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Tulsa Insists It Can Issue Bonds To Finance Private Shopping Center

TULSA (CN) - The Tulsa Industrial Authority seeks declaratory judgment that it was legal to issue $18.5 million in bonds to help finance the 695,000-square-foot Tulsa Hills shopping center.

The Tulsa City Council approved issuance of the bonds in March 2006, claiming development of the private retail center would bring jobs and tax revenue to Tulsa. Ten resident taxpayers claimed in July this year that state law "prohibits public trusts from participating in retail outlets" and that tax dollars cannot be used to assist Tulsa Hills without a vote of city residents. The Industrial Authority seeks judgment from Tulsa County Court.

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