Oklahoma § 62-286 - Composition of indebtedness under bankruptcy law

§ 62-286. Composition of indebtedness under bankruptcy law

Any county, municipality, local improvement district organized

or created for the purpose of grading, paving or otherwise improving

public streets, alleys, or roads; or other similar district; also

any paving district of any municipality of this state; any drainage

or reclamation district; or any agency or instrumentality formed or

existing pursuant to the laws of this state, which is an agency or

instrumentality of a kind named or described in Section 81 of an Act

of Congress, entitled "An Act to Establish a Uniform System of

Bankruptcy Throughout the United States", as approved July 1, 1898,

and as now or hereafter amended and supplemented, (Title 11, United

States Code Section 401); which has power to incur indebtedness,

either through action of its governing body or through the action of

Oklahoma Statutes - Title 62. Public Finance

the governing body of any county, municipality, district, agency or

instrumentality in which such county, municipality, district, agency

or instrumentality is included; is hereby authorized to proceed

under all applicable laws enacted by the Congress of the United

States, under its federal bankruptcy powers, to effect a plan for

the composition of its indebtedness; and the officials and governing

body of such county, municipality, district, agency or

instrumentality are authorized to adopt all proceedings and to do

any and all acts necessary fully to avail such municipality, county,

district, agency or instrumentality of the provisions of any of such

Acts of the Congress of the United States.

Laws 1947, p. 389, § 1.