{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-24-108","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-24-108","heading":"Issuance of bonds","body":"A. Purposes. The Authority may issue bonds in such principal\n\namounts as the Authority deems necessary to provide sufficient funds\n\nto perform any of its corporate purposes and powers including,\n\nwithout limitation, the acquisition, construction, or termination of\n\nany project to be owned or leased, as lessor or lessee, by the\n\nAuthority or the acquisition of any interest therein or any right to\n\nthe products or services thereof, the funding or refunding of the\n\nprincipal of, redemption premium, if any, and interest on, any bonds\n\nissued by the Authority whether the bonds or interest to be funded\n\nor refunded have or have not become due, the payment of engineering,\n\nlegal, and other expenses, together with interest subsequent to the\n\nestimated date of completion of the project for such period of time\n\nas the Board of Directors determines appropriate, the establishment\n\nor increase of reserves to secure or to pay the bonds or interest\n\nthereon, the providing of working capital, and the payment of, and\n\nthe establishment or increase of reserves for, all other costs or\n\nexpenses of the Authority incident to, and necessary or convenient\n\nto perform, its corporate purposes and powers.\n\nB. Security for Bonds. Every issue of bonds of the Authority\n\nshall be payable out of the revenues or funds of the Authority,\n\nsubject to any agreements with the holders of particular bonds\n\npledging any particular revenues or funds. The Authority may issue\n\nsuch types of bonds as it may determine to be appropriate, including\n\nbonds as to which the principal and interest are payable exclusively\n\nfrom the revenues from one or more projects, or from an interest\n\ntherein or a right to the products and services thereof, or from one\n\nor more revenue-producing contracts made by the Authority with any\n\nperson, or its revenues generally. Any such bonds may be\n\nadditionally secured by a pledge or assignment of any revenue-\n\nproducing contracts made by the Authority with any person or of any\n\ngrant, subsidy, or contribution from any person or a pledge of any\n\nincome or revenues, funds, or monies of the Authority from any\n\nsource.\n\nC. Negotiability. All bonds of the Authority shall have all\n\nthe qualities of negotiable instruments pursuant to the laws of this\n\nstate.\n\nD. Bond Provisions. Bonds of the Authority shall be authorized\n\nby a resolution adopted by a majority of the members of the Board of\n\nDirectors then in office and may be issued pursuant to the bond\n\nresolution or pursuant to a trust indenture or other security\n\nagreement, in one or more series, and shall bear such date or dates,\n\nmature at such time or times, bear interest at such rate or rates\n\nwhich may be fixed or may change at such time or times and in\n\naccordance with such formula or method of determination. The bonds\n\nshall also be in such form, either coupon or registered, carry such\n\nconversion, registration, and exchange privileges, have such rank or\n\npriority, be executed in such manner, be payable in such medium of\n\npayment at such place or places within or without this state, be\n\nsubject to such terms of redemption with or without premium, and\n\ncontain or be subject to such other terms as the bond resolution,\n\ntrust indenture, or other security agreement may provide. The bonds\n\nshall not be restricted by the provisions of any other law limiting\n\nthe amounts, maturities, interest rates, or other terms of\n\nobligations of eligible public agencies or private persons. The\n\nbonds shall be sold, in such manner as the Board of Directors shall\n\ndetermine, at public or private sale. The Board of Directors may\n\nalso authorize bonds to be issued and sold from time to time and may\n\ndelegate to such officer or agent of the Authority as the Board of\n\nDirectors selects the power to determine the time and manner of\n\nsale, public or private, the maturities and rate or rates of\n\ninterest which may be fixed or may vary at such time or times and in\ndetermine, at public or private sale. The Board of Directors may\n\nalso authorize bonds to be issued and sold from time to time and may\n\ndelegate to such officer or agent of the Authority as the Board of\n\nDirectors selects the power to determine the time and manner of\n\nsale, public or private, the maturities and rate or rates of\n\ninterest which may be fixed or may vary at such time or times and in\n\naccordance with a specified formula or method of determination,\n\nprovided that the interest cost of the money received from the sale\n\nof the bonds computed to maturity in accordance with standard bond\n\ntables in general use by banks and insurance companies shall not\n\nexceed the maximum rate of interest provided for in this section.