Oklahoma § 62-851 - Purpose of act

§ 62-851. Purpose of act

The Local Development Act shall serve to implement and execute

Section 6C of Article X of the Oklahoma Constitution as approved by

the voters of the State of Oklahoma on November 6, 1990, by:

1. Providing for the granting of incentives and exemptions from

taxation within certain areas, placing restrictions thereon, and

limiting the time period for the exemptions, as authorized by

subsection A thereof;

2. Providing for apportionment of an increment of local taxes

and fees, placing restrictions thereon, and limiting the time period

for the apportionment, as authorized by subsection B thereof; and

Oklahoma Statutes - Title 62. Public Finance

3. Providing for the planning, financing, and carrying out of

development and redevelopment within certain areas, as authorized by

subsection C thereof.

Nothing in the Local Development Act shall be construed in a

manner contrary to or inconsistent with the provisions of said

constitutional provision.

The Legislature hereby finds that historic preservation,

reinvestment or enterprise areas as defined under this act are

unproductive, undeveloped, underdeveloped or blighted areas pursuant

to subsection C of Section 6 of Article X of the Oklahoma

Constitution.

Added by Laws 1992, c. 342, § 2.