Okla. Stat. tit. 62, § 62-877

Execution and recitals.

A. Any municipality or county which has established a housing

incentive district as provided in the Oklahoma Rural Housing

Incentive District Act may issue special obligation bonds to finance

the implementation of the project plan adopted for the district by

the governing body, subject to the limitations on indebtedness of

the municipality or county as provided in Section 26 of Article X of

the Oklahoma Constitution. The issuance of such bonds shall be

required to be approved by the voters of the district, voting at an

election called for such purpose by the governing body of the

municipality or county. Such special obligation bonds shall be made

payable, both as to principal and interest:

1. From property tax increments allocated to, and paid into a

special fund of the municipality or county under the provisions of

subsection A of Section 10 of this act;

2. From revenues of the municipality or county derived from or

held in connection with the implementation of the project or

projects in the district;

3. From any private sources, contributions or other financial

assistance from the state or federal government;

4. From any financial sureties or other guarantees provided by

the developer;

5. From a pledge of any other lawfully available municipal or

county revenue sources including, but not limited to, a portion of

all increased franchise fees collected from utilities and other

businesses using public rights-of-way within the district or a

portion of the sales and use tax revenues received by the

municipality or county; or

6. By any combination of these methods.

Oklahoma Statutes - Title 62. Public Finance Page 575

The municipality or county may pledge such revenue to the

repayment of such special obligation bonds prior to, simultaneously

with, or subsequent to the issuance of such special obligation

bonds.

B. Bonds issued pursuant to the provisions of this section

shall not be general obligations of the municipality or county, nor

in any event shall they give rise to a charge against the general

credit or taxing powers of the municipality or county, or be payable

out of any funds or properties other than any of those set forth in

this subsection. Such bonds shall so state on their face.

C. The bonds issued under the provisions of this section shall

be special obligations of the municipality or county and are hereby

declared to be negotiable instruments. The bonds shall be executed

by the mayor and clerk of the municipality or, in the case of

counties, by the chair of the board of county commissioners and

clerk of the county, and shall be sealed with the corporate seal of

the municipality or the seal of the county. All details pertaining

to the issuance of such special obligation bonds shall be determined

by ordinance of the municipality or resolution of the county. All

special obligation bonds issued pursuant to the Oklahoma Rural

Housing Incentive District Act shall be exempt from all state taxes

except estate taxes. Special obligation bonds issued pursuant to

the provisions of this section shall contain the following recitals:

1. The authority under which such special obligation bonds are

issued;

2. That they are in conformity with the provisions,

restrictions, and limitations thereof; and

3. That such special obligation bonds and the interest thereon

are to be paid from the money and revenue received as provided in

subsection A of this section.

D. The maximum maturity on bonds issued to finance projects

pursuant to the Oklahoma Rural Housing Incentive District Act shall

not exceed fifteen (15) years.

E. Any municipality or county issuing special obligation bonds

under the provisions of the Oklahoma Rural Housing Incentive

District Act may refund all or part of such issue as provided by

law.

F. In the event the municipality or county shall default in the

payment of any special obligation bonds as authorized pursuant to
l Housing Incentive District Act shall

not exceed fifteen (15) years.

E. Any municipality or county issuing special obligation bonds

under the provisions of the Oklahoma Rural Housing Incentive

District Act may refund all or part of such issue as provided by

law.

F. In the event the municipality or county shall default in the

payment of any special obligation bonds as authorized pursuant to

the provisions of this section, no public funds shall be used to pay

the holders thereof except as otherwise specifically authorized in

the Oklahoma Rural Housing Incentive District Act.

G. Any and all terms, conditions, exclusions and limitations

which are otherwise applicable to bonds issued by municipalities and

counties shall also be applicable to bonds issued pursuant to this

section.