§ 856. Proposed boundaries of district or project--Designation and adoption--Content of ordinan...
Oklahoma Statutes AnnotatedTitle 62. Public FinanceEffective: November 1, 2021
Effective: November 1, 2021
62 Okl.St.Ann. § 856
§ 856. Proposed boundaries of district or project--Designation and adoption--Content of ordinance or resolution--Legislative intent
A. The governing body shall designate and adopt the proposed boundaries of any district and the proposed boundaries of any project area. Except as otherwise provided in this subsection, any districts created by a city or town shall be confined to that territory within the corporate limits of such city or town and any districts created by a county shall be confined to that territory within the unincorporated areas of the county. Any city, town or county may by agreement jointly create a district with another entity.
3. Assigns a name to the district for identification purposes. The first district created shall be known as either an Incentive District or Increment District Number One, City, Town or County of __________, whichever is applicable. Each subsequently created district shall be appropriately named and shall be assigned the next consecutive number; and
d. the aggregate net assessed value of the taxable property in all districts as determined pursuant to Section 862 of this title within the city or town shall not exceed twenty-five percent (25%) of the total net assessed value of taxable property within the city or town for cities or towns having a population of fifty thousand (50,000) or more or shall not exceed thirty-five percent (35%) of the total net assessed value of taxable property within the city or town for cities or towns having a population of less than fifty thousand (50,000),
f. the aggregate net assessed value of the taxable property in all districts as determined pursuant to Section 862 of this title within the city, the town or the county shall not exceed twenty-five percent (25%) of the total net assessed value of any affected school district located within the city, town or county, and
For districts that are wholly or partially comprised or become comprised of industries operating under NAICS code 518210, the provisions of subparagraphs d through g of this paragraph shall not apply.
C. It is the intention of the Legislature in adopting the Local Development Act that no long-term contractual obligation be created by the mere adoption of an ordinance or resolution establishing an increment district. Notwithstanding any provision contained in an ordinance, resolution or project plan, an ordinance or resolution establishing an increment district shall constitute a legislative act and may be repealed, modified or amended at any time during the term of the increment district, by subsequent action of the governing body except as otherwise authorized pursuant to Sections 854 and 863 of this title; provided, however, that no such ordinance shall be repealed, modified or amended during the time that any bonds payable from incremental revenues are outstanding without the consent of the bondholders, if such bonds are issued pursuant to the provisions of Article X, Section 35 of the Oklahoma Constitution following its amendment by State Question No. 693.
Credits
Laws 1992, c. 342, § 7; Laws 2000, c. 351, § 2, emerg. eff. June 6, 2000; Laws 2003, c. 433, § 7, eff. July 1, 2003; Laws 2004, c. 5, § 57, emerg. eff. March 1, 2004; Laws 2005, c. 210, § 3, emerg. eff. May 23, 2005; Laws 2011, c. 361, § 2; Laws 2021, c. 571, § 1, eff. Nov. 1, 2021.
62 Okl. St. Ann. § 856, OK ST T. 62 § 856
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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