Title 62, Title 62 — Public Finance

All interest which shall be received by the State Treasurer upon monies paid into the state depository, to the credit of the Commissioner of Highways, by any county, to be expended for the construction of bridges or highways, shall be credited to the fund which shall earn the sam…

This act shall be known and may be cited as the “Regional Economic Development District Act”. Added by Laws 2001, c. 318, § 1, eff. Nov. 8, 2002.

constitutional amendment. The Regional Economic Development District Act is intended to implement and execute paragraph (h) of Section 35 of Article X of the Constitution of the State of Oklahoma as amended pursuant to the provisions of Enrolled House Bill No. 1198 of the 1st Ses…

As used in the Regional Economic Development District Act: 1. “Bonds” means any bonds, notes, certificates of participation or other evidences of indebtedness issued pursuant to Section 35 of Article X of the Oklahoma Constitution; 2. “Department” means the Oklahoma Department of…

Governmental entities of which comprised. Regional Districts may be created pursuant to the provisions of this act, to assist in financing economic development projects which have a substantial regional economic impact, by allowing municipalities and counties comprising such dist…

Project Plan. A. Upon a request by the Governor, the Oklahoma Department of Commerce shall prepare a Preliminary Project Plan relating to a proposed project. This Preliminary Project Plan shall set forth the following information: 1. A description of the economic development proj…

Election proclamation. A. After receipt and review of the Final Project Plan, the Governor shall either approve the Final Project Plan and the terms and conditions contained therein, or the Governor shall reject the plan and return it to the Oklahoma Department of Commerce along …

sufficient financial resources. If the voters of one or more of the municipalities or counties listed in the Final Project Plan approve the authorization of bonds issued pursuant to this act, the Governor shall determine, with the assistance of the Department, whether the bonds a…

by Attorney General. Once a Regional District has been established by the Governor, the governing bodies of each of the Participating Entities comprising such district shall take all actions required by law for the issuance of the type of bonds described in the Final Project Plan…

Special limited obligations – Investment by financial and insurance companies. A. Bonds issued pursuant to this act shall: 1. Be issued in one or more series; 2. Bear such date or dates; 3. Mature at such time or times not exceeding twenty-five (25) years from their date; 4. Be i…

Notice – Conclusiveness of determination. A. The Governor is hereby authorized to file an application, at the Governor's discretion, with the Supreme Court of Oklahoma for the validation of any bonds to be issued hereunder or for any writ, including mandamus, which may lie in rel…

All proceeds received by a Participating Entity from the sale of bonds shall be transferred to a public trust created pursuant to the provisions of Section 176 et seq. of Title 60 of the Oklahoma Statutes, which public trust shall have among its beneficiaries, all of the Particip…

The powers conferred by this act shall be in addition and supplemental to the powers conferred by any other law. Added by Laws 2001, c. 318, § 12, eff. Nov. 8, 2002.

Sections 840 through 847 of this title and Section 2357.81 of Title 68 of the Oklahoma Statutes shall be known and may be cited as the “Oklahoma Local Development and Enterprise Zone Incentive Leverage Act”. Added by Laws 2000, c. 339, § 9, eff. July 1, 2000. Amended by Laws 2008…

As used in the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act: 1. “Enterprise” means any form of business organization including, but not limited to, any partnership, sole proprietorship, corporation, limited liability company or other legally constituted b…

A. An enterprise which locates its facility within an enterprise zone or which expands its existing facility after the designation of an enterprise zone as authorized by law and which is located in an incentive district as authorized pursuant to the provisions of the Local Develo…

A. In order to receive the state local enterprise matching payment pursuant to the provisions of subsection A of Section 844 of this title, the enterprise shall obtain a certification, provided by the governing body of the local governmental entity creating the incentive district…

amount. A. If an enterprise is located within an incentive district pursuant to the provisions of Section 856 of this title, and the enterprise either constructs or expands a facility that is located within an enterprise zone designated pursuant to the provisions of Section 690.2…

There is hereby created within the State Treasury an agency special account for the Oklahoma Tax Commission. The Oklahoma Tax Commission is hereby authorized and directed to withhold a portion of the taxes levied and collected pursuant to Section 2355 of Title 68 of the Oklahoma …

A. As soon as practicable after verification of the amount of the state local enterprise matching payments authorized by Section 844 of this title, the Oklahoma Tax Commission shall issue a warrant to the qualifying establishment in the amount of the sales tax exempted or apporti…

A. The Oklahoma Tax Commission shall maintain a record of state local enterprise matching payments and state local government matching payments made pursuant to Section 844 of this title. Local sales taxes apportioned under the applicable project plan shall be reported, collected…

The provisions of Section 1, of this act, shall not in any way impair the obligations of the bank securing such deposits as provided in Chapter 78, Article 3, of the Compiled Oklahoma Statutes, 1921. Laws 1923, c. 84, p. 150, § 2.

Sections 1 through 20 of this act shall be known and may be cited as the "Local Development Act". Added by Laws 1992, c. 342, § 1.

