Okla. Stat. tit. 62, § 62-879

fund.

A. The governing body of a municipality or county, subject to

the provisions of the Oklahoma Rural Housing Incentive District Act,

may levy assessments by and for the benefit of a taxing subdivision

on property located within such district, the revenue from which

shall be apportioned as follows:

1. From the assessments levied each year subject to the

provisions of the Oklahoma Rural Housing Incentive District Act by

or for each taxing subdivision upon property located within a

district constituting a separate taxing unit under the provisions of

the Oklahoma Rural Housing Incentive District Act, the county

treasurer first shall allocate and pay to each such taxing

subdivision all of the revenues collected which are produced from

that portion of the current assessed valuation of such real property

located within such separate taxing unit which is equal to the total

assessed value of such real property on the date of the

establishment of the district; and

Oklahoma Statutes - Title 62. Public Finance Page 577

2. Any revenues produced from that portion of the current

assessed valuation of real property within a district and

constituting a separate taxing unit under the provisions of this

section in excess of an amount equal to the total assessed value of

such real property on the effective date of the establishment of the

district shall be allocated and paid by the county treasurer to the

treasurer as follows:

a. in districts established by a municipality, the amount

shall be paid to the treasurer of the municipality and

deposited in a special fund of the municipality to pay

the cost of housing projects in the district including

the payment of principal of and interest on any

special obligation bonds issued by such municipality

to finance, in whole or in part, such housing project,

and

b. in districts established by a county, the amount shall

be deposited by the county treasurer in a special fund

of the county to pay the cost of housing projects in

the district including the payment of principal of and

interest on any special obligation bonds issued by

such county to finance, in whole or in part, such

housing project. If such special obligation bonds and

interest thereon have been paid before the completion

of a project, the municipality or county may continue

to use such moneys for any purpose authorized by the

Oklahoma Rural Housing Incentive District Act until

such time as the project is completed, but for not to

exceed fifteen (15) years from the date of the

establishment of the district.

When such special obligation bonds and interest thereon have

been paid and the project is completed, all moneys thereafter

received from real property taxes within such district shall be

allocated and paid to the respective taxing subdivisions in the same

manner as are other ad valorem taxes.

B. Notwithstanding any other provision of law, it is hereby

stated that it is an object of assessments levied by or for the

benefit of any taxing subdivision on taxable real property located

within any district created pursuant to the Oklahoma Rural Housing

Incentive District Act, that revenues therefrom may be applied and

allocated to and when collected paid into a special fund of a

municipality or county pursuant to the procedures and limitations of

the Oklahoma Rural Housing Incentive District Act to pay the cost of

a project including principal of and interest on special obligation

bonds issued by such municipality or county to finance, in whole or

in part, such project.