Okla. Stat. tit. 11, § 11-38-112
This is the official text of Okla. Stat. tit. 11, § 11-38-112, 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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Exemption of property from judicial process and
Official statutory text
taxation.
A. All property of an Urban Renewal Authority, including funds,
owned or held by it for the purposes of this article shall be exempt
from levy and sale by virtue of an execution, and no execution or
other judicial process shall issue against the same nor shall
judgment against an Urban Renewal Authority be a charge or lien upon
such property; provided, however, that the provisions of this
section shall not apply to or limit the right of obligees to pursue
any remedies for the enforcement of any pledge or lien given
pursuant to this article by an Urban Renewal Authority on its rents,
fees, grants or revenues from urban renewal projects.
B. The exercise of powers granted by this article will be in
all respects for the benefit of the people of this state, and its
political subdivisions, and the municipalities of this state, for
the improvement of the public health, safety, morals and general
welfare of the people. The activities of an Urban Renewal Authority
pursuant to this article constitute an essential governmental
function and the property or funds of an Urban Renewal Authority,
acquired or held for the purposes of this article, are declared to
be public property used for essential public and governmental
purposes and such property shall be exempt from all taxes of the
Oklahoma Statutes - Title 11. Cities and Towns Page 414
state, the county, the municipality or any other political
subdivision thereof; provided, that such tax exemption shall
terminate when the Urban Renewal Authority sells such property in an
urban renewal area to a purchaser who is not a public body entitled
to tax exemption with respect to such property; or if such property
is leased by the Urban Renewal Authority, then the improvements
placed thereon shall not be entitled to such tax exemption.
Provided, further, that the Urban Renewal Authority is limited in
its authority to acquire property to the acquisition which is
necessary in the carrying out of an urban renewal plan.
A. All property of an Urban Renewal Authority, including funds,
owned or held by it for the purposes of this article shall be exempt
from levy and sale by virtue of an execution, and no execution or
other judicial process shall issue against the same nor shall
judgment against an Urban Renewal Authority be a charge or lien upon
such property; provided, however, that the provisions of this
section shall not apply to or limit the right of obligees to pursue
any remedies for the enforcement of any pledge or lien given
pursuant to this article by an Urban Renewal Authority on its rents,
fees, grants or revenues from urban renewal projects.
B. The exercise of powers granted by this article will be in
all respects for the benefit of the people of this state, and its
political subdivisions, and the municipalities of this state, for
the improvement of the public health, safety, morals and general
welfare of the people. The activities of an Urban Renewal Authority
pursuant to this article constitute an essential governmental
function and the property or funds of an Urban Renewal Authority,
acquired or held for the purposes of this article, are declared to
be public property used for essential public and governmental
purposes and such property shall be exempt from all taxes of the
Oklahoma Statutes - Title 11. Cities and Towns Page 414
state, the county, the municipality or any other political
subdivision thereof; provided, that such tax exemption shall
terminate when the Urban Renewal Authority sells such property in an
urban renewal area to a purchaser who is not a public body entitled
to tax exemption with respect to such property; or if such property
is leased by the Urban Renewal Authority, then the improvements
placed thereon shall not be entitled to such tax exemption.
Provided, further, that the Urban Renewal Authority is limited in
its authority to acquire property to the acquisition which is
necessary in the carrying out of an urban renewal plan.
Status: in_force · Read it on the official government site
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