{"data":{"id":"us-ok/okla.-stat.-tit.-3-3-533","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 3, § 3-533","heading":"Issuance of bonds — Disposition of proceeds","body":"A. 1. The Oklahoma Space Industry Development Authority may\n\nprovide by resolution, at one time or from time to time, for the\n\nissuance of revenue bonds of the Authority for the purpose of paying\n\nall or any part of the cost of any one or more projects. The\n\nAuthority, when it finds that it would be economical and beneficial\n\nto do so, may combine two or more, or any part thereof, or all of\n\nits proposed projects into one unit and consider the same as one\n\nproject to the same extent and with like effect as if the same were\n\na single project.\n\n2. The principal of and the interest on the bonds shall be\n\npayable solely from the funds provided for such payment. The bonds\n\nof each issue shall be dated, shall bear interest at such rate or\n\nrates not exceeding the limitations pertaining to public trust\n\nindebtedness from time to time expressed in subsection F of Section\n\n176 of Title 60 of the Oklahoma Statutes, shall mature at such time\n\nor times not exceeding forty (40) years from their date or dates, as\n\nmay be determined by the Authority, and may be made redeemable\n\nbefore maturity at the option of the Authority at such price or\n\nprices and pursuant to such terms and conditions as may be fixed by\n\nthe Authority prior to the issuance of the bonds.\n\n3. The Authority shall determine the form of the bonds,\n\nincluding any interest coupons to be attached thereto, and the\n\nmanner of execution of the bonds, and shall fix the denomination or\n\ndenominations of the bonds and the place or places of payment of\n\nprincipal and interest, which may be at any bank or trust company\n\nwithin or without the state.\n\n4. If any officer whose signature or facsimile of whose\n\nsignature appears on any bonds or coupons shall cease to be the\n\nofficer before the delivery of the bonds, the signature or the\n\nfacsimile shall nevertheless be valid and sufficient for all\n\npurposes the same as if the person had remained in office until such\n\ndelivery.\n\n5. All bonds issued pursuant to the provisions of this act\n\nshall have all the qualities and incidents of negotiable instruments\n\nsubject to the negotiable instruments law of this state. The bonds\n\nmay be issued in coupon or in registered form, or both, as the\n\nAuthority may determine, and provisions may be made for the\n\nregistration of any coupon bonds as to principal alone and also as\n\nto both principal and interest, and for the reconversion into coupon\n\nbonds of any bonds registered as to both principal and interest.\n\nThe Authority may sell the bonds in such amounts and in such manner,\n\neither at public or private sale, and for such price, as it may\n\ndetermine to be in the best interest of this state, but in no event\n\nat a discount in excess of that from time to time expressed in\n\nsubsection F of Section 176 of Title 60 of the Oklahoma Statutes.\n\nB. The proceeds of the bonds of each issue shall be used solely\n\nfor the payment of the cost of the project for which the bonds have\n\nbeen issued, and shall be disbursed in such manner and pursuant to\n\nsuch restrictions, if any, as the Authority may provide in the\n\nresolution authorizing the issuance of the bonds or in the trust\n\nagreement securing the same. If the proceeds of the bonds of any\n\nissue, by error of estimates or otherwise, shall be less than such\n\ncost, additional bonds may in like manner be issued to provide the\n\namount of such deficit, and, unless otherwise provided for in the\n\nresolution authorizing the issuance of such bonds or in the trust\n\nagreement securing the same, shall be deemed to be of the same issue\n\nand shall be entitled to payment from the same fund without\n\npreference or priority of the bonds first issued. If the proceeds\n\nof the bonds of any issue shall exceed such cost, the surplus shall\n\nbe deposited to the credit of the sinking fund for such bonds, or\n\nshall be used by the Authority in implementing any other power\n\nexpressly granted to the Authority in this act.\nto be of the same issue\n\nand shall be entitled to payment from the same fund without\n\npreference or priority of the bonds first issued. If the proceeds\n\nof the bonds of any issue shall exceed such cost, the surplus shall\n\nbe deposited to the credit of the sinking fund for such bonds, or\n\nshall be used by the Authority in implementing any other power\n\nexpressly granted to the Authority in this act.