Okla. Stat. tit. 82, § 82-630

A. The monies of every conservancy district organized pursuant

to this act shall be administered through the following funds:

1. A preliminary fund, by which is meant the funds borrowed in

accordance with Section 632 of this title, which shall be used for

the payment of expenses incurred for the purposes for which the

funds may be borrowed;

2. An improvement fund, by which is meant the proceeds of

levies made against the special assessments of benefits equalized

and confirmed under the provisions of this act which have not been

pledged for the retirement of bonds, notes, warrants or agreements

or the payment of interest thereon and the proceeds of all bonds,

notes or warrants issued, which shall be used for defraying

expenditures incurred in the execution of the official plan and the

relocation of utilities, acquisition or construction of properties,

works, and improvements of the district including the cost of

preparing the official plan and the appraisal, except as paid out of

the preliminary funds, the entire cost of construction and

superintendence, with all charges incidental thereto, and the cost

of administration during the period of construction and may also be

used for defraying preliminary expenses in accordance with Section

632 of this title;

3. A bond fund, by which is meant the proceeds of levies made

against the special assessment of benefits equalized and confirmed

under the provisions of this act which has been anticipated in the

issuance of bonds, notes or warrants together with all other

receipts pledged for the retirement of bonds, notes or warrants or

Oklahoma Statutes - Title 82. Waters and Water Rights Page 105

the payment of interest thereon, which shall be used only for such

purposes; and

4. A maintenance fund, which is a special assessment to be

levied annually for the purpose of upkeep, administration and

current expenses as hereinafter provided.

B. Any surplus monies in any fund of a conservancy district may

be transferred to any other fund by the board, but no transfer shall

be made from the bond fund prior to the final maturity of the bonds,

notes or warrants payable therefrom, and no transfer shall

thereafter be made which would reduce the balance in the fund below

the amount required for the payment of all obligations outstanding

against the fund.

C. No vouchers shall be drawn against the maintenance fund of a

conservancy district until assessments have been levied as provided

by this act. No bonds shall be issued against the bond fund until

an assessment-levying resolution shall have been properly passed by

the board of directors and duly entered upon its records, and not

until the property owners shall have been given an opportunity for a

period of not less than thirty (30) days to pay the assessments so

levied against their respective properties.