{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-38-115","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-38-115","heading":"Notes or bonds","body":"A. An Urban Renewal Authority shall have the power to issue\n\nnotes or bonds, including revenue bonds, from time to time at its\n\ndiscretion to finance the undertaking of any urban renewal project\n\nunder this article, including, without limiting the generality\n\nthereof, the payment of principal and interest upon any advances for\n\nsurveys and plans, and shall also have power to issue refunding\n\nnotes or bonds for the payment or retirement of such notes or bonds\n\npreviously issued by it. Such notes or bonds shall be made payable,\n\nas to both principal and interest, solely from:\n\n1. The income, proceeds, revenues, and funds of the Urban\n\nRenewal Authority derived from or held in connection with its\n\nundertaking and carrying out urban renewal projects under this\n\narticle;\n\n2. Any private source, contribution or other financial\n\nassistance;\n\n3. Contributions or other financial assistance from the state\n\nor federal government;\n\n4. Any other monies derived from gifts, grants, the sale of\n\nproperties or any other legally available source;\n\n5. The proceeds from any additional borrowings;\n\n6. Taxes on incremental property values allocated to a special\n\nfund of the city and appropriated by the city to the Urban Renewal\n\nAuthority, under the provisions of Sections 3 through 6 of this act;\n\nor\n\n7. Any combination of these methods.\n\nProvided, however, that payment of such notes or bonds, both as\n\nto principal and interest, may be further secured by a pledge of any\n\nloan, grant or contribution from the federal government or any other\n\nsource, in aid of any urban renewal projects of the Urban Renewal\n\nAuthority under this article, and by a mortgage of any such urban\n\nrenewal projects, or any part thereof, title to which is in the\n\nUrban Renewal Authority.\n\nB. Notes or bonds issued under this section shall not\n\nconstitute an indebtedness of the state or any municipality.\n\nC. Notes or bonds issued under the provisions of this article\n\nare declared to be issued for an essential public and governmental\n\npurpose, and together with interest thereon and income therefrom\n\nshall be exempted from all taxes.\n\nD. Notes or bonds issued under this section shall be authorized\n\nby resolution of the Urban Renewal Authority and may be issued in\n\none or more series and shall bear such date or dates, be payable\n\nupon demand or mature at such time or times, bear interest at such\n\nrate determined feasible by the Urban Renewal Authority, be in such\n\ndenomination or denominations, be in such form, carry such\n\nconversion or registration privileges, have such rank or priority,\n\nbe executed in such manner, be payable in such medium of payment, at\n\nsuch place or places and be subject to such terms of redemption,\n\nwith or without premium, be secured in such manner, and have such\n\nother characteristics, as may be provided by such resolution or\n\ntrust indenture or mortgage issued pursuant thereto.\n\nE. Such notes or bonds must be sold to the lowest and best\n\nbidder at public sale held after notice published prior to such sale\n\nin a newspaper having general circulation in the area of operation\n\nand in such other medium of publication as the Authority may\n\ndetermine. Provided, that such notes may be sold to the federal\n\ngovernment at private sale at not less than par, and, in the event\n\nless than all of the authorized principal amount of such notes or\n\nbonds is sold to the federal government, the balance may be sold at\n\nprivate sales at not less than par at an interest cost of not to\n\nexceed the interest cost of the portion of the notes sold to the\n\nfederal government.\n\nF. In case any of the public officials of the Authority or any\n\nother public body whose signature appears on any notes or bonds\n\nissued under this article shall cease to be such officials before\n\nthe delivery of the notes or bonds, the signatures shall,\n\nnevertheless, be valid and sufficient for all purposes, the same as\ne interest cost of the portion of the notes sold to the\n\nfederal government.\n\nF. In case any of the public officials of the Authority or any\n\nother public body whose signature appears on any notes or bonds\n\nissued under this article shall cease to be such officials before\n\nthe delivery of the notes or bonds, the signatures shall,\n\nnevertheless, be valid and sufficient for all purposes, the same as\n\nif such officials had remained in office until such delivery. Any\n\nprovision of any law to the contrary notwithstanding any notes or\n\nbonds issued pursuant to this article shall be fully negotiable.\n\nG. In any suit, action or proceeding involving the validity or\n\nenforceability of any notes or bonds, issued under this article or\n\nthe security therefor, any such note reciting in substance that it\n\nhas been issued by the Urban Renewal Authority in connection with an\n\nurban renewal project, as defined in this article, shall be\n\nconclusively deemed to have been issued for such purpose and such\n\nproject shall be conclusively deemed to have been planned, located\n\nand carried out in accordance with the provisions of this article.","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":"8e50b53a21d67f94f3bd9f3f101c56c02081934a2a9fda6a6d20836ca0f76035","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-38-114","next":"us-ok/okla.-stat.-tit.-11-11-38-116"},"notice":"GroundRules: Original legal text. Not legal advice."}