Okla. Stat. tit. 70, § 70-695.3: Oklahoma Student Loan Authority - Bonds - Legal

investments - Tax exemption.

The Governor is hereby authorized to accept beneficial interest

on behalf of the State of Oklahoma in an express trust which shall

be an agency of the state for the specific object and purpose of

providing student loan funds pursuant to requirements of any

appropriate federal agency to qualified persons as provided herein.

Said state trust shall be entitled the Oklahoma Student Loan

Authority. The Authority shall be created in accordance with the

provisions of Section 176 et seq. of Title 60 of the Oklahoma

Statutes. It shall issue bonds or other obligations from time to

time for and on behalf of the State of Oklahoma as such funds are

needed to underwrite loans to qualified persons at participating

institutions as provided herein. Bonds issued by the Authority, or

interest thereon, shall be paid through funds received by the

Authority as provided in Section 695.7 of this title.

All bonds issued under the Oklahoma Student Loan Act are legal

and authorized investments for banks, savings banks, trust

companies, savings and loan associations, insurance companies,

credit unions, fiduciaries, trustees and guardians, and for the

State of Oklahoma and any of its political subdivisions,

departments, institutions and agencies. When accompanied by all

unmatured coupons appurtenant thereto, the bonds are sufficient

security for all deposits of state funds and of all funds of any

board in control at the par value of the bond. The bonds and the

income therefrom are free from taxation within this state.