Okla. Stat. tit. 62, § 62-57.34: Form and terms - Call and redemption - Negotiability -

Tax exemption.

Bonds issued under this act shall be serial coupon bonds. Said

bonds and the interest thereon shall be payable at such place or

places as may be designated by the State of Oklahoma Building Bonds

Commission. Said bonds may be issued in one or more series, may

bear such date or dates, not earlier than July 15, 1961, shall

mature as follows: One Million Five Hundred Thousand Dollars

($1,500,000.00) on July 15, 1964, One Million Five Hundred Thousand

Dollars ($1,500,000.00) on the 15th day of July of each year

thereafter to and including July 15, 1985, and Two Million Five

Hundred Thousand Dollars ($2,500,000.00) on July 15, 1986 with

interest payable semiannually on January 15 and July 15 of each

year, may be in such denomination or denominations, may provide for

a reserve to assure prompt payment of the principal and interest of

the bonds, may be in such form either coupon or registered, may

carry such registration or conversion privileges, may be executed in

such manner, may be payable in such medium or payment at such place

or places, as may be provided by resolution or resolutions to be

adopted by the State of Oklahoma Building Bonds Commission.

Provided, that all such bonds maturing on and after ten (10) years

from their dates may be subject to call and redemption, in inverse

order of bond numbers, at par and accrued interest, with the

detailed provisions for such calling and redemption thereof to be

fixed by the Commission in the resolution or resolutions for the

issuance of such bonds. Until such time as the State of Oklahoma

Building Bonds of 1961 Sinking Fund shall be sufficient to retire

all outstanding bonds and interest coupons, there shall be paid into

said sinking fund during each fiscal year, from the sources

hereinabove pledged such amounts as may be necessary to pay the

interest and principal payable during the next succeeding fiscal

year, and an amount sufficient to satisfy the reserve requirements

as fixed and provided by the State of Oklahoma Building Bonds

Commission in its resolution authorizing the issuance of said bonds.

All bonds issued pursuant to this act shall have all the qualities

and incidents of negotiable paper, and neither said bonds nor the

interest earned thereon shall be subject to taxation by the State of

Oklahoma or any county, municipality or political subdivision

thereof.