{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-879","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-879","heading":"Levy of assessments – Apportionment - Payment into special","body":"fund.\n\nA. The governing body of a municipality or county, subject to\n\nthe provisions of the Oklahoma Rural Housing Incentive District Act,\n\nmay levy assessments by and for the benefit of a taxing subdivision\n\non property located within such district, the revenue from which\n\nshall be apportioned as follows:\n\n1. From the assessments levied each year subject to the\n\nprovisions of the Oklahoma Rural Housing Incentive District Act by\n\nor for each taxing subdivision upon property located within a\n\ndistrict constituting a separate taxing unit under the provisions of\n\nthe Oklahoma Rural Housing Incentive District Act, the county\n\ntreasurer first shall allocate and pay to each such taxing\n\nsubdivision all of the revenues collected which are produced from\n\nthat portion of the current assessed valuation of such real property\n\nlocated within such separate taxing unit which is equal to the total\n\nassessed value of such real property on the date of the\n\nestablishment of the district; and\n\n2. Any revenues produced from that portion of the current\n\nassessed valuation of real property within a district and\n\nconstituting a separate taxing unit under the provisions of this\n\nsection in excess of an amount equal to the total assessed value of\n\nsuch real property on the effective date of the establishment of the\n\ndistrict shall be allocated and paid by the county treasurer to the\n\ntreasurer as follows:\n\na. in districts established by a municipality, the amount\n\nshall be paid to the treasurer of the municipality and\n\ndeposited in a special fund of the municipality to pay\n\nthe cost of housing projects in the district including\n\nthe payment of principal of and interest on any\n\nspecial obligation bonds issued by such municipality\n\nto finance, in whole or in part, such housing project,\n\nand\n\nb. in districts established by a county, the amount shall\n\nbe deposited by the county treasurer in a special fund\n\nof the county to pay the cost of housing projects in\n\nthe district including the payment of principal of and\n\ninterest on any special obligation bonds issued by\n\nsuch county to finance, in whole or in part, such\n\nhousing project. If such special obligation bonds and\n\ninterest thereon have been paid before the completion\n\nof a project, the municipality or county may continue\n\nto use such moneys for any purpose authorized by the\n\nOklahoma Rural Housing Incentive District Act until\n\nsuch time as the project is completed, but for not to\n\nexceed fifteen (15) years from the date of the\n\nestablishment of the district.\n\nWhen such special obligation bonds and interest thereon have\n\nbeen paid and the project is completed, all moneys thereafter\n\nreceived from real property taxes within such district shall be\n\nallocated and paid to the respective taxing subdivisions in the same\n\nmanner as are other ad valorem taxes.\n\nB. Notwithstanding any other provision of law, it is hereby\n\nstated that it is an object of assessments levied by or for the\n\nbenefit of any taxing subdivision on taxable real property located\n\nwithin any district created pursuant to the Oklahoma Rural Housing\n\nIncentive District Act, that revenues therefrom may be applied and\n\nallocated to and when collected paid into a special fund of a\n\nmunicipality or county pursuant to the procedures and limitations of\n\nthe Oklahoma Rural Housing Incentive District Act to pay the cost of\n\na project including principal of and interest on special obligation\n\nbonds issued by such municipality or county to finance, in whole or\n\nin part, such project.","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":"c5953bba14b830883e241e2f01085f2c79c7b0390a7e54c33cc3e4b875af3ee4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-878","next":"us-ok/okla.-stat.-tit.-62-62-88.1"},"notice":"GroundRules: Original legal text. Not legal advice."}