{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.200","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.200","heading":"University Bonds Escrow Fund - Purchase and redemption","body":"of bonds - Investment of excess public funds - Restructuring or\n\nliquidating certain accounts.\n\nA. There is hereby created in the State Treasury the\n\n\"University Bonds Escrow Fund\".\n\nB. The State Treasurer is hereby authorized and directed to\n\npurchase and redeem or establish escrow accounts and defease the\n\nfollowing designated bonds of the stated universities:\n\n1. Cameron State Agricultural College Student Housing System\n\nRevenue Bonds of 1963, Series A and B, dated April 1, 1963, in the\n\noriginal combined amount of One Million Four Hundred Seventy\n\nThousand Dollars ($1,470,000.00).\n\n2. Cameron State Agricultural College Student Housing System\n\nRevenue Bonds of 1967, dated April 1, 1967, in the original amount\n\nof Six Million Two Hundred Forty-five Thousand Dollars\n\n($6,245,000.00).\n\n3. Northwestern State College Student Union/Dormitory Revenue\n\nBonds of 1960, dated December 1, 1960, in the original amount of\n\nFive Hundred Thousand Dollars ($500,000.00).\n\n4. Northwestern State College Student Union/Dormitory Revenue\n\nBonds of 1965, dated January 1, 1965, in the original amount of Nine\n\nHundred Thousand Dollars ($900,000.00).\n\n5. Northwestern State College Student Union/Dormitory Revenue\n\nBonds of 1965, dated November 1, 1965, in the original amount of One\n\nMillion Dollars ($1,000,000.00).\n\n6. Northwestern State College Student Union/Dormitory Revenue\n\nBonds of 1966, dated December 1, 1966, in the original amount of One\n\nMillion Six Hundred Fifty Thousand Dollars ($1,650,000.00).\n\n7. Northeastern State College at Tahlequah Refunding and\n\nStudent Housing System Revenue Bonds of 1958, dated December 1,\n\n1958, in the original amount of One Million Seven Hundred Sixty\n\nThousand Dollars ($1,760,000.00).\n\n8. Northeastern State College Dormitory Building Revenue Bonds\n\nof 1960, dated December 1, 1960, in the original amount of One\n\nMillion Four Hundred Twenty Thousand Dollars ($1,420,000.00).\n\n9. Northeastern State College at Tahlequah Dormitory Building\n\nRevenue Bonds of 1962, dated December 1, 1962, in the original\n\namount of One Million Three Hundred Fifty Thousand Dollars\n\n($1,350,000.00).\n\n10. Northeastern State College at Tahlequah Dormitory Revenue\n\nBonds of 1964, dated December 1, 1964, in the original amount of\n\nFive Hundred Fifteen Thousand Dollars ($515,000.00).\n\n11. Northeastern State College Dormitory Building Revenue Bonds\n\nof 1966, dated December 1, 1966, in the original amount of Two\n\nMillion Dollars ($2,000,000.00).\n\n12. Northeastern State College Dormitory Building Revenue Bonds\n\nof 1967, dated December 1, 1967, in the original amount of One\n\nMillion Five Hundred Forty Thousand Dollars ($1,540,000.00).\n\n13. Northeastern State College Apartment Building Revenue\n\nBonds, dated December 1, 1967, in the original amount of Nine\n\nHundred Thousand Dollars ($900,000.00).\n\nThe bonds shall be redeemed or purchased from monies in the\n\nUniversity Bond Escrow Fund at any price which is less than the face\n\namount of the bonds, and the State Treasurer may enter into such\n\nother agreements in connection therewith as may be necessary or\n\nappropriate, or to purchase governmental obligations in principal\n\namounts, bearing rates of interest and maturing at such times so as\n\nto provide funds sufficient to pay the bonds under the applicable\n\nseries bond resolutions at or before maturity. The bonds shall be\n\nredeemed, purchased, or defeased in the order set forth.\n\nC. The State Treasurer, at his sole discretion, may utilize\n\nexcess public funds available for investment for the purposes\n\nspecified in subsections A and B of this section.\n\nD. The State Treasurer may restructure or liquidate any\n\nexisting escrow account established pursuant to this section for the\n\npurpose of redeeming or defeasing the Langston University Building\n\nRevenue Bonds of 1963, Series B, dated October 1, 1963, in the\nole discretion, may utilize\n\nexcess public funds available for investment for the purposes\n\nspecified in subsections A and B of this section.\n\nD. The State Treasurer may restructure or liquidate any\n\nexisting escrow account established pursuant to this section for the\n\npurpose of redeeming or defeasing the Langston University Building\n\nRevenue Bonds of 1963, Series B, dated October 1, 1963, in the\n\noriginal amount of One Million Three Hundred Fifty-four Thousand\n\nDollars ($1,354,000.00). The State Treasurer may require that all\n\nor a part of any debt service reserve funds in existence, which are\n\nset up exclusively to support the Langston Series B bond issue, be\n\nused to assist the redemption or defeasance, as a condition of\n\nredeeming or defeasing the bond issue. However, this may not be a\n\ncondition if the reserve funds are not necessary to complete the\n\ntransaction. Any such restructuring or liquidation must not affect\n\nthe ability of the escrow account to pay off the remaining debt of\n\nthe other bond issues described in this section at the time of\n\nredemption or as the principal and interest payments on the bonds\n\ncome due. The State Treasurer may enter into such agreements in\n\nconnection with any restructuring or redemption as may be necessary\n\nor appropriate, including agreements for legal, accounting,\n\nfinancial, or banking services. Any payments made for services\n\nperformed under such agreements with the State Treasurer may only\n\ncome from available or residual funds in the escrow account. Any\n\nremaining funds left after the bonds are redeemed, or the escrow\n\naccount is restructured, shall be transferred to the Special Cash\n\nFund.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9218b74f08d823ed9a7bdeaaa2f4ee0cb1dd4c6113ff1e9254e01257c98c2aae","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.20","next":"us-ok/okla.-stat.-tit.-62-62-57.21"},"notice":"GroundRules: Original legal text. Not legal advice."}