{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.316","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.316","heading":"Refinancing and restructuring of outstanding","body":"obligations - Pledge of tax revenue.\n\nA. The Oklahoma Building Bonds Commission is authorized until\n\nJune 30, 2011, to issue bonds, notes, or other obligations for the\n\npurpose of refinancing or restructuring its outstanding obligations\n\nregarding bonds issued under the 1992 Oklahoma Building Bond and\n\nCollege Savings Bond Act.\n\nB. To the extent funds are available from the proceeds of the\n\nborrowing authorized by this section, the Oklahoma Building Bonds\n\nCommission shall provide for the payment of professional fees and\n\nassociated costs approved by the Oklahoma State Bond Advisor. The\n\nCommission is authorized to hire bond counsel, financial\n\nconsultants, and such other professionals as it may deem necessary\n\nto provide for the efficient sale of the obligations and may utilize\n\na portion of the proceeds of any borrowing to create such reserves\n\nas may be deemed necessary and to pay costs associated with the\n\nissuance and administration of such obligations.\n\nC. An issuance of bonds under this section may be undertaken to\n\nachieve an overall debt service savings, modify restrictive bond\n\ndocument covenants, or reduce payment requirements during periods of\n\nfiscal stress. To achieve these objectives, the Commission is\n\nauthorized to extend the final maturity of its outstanding\n\nobligations if necessary, but in no event shall the final maturity\n\nof an individual bond issue be extended more than ten (10) years\n\nwithout the approval of the Legislature.\n\nD. The obligations authorized under this section may be sold at\n\neither competitive or negotiated sale, as determined by the\n\nCommission, and in such form and at such prices as may be authorized\n\nby the Commission. The Commission may issue obligations in one or\n\nmore series and may set such other terms and conditions as may be\n\nnecessary, in its judgment to achieve an efficient financing. The\n\nCommission may enter into agreements with such credit enhancers and\n\nliquidity providers as may be determined necessary to efficiently\n\nmarket the obligations, including the purchase of surety policies or\n\nother financial instruments to be utilized in lieu of reserve funds.\n\nThe obligations may mature and have such provisions for redemption\n\nas shall be determined by the Commission, but in no event shall the\n\nfinal maturity of such obligations occur later than thirty (30)\n\nyears from the delivery date.\n\nE. Any interest on the funds or accounts created for the\n\npurposes of this section may be utilized as partial payment of the\n\nannual debt service or for the purposes directed by the Commission.\n\nF. The obligations issued under this section, the transfer\n\nthereof and the interest earned on such obligations, including any\n\nprofit derived from the sale thereof, shall not be subject to\n\ntaxation of any kind by the State of Oklahoma, or by any county,\n\nmunicipality or political subdivision therein.\n\nG. It is hereby expressly provided and pledged for the benefit\n\nof the purchasers, owners and holders of bonds issued pursuant to\n\nthis section that the tax on each package of cigarettes levied by\n\nSection 302 of Title 68 of the Oklahoma Statutes, constituting the\n\nremainder of revenue available from the revenues lawfully levied and\n\ncollected by the State of Oklahoma on the sale of cigarettes not\n\nalready committed to other obligations of the State of Oklahoma, and\n\nthe tax levy on cigarettes pursuant to Sections 302-2 and 302-4 of\n\nTitle 68 of the Oklahoma Statutes, or so much as may be necessary,\n\nshall be devoted irrevocably to the payment and discharge of the\n\ninterest on, and the principal of, the bonds issued hereunder as the\n\nsame become due, and to create an adequate reserve to assure such\n\npayments when due; and said revenue shall be, and hereby is,\n\nirrevocably pledged for such purposes.","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":"a4da5f0e7bef366c0ad1d4a8885e551d589ecb5b9eb4e55004c3f7aac5016512","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.313","next":"us-ok/okla.-stat.-tit.-62-62-57.32"},"notice":"GroundRules: Original legal text. Not legal advice."}