{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-829","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-829","heading":"Required attributes of bonds – Open competitive offering –","body":"Special limited obligations – Investment by financial and insurance\n\ncompanies.\n\nA. Bonds issued pursuant to this act shall:\n\n1. Be issued in one or more series;\n\n2. Bear such date or dates;\n\n3. Mature at such time or times not exceeding twenty-five (25)\n\nyears from their date;\n\n4. Be in such denomination or denominations;\n\n5. Be payable in such medium of payment at such place or\n\nplaces;\n\n6. Be subject to such terms of redemption with or without\n\npremium; and\n\n7. Bear such rate or rates of interest as may be provided in\n\nthe Final Project Plan; provided, however, that the average coupon\n\nrate for such bonds shall not exceed fourteen percent (14%) per\n\nannum.\n\nB. All bonds issued hereunder, except bonds sold to the federal\n\ngovernment or any agency thereof or to any agency of the State of\n\nOklahoma, shall be awarded to the lowest and best bidder based upon\n\nan open competitive public offering, advertised at least once a week\n\nfor two (2) successive weeks in a newspaper of general circulation\n\nin the county where the Participating Entity is located prior to the\n\ndate on which bids are received and opened; provided, however, that\n\nthe Governor may waive this requirement if the Governor determines\n\nthat a lower aggregate interest cost may be obtained through a\n\nnegotiated sale. In no event, however, shall any bonds issued\n\nhereunder be sold for less than ninety-six percent (96%) of par\n\nvalue.\n\nC. Bonds shall have all the qualities and incidents of\n\nnegotiable paper and the interest thereon shall not be subject to\n\ntaxation by the State of Oklahoma.\n\nD. Each Participating Entity may issue bonds pursuant to this\n\nact for the purpose of refunding any obligations of such entity\n\nissued pursuant to this act.\n\nE. The bonds issued pursuant to this act shall not constitute\n\nan obligation of the State of Oklahoma, or general obligations of\n\nthe issuers thereof, but shall be special, limited obligations\n\npayable solely from the taxes or other revenues described in the\n\nFinal Project Plan and only to the extent authorized by the voters\n\nof each Participating Entity. The governing body of each\n\nParticipating Entity is hereby authorized and directed to pledge all\n\nor any part of such revenues to the payment of principal, interest\n\nand premium, if any, on the bonds issued by such Participating\n\nEntity.\n\nF. A Participating Entity may enter into any agreement or\n\ncontracts with the United States of America or the State of Oklahoma\n\nor any agency or instrumentality thereof which it may consider\n\nadvisable or necessary in order to obtain a grant of funds or other\n\naid to be used in connection with the proceeds of the bonds.\n\nG. Bonds issued pursuant to this act shall not be subject to\n\nthe provisions of the Municipal and County Industrial Development\n\nBonds Act, but instead, shall be issued pursuant to the provisions\n\nof this act.\n\nH. Any bank, trust or insurance company organized under the\n\nlaws of Oklahoma may invest its capital, surplus and reserves in\n\nbonds issued under the provisions of this act.","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":"6597e221b19ae9b3ce584b75bada4a5fdffe30361bd405a82dad382309b4d60f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-828","next":"us-ok/okla.-stat.-tit.-62-62-830"},"notice":"GroundRules: Original legal text. Not legal advice."}