The provisions of Sections 652 and 653 of Title 62 and Sections 178.4 and 178.5 of this title shall not affect: public trusts operating facilities for the aged or disabled persons by nonprofit, religious or benevolent organizations; public trusts operating county, municipal or nonprofit hospitals; public trusts operating college or educational dormitories or student housing facilities; trusts formed for the purpose of constructing buildings for local units of the Department of Human Services under the provisions of Section 189a of Title 56 of the Oklahoma Statutes; public trusts carrying out redevelopment, rehabilitation and conservation activities in accordance with an approved urban renewal plan, provided property owned by said trust shall not be exempt from ad valorem taxation for a period exceeding five (5) years; trusts created under the provisions of Sections 157.1 through 163 of Title 2 of the Oklahoma Statutes or other trusts created for the same purpose. This act shall not prevent public trusts from administering a housing program pursuant to a contract with an agency of the United States Government or the State of Oklahoma, or prevent public trusts from financing housing programs, provided said programs involve only property that is subject to ad valorem taxation.

A public trust with a city, county, or state as the beneficiary thereof may issue its evidences of indebtedness for the purpose of financing housing or housing programs as same represent an authorized and proper public function for public trusts.

Laws 1976, HB 1651, c. 222, § 13, eff. December 1, 1976; Amended by Laws 1980, SB 147, c. 12, § 2, emerg. eff. March 18, 1980.