Okla. Stat. tit. 70, § 70-821.5: Board of Trustees

During the time any such Project is encumbered by the pledge of

its revenues, the resolution authorizing the bonds or the Indenture

may vest its management and control in a Board of Trustees, to be

named in such resolution or Indenture, consisting of three members,

or maybe a corporation organized for such purpose. The compensation

of the members of such board of trustees shall be fixed by such

resolution or Indenture, but shall never exceed one percent (1%) of

the gross receipts of such Project in any one (1) year. The terms

of office of the members of such board of trustees, whether

individuals, or the corporation referred to their powers and duties,

and manner of exercising same the manner of the selection of their

successors, and all matters pertaining to their duties and the

organization of such board of trustees shall be specified in such

resolution or Indenture. Any such board of trustees may adopt bylaws

regulating the procedure of the board and fixing the duties of its

officers, but the bylaws shall not contain any provision in conflict

with the covenants and provisions contained in the resolution

authorizing the bonds or the Indenture. In all matters wherein the

resolution or Indenture are silent as to the powers, duties,

obligations and procedure of the board, the laws and rules governing

the governing body of such independent school district shall control

the board of trustees in so far as applicable. The board may be

granted by the resolution or Indenture, and in that event shall

have, all or any of the powers and authority, which could be

exercised by the governing body of the independent school district,

insofar as the management and operation of any such Project is

concerned.