The Local Development Act shall serve to implement and execute Section 6C of Article X of the Oklahoma Constitution as approved by the voters of the State of Oklahoma on November 6, 1990, by: 1. Providing for the granting of incentives and exemptions from taxation within certain …

It is the intent of the Legislature that the provisions of this act be used in accordance with the following guidelines: 1. That the tools of this act be used in those cases where investment, development and economic growth is difficult, but is possible if the provisions of this …

As used in Section 850 et seq. of this title: 1. "Apportionment" means the direction by a governing body, authorized by the Legislature pursuant to Section 6C of Article X of the Oklahoma Constitution, to apply all or any portion of an increment of ad valorem taxes and all or any…

In addition to any other powers conferred by law, a city, town or county may exercise any powers necessary to carry out the purpose of this act, including power to: 1. Establish districts and create plans pursuant to the provisions of this act; 2. Cause project plans to be prepar…

district, plan or projects - Approval by governing body. A. Prior to the adoption and approval of a project plan and the ordinance or resolution required under Section 856 of this title and prior to the public hearing required under Section 859 of this title, the governing body s…

and adoption - Content of ordinance or resolution - Legislative intent. A. The governing body shall designate and adopt the proposed boundaries of any district and the proposed boundaries of any project area. Except as otherwise provided in this subsection, any districts created …

A. If any member of the governing body of a city, town or county which is in the process of adopting a project plan for a district or which has adopted such a plan pursuant to the provisions of the Local Development Act or if any member of the governing body of a taxing entity wi…

by transportation authority. A. The governing body shall cause to be prepared a project plan. The appropriate local planning commission shall review the proposed project plan and shall make a recommendation on the plan to the governing body. The project plan shall include the fol…

A. Before the adoption of a project plan or subsequent amendments thereto, the governing body must hold two public hearings. The primary purpose of the first hearing will be to provide information and to answer questions; provided, such information shall include, but not be limit…

A. A project plan may contain a provision that certain local taxes may be subject to incentives or may be exempted in reinvestment areas, historic preservation areas or enterprise areas. B. The governing body may grant incentives or exemptions from local taxation only on the new …

A. A project plan may contain a provision that the increments from certain local taxes or fees may be used to finance project costs in areas qualified under the Local Development Act. The increment from local taxes or fees levied from and after the effective date of the approval …

A. Upon approval of a project plan containing apportionment financing as provided in Section 861 of this title, the county assessor shall, within ninety (90) days, determine the total assessed value of all taxable real property and all taxable personal property within the boundar…

A. With the approval of the governing body, a public entity, other than a city, town or county, may issue tax apportionment bonds or notes, other bonds or notes, or both, the proceeds of which may be used to pay project costs pursuant to the plan notwithstanding any other statuto…

In those cases where the net assessed valuation of the real property within a school district increases as a result of the provisions of Sections 860 and 861 of this title, the school district's State Aid shall be determined by subtracting such increase in the net assessed valuat…

body. A. In accordance with the requirements of Section 6C of Article X of the Oklahoma Constitution, the tax incentives or exemptions granted pursuant to the provisions of Section 860 of this title shall only be allowed for that portion of the tax under jurisdiction of another l…

A. There shall be a written agreement between the governing body and the property owners who are granted tax incentives or exemptions pursuant to Section 860 of this title. The written agreement may include, but shall not be limited to, the following: 1. A description of all prop…

A. For those increment districts in operation for nine (9) months or more, on or before the ninetieth day following the end of each fiscal year, the governing body of a city, town or county shall submit a report to the chief executive officer of each taxing entity that levies ad …

Annual revenue loss. A. Within thirty (30) days after the creation of either an incentive district or an increment district, the sponsoring governmental entity shall notify the Oklahoma Tax Commission, upon such form as the Commission shall prescribe, of the geographic area where…

A. The powers of initiative and referendum, reserved by the Oklahoma Constitution to the people, are reserved to the people of every city, town or county with reference to the tax relief or incentives or exemptions or increment captured as authorized by Section 6C of Article X of…

The powers conferred by this act shall be in addition and supplemental to the power conferred by any other law. Added by Laws 1992, c. 342, § 20.

This act shall be known and may be cited as the “Oklahoma Rural Housing Incentive District Act”. Added by Laws 1999, c. 140, § 1, eff. Nov. 1, 1999.

As used in the Oklahoma Rural Housing Incentive District Act: 1. “County” means any county with a population of less than seventy-five thousand (75,000) persons, according to the most recent federal decennial census; 2. “Developer” means the person, firm or corporation responsibl…

It is hereby declared to be the purpose of the Oklahoma Rural Housing Incentive District Act to encourage the development and renovation of housing in the rural municipalities and counties of Oklahoma by authorizing municipalities and counties to assist directly in the financing …

Authority of municipality or county - Findings and determinations - Review by Executive Director of Oklahoma Housing Finance Agency. A. The governing body of any municipality or county is hereby authorized to designate rural housing incentive districts within such municipality or…

development or redevelopment – Resolution - Public hearing - Notice. A. Upon receipt of the approval of the Executive Director of the Oklahoma Housing Finance Agency as provided in subsection C of Section 4 of this act, the governing body may proceed with the establishment of the…

Ordinance or resolution establishing district - Determination of adverse effect. A. At the public hearing, a representative of the municipality or county shall present the proposed project plan for the development or renovation of housing in the proposed district. Each project pr…

A. Any governing body which has established a rural housing incentive district as provided in the Oklahoma Rural Housing Incentive District Act may purchase or otherwise acquire real property; however, the property may not be acquired through the exercise of the power of eminent …