{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-583","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-583","heading":"Purpose","body":"A. The Code provides that interest with respect to certain\n\nobligations may not be exempt from federal income taxation unless\n\nthey are in registered form. It is therefore a matter of state\n\nconcern that public entities be authorized to provide for the\n\nissuance of obligations in such form. It is a purpose of this act\n\nto empower all public entities to establish and maintain a system\n\npursuant to which obligations may be issued in registered form\n\nwithin the meaning of the applicable provisions of the Code.\n\nB. Obligations have traditionally been issued in bearer rather\n\nthan in registered form, and a change from bearer to registered form\n\nmay affect the relationships, rights and duties of issuers of and\n\nthe persons that deal with obligations, and by such effect, the\n\ncosts. Such effects will impact the various issuers and varieties\n\nof obligations differently depending on their legal and financial\n\ncharacteristics, their markets and their adaptability to recent and\n\nprospective technological and organizational developments. It is\n\ntherefore a matter of state concern that public entities be provided\n\nflexibility in the development of such systems and control over\n\nsystem incidents, so as to accommodate such differing impacts. It\n\nis a purpose of this act to empower the establishment and\n\nmaintenance, and amendment from time to time, of differing systems\n\nof registration of obligations, including system incidents, so as to\n\naccommodate the differing impacts upon issuers and varieties of\n\nobligations. It is further a purpose of this act to authorize\n\nsystems that will facilitate the prompt and accurate transfer of\n\nregistered public obligations and developing practices with regard\n\nto the registration and transfer of registered public obligations.\n\nC. In order that all state and local obligations issued after\n\nJuly 1, 1983, retain their tax exempt status and avoid other\n\npenalties, the Legislature of the State of Oklahoma hereby urges and\n\nencourages all state and local obligations be in registered form\n\nunless:\n\n1. The obligation is not of a type offered to the public;\n\n2. The obligation has a maturity at issue of one (1) year or\n\nless; or\n\n3. The obligation is sold only to foreign persons and interest\n\non such obligation is payable only outside the United States and its\n\npossessions.\n\nThese exemptions from registration shall be construed in light of\n\nInternal Revenue Code Regulations interpreting 16 U.S.C.A. Section\n\n310(b).","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":"e5f214e6fdc70c4e30222d9bbf43e8c5591743569a919f64a92334da485e4f94","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-582","next":"us-ok/okla.-stat.-tit.-62-62-584"},"notice":"GroundRules: Original legal text. Not legal advice."}