Okla. Stat. tit. 60, § 60-178.7: Payments in lieu of taxes to be made by lessees of

certain public trust property.

All public trusts hereafter issuing revenue bonds, notes or

other evidences of indebtedness for industrial development purposes,

including but not limited to rail transportation projects, shall

require the lessee of each industrial project owned by the public

trust, excluding nonprofit health care facilities, to pay an annual

sum in lieu of ad valorem taxes for each year following the tenth

anniversary date of the issuance of such revenue bonds, notes or

other evidences of indebtedness. The lease or other agreement

between the public trust and the lessee shall provide that the

amount of the annual in lieu of payments shall be equal to the

amount which such lessee would be obligated to pay were it the title

owner of such industrial project during such annual period according

to the assessment and valuation methods and procedures then provided

by law. Prior to the tenth anniversary date of the issuance of such

revenue bonds, notes or other evidences of indebtedness, the public

trust shall elect, pursuant to a written notice of election filed

with the county assessor and the county treasurer of the county in

which the project property is located, either (a) to cause said

annual in lieu of payments to be paid directly to said county and

collected and distributed by said county treasurer in the manner

then provided by law for ad valorem tax payments, or (b) to cause

said annual in lieu of payments to be paid to said public trust and

distributed as received by it to the local units of government in

the impact area of the project supplying services and facilities to

the industrial project and its employees in the proportions that the

public trust shall determine to be equitable under the

circumstances, with total distribution to all impacted school

districts of not less than the percentage that would have been

received in ad valorem taxes, by the school districts in the county

where the facility is located, if imposed, and with said

distribution based upon enrollment figures provided annually, in

writing, within thirty (30) days after enrollment, to the trust. If

said enrollment figures are not submitted in writing within said

time period, then said school district is permanently barred after

said thirty (30) days from receiving in lieu of payments for that

annual distribution period. The term "industrial project" as used

in this section shall include an expansion of an existing industrial

facility; provided, however, no such arrangement shall operate to

remove any property from the tax rolls except unimproved land then

owned by the lessee to be acquired by the trust or additional

unimproved land to be acquired by the trust to provide such

improvements. The term "lessee" as used in this section shall

include any individual, association, partnership, corporation or

other entity engaged in any trade or business for profit and not

otherwise exempt from ad valorem taxation under the laws of the

state and shall include any purchaser or obligor under an

installment sale agreement or other underlying financing agreement.

The provisions of this section shall not apply to any project

financed, or formally committed to be financed, by any public trust

prior to the effective date hereof. Provided, further, that nothing

contained in this section shall prevent any public trust from

requiring in lieu of payments to be made by a lessee to the trust

for public use, prior to the tenth anniversary date of the issuance

of bonds, notes or other evidences of indebtedness hereafter issued

for industrial development purposes.