Oklahoma § 62-574 - Publication of projects

§ 62-574. Publication of projects

A. At any election upon the question of issuing bonds, which if

approved would require an ad valorem tax levy or pledging the full

faith and credit of the State of Oklahoma, the governmental entity

calling such election shall set forth in each proposition to be

voted upon the general purpose for which the bond proceeds will be

expended. This shall not require the proposition or the bond to

recite specific projects and dollar amounts.

B. At any election upon the question of issuing bonds, which if

approved would require an ad valorem tax levy or pledging the full

faith and credit of the State of Oklahoma, the governmental entity

calling such election shall set forth in the call of election, in a

legally qualified newspaper of general circulation in the area

wherein said bond issue proceeds are to be expended, a general

statement of all purposes and specific projects for which seventy

percent (70%) of the proceeds shall be expended, with a further

listing of the dollar amounts to be expended on each specific

project. The dollar figure left unlisted as to specific projects

shall not exceed thirty percent (30%) of the total amount of the

bond issue.

C. If any such bond issue is approved at an election, the

particular governmental entity shall expend all of the proceeds of

such bond issue for the purposes set out in the proposition voted

upon and shall expend not less than eighty-five percent (85%) of the

monies allocated to each specific project, unless such project can

Oklahoma Statutes - Title 62. Public Finance

be completed for a smaller amount of money, on that project as

published according to Section 4(B) of this act and for which the

bond issue was approved. Provided, however, that if any money

becomes available from any source outside the bond proceeds for any

specific project, the outside funds would be used to reduce the

amount of bond funds to be expended on that specific project. In

such event, the governmental entity may expend that amount less than

the specified eighty-five percent (85%) and may use the surplus

funds on other projects within the same general purpose or to reduce

the sinking fund. This section shall not apply in the event a final

judicial determination or federal or state laws, regulations or

rules preclude the undertaking or completion of a specific project.

Laws 1976, c. 11, § 4, eff. Jan. 1, 1977.