Section 781. All counties in the State of Oklahoma this state are hereby authorized to issue bonds for the purpose of purchasing sites, erecting and constructing county hospitals, including alterations, additions to, and enlargements of existing hospital buildings in such the county, such bonds to be issued as hereinafter provided, except as provided in the Municipal and County Economic and Community Development Bonds Act pursuant to Section 800 et seq. of Title 62 of the Oklahoma Statutes.

Section 1–719. Any county, city, or town is hereby authorized to issue bonds for constructing and equipping a hospital, community mental health facility, public health center, or related health facility, to be owned and operated by such county, city, or town in accordance with standards approved by the State Commissioner of Health; provided, that such bonds may be issued to construct a jointly owned and operated hospital, community mental health facility, public health center, or related health facility, by two or more counties, or by one or more counties and a city or cities, or by two or more cities. Such Except as provided in the Municipal and County Economic and Community Development Bonds Act pursuant to Section 800 et seq. of Title 62 of the Oklahoma Statutes, the bonds shall be issued upon the assent thereto of three-fifths (3/5) of the voters of the subdivision issuing the bonds, voting at an election held for that purpose. The proposition voted on shall state specifically the type of hospital facility to be constructed. Such election shall be called by the governing board or managing body of such subdivision. Notice of the election shall be published for two (2) successive weeks in a weekly or daily newspaper, having a general circulation in the subdivision. The bonds shall be made to mature serially as now provided by law, and shall be sold at an advertised sale under existing laws. The rate of interest shall not exceed eight percent (8%) per annum. The bonds shall be submitted to the Attorney General for his approval as ex officio Bond Commissioner of the state.

Section 802. As used in the Municipal and County Economic and Community Development Bonds Act:

1. “Amortization” means the reduction of bonded indebtedness by making annual or fiscal year payments of principal and interest sufficient to pay off bonds by their stated maturity;

2. “Annual maturing principal plus interest shall be as nearly equal as practicable throughout the term of the issue” means that the total annual or fiscal year debt service, except for short periods, must be approximately equal for every annual or fiscal period, provided each net annual or fiscal year debt service payment in relation to all other net annual or fiscal year payments must be made within a dollar amount range not to exceed twice the stated denomination of the bonds;

3. “Debt service” means money required, pursuant to the terms of issuance, for payments of principal and interest due on outstanding bonds;

4. “Level principal debt service payments” means the amount of principal retired annually or during a fiscal year with respect to outstanding bonds shall be equal;

5. “Qualified economic or community development purpose” means the use of bond proceeds for the acquisition, construction, development and/or equipping of the following projects or programs:

6. “Short periods” means the period of time preceding the beginning of full amortization of principal and interest due on bonds;

7. “True interest cost” means the rate used to discount the amounts payable on the respective principal and interest maturity dates which yields a result equal to the purchase price received for bonds; and

8. “Ultimate user” means the industry on whose behalf bonds are issued.