Oklahoma § 60-180.56 - Pari-mutuel horse racing facility - terms and condition

§ 60-180.56. Pari-mutuel horse racing facility - terms and condition

for participation by public trust.

A. No public trust as authorized by Section 176 of Title 60 of

the Oklahoma Statutes shall be a party to any agreement for land,

financing or operation of a pari-mutuel horse racing facility in the

State of Oklahoma unless such agreement includes the following terms

and conditions:

1. Said agreement shall indemnify and hold harmless the public

trust from any financial obligation related to land, financing or

operation by organizational license;

2. Said agreement shall include provisions for the payment of

ad valorem property taxes on any improvements and structures on

trust land which would otherwise be subject to ad valorem property

taxation if constructed on privately owned land;

3. Such agreement shall prohibit the use of public trust

financing for construction of any facilities on all land in the

agreement; and

Oklahoma Statutes - Title 60. Property

4. Said agreement shall require that title to any improvements

must revert to said public trust at the termination of such lease or

agreement.

B. Nothing in this section shall prohibit horse racing at

county fairs as provided by law.

Added by Laws 1985, c. 196, § 12, operative July 1, 1985.