§ 11-22-128. Authority for public improvements - Borrowing money - Bond issues.

The governing body of any municipality may provide for making any and all improvements of a general nature in the municipality and may from time to time borrow money and issue bonds for the purpose of paying for such improvements.  No such money shall be borrowed or bonds issued until the governing body is instructed to do so by a vote of at least three-fifths of the registered voters voting on the question at any election held in the municipality, unless otherwise provided by the Constitution and laws of Oklahoma.  If the purpose of the bonds includes paying for conservation easements, the question voted on by the voters of the municipality issuing such bonds shall reflect such purpose, but need not specify the legal description or location of the property to be affected by such easements, unless such legal description or location is known prior to the election.  Any conservation easements executed pursuant to this section shall not restrict or prohibit any existing recreational uses permitted by the landowner, including, but not limited to, hunting and fishing.  A conservation easement shall not be executed in any location that will restrict or in any way modify an existing use, easement, or zoning ordinance that relates to military installations of this state and/or to any zoning ordinances adopted pursuant to Section 43-101.1 of this title.  If a municipality fails to negotiate a purchase of a conservation easement from a landowner, the use of eminent domain by a municipality shall be prohibited to secure such easement.  Bonds issued under this section shall be payable not more than twenty-five (25) years from the date of their issue, with interest thereon at a rate not exceeding a maximum rate established by law.  The governing body shall provide for taxes to pay the bonds at their maturity, and their interest coupons as they respectively become due.

Added by Laws 1977, c. 256, § 22-128, eff. July 1, 1978.  Amended by Laws 1983, c. 170, § 13, eff. July 1, 1983; Laws 2006, c. 307, § 1, eff. Nov. 1, 2006.