{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-877","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-877","heading":"Issuance of special obligation bonds - Pledge of revenue -","body":"Execution and recitals.\n\nA. Any municipality or county which has established a housing\n\nincentive district as provided in the Oklahoma Rural Housing\n\nIncentive District Act may issue special obligation bonds to finance\n\nthe implementation of the project plan adopted for the district by\n\nthe governing body, subject to the limitations on indebtedness of\n\nthe municipality or county as provided in Section 26 of Article X of\n\nthe Oklahoma Constitution. The issuance of such bonds shall be\n\nrequired to be approved by the voters of the district, voting at an\n\nelection called for such purpose by the governing body of the\n\nmunicipality or county. Such special obligation bonds shall be made\n\npayable, both as to principal and interest:\n\n1. From property tax increments allocated to, and paid into a\n\nspecial fund of the municipality or county under the provisions of\n\nsubsection A of Section 10 of this act;\n\n2. From revenues of the municipality or county derived from or\n\nheld in connection with the implementation of the project or\n\nprojects in the district;\n\n3. From any private sources, contributions or other financial\n\nassistance from the state or federal government;\n\n4. From any financial sureties or other guarantees provided by\n\nthe developer;\n\n5. From a pledge of any other lawfully available municipal or\n\ncounty revenue sources including, but not limited to, a portion of\n\nall increased franchise fees collected from utilities and other\n\nbusinesses using public rights-of-way within the district or a\n\nportion of the sales and use tax revenues received by the\n\nmunicipality or county; or\n\n6. By any combination of these methods.\n\nThe municipality or county may pledge such revenue to the\n\nrepayment of such special obligation bonds prior to, simultaneously\n\nwith, or subsequent to the issuance of such special obligation\n\nbonds.\n\nB. Bonds issued pursuant to the provisions of this section\n\nshall not be general obligations of the municipality or county, nor\n\nin any event shall they give rise to a charge against the general\n\ncredit or taxing powers of the municipality or county, or be payable\n\nout of any funds or properties other than any of those set forth in\n\nthis subsection. Such bonds shall so state on their face.\n\nC. The bonds issued under the provisions of this section shall\n\nbe special obligations of the municipality or county and are hereby\n\ndeclared to be negotiable instruments. The bonds shall be executed\n\nby the mayor and clerk of the municipality or, in the case of\n\ncounties, by the chair of the board of county commissioners and\n\nclerk of the county, and shall be sealed with the corporate seal of\n\nthe municipality or the seal of the county. All details pertaining\n\nto the issuance of such special obligation bonds shall be determined\n\nby ordinance of the municipality or resolution of the county. All\n\nspecial obligation bonds issued pursuant to the Oklahoma Rural\n\nHousing Incentive District Act shall be exempt from all state taxes\n\nexcept estate taxes. Special obligation bonds issued pursuant to\n\nthe provisions of this section shall contain the following recitals:\n\n1. The authority under which such special obligation bonds are\n\nissued;\n\n2. That they are in conformity with the provisions,\n\nrestrictions, and limitations thereof; and\n\n3. That such special obligation bonds and the interest thereon\n\nare to be paid from the money and revenue received as provided in\n\nsubsection A of this section.\n\nD. The maximum maturity on bonds issued to finance projects\n\npursuant to the Oklahoma Rural Housing Incentive District Act shall\n\nnot exceed fifteen (15) years.\n\nE. Any municipality or county issuing special obligation bonds\n\nunder the provisions of the Oklahoma Rural Housing Incentive\n\nDistrict Act may refund all or part of such issue as provided by\n\nlaw.\n\nF. In the event the municipality or county shall default in the\n\npayment of any special obligation bonds as authorized pursuant to\nl Housing Incentive District Act shall\n\nnot exceed fifteen (15) years.\n\nE. Any municipality or county issuing special obligation bonds\n\nunder the provisions of the Oklahoma Rural Housing Incentive\n\nDistrict Act may refund all or part of such issue as provided by\n\nlaw.\n\nF. In the event the municipality or county shall default in the\n\npayment of any special obligation bonds as authorized pursuant to\n\nthe provisions of this section, no public funds shall be used to pay\n\nthe holders thereof except as otherwise specifically authorized in\n\nthe Oklahoma Rural Housing Incentive District Act.\n\nG. Any and all terms, conditions, exclusions and limitations\n\nwhich are otherwise applicable to bonds issued by municipalities and\n\ncounties shall also be applicable to bonds issued pursuant to this\n\nsection.","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":"f1d72968b0dabcb51a40d59168e8254f008cc4781541154c9f1a460921bcac1e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-876","next":"us-ok/okla.-stat.-tit.-62-62-878"},"notice":"GroundRules: Original legal text. Not legal advice."}