Section X-27A

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Section X-27A: Municipal water and water facilities - Financing.

  Any incorporated city or town in Oklahoma may individually or
jointly, after approval of the proposition by a majority of the
qualified electors voting in an election in each of said cities
and towns, contract and pledge revenues for a term of years with
other cities or towns, the State of Oklahoma, the United States
of America, or any other governmental subdivision or agency of
any of them, for the purpose of purchasing water, constructing,
acquiring, or operating water facilities, or purchasing or
leasing reservoir space.  Any one or more incorporated cities and
towns in Oklahoma may after approval of the proposition by a
majority of the qualified electors voting in an election in each
of said cities and towns issue bonds payable over a period not to
exceed thirty (30) years and secured by revenues derived from the
sale of water for the joint construction, acquisition, repair,
extension or improvement of said water facilities; and thereafter
enact ordinances giving effect to the provisions of this section.
This section shall be independent and shall not be limited by or
limit other existing provisions of the Constitution relating to
municipal water or the financing thereof, nor shall it be
exclusive as to other agencies of the State of Oklahoma
authorized by law to incur indebtedness, Section 27 of Article X
of the Constitution which pertains to incurring of tax secured
indebtedness by cities and towns for public utilities is hereby
amended to permit joint ownership by cities and towns of water
facilities.

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