SB1858

Oklahoma SB1858 authorizes public entities to enter into taxpayer agreements for development incentives, securing bonds with such agreements and.

Oklahoma SB1858 allows public entities to enter into taxpayer agreements with property owners or developers for development incentives. These agreements create a binding payment obligation without pledging public credit. If a taxpayer agreement includes a lien on real property, the lien automatically takes effect upon agreement execution and is treated as a tax lien. Payments due under these agreements can be assigned to trustees or bondholders, and bonds issued by public entities can be secured by these agreements and liens.