Okla. Stat. tit. 11 § 22-152

Current through Laws 2024, c. 453.

Section 22-152 - Definitions

For purposes of the Oklahoma Municipal Utility Revenue Bond Act and the implementation of Section 27B of Article X of the Oklahoma Constitution:

1. "Affirmative vote of at least three-fourths (3/4) of all members of such governing body" shall mean an affirmative vote by persons comprising not less than three-fourths (3/4) of the total number of members provided by law, municipal ordinance or charter as constituting the governing body of said municipality;

2. "Bond counsel" shall mean an attorney or firm of attorneys qualified and experienced in public finance transactions, and who renders an opinion as to the validity and enforceability of the obligations issued pursuant to the Oklahoma Municipal Utility Revenue Bond Act;

3. "Financial advisor" shall mean a person or firm qualified and experienced in public finance transactions, and who renders advice and counsel to the municipality regarding fiscal and marketing aspects pertaining to the obligations issued pursuant to the Oklahoma Municipal Utility Revenue Bond Act. Provided, any such financial advisor shall not be permitted to bid on, underwrite, purchase or take part in the marketing of the obligations nor have any other pecuniary interest therein, other than the fee negotiated with the municipality for the services of such financial advisor;

4. "Improve" means to construct, reconstruct, maintain, restore, replace, renew, repair, install, equip, extend, purchase, alter or otherwise perform any work which provides a new facility, or enhances, extends or restores the value or usefulness of an existing facility;

5. "Improvement" means any type of improvement made by authority of the Oklahoma Municipal Utility Revenue Bond Act and includes reimprovement of any prior improvement made pursuant to the provisions of this or any other applicable act;

6. "Municipality" shall mean any city or town duly incorporated and validly existing pursuant to the laws of Oklahoma;

7. "Obligations" shall mean collectively, bonds, notes or other evidences of indebtedness, or any of them, issued by a municipality pursuant to Section 27B of Article X of the Oklahoma Constitution and the provisions of the Oklahoma Municipal Utility Revenue Bond Act, and may include refunding obligations;

8. "Public trust" shall mean an Oklahoma public trust created pursuant to and existing in accordance with Sections 176 through 180.4 of Title 60 of the Oklahoma Statutes and which has the municipality as a beneficiary; provided, for purposes of the Oklahoma Municipal Utility Revenue Bond Act, "public trust" shall not include a trust created for industrial purposes; and

9. "Qualified voters" or "voters" shall mean the voters of a municipality duly qualified to vote in a special municipal election on the issuance of bonds of the municipality or on the question of making improvements to public utilities, under the laws, ordinances and charter provisions applicable at the time such election is held. As used in the Oklahoma Municipal Utility Revenue Bond Act, the singular shall include the plural, and unless indicated herein, defined words shall have the same meaning whether or not capitalized.

Okla. Stat. tit. 11, § 22-152

Added by Laws 1992, HB 2101, c. 211, § 3, emerg. eff. 7/1/1992.