Prior to and as a condition precedent to issuing revenue obligations under the Oklahoma Municipal Utility Revenue Bond Act, the governing body of a municipality shall submit the question of issuance of revenue obligations to finance the acquisition, purchase or construction of a public utility or combination of public utilities to qualified voters of the municipality at an election if:
1. The type or kind of public utility or utilities to be financed have not heretofore been owned or operated by the municipality or a public trust having the municipality as its beneficiary; or
2. The question of the acquisition, construction or purchase of the public utility or combination of utilities at issue has not been previously approved by a lawful majority of qualified voters of the municipality voting at an election held within ten (10) years of the date of the election.
Added by Laws 1992, c. 211, § 6, eff. July 1, 1992.
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