A. No public trust as authorized by Section 176 of Title 60 of the Oklahoma Statutes shall be a party to any agreement for land, financing or operation of a pari-mutuel horse racing facility in the State of Oklahoma unless such agreement includes the following terms and conditions:
1. Said agreement shall indemnify and hold harmless the public trust from any financial obligation related to land, financing or operation by organizational license;
2. Said agreement shall include provisions for the payment of ad valorem property taxes on any improvements and structures on trust land which would otherwise be subject to ad valorem property taxation if constructed on privately owned land;
3. Such agreement shall prohibit the use of public trust financing for construction of any facilities on all land in the agreement; and
4. Said agreement shall require that title to any improvements must revert to said public trust at the termination of such lease or agreement.
B. Nothing in this section shall prohibit horse racing at county fairs as provided by law.
Added by Laws 1985, c. 196, § 12, operative July 1, 1985.