OK HB1294

Allows Rural Road Improvement Districts to finance improvements on a pay-as-you-go basis without issuing bonds, provided the district has no outstanding bonds or other indebtedness.

Pay-as-you-go improvements must comply with assessment limits in Section 902.15 of Title 19 and be approved using the same procedures as described in Section 902.12 of Title 19 of the Oklahoma Statutes.

Defines "pay-as-you-go improvements" as improvements constructed and paid for when necessary revenues are accumulated.

Districts choosing pay-as-you-go financing cannot issue bonds or other evidences of indebtedness until after the pay-as-you-go improvements are financed and completed.

Effective date: November 1, 2009.