§11-22-156. Submission of question of issuance of revenue
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/ok/title-11-cities-and-towns/11-22-156·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
obligations to finance improvement of public utility to voters.
Prior to and as a condition precedent to issuing revenue obligations under the Oklahoma Municipal Utility Revenue Bond Act, the governing body of a municipality shall submit the question of issuance of revenue obligations to finance improvements to a public utility or combination of public utilities if:
1. The improvements are with respect to a public utility or utilities owned by the municipality or by a public trust having the municipality as its beneficiary at the time of the election; and
2. The original acquisition, purchase or construction of the public utility or utilities on which improvements are to be made was not approved by a lawful majority of qualified voters of the municipality voting at an election for that purpose; or
3. The original acquisition, purchase or construction of the public utility or utilities on which improvements are to be made was not accomplished and financed by a public trust of which the municipality is a beneficiary. Added by Laws 1992, c. 211, § 7, eff. July 1, 1992.