2014 Oklahoma Statutes
Title 62. Public Finance
§62-2008. Plans for use of funds - "Economic development" defined - Fund allocation.

A. The governing board of an entity described by subsection A or B of Section 2007 of this title shall develop a plan for the use of available funds for the economic development of areas included within its respective jurisdiction. For purposes of this act, "economic development" shall include, but shall not be limited to, the following purposes:

1. Rural water quality projects, including acquisition, treatment, distribution and recovery of water for consumption by humans or animals or both;

2. Rural solid waste disposal, treatment or similar projects;

3. Rural sanitary sewer construction or improvement projects;

4. Rural road or street construction or improvement projects;

5. Provision of rural fire protection services and public safety services;

6. Expenditures designed to increase the employment level within the jurisdiction of the entity;

7. Provision of health care services, including emergency medical care, in rural areas;

8. Construction or improvement of telecommunication facilities or systems;

9. Improvement of municipal energy distribution systems; and

10. Community buildings, courthouses, town halls, senior nutrition centers, meeting rooms or similar public facilities.

B. Effective July 1, 2010, at least eighty percent (80%) of any funds distributed to an entity as provided by this section shall be expended for assets described in paragraphs 1 through 6 of subsection A of this section. The remaining amount of any funds distributed to an entity as provided by this section may be expended on assets or purposes described in paragraphs 7 through 10 of subsection A of this section.

C. Not later than July 31, each entity described by Section 2007 of this title shall transmit, in such electronic form as may be prescribed by the Oklahoma Department of Commerce for purposes of access to such information on the website maintained by the Department, a summary of each project upon which funds received by the entity from the Rural Economic Action Plan Fund were expended during the fiscal year ending on the June 30 date immediately preceding the July 31 reporting date.

Added by Laws 1996, c. 193, § 8, eff. July 1, 1996. Amended by Laws 1997, c. 382, § 4, eff. July 1, 1997; Laws 2001, c. 79, § 1, eff. July 1, 2001; Laws 2010, c. 378, § 3.