Okla. Stat. tit. 19, § 19-902.12b: Financing of improvements on pay-as-you-go basis

A. Nothing in this act shall prevent the board of directors

from using the levy provided for in Section 902.15 of Title 19 of

the Oklahoma Statutes for financing improvements on a pay-as-you-go

basis provided the district has no outstanding bonds or other

evidences of indebtedness. Pay-as-you-go improvements shall be

subject to the assessment limits in Section 902.15 of Title 19 of

the Oklahoma Statutes, shall be approved in the same manner as

described in Section 902.12 of Title 19 of the Oklahoma Statutes and

shall not be approved for more than the actual estimated cost of

such purchase and construction. For the purposes of this section,

“pay-as-you-go improvements” shall be defined as improvements that

are constructed and paid for when necessary revenues are

accumulated.

B. A district choosing to finance improvements on a pay-as-you-

go basis shall not issue bonds or other evidences of indebtedness

until a time following the financing and completion of pay-as-you-go

improvements.