Okla. Stat. tit. 11, § 11-22-154
This is the official text of Okla. Stat. tit. 11, § 11-22-154, part of Oklahoma’s Stat. tit. 11, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 11,." Browse the sections below, each linked to its official government source.
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Additional sources of security for utility revenue
Official statutory text
obligations.
Nothing in the Oklahoma Municipal Utility Revenue Bond Act shall
prevent a municipality from dedicating sales taxes or other
municipal taxes as an additional source of payment and security for
its utility revenue obligations, provided that the dedication of
such tax revenue is approved by a majority of municipal voters
voting at an election held for that purpose, in the manner set out
in Section 2701 of Title 68 of the Oklahoma Statutes and other
applicable laws, on a ballot question separate from the question of
the issuance of revenue obligations. Further, nothing in the
Oklahoma Municipal Utility Revenue Bond Act shall prevent a
municipality from purchasing a policy of municipal bond insurance,
securing a rating on the creditworthiness of the obligations,
obtaining a letter of credit and other such credit enhancement
product generally utilized in the public finance industry to further
enhance and secure the obligations, provided, that at the time of
the securing of such credit enhancement it reasonably appears to the
governing body of the municipality that such credit enhancement
shall result in a reduction in the amount of interest to be paid by
the municipality over the life of the obligations, taking into
account the cost of such credit enhancement. The dedication of such
municipal taxes or the providing of credit enhancement for the
obligations shall be at the sound discretion of the governing body
of the municipality.
Oklahoma Statutes - Title 11. Cities and Towns Page 201
Nothing in the Oklahoma Municipal Utility Revenue Bond Act shall
prevent a municipality from dedicating sales taxes or other
municipal taxes as an additional source of payment and security for
its utility revenue obligations, provided that the dedication of
such tax revenue is approved by a majority of municipal voters
voting at an election held for that purpose, in the manner set out
in Section 2701 of Title 68 of the Oklahoma Statutes and other
applicable laws, on a ballot question separate from the question of
the issuance of revenue obligations. Further, nothing in the
Oklahoma Municipal Utility Revenue Bond Act shall prevent a
municipality from purchasing a policy of municipal bond insurance,
securing a rating on the creditworthiness of the obligations,
obtaining a letter of credit and other such credit enhancement
product generally utilized in the public finance industry to further
enhance and secure the obligations, provided, that at the time of
the securing of such credit enhancement it reasonably appears to the
governing body of the municipality that such credit enhancement
shall result in a reduction in the amount of interest to be paid by
the municipality over the life of the obligations, taking into
account the cost of such credit enhancement. The dedication of such
municipal taxes or the providing of credit enhancement for the
obligations shall be at the sound discretion of the governing body
of the municipality.
Oklahoma Statutes - Title 11. Cities and Towns Page 201
Status: in_force · Read it on the official government site
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