{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-803","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-803","heading":"Issuance of bonds - Requirements - Verification of","body":"registration of advisers and brokers.\n\nWhenever any municipality or county of this state votes any\n\nbonds or refunding bonds pursuant to Section 35 of Article X of the\n\nOklahoma Constitution, such bonds shall be subject to the following\n\nrequirements:\n\n1. At least ninety percent (90%) of the proceeds from the bonds\n\nmust be used for a qualified economic development or community\n\ndevelopment purpose, or to refund bonds issued for a purpose, which,\n\non the date originally issued, was a qualified economic development\n\nor community development purpose; provided, however, that for\n\npurposes of determining such use, proceeds used to fund a debt\n\nservice reserve shall be considered to be for a qualifying economic\n\ndevelopment or community development purpose;\n\n2. The bonds must be issued in denominations of One Hundred\n\nDollars ($100.00) or multiples thereof, except that the first\n\nnumbered bond may be for such odd amount as will complete the full\n\nissue of the bonds;\n\n3. The average coupon rate of the bonds shall not exceed\n\nfourteen percent (14%) per annum;\n\n4. The principal shall begin to mature not less than one (1)\n\nyear or more than five (5) years after the dated date of the issue;\n\n5. The bonds must have a final maturity no later than thirty\n\n(30) years after their date of issuance; and\n\n6. A verification from the Administrator of the Oklahoma\n\nDepartment of Securities that all persons receiving compensation,\n\ndirectly or indirectly, for providing advice to a municipality or\n\ncounty with regard to the Municipal and County Economic and\n\nCommunity Development Bonds Act are appropriately registered with\n\nthe Oklahoma Department of Securities as investment advisers or\n\ninvestment adviser representatives, as applicable, and that all\n\npersons receiving compensation, directly or indirectly, for the\n\nplacement of the bonds are registered as broker-dealers or agents,\n\nas applicable.","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":"af6e30e413e65f1a53de47543c1cc9b5957fedde3450bff1eabb693de33cb34e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-802","next":"us-ok/okla.-stat.-tit.-62-62-804"},"notice":"GroundRules: Original legal text. Not legal advice."}