{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-656","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-656","heading":"Bonds not general obligations of municipality or county -","body":"Payment of principal and interest.\n\nSuch revenue bonds shall not be general obligations of the\n\nmunicipality or county, and in no event shall the revenue bonds\n\nconstitute an indebtedness of the municipality or county within the\n\nmeaning of any constitutional or statutory limitation. It shall be\n\nplainly stated on the face of each bond that the same has been\n\nissued under the provisions of this act, and under the terms of 60\n\nO.S. 1951, Sections 176 - 180, inclusive, as amended by Sections 1\n\nand 2, Chapter 4, Title 60, page 277, Oklahoma Session Laws 1953 (60\n\nO.S. Supp.1959, Sections 176 and 177), relating to public trusts,\n\nand that it does not constitute an indebtedness of the municipality\n\nor county within any constitutional or statutory limitation. The\n\nprincipal of and the interest on the revenue bonds, and paying\n\nagent's fees, shall be payable in the first instance from gross\n\nrevenues derived from the lands, buildings, and/or facilities\n\nacquired, constructed, reconstructed, extended, and/or improved, in\n\nwhole or in part, with the proceeds of the bonds. In addition, the\n\ntrustees, with prior approval of the municipality or county, are\n\nauthorized to pledge to and use for the payment of the principal of\n\nand interest on the bonds, and paying agent's fees, such revenues\n\nderived from other lands, buildings, and/or facilities used and\n\nuseful or securing and developing industry and/or surplus revenues\n\nderived from water, sewer, gas, and electric utilities owned by the\n\nmunicipality or county and by such beneficiary transferred or leased\n\nto the trustees for such purpose, provided that such transfer or\n\nlease shall have been included in the question voted upon and\n\napproved in the election required to be held under Section 4 of this\n\nact. For the purpose of this section the phrase \"surplus revenues\"\n\nis hereby defined to be any revenues over and above the costs of\n\nfinancing the general government and utility functions of the\n\nmunicipality or county in any fiscal year, or any prior commitments\n\nof such revenues.","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":"fc0ea5675954a57f0257c7fea9cbf3b90fde2517a6ccc60dbfd34ac0b45acf39","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-655","next":"us-ok/okla.-stat.-tit.-62-62-657"},"notice":"GroundRules: Original legal text. Not legal advice."}