\n\nThe bonds shall be subject to such other terms and conditions deemed\n\nappropriate by the officer or agent; provided, however, that the\n\namounts and maturities of, and the interest rate or rates not\n\nexceeding the maximum rate of interest provided for in this section\n\non, the bonds shall be within the limits prescribed by the Board of\n\nDirectors in its resolution delegating to the officer or agent the\n\npower to authorize the sale and issuance of the bonds.\n\nE. Execution of Bonds. Bonds of the Authority may be issued\n\nand delivered notwithstanding the fact that one or more of the\n\nofficers executing them shall have ceased to hold office at the time\n\nthe bonds are actually delivered.\n\nF. Temporary Bonds. Pending preparation of definitive bonds,\n\nthe Authority may issue temporary bonds which shall be exchanged for\n\nthe definitive bonds.\n\nG. Consents. Bonds of the Authority may be issued pursuant to\n\nthe provisions of the Oklahoma Municipal Power Authority Act without\n\nobtaining the consent of any department, division, commission,\n\nboard, bureau, or agency of this state and without any other\n\nproceeding, condition, or occurrence except as specifically required\n\nby the provisions of the Oklahoma Municipal Power Authority Act.\n\nH. Official Statement, Prospectus or Offering Document; Filing.\n\nAt least five (5) business days prior to the delivery of and payment\n\nfor any bonds, there shall be filed with the Secretary of State a\n\npreliminary copy of the official statement, prospectus, or other\n\noffering document pertaining to the issuance. Prior to the\n\nexpiration of fifteen (15) business days following the bond delivery\n\nand payment, there shall be filed with the Secretary of State and\n\nthe Oklahoma Securities Commission a copy, in final form, of the\n\nofficial statement, prospectus, or other offering document. If no\n\nofficial statement, prospectus, or other offering document is used\n\nin connection with the sale of the bonds, in lieu thereof there\n\nshall be filed a copy of the draft and final proceedings of the\n\nAuthority authorizing the sale and issuance of the bonds.\n\nI. Resolution Constitutes a Contract. The bond resolution,\n\ntrust indenture, or other security agreement pursuant to which any\n\nbonds are issued shall constitute a contract with the holders of the\n\nbonds and may contain provisions including but not limited to:\n\n1. The terms and provisions of the bonds;\n\n2. The pledge and grant of a security interest in any personal\n\nproperty and in all or any part of the revenue from any project or\n\nany revenue-producing contract made by the Authority with any person\n\nto secure the payment of bonds, subject to any agreements with the\n\nholders of bonds which might then exist;\n\n3. The custody, collection, securing, investment, and payment\n\nof any revenues, assets, money, funds, or property with respect to\n\nwhich the Authority may have any rights or interest;\n\n4. The rates or charges for electrical energy or other services\n\nrendered by the Authority, the amount to be raised by the rates or\n\ncharges, and the use and disposition of any or all revenue;\n\n5. The creation of reserves or sinking funds and the regulation\n\nand disposition thereof;\ny revenues, assets, money, funds, or property with respect to\n\nwhich the Authority may have any rights or interest;\n\n4. The rates or charges for electrical energy or other services\n\nrendered by the Authority, the amount to be raised by the rates or\n\ncharges, and the use and disposition of any or all revenue;\n\n5. The creation of reserves or sinking funds and the regulation\n\nand disposition thereof;\n\n6. The purposes to which the proceeds from the sale of any\n\nbonds then or thereafter to be issued may be applied, and the pledge\n\nor revenues to secure the payment of the bonds;\n\n7. The limitations on the issuance of any additional bonds, the\n\nterms upon which additional bonds may be issued and secured, and the\n\nrefunding of outstanding bonds;\n\n8. The rank or priority of any bonds with respect to any lien\n\nor security;\n\n9. The creation of special funds or monies to be held in trust\n\nor otherwise for operational expenses, payment, or redemption of\n\nbonds, reserves, or other purposes, and the use and disposition of\n\nmonies held in the funds;\n\n10. The procedure by which the terms of any contract with or\n\nfor the benefit of the holders of bonds may be amended or revised,\n\nthe amount of bonds the holders