{"data":{"id":"us-ok/okla.-stat.-tit.-63-63-1068","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 63, § 63-1068","heading":"Bonds","body":"An authority shall have power to issue bonds from time to time,\n\nin its discretion, for any of its corporate purposes. It shall also\n\nhave power to issue refunding bonds for the purpose of paying or\n\nretiring bonds previously issued by it. An authority may issue such\n\ntypes of bonds as it may determine, including, without limiting the\n\ngenerality of the foregoing, bonds on which the principal and\n\ninterest are payable:\n\n(a) exclusively from the income and revenues of the project\n\nfinanced with the proceeds of such bonds;\n\n(b) exclusively from the income and revenues of certain\n\ndesignated projects whether or not they are financed in whole or in\n\npart with the proceeds of such bonds; or\n\n(c) from its revenues generally.\n\nAny such bonds may be additionally secured by a pledge of any loan,\n\ngrant, or contributions, or parts thereof, from the federal\n\ngovernment or other source, or a pledge of any income or revenues of\n\nthe authority.\n\nNeither the members of an authority nor any person executing the\n\nbonds shall be liable personally on the bonds by reason of the\n\nissuance thereof. The bonds and other obligations of an authority,\n\nand such bonds and obligations shall so state on their face, shall\n\nnot be a debt of the city or county, or of the state or any\n\npolitical subdivision thereof, and neither the city or county nor\n\nthe state or any political subdivision thereof shall be liable\n\nthereon, and in no event shall such bonds or obligations be payable\n\nout of any funds or properties other than those of the authority.\n\nThe bonds shall not constitute an indebtedness within the meaning of\n\nany constitutional or statutory debt limitation or restriction.\n\nBonds of an authority are declared to be issued for an essential\n\npublic and governmental purpose and to be public instrumentalities\n\nand, together with interest thereon and income therefrom, shall be\n\nexempt from taxes. The provisions of this act exempting from\n\ntaxation the properties of an authority and its bonds and interest\n\nthereon and income therefrom shall be considered part of the\n\ncontract for the security of the bonds and shall have the force of\n\ncontract, by virtue of this act and without the necessity of the\n\nsame being restated in said bonds, between the bondholders and each\n\nand every one thereof, including all transferees of said bonds from\n\ntime to time on the one hand and an authority and the state on the\n\nother.","path":["OK Code","Title 63"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os63.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"74ec6d40abef4f9b9209403811e134e5c8b96e07b16f9e1441c0b413744a33a3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-63-63-1067","next":"us-ok/okla.-stat.-tit.-63-63-1069"},"notice":"GroundRules: Original legal text. Not legal advice."}