Okla. Stat. tit. 11, § 11-38-115: Notes or bonds

A. An Urban Renewal Authority shall have the power to issue

notes or bonds, including revenue bonds, from time to time at its

discretion to finance the undertaking of any urban renewal project

under this article, including, without limiting the generality

thereof, the payment of principal and interest upon any advances for

surveys and plans, and shall also have power to issue refunding

notes or bonds for the payment or retirement of such notes or bonds

previously issued by it. Such notes or bonds shall be made payable,

as to both principal and interest, solely from:

1. The income, proceeds, revenues, and funds of the Urban

Renewal Authority derived from or held in connection with its

undertaking and carrying out urban renewal projects under this

article;

2. Any private source, contribution or other financial

assistance;

3. Contributions or other financial assistance from the state

or federal government;

4. Any other monies derived from gifts, grants, the sale of

properties or any other legally available source;

5. The proceeds from any additional borrowings;

6. Taxes on incremental property values allocated to a special

fund of the city and appropriated by the city to the Urban Renewal

Authority, under the provisions of Sections 3 through 6 of this act;

or

7. Any combination of these methods.

Provided, however, that payment of such notes or bonds, both as

to principal and interest, may be further secured by a pledge of any

loan, grant or contribution from the federal government or any other

source, in aid of any urban renewal projects of the Urban Renewal

Authority under this article, and by a mortgage of any such urban

renewal projects, or any part thereof, title to which is in the

Urban Renewal Authority.

B. Notes or bonds issued under this section shall not

constitute an indebtedness of the state or any municipality.

C. Notes or bonds issued under the provisions of this article

are declared to be issued for an essential public and governmental

purpose, and together with interest thereon and income therefrom

shall be exempted from all taxes.

D. Notes or bonds issued under this section shall be authorized

by resolution of the Urban Renewal Authority and may be issued in

one or more series and shall bear such date or dates, be payable

upon demand or mature at such time or times, bear interest at such

rate determined feasible by the Urban Renewal Authority, be in such

denomination or denominations, be in such form, carry such

conversion or registration privileges, have such rank or priority,

be executed in such manner, be payable in such medium of payment, at

such place or places and be subject to such terms of redemption,

with or without premium, be secured in such manner, and have such

other characteristics, as may be provided by such resolution or

trust indenture or mortgage issued pursuant thereto.

E. Such notes or bonds must be sold to the lowest and best

bidder at public sale held after notice published prior to such sale

in a newspaper having general circulation in the area of operation

and in such other medium of publication as the Authority may

determine. Provided, that such notes may be sold to the federal

government at private sale at not less than par, and, in the event

less than all of the authorized principal amount of such notes or

bonds is sold to the federal government, the balance may be sold at

private sales at not less than par at an interest cost of not to

exceed the interest cost of the portion of the notes sold to the

federal government.

F. In case any of the public officials of the Authority or any

other public body whose signature appears on any notes or bonds

issued under this article shall cease to be such officials before

the delivery of the notes or bonds, the signatures shall,

nevertheless, be valid and sufficient for all purposes, the same as

e interest cost of the portion of the notes sold to the

federal government.

F. In case any of the public officials of the Authority or any

other public body whose signature appears on any notes or bonds

issued under this article shall cease to be such officials before

the delivery of the notes or bonds, the signatures shall,

nevertheless, be valid and sufficient for all purposes, the same as

if such officials had remained in office until such delivery. Any

provision of any law to the contrary notwithstanding any notes or

bonds issued pursuant to this article shall be fully negotiable.

G. In any suit, action or proceeding involving the validity or

enforceability of any notes or bonds, issued under this article or

the security therefor, any such note reciting in substance that it

has been issued by the Urban Renewal Authority in connection with an

urban renewal project, as defined in this article, shall be

conclusively deemed to have been issued for such purpose and such

project shall be conclusively deemed to have been planned, located

and carried out in accordance with the provisions of this article.