Okla. Stat. tit. 62, § 62-856

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 by a city or town shall be confined to that

territory within the corporate limits of such city or town and any

districts created by a county shall be confined to that territory

Oklahoma Statutes - Title 62. Public Finance Page 548

within the unincorporated areas of the county. Any city, town or

county may by agreement jointly create a district with another

entity.

B. Upon the adoption and approval of the project plan, the

governing body shall adopt an ordinance or resolution, whichever is

applicable, which:

1. Describes the boundaries of districts and project areas

sufficiently definite to identify with ordinary and reasonable

certainty the territory included in them;

2. Creates the district as of a date provided in it or defers

determination of such date, provided such date must be no more than

ten (10) years after the date of approval of the project plan;

3. Assigns a name to the district for identification purposes.

The first district created shall be known as either an Incentive

District or Increment District Number One, City, Town or County of

__________, whichever is applicable. Each subsequently created

district shall be appropriately named and shall be assigned the next

consecutive number; and

4. Contains findings that:

a. the project area or district meets at least one of the

following criteria:

(1) is a reinvestment area,

(2) is a historic preservation area,

(3) is an enterprise area, or

(4) is a combination of the areas specified in

divisions (1), (2) and (3) of this subparagraph,

b. the improvement of the area is likely to enhance the

value of other real property in the area and to

promote the general public interest. It shall not be

necessary to identify the specific parcels meeting the

criteria,

c. the guidelines specified in paragraphs 1 and 2 of

Section 852 of this title shall be followed,

d. the aggregate net assessed value of the taxable

property in all districts as determined pursuant to

Section 862 of this title within the city or town

shall not exceed twenty-five percent (25%) of the

total net assessed value of taxable property within

the city or town for cities or towns having a

population of fifty thousand (50,000) or more or shall

not exceed thirty-five percent (35%) of the total net

assessed value of taxable property within the city or

town for cities or towns having a population of less

than fifty thousand (50,000),

e. for projects approved by a county, the aggregate net

assessed value of the taxable property in all

districts as determined pursuant to Section 862 of

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this title within the county shall not exceed fifteen

percent (15%) of the total net assessed value of the

taxable property within the county,

f. the aggregate net assessed value of the taxable

property in all districts as determined pursuant to

Section 862 of this title within the city, the town or

the county shall not exceed twenty-five percent (25%)

of the total net assessed value of any affected school

district located within the city, town or county, and

g. the land area of this district and all other districts

within the city, the town or the county shall not

exceed twenty-five percent (25%) of the total land

area of the city, the town or the county.

For districts that are wholly or partially comprised or become

comprised of industries operating under NAICS code 518210, the

provisions of subparagraphs d through g of this paragraph shall not

apply.

C. It is the intention of the Legislature in adopting the Local

Development Act that no long-term contractual obligation be created
of the total land

area of the city, the town or the county.

For districts that are wholly or partially comprised or become

comprised of industries operating under NAICS code 518210, the

provisions of subparagraphs d through g of this paragraph shall not

apply.

C. It is the intention of the Legislature in adopting the Local

Development Act that no long-term contractual obligation be created

by the mere adoption of an ordinance or resolution establishing an

increment district. Notwithstanding any provision contained in an

ordinance, resolution or project plan, an ordinance or resolution

establishing an increment district shall constitute a legislative

act and may be repealed, modified or amended at any time during the

term of the increment district, by subsequent action of the

governing body except as otherwise authorized pursuant to Sections

854 and 863 of this title; provided, however, that no such ordinance

shall be repealed, modified or amended during the time that any

bonds payable from incremental revenues are outstanding without the

consent of the bondholders, if such bonds are issued pursuant to the

provisions of Article X, Section 35 of the Oklahoma Constitution

following its amendment by State Question No. 693.

D. However, nothing in the Local Development Act shall restrict

the ability of:

1. Any city, town or county to:

a. issue debt in accordance with the applicable

provisions of Article X of the Oklahoma Constitution,

and any statutes enacted in connection therewith, and

b. use incremental revenues derived from an increment

district to pay principal, interest or premium

associated with such indebtedness; or

2. Any public entity, other than a city, town or county, to:

a. issue tax apportionment bonds or notes in accordance

with Section 863 of this title or to issue other types

of revenue bonds or notes in accordance with other

applicable provisions of Oklahoma law, and

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b. use incremental revenues derived from an increment

district to pay principal, interest or premium

associated with such indebtedness.