{"data":{"id":"us-ok/okla.-stat.-tit.-19-19-1710","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 19, § 19-1710","heading":"Sinking fund levy - Formula - Intent of act","body":"It shall be the duty of the board to make a levy each year for a\n\nsinking fund, which shall, with cash actually on hand and lawful\n\ninvestments in such fund, excluding taxes in process of collection,\n\nbe sufficient to pay:\n\n1. All the bonded indebtedness of such district coming due in\n\nthe following years;\n\n2. The interest accrued but unpaid and to accrue on all\n\noutstanding bonds of such district to June 30th of such fiscal year,\n\nbut including any interest falling due on the last and final bond\n\nmaturity occurring after such June 30th but before the tax levy of\n\nthe succeeding fiscal year may be made and collected; and\n\n3. A sum, after reserving from said cash and investments on\n\nhand for bond and bond-interest accruals as aforesaid.\n\nThe foregoing formula shall be applied by said district each\n\nyear in determining the amount necessary to raise by tax levy for\n\nsinking fund purposes, independently of actions taken in previous\n\nyears, and if by omission to make a levy which could have been\n\nvalidly made for any bonds or interest coupons, or where from any\n\ncause the cash and valid investments in the sinking fund does not\n\nequal the accrual liabilities, it shall be the duty of said district\n\nto readjust the annual bond accrual in accordance with the foregoing\n\nformula in order that said bonds shall be paid when due, save and\n\nexcept only that where the cash and valid investments in the sinking\n\nfund at the close of any fiscal year, after reserving for interest\n\naccrued and accruing under the priority therefor as contained in\n\nSection 9C of Article X of the Constitution of the State of\n\nOklahoma, is insufficient to pay and retire any bonds matured or to\n\nmature before another tax levy may be made and collected and no\n\naction has been instituted to refund such matured bonds, it shall be\n\nthe duty of said district to include, in addition to interest\n\nthereon or aforesaid, an accrual therefor in an amount equal to the\n\nbonds so matured or to mature or the annual accrual first lawfully\n\napplicable to the issue thereof, whichever is the lesser.\n\nIt is the sole intention of this act to require that sinking\n\nfunds be applied as provided by Section 9C of Article X of the\n\nConstitution of the State of Oklahoma.","path":["OK Code","Title 19"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os19.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"65afda674de425e593f0a878b3c1d598e2a57a4e1f0bef2a3b7b38e3d8bab41a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-19-19-171","next":"us-ok/okla.-stat.-tit.-19-19-1710.1"},"notice":"GroundRules: Original legal text. Not legal advice."}