Section 22-156 - Submission of question of issuance of revenue obligations to finance improvement of public utility to votersPrior 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; and2. 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; or3. 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.Okla. Stat. tit. 11, § 22-156
Added by Laws 1992, HB 2101, c. 211, § 7, emerg. eff. 7/1/1992.