{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-655","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-655","heading":"Type of bonds - Interest - Conditions - Sale and","body":"execution.\n\n(a) The issuance of revenue bonds shall be by a resolution of\n\nthe trustees. The bonds may be issued in one or more series, may\n\nbear such date or dates, may mature at such time or times, not\n\nexceeding thirty (30) years from their respective dates, may bear\n\ninterest at such rate or rates, not exceeding the maximum rate\n\nprovided by Section 498.1 of this title, may be in such form, may be\n\nexecuted in such manner, may be payable in such medium of payment,\n\nat such place or places, may be subject to such terms of redemption,\n\nand may contain such terms, covenants, and conditions as the\n\nresolution may provide including without limitation those pertaining\n\nto the custody and application of the proceeds of the bonds, the\n\ncollection and disposition of revenues, the maintenance of various\n\nfunds and reserves, the nature and extent of the security, the\n\nrights, duties, and obligations of the trustees and the trustee for\n\nthe holders or registered owners of the bonds, and the rights of the\n\nholders or registered owners of the bonds. There may be successive\n\nbond issues for the purpose of financing the same industrial project\n\n(lands, buildings, or facilities) involving one or more industries,\n\nand there may be successive bond issues for financing the cost of\n\nreconstructing, replacing, constructing additions to, extending,\n\nimproving, and equipping industrial projects (lands, buildings, or\n\nfacilities) already in existence, whether or not originally financed\n\nby bonds issued under this act, with each successive issue to be\n\nauthorized as provided by this act. Priority between and among\n\nissues and successive issues as to security of the pledge of\n\nrevenues and mortgage lien on the lands, buildings, and facilities\n\ninvolved may be controlled by the ordinance or resolution\n\nauthorizing the issuance of bonds hereunder. The bonds shall have\n\nall the qualities of negotiable instruments under the negotiable\n\ninstruments laws of this state.\n\n(b) Said resolution may provide for the execution by the\n\ntrustees of an indenture which defines the rights of the bondholders\n\nand provides for the appointment of a trustee for the bondholders.\n\nSuch indenture may control the priority between successive issues\n\nand may contain any other terms, covenants, and conditions that are\n\ndeemed desirable, including without limitation those pertaining to\n\nthe custody and application of the proceeds of the bonds, the\n\ncollection and disposition of revenues, the maintenance of various\n\nfunds and reserves, the nature and extent of the security, the\n\nrights, duties, and obligations of the trustees and the trustee for\n\nthe holders or registered owners of the bonds, and the rights of the\n\nholders or registered owners of the bonds; provided, the indenture\n\nshall state that it constitutes no obligation against or pledge of\n\nthe full faith and credit of the municipality and county.\n\n(c) The bonds shall be sold only after public advertisement for\n\nbids, to the bidder offering the lowest effective interest rate and\n\nbest terms on the proposal so advertised, and may be sold for such\n\nprice, including without limitation sale of a discount, and in such\n\nmanner as the trustees may determine by resolution, but in no event\n\nshall the trustees be required to pay more than the maximum rate\n\nprovided by Section 498.1 of this title on the amount received,\n\ncomputed with relation to the absolute maturity of the bonds in\n\naccordance with the Standard Tables of Bond Values. The bonds may\n\nbe sold with the privilege of conversion into an issue bearing other\n\nrate or rates of interest, upon such terms that the trustees receive\n\nno less and pay no more than they would receive and pay if the bonds\n\nwere not converted, and the conversion shall be subject to the\n\napproval of the trustees.\nbsolute maturity of the bonds in\n\naccordance with the Standard Tables of Bond Values. The bonds may\n\nbe sold with the privilege of conversion into an issue bearing other\n\nrate or rates of interest, upon such terms that the trustees receive\n\nno less and pay no more than they would receive and pay if the bonds\n\nwere not converted, and the conversion shall be subject to the\n\napproval of the trustees.\n\n(d) The bonds shall be executed by the chairman and secretary of\n\nthe trustees, and in case any of the officers whose signatures\n\nappear on the bonds shall cease to be such officers before the\n\ndelivery of such bonds or coupons, such signatures shall\n\nnevertheless be valid and sufficient for all purposes. Facsimile\n\nsignatures may be used as provided in the Registered Public\n\nObligations Act of Oklahoma.","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":"7b731449c4a8582bbb497cb0f40c01d053ad5dbbc827bbd864c84ec3b6ae7eb2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-654","next":"us-ok/okla.-stat.-tit.-62-62-656"},"notice":"GroundRules: Original legal text. Not legal advice."}