Oklahoma § 62-867 - Report to taxing entity

§ 62-867. Report to taxing entity

A. For those increment districts in operation for nine (9)

months or more, on or before the ninetieth day following the end of

each fiscal year, the governing body of a city, town or county shall

submit a report to the chief executive officer of each taxing entity

that levies ad valorem taxes on property in an increment district.

The report shall include:

1. The amount and source of revenue captured and apportioned

pursuant to the project plan;

2. The amount and purpose of expenditures;

3. The amount of principal and interest due on outstanding

bonded indebtedness;

4. The tax increment base and current captured appraised value

or the other local tax or fees collections retained by the area;

5. The captured appraised value or the other local tax or fee

collections shared by the city, town or county and other taxing

entities, the total amount of tax increments received and any

additional information necessary to demonstrate compliance with the

plan adopted by the city, town or county;

6. The name of the person who is currently in charge of the

implementation of the plan; and

7. The names of the persons who have disclosed an interest as

required pursuant to Section 857 of this title and the interest

disclosed.

B. For those incentive districts in operation for nine (9)

months or more, on or before the ninetieth day following the end of

each fiscal year, the governing body of a city, town or county shall

submit to the chief executive officer of each taxing entity that

Oklahoma Statutes - Title 62. Public Finance

levies property taxes on real property in an incentive district.

The report shall include:

1. The parties receiving incentives or exemptions;

2. A general description of the property and the improvements

to be made;

3. The portion and fair market value of the property to be

exempted or that portion of the local taxes to be subject to

incentives or to be exempted;

4. The duration of the incentives or exemptions;

5. Any additional information necessary to demonstrate

compliance with the tax incentives or exemptions;

6. The name of the person who is currently in charge of the

implementation of the plan; and

7. The names of the persons who have disclosed an interest as

required pursuant to Section 857 of this title and the interest

disclosed.

C. At the time of submitting the reports as required by

subsections A and B of this section, the governing body shall

publish in a newspaper of general circulation in the city, town or

county, a summary of the relevant financial information along with a

notice to the effect that such report has been prepared and that the

report is available for inspection during business hours in the

office of the municipal or county clerk.

Added by Laws 1992, c. 342, § 18. Amended by Laws 2003, c. 255, §

10, eff. Nov. 1, 2003; Laws 2008, c. 367, § 6, eff. Nov. 1, 2008.