Okla. Const. art. X, § 35 – Municipal and county levy for securing and developing industry

(a) Any incorporated town and any county may issue, by and with the consent of the majority of the registered voters of said municipality or county voting on the question at an election held for the purpose, bonds in sums provided by such majority at such election for economic development or community development purposes, as may be defined by law, within or near the said municipality or county holding the election.
(b) Such bonds shall bear interest at a rate as set by law and shall be sold in a manner prescribed by law.
(c) To provide for the payment of all such bonds outstanding, principal, and interest as they mature, the municipality or county may:
(1) levy a special tax, payable annually, in a total amount not to exceed five (5) mills on the dollar, in addition to the legal rate permitted, on the real and personal taxable property therein; provided, however, that in no event shall the real and personal taxable property in any city or town be subject to a special tax in excess of five (5) mills for bonds issued hereunder;
(2) levy a special sales tax, payable as may be prescribed by law, in a total amount not to exceed one cent ($0.01) on the dollar, in addition to the legal rate permitted, upon the sale of tangible personal property and services, not otherwise exempted by law;
(3) apportion revenues pursuant to Section 6C of Article X of the Constitution, in a manner prescribed by law; or
(4) implement any combination of paragraphs (1) through (3) of this subsection.
Provided, however, that the source or sources of revenue and the irrevocable pledge thereof shall be set forth in the ballot.
(d) Such bonds shall be issued under terms prescribed by law.
(e)
(1) The governing body of the municipality or the county commissioners of the county shall exercise jurisdiction over the sale or exchange of any such bonds voted by the electors at an election held for that purpose and shall expend economically the funds so provided.
(2) In the expenditure and use of proceeds from the sale of said bonds, the said governing body is hereby authorized and directed to coordinate its industrial development plans and projects insofar as practicable with similar plans and projects of local industrial development agencies and the Oklahoma Industrial Finance Authority, as set forth in Section 34 of Article X of the Constitution, so as to supplement funds to be derived from these and other sources, including federal aid available to economically depressed areas, if any; and to the extent that federal requirements shall require subordination of liens securing loans from the Oklahoma Industrial Finance Authority or from other sources, as a condition to the obtaining of such federal aid, the same is hereby approved and authorized.
(f) The election on the issuance of such bonds shall be held at such time as the governing body of the municipality may designate by ordinance, or as the county commissioners of the county may designate by order, which ordinance or order shall state the sum total of issue, the dates of maturities thereof, and shall fix the date of election so that it shall not occur earlier than thirty (30) days after the passage of the said ordinance or the granting of said order. All elections called pursuant to this section shall be conducted by the appropriate county election board or boards pursuant to the general election laws of the state. The said election shall be held and conducted, the vote thereof canvassed, and the result thereof declared under the law and in the manner now or hereafter provided for municipal elections when the election is held by a municipality, and in the manner now or hereafter provided for county elections when the election is held by a county, so far as the same may be applicable, except as herein otherwise provided. Notice of the election shall be given by the mayor of the municipality or by the county commissioners of the county by advertisement weekly for at least four times in some newspaper having a bona fide circulation in the said municipality or county, with the last publication to be not less than ten (10) days prior to the date of the said election. Only registered voters of the said municipality or county shall have a right to vote at the said election. The result of the said election shall be proclaimed by the mayor of the municipality or by the county commissioners of the county, and the result as proclaimed shall be conclusive, unless attacked in the courts within thirty (30) days after the date of such proclamation.
(g) The tax levies or revenue apportionment associated with bonds issued pursuant to this section and the pledge thereof, may not be revoked during the term of such bonds; provided, however, the municipality or county may, from time to time, suspend the collection of such levy or apportioned revenues when not required for the payment of its bonds.
(h) The Legislature may provide by law for the creation of regional economic development districts, comprised of two or more municipalities or counties, or a combination of one or more municipalities and counties, and may specify the terms and conditions under which the bonds authorized in this section may be issued by municipalities and counties located within such districts. The provisions of paragraph (f) of this section shall not apply to any bonds issued in accordance with this paragraph unless such provisions are made expressly applicable by law.
Historical Data
Added by Laws 1961, SJR 12, Section 1, State Question 404, Legislative Referendum 133, adopted at election held May 1, 1962; Amended by Laws 1989, HJR 1006, Section 1, State Question 625, Legislative Referendum 279, adopted at election held August 28, 1990; Amended by Laws 2001, HB 1198, Section 1, State Question 693, Legislative Referendum 321, adopted at election held November 5, 2002.