\n\nC. Prior to the preparation of definitive bonds, the Authority,\n\nsubject to like restrictions, may issue interim receipts or\n\ntemporary bonds, with or without coupons, exchangeable for\n\ndefinitive bonds when such bonds have been executed and are\n\navailable for delivery. The Authority may also provide for the\n\nreplacement of any bonds which have become mutilated or were\n\ndestroyed or lost. Bonds may be issued pursuant to the provisions\n\nof this act without obtaining the consent of any department,\n\ndivision, commission, board, bureau, or agency of this state, and\n\nwithout any other proceedings or the occurrence of any other\n\nconditions or things other than those proceedings, conditions, or\n\nthings that are specifically required by this act; provided,\n\nhowever, bonds and other obligations of the Authority shall be\n\nsubject to the provisions of Section 695.1 et seq. of Title 62 of\n\nthe Oklahoma Statutes.\n\nD. The Authority is hereby authorized to provide that the\n\nbonds:\n\n1. Be made payable from time to time on demand or tender for\n\npurchase by the owner provided a credit facility supports such\n\nbonds, unless the Authority specifically determines that a credit\n\nfacility is not required;\n\n2. Be additionally supported by a credit facility;\n\n3. Be made subject to redemption prior to maturity, with or\n\nwithout premium, on such notice and at such time or times and with\n\nsuch redemption provisions as may be determined by the Authority or\n\nwith such variations as may be permitted in connection with a par\n\nformula;\n\n4. Bear interest at a rate or rates that may vary as permitted\n\npursuant to a par formula and for such period or periods of time,\n\nall as may be determined by the Authority; and\n\n5. Be made the subject of a remarketing agreement whereby an\n\nattempt is made to remarket the bonds to new purchasers prior to\n\ntheir presentment for payment to the provider of the credit facility\n\nor to the Authority.\n\nNo credit facility, repayment agreement, par formula or\n\nremarketing agreement shall become effective without the approval of\n\nthe Authority.\n\nE. As used in this section, the following terms shall have the\n\nfollowing meanings:\n\n1. \"Credit facility\" means an agreement entered into by the\n\nAuthority with any bank, savings and loan association or other\n\nbanking institution; an insurance company, reinsurance company,\n\nsurety company, or other insurance institution; a corporation,\n\ninvestment banker or other investment institution; or any other\n\nfinancial institution providing for prompt payment of all or any\n\npart of the principal, whether at maturity, presentment for\n\npurchase, redemption or acceleration, redemption premium, if any,\n\nand interest on any bonds payable on demand or tender by the owner\n\nissued in accordance with this section, in consideration of the\n\nAuthority's agreeing to repay the provider of such credit facility\n\nin accordance with the terms and provisions of such repayment\n\nagreement, provided, that any such repayment agreement shall provide\n\nthat the obligation of the Authority thereunder shall have only such\n\nsources of payment as are permitted for the payment of the bonds\n\nissued under this act; and\n\n2. \"Par formula\" means any provision or formula adopted by the\n\nAuthority to provide for the adjustment, from time to time, of the\n\ninterest rate or rates borne by any such bonds so that the purchase\n\nprice of such bonds in the open market would be as close to par as\n\npossible.\n\nF. Any other provision of law notwithstanding, the Authority\nd for the payment of the bonds\n\nissued under this act; and\n\n2. \"Par formula\" means any provision or formula adopted by the\n\nAuthority to provide for the adjustment, from time to time, of the\n\ninterest rate or rates borne by any such bonds so that the purchase\n\nprice of such bonds in the open market would be as close to par as\n\npossible.\n\nF. Any other provision of law notwithstanding, the Authority\n\nshall have the right to issue bonds or other obligations the\n\ninterest income, in whole or in part, on which is subject, directly\n\nor indirectly, to federal income taxation.","path":["OK Code","Title 3"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os3.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bebddf2ced2efc42f3c4b1e34b8bd0d987146efed45ec6b6a4462b713b4ae005","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-3-3-532","next":"us-ok/okla.-stat.-tit.-3-3-534"},"notice":"GroundRules: Original legal text. Not legal advice."}