{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-632","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-632","heading":"Preliminary work, loans for","body":"In order to facilitate the preliminary work, which shall\n\ninclude, but not be limited to, the preparation of the official\n\nplan, the appraisals and the cost of administration incidental\n\nthereto, the board, by resolution, may borrow money at a rate of\n\ninterest not exceeding six percent (6%), per annum, evidenced by\n\ninterim bonds or notes of the district payable not later than five\n\n(5) years from the date thereof, which resolution shall provide for\n\nthe levy and collection of an assessment against all property\n\nincluded in the district for the payment of the principal and\n\ninterest on maturity. Provided, the total amount of money so\n\nborrowed with interest shall not exceed twenty-five cents ($0.25)\n\nper acre of all lands embraced in the project, and any such interim\n\nbonds or notes issued in excess thereof shall be void, but such\n\nboard shall not issue interim bonds or notes to borrow money as\n\nprovided above, until such board has been authorized by the court\n\nhaving jurisdiction of such district, after a public hearing, to\n\nissue such interim bonds or notes. Notice by publication, setting\n\nforth the purpose, time and place of said hearing shall be given by\n\nthe Clerk of such court. Upon said hearing if it appears that it is\n\nnecessary to fulfill the purposes of such district to borrow money\n\nas set forth in the application to the court, the court shall enter\n\nan order to such effect. If said interim bonds or notes shall not\n\nhave been paid, or refunded by the issuance of bonds or notes for\n\ncompletion of the project prior to the time for the levy and\n\ncollection of the assessment for payment of the principal and\n\ninterest thereof, such an assessment shall be levied and collected\n\nto pay said principal and interest as hereinabove in this title\n\nprovided.","path":["OK Code","Title 82"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os82.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3597b850b7d0c79f099fe8c508c420efd7c5a20c99c1b156c46c3fad27edfbb3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-631","next":"us-ok/okla.-stat.-tit.-82-82-634"},"notice":"GroundRules: Original legal text. Not legal advice."}