{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-647","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-647","heading":"Borrowing of money - Approval","body":"Conservancy districts may borrow money in any amount, which,\n\nexclusive of interest, does not exceed the assessments then levied\n\nbut not collected, for any purpose incident to its powers and\n\nfunctions and for any purpose provided by law, and may evidence such\n\ndebt by contract, agreement, notes or warrants payable within any\n\nterm not to exceed forty (40) years, and to bear interest at not to\n\nexceed the market prime rate per year, provided that the interest\n\nrate not exceed twelve and one-half percent (12 1/2%) per year. To\n\nsecure such loan or loans, the directors may pledge any assessment\n\nthen levied but not collected by the district and may agree to such\n\nother terms and conditions, not incompatible with the provisions of\n\nthis title. Before any such loan is entered into by the district,\n\nthe board of directors shall make application to the district court\n\nhaving jurisdiction of said district for approval of such loan. The\n\napplication shall set forth, the amount of the loan, the interest\n\nrate, the purpose for which the loan is needed and a plan of\n\nrepayment. The application shall be set for hearing by the court\n\nand notice by publication given to all owners of land upon which\n\nassessment has been made by the district, without naming such owners\n\nindividually. Upon said hearing, if the owners of land in the\n\ndistrict upon which a majority of assessment has been made have not\n\nfiled written protests before the date of the hearing, and if the\n\ncourt finds that such loan is necessary and in the best interests of\n\nthe district, the court shall approve the application.","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":"0d7538805219ca31b4515a7d60a101f029a6579fdeb92ea44d6dcfa598e17009","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-646","next":"us-ok/okla.-stat.-tit.-82-82-648"},"notice":"GroundRules: Original legal text. Not legal advice."}