{"data":{"id":"us-ok/okla.-stat.-tit.-3-3-534","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 3, § 3-534","heading":"Trust agreements","body":"In the discretion of the Oklahoma Space Industry Development\n\nAuthority, any bonds issued under the provisions of this act may be\n\nsecured by a trust agreement by and between the Authority and a\n\ncorporate trustee, which may be any trust company or bank having the\n\npowers of a trust company within or without this state. The trust\n\nagreement may pledge or assign the revenues to be received from the\n\nproject constructed by the use of the proceeds of the bonds, but\n\nshall not convey or mortgage any project or any part thereof. The\n\ntrust agreement or resolution providing for the issuance of the\n\nbonds may contain such provisions for protecting and enforcing the\n\nrights and remedies of the bondholders as may be reasonable and\n\nproper and not in violation of law, including covenants setting\n\nforth the duties of the Authority in relation to the acquisition of\n\nproperty and the construction, improvement, maintenance, repair,\n\noperation and insurance of the project in connection with which the\n\nbonds shall have been authorized, and the custody, safeguarding and\n\napplication of all monies, and provisions for the employment of\n\nconsulting engineers in connection with the construction or\n\noperation of such project or projects. It shall be lawful for any\n\nbank or trust company incorporated under the laws of the state which\n\nmay act as depository of the proceeds of bonds or of revenues to\n\nfurnish such indemnifying bonds or to pledge such securities as may\n\nbe required by the Authority. Any such trust agreement may set\n\nforth the rights and remedies of the bondholders and of the trustee,\n\nand may restrict the individual right of action by bondholders as is\n\ncustomary in trust agreements or trust indentures securing bonds and\n\ndebentures of corporations. In addition to the foregoing, any such\n\ntrust agreement may contain such other provisions as the Authority\n\nmay deem reasonable and proper for the security of the bondholders.\n\nAll expenses incurred in carrying out the provisions of the trust\n\nagreement may be treated as a part of the cost of the operation of\n\nthe project or projects.","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":"a5b98ee405b996bd05b15f54a2743bbf77ca22ae8365b374d81a696c1cb5914b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-3-3-533","next":"us-ok/okla.-stat.-tit.-3-3-535"},"notice":"GroundRules: Original legal text. Not legal advice."}