Okla. Stat. tit. 11, § 11-38-112: Exemption of property from judicial process and

taxation.

A. All property of an Urban Renewal Authority, including funds,

owned or held by it for the purposes of this article shall be exempt

from levy and sale by virtue of an execution, and no execution or

other judicial process shall issue against the same nor shall

judgment against an Urban Renewal Authority be a charge or lien upon

such property; provided, however, that the provisions of this

section shall not apply to or limit the right of obligees to pursue

any remedies for the enforcement of any pledge or lien given

pursuant to this article by an Urban Renewal Authority on its rents,

fees, grants or revenues from urban renewal projects.

B. The exercise of powers granted by this article will be in

all respects for the benefit of the people of this state, and its

political subdivisions, and the municipalities of this state, for

the improvement of the public health, safety, morals and general

welfare of the people. The activities of an Urban Renewal Authority

pursuant to this article constitute an essential governmental

function and the property or funds of an Urban Renewal Authority,

acquired or held for the purposes of this article, are declared to

be public property used for essential public and governmental

purposes and such property shall be exempt from all taxes of the

state, the county, the municipality or any other political

subdivision thereof; provided, that such tax exemption shall

terminate when the Urban Renewal Authority sells such property in an

urban renewal area to a purchaser who is not a public body entitled

to tax exemption with respect to such property; or if such property

is leased by the Urban Renewal Authority, then the improvements

placed thereon shall not be entitled to such tax exemption.

Provided, further, that the Urban Renewal Authority is limited in

its authority to acquire property to the acquisition which is

necessary in the carrying out of an urban renewal plan.