of which must consent thereto, and\n\nthe manner in which consent may be given;\n\n11. The definition of the acts or omissions to act which shall\n\nconstitute a default in the duties of the Authority to holders of\n\nits bonds, and the rights and remedies of the holders in the event\n\nof default, including, if the Authority so determines, the right to\n\naccelerate the due date of the bonds or the right to appoint a\n\nreceiver or receivers of the property or revenues subject to the\n\nlien of the bond resolution, trust indenture, or other security\n\nagreement;\n\n12. Any additional agreements with or for the benefit of the\n\nholders of bonds or any covenants or restrictions necessary or\n\ndesirable to safeguard the interest of the holders;\n\n13. The custody of its properties or investments, the\n\nsafekeeping thereof, the insurance to be carried thereon, and the\n\nuse and disposition of insurance proceeds;\n\n14. The vesting in a trustee or trustees, within or without\n\nthis state, of such properties, rights, powers, and duties in trust\n\nas the Authority may determine, or the limiting or abrogating of the\n\nrights of the holders of any bonds to appoint a trustee, or the\n\nlimiting of the rights, powers, and duties of the trustee; or\n\n15. The appointment of and the establishment of the duties and\n\nobligations of, any paying agent or other fiduciary within or\n\nwithout this state.\n\nJ. Any pledge of revenues, securities, contract rights, or\n\nother personal property made by the Authority pursuant to the\n\nprovisions of the Oklahoma Municipal Power Authority Act shall be\n\nvalid and binding from the date the pledge is made. The revenues,\n\nsecurities, contract rights, or other personal property so pledged\n\nand then held or thereafter received by the Authority or any\n\nfiduciary shall immediately be subject to the lien of the pledge\n\nwithout any physical delivery thereof or further act, and the lien\n\nof the pledge shall be valid and binding against all parties having\n\nclaims of any kind in tort, contract, or otherwise against the\n\nAuthority without regard to whether the parties have notice of the\n\nlien. The bond resolution, trust indenture, security agreement, or\n\nother instrument by which a pledge is created need not be filed or\n\nrecorded in any manner.\n\nK. Neither the officials, directors, members of the Authority,\n\nor any person executing bonds shall be liable personally on the\n\nbonds or be subject to any personal liability or accountability by\n\nreason of the issuance thereof. The Authority shall have power to\n\nindemnify and to purchase and maintain insurance on behalf of any\n\ndirector, officer, employee, or agent of the Authority, in\nf the Authority,\n\nor any person executing bonds shall be liable personally on the\n\nbonds or be subject to any personal liability or accountability by\n\nreason of the issuance thereof. The Authority shall have power to\n\nindemnify and to purchase and maintain insurance on behalf of any\n\ndirector, officer, employee, or agent of the Authority, in\n\nconnection with any threatened, pending, or completed action, suit,\n\nor proceeding.\n\nL. The Authority shall have power to purchase bonds out of any\n\nfunds available therefor, and to hold, pledge, cancel, or retire the\n\nbonds and coupons prior to maturity, subject to and in accordance\n\nwith any agreements with the holders.\n\nM. The principal of, premium, if any, and interest upon any\n\nbonds issued by the Authority shall be payable solely from the\n\nrevenues or funds pledged or available for their payment as\n\nauthorized by the provisions of the Oklahoma Municipal Power\n\nAuthority Act. Each bond shall contain a statement that it\n\nconstitutes an obligation of the Authority, that the principal\n\nthereof, premium, if any, and interest thereon are payable solely\n\nfrom revenues or funds of the Authority and that neither the State\n\nof Oklahoma or any political subdivision thereof, or any eligible\n\npublic agency or public trust which has contracted with the\n\nAuthority, is obligated to pay the principal of, premium, if any, or\n\ninterest on the bonds and that neither the faith and credit or the\n\ntaxing power of the State of Oklahoma or any such political\n\nsubdivision thereof or of any such eligible public agency or public\n\ntrust is pledged to the payment of the principal of, premium, if\n\nany, or the interest on the bonds.","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":"a3d18446fc8d382cc98a29b74e5e8117c616b46330fd7e3c2840b49f445aed67","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-24-107","next":"us-ok/okla.-stat.-tit.-11-11-24-109"},"notice":"GroundRules: Original legal text. Not legal advice."}