Section X-35: Municipal and county levy for securing and developing industry.

    (a) Any incorporated town and any county may issue, by and with
the consent of the majority of the registered voters of said
municipality or county voting on the question at an election held for
the purpose, bonds in sums provided by such majority at such election
for the purpose of securing and developing industry within or near the
said municipality or county holding the election.
    (b) Such bonds shall bear interest at a rate as set by law and
shall be sold in a manner prescribed by law.
    (c) To provide for the payment of all such bonds outstanding,
principal, and interest as they mature, the municipality or county may
levy a special tax, payable annually, in a total amount not to exceed
five (5) mills on the dollar, in addition to the legal rate permitted,
on the real and personal taxable property therein; provided, however,
the municipality or county may, from time to time, suspend the
collection of such annual levy when not required for the payment of
its bonds; and provided further, however, that in no event shall the
real and personal taxable property in any city or town be subject to a
special tax in excess of five (5) mills for bonds issued hereunder.
    (d) Such bonds shall be issued under terms prescribed by law.
    (e) (1) The governing body of the municipality or the county
commissioners of the county shall exercise jurisdiction over the sale
or exchange of any such bonds voted by the electors at an election
held for that purpose and shall expend economically the funds so
provided.
    (2) In the expenditure and use of proceeds from the sale of said
bonds, the said governing body is hereby authorized and directed to
coordinate its industrial development plans and projects insofar as
practicable with similar plans and projects of local industrial
development agencies and the Oklahoma Industrial Finance Authority, as
set forth in Section 34 of Article X of the Constitution, so as to
supplement funds to be derived from these and other sources, including
federal aid available to economically depressed areas, if any; and to
the extent that federal requirements shall require subordination of
liens securing loans from the Oklahoma Industrial Finance Authority or
from other sources, as a condition to the obtaining of such federal
aid, the same is hereby approved and authorized.
    (f) The election on the issuance of such bonds shall be held at
such time as the governing body of the municipality may designate by
ordinance, or as the county commissioners of the county may designate
by order, which ordinance or order shall state the sum total of issue,
the dates of maturities thereof, and shall fix the date of election so
that it shall not occur earlier than thirty (30) days after the
passage of the said ordinance or the granting of said order.  All
elections called pursuant to this section shall be conducted by the
appropriate county election board or boards pursuant to the general
election laws of the state.  The said election shall be held and
conducted, the vote thereof canvassed, and the result thereof declared
under the law and in the manner now or hereafter provided for
municipal elections when the election is held by a municipality, and
in the manner now or hereafter provided for county elections when the
election is held by a county, so far as the same may be applicable,
except as herein otherwise provided.  Notice of the election shall be
given by the mayor of the municipality or by the county commissioners
of the county by advertisement weekly for at least four times in some
newspaper having a bona fide circulation in the said municipality or
county, with the last publication to be not less than ten (10) days
prior to the date of the said election.  Only registered voters of the
said municipality or county shall have a right to vote at the said
election.  The result of the said election shall be proclaimed by the
mayor of the municipality or by the county commissioners of the
county, and the result as proclaimed shall be conclusive, unless
attacked in the courts within thirty (30) days after the date of such
proclamation.