{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-431","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-431","heading":"Sinking fund - Levy for - Readjustment of annual bond","body":"accrual.\n\nA. It shall be the duty of the officers of each municipal\n\ncorporation in the State of Oklahoma by law authorized to levy taxes\n\nto make a levy each year for a sinking fund, which shall, with cash\n\nactually on hand and lawful investments in such fund, excluding\n\ntaxes in process of collection, be sufficient to pay:\n\n1. All the bonded indebtedness of such municipality coming due\n\nprior to April 1 of the second ensuing fiscal year for which no\n\nprior levy has been made;\n\n2. The interest accrued but unpaid and to accrue on all\n\noutstanding bonds of such municipality to April 1 of the second\n\nensuing fiscal year for which no prior levy has been made;\n\n3. A sinking fund to pay any interest payable on the last and\n\nfinal bond maturity coming due after June 30 of the ensuing fiscal\n\nyear but before the tax levy of the succeeding fiscal year may be\n\nmade and collected;\n\n4. A sum, after reserving from said cash and investments on\n\nhand for bond and bond-interest accruals as aforesaid and judgment\n\naccruals theretofore levied for bonds unpaid, equal to one-third\n\n(1/3) of the original amount of all outstanding judgments against\n\nthe municipality when one-third (1/3) or more of such judgment\n\nremains due and unpaid, and in case less than one-third (1/3) of\n\nsuch judgment remains due then for the entire amount of such\n\njudgment yet remaining unpaid; and\n\n5. The interest accrued but unpaid and to accrue on all\n\nunsatisfied judgments within the ensuing fiscal year but not beyond\n\nJune 30 of such year.\n\nB. The foregoing formula shall be applied by said taxing\n\nofficials each year in determining the amount necessary to raise by\n\ntax levy for sinking fund purposes, independently of actions taken\n\nin previous years; and, if by omission to make a levy which could\n\nhave been validly made for any judgment, bonds or interest coupons,\n\nor where from any cause the cash and valid investments in the\n\nsinking fund does not equal the accrual liabilities, it shall be the\n\nduty of said taxing officials to readjust the annual bond accrual in\n\naccordance with the foregoing formula in order that said bonds shall\n\nbe paid when due, save and except only that where the cash and valid\n\ninvestments in the sinking fund at the close of any fiscal year,\n\nafter reserving for interest accrued and accruing under the priority\n\ntherefor as contained in Section 28 of Article X of the Oklahoma\n\nConstitution, is insufficient to pay and retire any bonds matured or\n\nto mature before another tax levy may be made and collected and no\n\naction has been instituted to refund such matured bonds or to\n\nconvert them to judgment, it shall be the duty of said taxing\n\nofficials to include, in addition to interest thereon or aforesaid,\n\nan accrual therefor in an amount equal to the bonds so matured or to\n\nmature or the annual accrual first lawfully applicable to the issue\n\nthereof, whichever is the lesser.\n\nC. It is the sole intention of this section to require that the\n\npledge contained in Sections 26, 27 and 35 of Article X of the\n\nOklahoma Constitution, be fulfilled, and that sinking funds be\n\napplied as provided by Section 28 of Article X of the Oklahoma\n\nConstitution.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3c5616d3af9152f8ffe44f35aea233b237743a45a6a9f9fb62dfd8418d57ad5f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-430.5","next":"us-ok/okla.-stat.-tit.-62-62-435"},"notice":"GroundRules: Original legal text. Not legal advice."}