Okla. Stat. tit. 62, § 62-802

As used in the Municipal and County Economic and Community

Development Bonds Act:

1. "Amortization" means the reduction of bonded indebtedness by

making annual or fiscal year payments of principal and interest

sufficient to pay off bonds by their stated maturity;

2. "Annual maturing principal plus interest shall be as nearly

equal as practicable throughout the term of the issue" means that

the total annual or fiscal year debt service, except for short

periods, must be approximately equal for every annual or fiscal

period, provided each net annual or fiscal year debt service payment

in relation to all other net annual or fiscal year payments must be

made within a dollar amount range not to exceed twice the stated

denomination of the bonds;

3. "Debt service" means money required, pursuant to the terms

of issuance, for payments of principal and interest due on

outstanding bonds;

4. "Level principal debt service payments" means the amount of

principal retired annually or during a fiscal year with respect to

outstanding bonds shall be equal;

5. "Qualified economic or community development purpose" means

the use of bond proceeds for the acquisition, construction,

development and/or equipping of the following projects or programs:

a. industrial facilities including manufacturing,

maintenance, servicing, warehouse, wholesale

distribution, and transportation facilities,

b. tourism facilities including recreation or

entertainment facilities, theme parks, cultural and

historic sites,

c. sports facilities including arenas, stadiums,

ballparks, and golf courses,

Oklahoma Statutes - Title 62. Public Finance Page 519

d. agricultural facilities including grain elevators,

cotton gins, compresses, livestock barns, and other

commodity processing facilities,

e. defense industry facilities including office

facilities, security facilities, and the acquisition

of land for clear zones or to implement noise

abatement zoning,

f. redevelopment programs including the acquisition of

real property in a designated blighted area and the

rehabilitation of such property, the clearing and

preparation of land for redevelopment, the transfer of

interests in the property to nongovernmental persons

for fair market value, and the relocation of occupants

of the real property acquired,

g. governmental facilities including city halls,

courthouses, administration buildings, police and fire

stations, county jails, detention facilities, and

emergency or first response facilities,

h. community facilities including parks, senior citizens

centers, shelters for homeless or abused persons, and

juvenile centers,

i. public infrastructure facilities including highways,

roads, streets, bridges, sewers, traffic control

systems and devices, telecommunications systems,

wastewater and water distribution and supply systems,

curbing, sidewalks and any similar public

improvements, gas and electric production,

distribution and transmission facilities, common

utility or service facilities, landscaping, parking,

and water detention/retention systems,

j. economic development programs including but not

limited to job creation payments, low interest, and/or

forgivable loans, and

k. public health facilities including but not limited to

county or public hospitals, clinics, emergency medical

service facilities, and county health department

facilities;

6. "Short periods" means the period of time preceding the

beginning of full amortization of principal and interest due on

bonds;

7. "True interest cost" means the rate used to discount the

amounts payable on the respective principal and interest maturity

dates which yields a result equal to the purchase price received for

bonds; and

8. "Ultimate user" means the industry on whose behalf bonds are

issued.

Oklahoma Statutes - Title 62. Public Finance Page 520