Oklahoma § 62-496 - Special tax for payment of interest and principal

§ 62-496. Special tax for payment of interest and principal

Counties, cities and towns which shall or have issued bonds

under authority of Article 10, Section 35 of the Constitution shall

levy a special tax payable annually in a total amount not to exceed

five (5) mills on the dollar in addition to the legal rate permitted

on the real and personal taxable property therein to provide for the

payment of the principal and interest as they mature of all bonds

heretofore or hereafter issued under authority of Section 35,

Article 10 of the Constitution; provided, however, the county or

municipality may, initially and from time to time thereafter,

suspend the collection of such annual levy when not required for the

payment of the principal of and interest on its bonds; and provided

further that in event total net taxable valuation of the issuing

county or municipality has declined from that in existence at time

bonds were issued, and if necessary to assure payment of principal

and interest on the bonds, a special tax up to five (5) mills shall

be levied on the real and personal taxable property therein based on

the issuer's total net taxable valuation in existence at time bonds

were issued.

Added by Laws 1967, c. 64, § 2, emerg. eff. April 17, 1967.