{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-178.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-178.7","heading":"Payments in lieu of taxes to be made by lessees of","body":"certain public trust property.\n\nAll public trusts hereafter issuing revenue bonds, notes or\n\nother evidences of indebtedness for industrial development purposes,\n\nincluding but not limited to rail transportation projects, shall\n\nrequire the lessee of each industrial project owned by the public\n\ntrust, excluding nonprofit health care facilities, to pay an annual\n\nsum in lieu of ad valorem taxes for each year following the tenth\n\nanniversary date of the issuance of such revenue bonds, notes or\n\nother evidences of indebtedness. The lease or other agreement\n\nbetween the public trust and the lessee shall provide that the\n\namount of the annual in lieu of payments shall be equal to the\n\namount which such lessee would be obligated to pay were it the title\n\nowner of such industrial project during such annual period according\n\nto the assessment and valuation methods and procedures then provided\n\nby law. Prior to the tenth anniversary date of the issuance of such\n\nrevenue bonds, notes or other evidences of indebtedness, the public\n\ntrust shall elect, pursuant to a written notice of election filed\n\nwith the county assessor and the county treasurer of the county in\n\nwhich the project property is located, either (a) to cause said\n\nannual in lieu of payments to be paid directly to said county and\n\ncollected and distributed by said county treasurer in the manner\n\nthen provided by law for ad valorem tax payments, or (b) to cause\n\nsaid annual in lieu of payments to be paid to said public trust and\n\ndistributed as received by it to the local units of government in\n\nthe impact area of the project supplying services and facilities to\n\nthe industrial project and its employees in the proportions that the\n\npublic trust shall determine to be equitable under the\n\ncircumstances, with total distribution to all impacted school\n\ndistricts of not less than the percentage that would have been\n\nreceived in ad valorem taxes, by the school districts in the county\n\nwhere the facility is located, if imposed, and with said\n\ndistribution based upon enrollment figures provided annually, in\n\nwriting, within thirty (30) days after enrollment, to the trust. If\n\nsaid enrollment figures are not submitted in writing within said\n\ntime period, then said school district is permanently barred after\n\nsaid thirty (30) days from receiving in lieu of payments for that\n\nannual distribution period. The term \"industrial project\" as used\n\nin this section shall include an expansion of an existing industrial\n\nfacility; provided, however, no such arrangement shall operate to\n\nremove any property from the tax rolls except unimproved land then\n\nowned by the lessee to be acquired by the trust or additional\n\nunimproved land to be acquired by the trust to provide such\n\nimprovements. The term \"lessee\" as used in this section shall\n\ninclude any individual, association, partnership, corporation or\n\nother entity engaged in any trade or business for profit and not\n\notherwise exempt from ad valorem taxation under the laws of the\n\nstate and shall include any purchaser or obligor under an\n\ninstallment sale agreement or other underlying financing agreement.\n\nThe provisions of this section shall not apply to any project\n\nfinanced, or formally committed to be financed, by any public trust\n\nprior to the effective date hereof. Provided, further, that nothing\n\ncontained in this section shall prevent any public trust from\n\nrequiring in lieu of payments to be made by a lessee to the trust\n\nfor public use, prior to the tenth anniversary date of the issuance\n\nof bonds, notes or other evidences of indebtedness hereafter issued\n\nfor industrial development purposes.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"55d4a148ee43c794649b2ff5ef8403a9587bbe0de7134aadf2d57fe2eefa5112","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-178.6","next":"us-ok/okla.-stat.-tit.-60-60-178.8"},"notice":"GroundRules: Original legal text. Not legal advice."}