Okla. Stat. tit. 62, § 62-496
This is the official text of Okla. Stat. tit. 62, § 62-496, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Special tax for payment of interest and principal
Official statutory text
Counties, cities and towns which shall or have issued bonds
under authority of Article 10, Section 35 of the Constitution shall
levy a special tax payable annually in a total amount not to exceed
five (5) mills on the dollar in addition to the legal rate permitted
on the real and personal taxable property therein to provide for the
payment of the principal and interest as they mature of all bonds
heretofore or hereafter issued under authority of Section 35,
Article 10 of the Constitution; provided, however, the county or
municipality may, initially and from time to time thereafter,
suspend the collection of such annual levy when not required for the
payment of the principal of and interest on its bonds; and provided
further that in event total net taxable valuation of the issuing
county or municipality has declined from that in existence at time
bonds were issued, and if necessary to assure payment of principal
and interest on the bonds, a special tax up to five (5) mills shall
be levied on the real and personal taxable property therein based on
the issuer's total net taxable valuation in existence at time bonds
were issued.
under authority of Article 10, Section 35 of the Constitution shall
levy a special tax payable annually in a total amount not to exceed
five (5) mills on the dollar in addition to the legal rate permitted
on the real and personal taxable property therein to provide for the
payment of the principal and interest as they mature of all bonds
heretofore or hereafter issued under authority of Section 35,
Article 10 of the Constitution; provided, however, the county or
municipality may, initially and from time to time thereafter,
suspend the collection of such annual levy when not required for the
payment of the principal of and interest on its bonds; and provided
further that in event total net taxable valuation of the issuing
county or municipality has declined from that in existence at time
bonds were issued, and if necessary to assure payment of principal
and interest on the bonds, a special tax up to five (5) mills shall
be levied on the real and personal taxable property therein based on
the issuer's total net taxable valuation in existence at time bonds
were issued.
Status: in_force · Read it on the official government site
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