Okla. Stat. tit. 62, § 62-863

A. With the approval of the governing body, a public entity,

other than a city, town or county, may issue tax apportionment bonds

or notes, other bonds or notes, or both, the proceeds of which may

be used to pay project costs pursuant to the plan notwithstanding

any other statutory provision to the contrary. Subject to the

approval of the governing body, such public entity may issue

refunding bonds or notes for the payment or retirement of bonds or

notes previously issued by the public entity to pay project costs

pursuant to the plan.

B. The public entity issuing tax apportionment bonds or notes

may, as authorized by the governing body pursuant to Section 6C of

Article X of the Constitution of the State of Oklahoma, irrevocably

pledge all or part of the apportioned increments and other revenue

for payment of the tax apportionment bonds or notes. The part of

the apportioned increments pledged in payment may be used only for

the payment of the bonds or notes or interest on the bonds or notes

until the bonds or notes have been fully paid. A holder of the

bonds or notes or of coupons issued on the bonds has a lien to the

extent authorized by the pledge against the apportionment fund and

the future increments for payment of the bonds or notes and interest

on the bonds or notes and may protect or enforce the lien at law or

in equity.

C. The issuing public entity may provide in the contract with

the owners or holders of tax apportionment bonds that they will pay

into the apportionment fund all or any part of the revenue produced

or received from the operation or sale of a facility acquired,

improved, or constructed pursuant to a project plan, to be used to

pay principal and interest on the bonds. If the public entity

agrees, the owners or holders of these bonds may have a lien or

mortgage on a facility acquired, improved, or constructed with the

proceeds of the bonds.

D. Tax apportionment bonds may be issued to mature in a period

not to exceed twenty-five (25) years in one or more series;

provided, however, that for any increment district established after

November 1, 1992, such time period shall be tolled for a period of

time equal to the pendency of any litigation directly or indirectly

challenging the increment district or apportionment or disbursement.

The trust indenture, ordinance, or resolution approved, issued in

connection with such bond or note, shall provide:

1. The date that the bond or note bears;

2. That the bond or note is payable on demand or at a specified

time;

3. The interest rate that the bond or note bears;

4. The denomination of the bond or note;

5. Whether the bond or note is in coupon or registered form;

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6. The conversion or registration privileges of the bond or

note;

7. The manner of execution of the bond or note;

8. The medium of payment in which and the place or places at

which the bond or note is payable;

9. The terms of redemption, with or without premium, to which

the bond or note is subject;

10. The manner in which the bond or note is secured; and

11. Any other characteristic of the bond or note.

E. A bond or note issued pursuant to the provisions of the

Local Development Act is fully negotiable. In a suit, action, or

other proceeding involving the validity or enforceability of a bond

or note issued pursuant to the provisions of the Local Development

Act or the security of a bond or note issued pursuant to the

provisions of the Local Development Act, if the bond or note recites

in substance that it was issued by the public entity pursuant to the

Local Development Act, the bond or note is deemed to have been

issued for that purpose, and the recital shall be conclusive of its

validity and the regularity of its issuance.

F. A bank, trust company, savings bank or institution, savings

and loan association, investment company or other person carrying on
d or note recites

in substance that it was issued by the public entity pursuant to the

Local Development Act, the bond or note is deemed to have been

issued for that purpose, and the recital shall be conclusive of its

validity and the regularity of its issuance.

F. A bank, trust company, savings bank or institution, savings

and loan association, investment company or other person carrying on

a banking or investment business; an insurance company, insurance

association, or other person carrying on an insurance business; or

an executor, administrator, curator, trustee, or other fiduciary may

invest any sinking funds, money, or other funds belonging to it or

in its control in tax apportionment bonds or notes issued under the

Local Development Act. This act does not relieve any person of the

duty to exercise reasonable care in selecting securities or of

complying with other applicable laws.

G. A tax apportionment bond or note issued pursuant to the

provisions of this section is not a debt, liability, or obligation

of the city, town or county creating or approving the plan, project

or increment district. The bond or note does not give rise to a

charge against the general credit or taxing powers of such city,

town or county and is not payable except as provided by the Local

Development Act. Bonds or notes issued pursuant to the provisions

of this section are not general obligations of the state and have no

claim on the revenues or resources of the state. A bond or note

issued pursuant to the provisions of this section must state the

restrictions of this subsection on its face.

H. A tax apportionment bond or note issued pursuant to the

provisions of this section may not be included in any computation of

the general obligation debt of the city, town or county creating or

approving the plan, project or increment district.

I. A public entity may not issue bonds or notes, pursuant to

the provisions of this section, providing for repayment of any

portion of the principal from apportioned tax increments in an

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amount that exceeds the total cost of implementing the project plan

for which the bonds or notes are issued except to the extent that

bond or notes issues may be sized to include costs of issuance,

credit enhancement fees or premiums, and reasonably required

reserves or amounts to be repaid from sources other than apportioned

tax increments.

J. All bonds issued pursuant to the provisions of this section

shall be reviewed by the Oklahoma State Bond Advisor who will give a

recommendation on such bonds to the issuing entity.