2015 Oklahoma Statutes
Title 11. Cities and Towns
§11-39-113. Use of revenues.

A. All money received by the city from any special assessment or assessment within a district shall be held in a special fund and used to:

1. Pay the cost of the improvement for which the assessment was made;

2. Reimburse the city for any work performed or cost incurred by the city in constructing the improvement; or

3. Pay the interest and principal due on any outstanding negotiable bonds, including replenishment of debt service reserves, reimbursements to bond insurers or other providers of credit enhancement, and other payments required in connection with bonds issued to pay for improvements.

B. Any person who uses money in a district fund other than as provided in this section is guilty of a felony and shall be punished by a fine not exceeding One Thousand Dollars ($1,000.00) or by imprisonment in the State Penitentiary for not more than two (2) years, or by both such fine and imprisonment, in the discretion of the court.

Added by Laws 1978, c. 233, § 13, emerg. eff. April 25, 1978. Amended by Laws 1983, c. 170, § 23, eff. July 1, 1983; Laws 1997, c. 133, § 129, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 58, eff. July 1, 1999; Laws 2007, c. 362, § 10, eff. Nov. 1, 2007.

NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 129 from July 1, 1998, to July 1, 1999.