Okla. Stat. tit. 68, § 68-1370.5: County sales tax - Levy of tax on gross proceeds or

receipts derived from certain consumer sales and services to fund

economic development projects.

A. Notwithstanding the provisions of Section 1370 of this title

and in accordance with the provisions of Section 1 of this act, any

county of this state with a population of more than three hundred

thousand (300,000) according to the latest Federal Decennial Census

may levy a sales tax of not to exceed one percent (1%) upon the

gross proceeds or gross receipts derived from all sales or services

in the county upon which a consumer's sales tax is levied by the

state, except as provided in paragraph 8 of Section 1357 of this

title, subject to the following conditions:

1. The proceeds of such sales tax shall be used solely for the

purpose of funding one or more economic development projects;

2. Before a sales tax may be levied by the county, the

imposition of the tax shall first be approved by a majority of the

registered voters of the county voting thereon at a special election

called by resolution of the board of county commissioners;

3. Such sales tax can only be imposed for a period of not to

exceed three (3) years; and

4. Any special election called pursuant to this section must be

held no later than March 1, 1994.

B. The board of county commissioners shall create a limited-

purpose fund and deposit therein any revenue generated by any sales

tax levied pursuant to the provisions of subsection A of this

section. The fund shall be placed in an insured or collateralized

interest-bearing account and the interest which accrues to the fund

shall be retained in the fund. Monies in the limited-purpose fund

shall be expended only as accumulated and only for the purpose

specifically described in paragraph 1 of subsection A of this

section.

C. As used in this section, "economic development project"

means any project which the board of county commissioners determines

will promote, enhance or improve economic conditions within the

county.