Oklahoma § 60-178.6 - Public trusts - Exemption from provisions - Housing

§ 60-178.6. Public trusts - Exemption from provisions - Housing

finance.

The provisions of Sections 652 and 653 of Title 62 of the

Oklahoma Statutes and Sections 178.4 and 178.5 of this title shall

not affect: public trusts operating, financing or refinancing

facilities for the aged or disabled persons by nonprofit, religious

or benevolent organizations; public trusts operating, financing or

refinancing county, municipal or nonprofit hospitals; public trusts

operating college or educational dormitories or student housing

facilities; trusts formed for the purpose of constructing buildings

Oklahoma Statutes - Title 60. Property

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 15-141 through 15-147 of

Title 2 of the Oklahoma Statutes or other trusts created for the

same purpose. Section 176 et seq. of this title shall not prevent

public trusts from administering or financing 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 or refinancing housing projects, provided said projects:

1. Involve only property that is subject to ad valorem

taxation; or

2. Involve financing or refinancing the construction,

acquisition and/or improvement and rehabilitation of existing

housing projects not subject to ad valorem taxation immediately

before any such financing or refinancing,

and in either case are located within the geographic boundaries of

the beneficiary or beneficiaries of the public trust.

Notwithstanding the provisions of subdivision (b) of division (2) of

subparagraph a of paragraph 8 of Section 2887 of Title 68 of the

Oklahoma Statutes, housing projects which were exempt from ad

valorem taxation immediately before such financing or refinancing

shall not become subject to ad valorem taxation because they are

financed or refinanced by a public trust under this provision.

A public trust with a city or cities, a county or counties, or

the state as the beneficiary or beneficiaries thereof may issue its

evidences of indebtedness for the purpose of financing housing

projects or housing programs within the geographic boundaries of its

beneficiary or beneficiaries as same represent an authorized and

proper public function for public trusts.

Added by Laws 1976, c. 222, § 13, eff. Dec. 1, 1976. Amended by

Laws 1980, c. 12, § 2, emerg. eff. March 18, 1980; Laws 2000, c.

361, § 1, emerg. eff. June 6, 2000; Laws 2002, c. 33, § 2, emerg.

eff. April 10, 2002; Laws 2002, c. 476, § 1, emerg. eff. June 6,

2002; Laws 2010, c. 304, § 1, eff. Nov. 1, 2010.