Oklahoma § 68-3507 - Incentive payments - Deposit - Use - Investment - Audits
Full text of Oklahoma Oklahoma Statutes § 68-3507 — Incentive payments - Deposit - Use - Investment - Audits, with citation guidance and answers to common questions.
§ 68-3507. Incentive payments - Deposit - Use - Investment - Audits
- Unused assets.
A. A political subdivision receiving an incentive payment
pursuant to the provisions of this act shall deposit such payment in
a separate fund and shall not be permitted to use such monies for
any purpose other than payment of expenses associated with a
qualified federal facility.
A political subdivision shall be permitted to invest the monies
accruing to such fund in such manner as is authorized by law for
investment of other monies of the political subdivision; provided,
the interest earned from such investments shall be deposited to the
fund and shall be used solely for payment of expenses associated
with a qualified federal facility.
B. A political subdivision receiving an incentive payment
pursuant to the provisions of this act shall annually cause an
independent financial audit of such fund to be made and shall submit
such audit to the Department of Commerce, the Oklahoma Tax
Commission, and the State Auditor and Inspector. The State Auditor
and Inspector shall review such audit and report his findings to the
Governor, the President Pro Tempore of the Senate and the Speaker of
the House of Representatives.
C. At the end of the project term or at the end of the period
of time for which the qualified federal facility is leased or
conveyed to the government of the United States, whichever is later,
Oklahoma Statutes - Title 68. Revenue and Taxation
any assets of the qualified federal facility owned by the political
subdivision, including, but not limited to any property or any
monies remaining in the fund created pursuant to the provisions of
subsection A of this section, shall be disposed of between the
political subdivision and the state according to the proportions of
funding provided by the state through incentive payments authorized
by this act and funding provided by the political subdivision.
Added by Laws 1993, c. 1, § 7, emerg. eff. Feb. 8, 1993.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 68-3507
What does Oklahoma Statutes § 68-3507 cover?
Section 68-3507 ("Incentive payments - Deposit - Use - Investment - Audits") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 68-3507?
A common citation format is "Oklahoma Statutes § 68-3507" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 68-3507 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.