Section X-27B.: Indebtedness.

    A.  Any incorporated city or town may borrow money or issue bonds,
notes or other evidences of indebtedness, which debt shall be payable
from and secured by revenues over a term of years, for the purpose of
financing the purchase, construction, or improvement of any public
utility or combination of public utilities which shall be owned
exclusively by such city or town in the following manner:
    1.  The governing body of a city or town shall submit the question
of financing the purchase or construction of a public utility or
combination of public utilities to the qualified voters at an election
if:
         a.   the public utility or combination of public utilities
              has not been voted on by the voters of the city or town
              at any time during a ten-year period preceding the date
              of the election, or
         b.   the public utility or combination of public utilities
              does not come within the terms of paragraph 3 of this
              subsection;
    2.  If the question of financing the purchase or construction of a
public utility or combination of public utilities has been approved by
a majority vote of the qualified voters voting on the question at an
election, or if improvements to a public utility or combination of
public utilities pursuant to paragraph 3 of this subsection are
authorized, the governing body of a city or town may borrow money or
issue bonds, notes or other evidences of indebtedness, which debt
shall be payable from and secured by revenues over a term of years,
upon an affirmative vote of at least three-fourths (3/4) of all the
members of such governing body;
    3.  Any additions, extensions, reconstruction, maintenance,
repairs or other improvement to any public utility or combination of
public utilities of a city or town may be financed by the city or town
if the original financing of the purchase or construction of the
public utility was approved by a majority vote of the qualified voters
voting on the question at an election, or if the public utility or
combination of public utilities acquired by the city or town was
financed originally by bonds or other debt of a public trust of which
the city or town is a beneficiary, excluding an industrial trust.  Any
such bonds or other debt originally issued by a public trust of which
the city or town is a beneficiary, excluding an industrial trust, may
be refunded by the governing body of the city or town in the manner
provided in paragraph 2 of this subsection.
    B.  Nothing in this section shall allow an indebtedness of the
city or town, other than revenues pledged from the utility involved.
    C.  The revenue indebtedness or contractual obligations of any
city or town incurred pursuant to this section shall be a limited
obligation payable from and secured by a lien and charge on revenues
or funds so pledged for their payment by the governing body of the
city or town, and shall not constitute an indebtedness of the city or
town for the purpose of any constitutional or statutory limitation.
    D.  This section shall be independent and shall not be limited by
or limit other provisions of the Oklahoma Constitution or statutes
relating to financing public utilities or indebtedness of a city or
town, nor shall it be exclusive as to other agencies of this state
authorized by law to incur indebtedness.  As used in this section, the
words "public utility" shall have the same meaning as the words
"public utilities" in Section 27 of Article X of the Constitution.
    E.  Notwithstanding any provision to the contrary, the provisions
of this section shall not apply to the purchase of any utility
regulated by the Oklahoma Corporation Commission or to the purchase of
any facility or property of any such utility, unless the purchase is
made with the agreement and consent of the utility, including its
agreement and consent as to a specific price to be paid in connection
with the purchase.