{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-802","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-802","heading":"Definitions","body":"As used in the Municipal and County Economic and Community\n\nDevelopment Bonds Act:\n\n1. \"Amortization\" means the reduction of bonded indebtedness by\n\nmaking annual or fiscal year payments of principal and interest\n\nsufficient to pay off bonds by their stated maturity;\n\n2. \"Annual maturing principal plus interest shall be as nearly\n\nequal as practicable throughout the term of the issue\" means that\n\nthe total annual or fiscal year debt service, except for short\n\nperiods, must be approximately equal for every annual or fiscal\n\nperiod, provided each net annual or fiscal year debt service payment\n\nin relation to all other net annual or fiscal year payments must be\n\nmade within a dollar amount range not to exceed twice the stated\n\ndenomination of the bonds;\n\n3. \"Debt service\" means money required, pursuant to the terms\n\nof issuance, for payments of principal and interest due on\n\noutstanding bonds;\n\n4. \"Level principal debt service payments\" means the amount of\n\nprincipal retired annually or during a fiscal year with respect to\n\noutstanding bonds shall be equal;\n\n5. \"Qualified economic or community development purpose\" means\n\nthe use of bond proceeds for the acquisition, construction,\n\ndevelopment and/or equipping of the following projects or programs:\n\na. industrial facilities including manufacturing,\n\nmaintenance, servicing, warehouse, wholesale\n\ndistribution, and transportation facilities,\n\nb. tourism facilities including recreation or\n\nentertainment facilities, theme parks, cultural and\n\nhistoric sites,\n\nc. sports facilities including arenas, stadiums,\n\nballparks, and golf courses,\n\nd. agricultural facilities including grain elevators,\n\ncotton gins, compresses, livestock barns, and other\n\ncommodity processing facilities,\n\ne. defense industry facilities including office\n\nfacilities, security facilities, and the acquisition\n\nof land for clear zones or to implement noise\n\nabatement zoning,\n\nf. redevelopment programs including the acquisition of\n\nreal property in a designated blighted area and the\n\nrehabilitation of such property, the clearing and\n\npreparation of land for redevelopment, the transfer of\n\ninterests in the property to nongovernmental persons\n\nfor fair market value, and the relocation of occupants\n\nof the real property acquired,\n\ng. governmental facilities including city halls,\n\ncourthouses, administration buildings, police and fire\n\nstations, county jails, detention facilities, and\n\nemergency or first response facilities,\n\nh. community facilities including parks, senior citizens\n\ncenters, shelters for homeless or abused persons, and\n\njuvenile centers,\n\ni. public infrastructure facilities including highways,\n\nroads, streets, bridges, sewers, traffic control\n\nsystems and devices, telecommunications systems,\n\nwastewater and water distribution and supply systems,\n\ncurbing, sidewalks and any similar public\n\nimprovements, gas and electric production,\n\ndistribution and transmission facilities, common\n\nutility or service facilities, landscaping, parking,\n\nand water detention/retention systems,\n\nj. economic development programs including but not\n\nlimited to job creation payments, low interest, and/or\n\nforgivable loans, and\n\nk. public health facilities including but not limited to\n\ncounty or public hospitals, clinics, emergency medical\n\nservice facilities, and county health department\n\nfacilities;\n\n6. \"Short periods\" means the period of time preceding the\n\nbeginning of full amortization of principal and interest due on\n\nbonds;\n\n7. \"True interest cost\" means the rate used to discount the\n\namounts payable on the respective principal and interest maturity\n\ndates which yields a result equal to the purchase price received for\n\nbonds; and\n\n8. \"Ultimate user\" means the industry on whose behalf bonds are\n\nissued.","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":"22b062bdb1f5bb28fb70be9c8db9ce1dd206b8bdfbb10356ce7185443bac6a1a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-8016","next":"us-ok/okla.-stat.-tit.-62-62-803"},"notice":"GroundRules: Original legal text. Not legal advice."}