{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-22-157","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-22-157","heading":"Approval issuance, sale and delivery of revenue","body":"obligations.\n\nA. Subject to the provisions of Sections 6 and 7 of this act,\n\nupon the affirmative vote of at least three-fourths (3/4) of all the\n\nmembers of the governing body, a municipality may borrow money or\n\nissue obligations to finance or refinance acquisition, construction\n\nor purchase of or the making of improvements to a public utility or\n\nutilities.\n\nB. Obligations issued and sold pursuant to the provisions of\n\nthe Oklahoma Municipal Utility Revenue Bond Act shall be in such\n\nprincipal amounts and shall mature at such time as determined by the\n\nmunicipal governing body, and shall bear interest at such annual\n\nrate or rates as determined by the governing board of the\n\nmunicipality, provided the rate of interest on the obligations or\n\nany particular maturity thereof, shall not exceed fourteen percent\n\n(14%) per annum.\n\nC. Evidence of the issuance, sale and delivery of revenue\n\nobligations under the Oklahoma Municipal Utility Revenue Bond Act\n\nshall be provided by delivering (1) to the Secretary of State a\n\npreliminary offering document and notice of sale at least ten (10)\n\nbusiness days prior to the date of sale thereof, and (2) to the\n\nSecretary of State and the Oklahoma Securities Commission a final\n\noffering document within fifteen (15) business days after the\n\ndelivery thereof.\n\nD. In the proceedings leading to the approval, issuance, sale\n\nand delivery of revenue obligations under the Oklahoma Municipal\n\nUtility Revenue Bond Act, a private attorney or attorneys acting as\n\nbond counsel and in other necessary capacities may be employed at a\n\nfee to be negotiated by the municipality and such attorneys; and the\n\nfees and expenses of such counsel may, at the option of the\n\ngoverning body of the municipality, be paid from the proceeds of the\n\nobligations or from other available sources.\n\nE. The governing body of the municipality may also, at its\n\noption, employ a financial advisor in connection with the issuance\n\nand sale of the obligations at a fee to be negotiated by the\n\ngoverning body and the financial advisor. Fees and expenses of the\n\nfinancial advisor, if any are incurred, may be paid from the\n\nproceeds of the obligations or from other available sources.\n\nF. The obligations issued pursuant to the Oklahoma Municipal\n\nUtility Revenue Bond Act shall be sold at competitive bid, to the\n\nbidder bidding the lowest net interest cost on the obligations or\n\nthe lowest true interest cost as the governing body shall direct.\n\nNotice of the sale of the obligations shall be published at least\n\nten (10) days prior to the sale thereof, and such notice by\n\npublication shall include publication once a week for two (2)\n\nconsecutive weeks in a legally qualified newspaper of general\n\ncirculation in the municipality, provided that the date specified in\n\nthe notice for sale of the obligations shall not be less than ten\nl direct.\n\nNotice of the sale of the obligations shall be published at least\n\nten (10) days prior to the sale thereof, and such notice by\n\npublication shall include publication once a week for two (2)\n\nconsecutive weeks in a legally qualified newspaper of general\n\ncirculation in the municipality, provided that the date specified in\n\nthe notice for sale of the obligations shall not be less than ten\n\n(10) days after the first publication thereof. The notice of sale\n\nshall state that the municipality reserves the right to reject any\n\nand all bids. Provided, however, competitive bidding may be waived\n\nupon an affirmative vote of the governing body. The governing body\n\nthereupon may negotiate for the private sale of the obligations to\n\nan underwriter or other purchaser or purchasers if it has received\n\nthe written opinion of bond counsel that such negotiated sale is in\n\naccordance with the terms and provisions of the Oklahoma Municipal\n\nUtility Revenue Bond Act, and contravenes no other provisions of\n\napplicable law.\n\nG. The obligations may, at the election of the governing body,\n\nbe sold at a discount; provided that no obligations shall be sold\n\nfor less than ninety-six percent (96%) of par value until the\n\ngoverning body has received from the underwriter or financial\n\nadvisor, or in the absence of an underwriter or financial advisor,\n\nthe initial purchaser of such bonds, an estimated alternative\n\nfinancing structure or structures showing the estimated total\n\ninterest and principal cost of each alternative. At least one\n\nalternative financing structure shall include bonds sold to the\n\npublic at par. Such estimates shall be considered a public record.\n\nIn no event shall bonds be sold for less than sixty-five percent\n\n(65%) of par value. Said net interest cost or true interest cost\n\nshall include and take into consideration any discount or premium\n\nbid on the obligations.\n\nH. It shall be a further condition to the issuance and sale of\n\nrevenue obligations hereunder that the municipality establish and\n\nmaintain for the particular utility or utilities providing revenues\n\nto repay the obligations a separate system of accounting for such\n\nrevenues in order that the governing body of the municipality may\n\naccurately and reliably determine from year to year the sufficiency\n\nof rates, charges and amounts of revenues derived from such\n\nutilities and available to pay debt service and other costs related\n\nto the obligations. Such enterprise accounts shall be clearly\n\nidentified in the annual audits of the municipality.","path":["OK Code","Title 11"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os11.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"640ceec8a691749f7f6afb94f636a347dee69506113d66016bfb83b606ea9628","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-22-156","next":"us-ok/okla.-stat.-tit.-11-11-22-158"},"notice":"GroundRules: Original legal text. Not legal advice."}