Okla. Stat. tit. 62, § 62-15: Issuance and sale of general obligation bonds – Procedures

- Fees.

A. In all stages of proceedings leading to the issuance and

sale of general obligation bonds pledging the full faith and credit

of the state, it shall be a duty of the Attorney General to perform

all necessary legal work incident thereto. Neither the Attorney

General nor any other officer of the state may use any public funds

to pay for the services of a private attorney or consulting fee in

connection with such work. Neither the Attorney General nor

Assistant Attorney General shall receive any remuneration, other

than salary, for legal services performed in proceedings leading to

the issuance and sale of bonds as provided in this act. If a

marketing opinion is desired, the bond buyers shall pay for its

procurement.

B. In all proceedings leading to the issuance and sale of

revenue bonds by any state agency acting pursuant to a specific

legislative validating act, a private attorney or attorneys may be

employed when the legislative validating act does not prohibit such

employment. The employment contract with the private attorney or

attorneys shall be filed of record with the Attorney General. In no

case shall the employed private attorney be paid a fee in excess of

that authorized in the validating act. In addition, the Attorney

General is authorized to charge an examination fee for review and

approval of revenue bond or note proceedings, as provided for in

subsection E of this section. If a marketing opinion is desired,

the bond buyers shall pay for its procurement.

C. In all proceedings leading to the issuance and sale of

general obligation bonds or revenue bonds by any state agency acting

pursuant to a specific legislative validating act, any financial or

marketing consultant employed by the state for services relative to

the marketing of such bonds shall not be paid a fee in excess of

that authorized in the validating act.

D. Except for the provisions of subsection E of this section,

nothing herein shall apply to legal proceedings leading to the

issuance or sale of bonds pursuant to Article X, Sections 26, 27 and

35 of the Oklahoma Constitution or to any obligation issued by

public trusts under the Public Trust Act (except those trusts

created by the state as contrasted to its subdivisions or other

governmental entities), the Interlocal Cooperation Act and the Local

Industrial Development Act.

E. In all proceedings leading to the issuance and sale of

revenue bonds or notes by any state agency, or the issuance and sale

of general or limited obligation bonds pledging the faith and

credit, whether general or special, of the state or any political

subdivision thereof, where the Attorney General is required by law

to review such proceedings, the Attorney General is authorized to

charge and collect a nonrefundable examination fee, payable at the

time the proceedings are finally approved and bonds or notes are

delivered. The issuer may reimburse itself for the examination fee

from the proceeds of the bond or note issue. Such examination fee

shall not exceed the following amounts:

1. Three one-hundredths of one percent (0.03%) of the first

Five Million Dollars ($5,000,000.00) of the principal amount of

bonds or notes issued; and

2. Two one-hundredths of one percent (0.02%) of any principal

amount of bonds or notes issued in excess of Five Million Dollars

($5,000,000.00), up to and including Fifty Million Dollars

($50,000,000.00); and

3. One one-hundredth of one percent (0.01%) of any principal

amount of bonds or notes in excess of Fifty Million Dollars

($50,000,000.00).

All fees collected as authorized by this subsection shall be

deposited in the Attorney General’s Revolving Fund created in

Section 20 of Title 74 of the Oklahoma Statutes.