{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.307","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.307","heading":"Procedures and requirements for advertisement and sale","body":"of bonds.\n\nA. The Commission shall advertise said bonds for sale in the\n\nmanner hereinafter provided. Notice of such sale shall be published\n\nat least ten (10) days prior to the date fixed for such sale. Such\n\nnotice shall be published in a newspaper having general circulation\n\nin the State of Oklahoma, and in a financial periodical or newspaper\n\nknown to have general circulation among bond dealers and bond\n\npurchasers. Such notice shall state the time and place when and\n\nwhere the Commission will receive written bids for the purchase of\n\nthe bonds so offered for sale and shall also state the bonds will be\n\nsold to the bidder offering the lowest net interest cost or lowest\n\ntrue interest cost to the State of Oklahoma, stating also, however,\n\nthat the Commission may, in its discretion, reject all nonconforming\n\nbids or all bids submitted. Such notice may contain such other\n\nconditions, information and details as the Commission deems\n\nappropriate and desirable to provide a thorough understanding of the\n\noffer and to assure maximum competition among bidders. Upon\n\nacceptance of the lowest and best bid, the bonds shall be issued in\n\naccordance therewith and shall be delivered to said purchaser upon\n\npayment of the purchase price thereof, which shall be not less than\n\npar plus accrued interest to date of delivery except as otherwise\n\nprovided herein. Provided, however, no tender of the bonds shall be\n\nvalid until after the expiration of the period of contestability\n\nprovided for herein. All bidders shall be required to submit with\n\ntheir bids such good faith deposit as may to the Commission seem\n\nappropriate. Upon the acceptance of a bid, the Commission shall\n\nreturn to all of the unsuccessful bidders the deposits so made by\n\nthem. All such deposits by the successful bidder shall become the\n\nproperty of the State of Oklahoma, and shall be credited against the\n\npurchase price of the bonds so sold or returned upon payment in full\n\nof such bonds. If the purchaser shall fail for five (5) days after\n\nthe tender of the bonds to pay the balance of the purchase price,\n\nsaid sale shall be thereby annulled and the deposit shall in such\n\nevent be retained by the State of Oklahoma and credited to the\n\nGeneral Revenue Fund of the state.\n\nB. Competitive bidding may be waived upon an affirmative vote\n\nof three-fourths (3/4) of the Commission. The Commission thereupon\n\nmay negotiate for the private sale of the obligations to an\n\nunderwriter or other purchaser or purchasers. Regardless of the\n\nmethod of sale, the Commission shall be subject to the provisions of\n\nthe Oklahoma Bond Oversight and Reform Act as set forth in Section\n\n695.1 et seq. of this title.\n\nC. Professionals selected pursuant to subsection B of this\n\nsection shall not be finally selected until after approval by a vote\n\nof the people of the constitutional amendment identified as House\n\nJoint Resolution No. 1076 of the 2nd Session of the 43rd Oklahoma\n\nLegislature.\n\nD. Except as otherwise provided in this act, no bonds shall be\n\nsold for less than par value except upon approval of three-fourths\n\n(3/4) of the Commission; except as otherwise provided in this act,\n\nno bonds shall be sold for less than sixty-five percent (65%) of par\n\nvalue. In no event shall the original purchaser of any bonds issued\n\nby the Commission receive directly or indirectly any fees,\n\ncompensation or other remuneration in excess of four percent (4%) of\n\nthe price paid for such bonds by the purchaser of such bonds from\n\nthe Commission.","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":"73fab183553a4d8d1a9f14c666488c091f40af33a5a8ba5b64f0b64bd77d6573","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.306","next":"us-ok/okla.-stat.-tit.-62-62-57.308"},"notice":"GroundRules: Original legal text. Not legal advice."}