State Question No. 707
appeared on the November 2, 2004 ballot
as a legislatively-referred constitutional amendment
, where it was approved
| Oklahoma Question No. 707 (2004)|
| Yes|| 709,795|| 51.28%|
Election results via: The Oklahoma State Elections Board
This measure amends Section 6C of Article 10 of the Oklahoma Constitution. The amendment deals with the use of certain city, town and county taxes and fees. When authorized by law, cities, towns or countiescan put these taxes and fees to use in three ways. The first use is specific public investments. The seconduse is aid in development financing. The third use is an income source for other public bodies in the area.The Legislature can authorize cities, towns and counties to direct the apportionment of these fees and taxesamong or between these uses. The amendment allows these apportionments to be prospective. Theamendment permits these apportionments to continue from year to year.The amendment permits cities, towns and counties to pledge certain taxes and fees beyond the current fiscalyear and to pledge certain taxes and fees to repay some debts of other public entities.
Some 42 states use TIF financing as a means to entice business decision makers to move into certain designated areas of a community to invest, make improvements and provide jobs. Tax increment financing will permit cities, towns and counties to pledge future tax increments to the repayment of debt such as bonds financing over several years. Bonds are pledged and paid off by the incremental rising of ad valorem property taxes that increase each year due to redevelopment and increased jobs generated. As a result, TIF funds are being plowed back into the TIF district for public improvements, including roads, sewers, sidewalks and lighting.