Nothing in Sections 861 through 890 of this title shall be construed as authorizing the district and it shall not be authorized to mortgage or otherwise encumber any of its property of any kind, real, personal or mixed, or any interest therein, or to acquire any such property or interest subject to a mortgage or conditional sale, provided that this section shall not be construed as preventing the pledging of the revenues of the district as herein authorized. Nothing in Sections 861 through 890 of this title shall be construed as authorizing the sale, lease or other disposition of any such property or interest of the district by the district or any receiver of any of its properties or through any court proceeding or otherwise, provided, however, that the district may sell for cash, and subject to competitive bidding as provided by the Board, any such property or interest in an aggregate value not exceeding the sum of Five Hundred Thousand Dollars ($500,000.00) in any one (1) year, except that the district may sell any or all surplus property that the district may have acquired from the War Assets Administration or other government agencies selling war surplus property without regard to the limitations herein, if the Board, by the affirmative vote of five of the members thereof, shall have determined that the same is not necessary to the business of the district and shall have approved the terms of any such sale. Provided, further, that the district may lease any of its lands if the Board, by the affirmative vote of five of the members thereof, shall have determined that the same can be leased without injury to or without interference with the operations of the project, and shall have approved the terms of any such lease; but no shorelands (lands lying between the low and high water marks) shall be leased for a term longer than two (2) years and not more than one-fourth (1/4) mile of the lake front shall be leased to any one person, firm or corporation. Provided however, the district may lease shorelands to political subdivisions, agencies of the State of Oklahoma, or tax-exempt public trusts, for any public purpose, on such terms as are mutually satisfactory to the parties, notwithstanding the limitations expressed above. No lease shall deprive the owner of any land adjacent to the shorelands or lake front, or abutting thereon, of ingress or egress to and from the water of the lakes and shall not deprive said owner of any wharf, dock or boat anchorage privileges that would belong to said owner if said shorelands or lake front were not leased, it being the intention of Sections through of this title that, except by sale, lease or agreement as in Sections through of this title expressly authorized, no such property or interest shall ever come into the ownership or control, directly or indirectly, of any person, firm or corporation other than a public authority created under the laws of the State of Oklahoma, provided nothing herein contained shall be construed as preventing the district from contracting with the United States or any agency thereof for the temporary possession, control and use of such properties by the United States or any agency thereof for the safety and defense of the United States in time of a national emergency or in anticipation thereof. All property of the district shall be at all times exempted from forced sale, and nothing in Sections through of this title contained shall authorize the sale of any of the property of the district under any judgment rendered in any suit, and such sales are hereby prohibited and forbidden. The provisions of this section shall not apply to any sale agreement, lease agreement or other agreement entered into by the district pursuant to paragraphs (f) or (g) of Section of this title, provided that such agreement is in compliance with any applicable provision restricting the sale or leasing of property by the district contained in any resolution of the district providing for the issuance of revenue bonds.

Laws 1935, SB 395, p. 357, § 14; Amended by Laws 1941, HB 431, p. 474, § 3; Amended by Laws 1949, SB 71, p. 640, § 6, emerg. eff. April 21, 1949; Amended by Laws 1955, HB 562, p. 475, § 3; Amended by Laws 1957, SB 347, p. 570, § 1; Amended by Laws 1981, HB 1053, c. 204, § 17, emerg. eff. May 26, 1981; Amended by Laws 1982, SB 505, c. 185, § 2, emerg. eff. April 20, 1982.