 2701 of Title 68 of the Oklahoma Statutes and other

applicable laws, on a ballot question separate from the question of

the issuance of revenue obligations. Further, nothing in the

Oklahoma Municipal Utility Revenue Bond Act shall prevent a

municipality from purchasing a policy of municipal bond insurance,

securing a rating on the creditworthiness of the obligations,

obtaining a letter of credit and other such credit enhancement

product generally utilized in the public finance industry to further

enhance and secure the obligations, provided, that at the time of

the securing of such credit enhancement it reasonably appears to the

governing body of the municipality that such credit enhancement

shall result in a reduction in the amount of interest to be paid by

the municipality over the life of the obligations, taking into

account the cost of such credit enhancement. The dedication of such

municipal taxes or the providing of credit enhancement for the

obligations shall be at the sound discretion of the governing body

of the municipality.