{"data":{"id":"us-ok/okla.-stat.-tit.-63-63-1070","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 63, § 63-1070","heading":"Provisions of bonds and trust indentures","body":"In connection with the issuance of bonds or the incurring of\n\nobligations under leases and in order to secure the payment of such\n\nbonds or obligations, an authority, in addition to its other powers,\n\nshall have power:\n\n(a) to pledge all or any part of its gross or net rents, fees or\n\nrevenues to which its right then exists or may thereafter come into\n\nexistence.\n\n(b) to covenant against pledging all or any part of its rents,\n\nfees and revenues, or against permitting or suffering any lien on\n\nsuch revenues or property; to covenant with respect to limitations\n\non its right to sell, lease or otherwise dispose of any housing\n\nproject or any part thereof; and to covenant as to what other or\n\nadditional debts or obligations may be incurred by it.\n\n(c) to covenant as to the bonds to be issued and as to the\n\nissuance of such bonds in escrow or otherwise, and as to the use and\n\ndisposition of the proceeds thereof; to provide for the replacement\n\nof lost, destroyed, or mutilated bonds; to covenant against\n\nextending the time for the payment of its bonds or interest thereon;\n\nand to covenant for the redemption of the bonds and to provide the\n\nterms and conditions thereof.\n\n(d) to covenant, subject to the limitations contained in this\n\nact, as to the rents and fees to be charged in the operation of a\n\nhousing project or projects, the amount to be raised each year or\n\nother period of time by rents, fees, and other revenues, and as to\n\nthe use and disposition to be made thereof; to create or to\n\nauthorize the creation of special funds for monies held for\n\nconstruction or operating costs, debt service, reserves, or other\n\npurposes, and to covenant as to the use and disposition of the\n\nmonies held in such funds.\n\n(e) to prescribe the procedure, if any, by which the terms of\n\nany contract with bondholders may be amended or abrogated, the\n\nproportion of outstanding bonds the holders of which must consent to\n\nsuch action, and the manner in which such consent may be given.\n\n(f) to covenant as to the use, maintenance, and replacement of\n\nany or all of its real or personal property, the insurance to be\n\ncarried thereon and the use and disposition of insurance monies.\n\n(g) to covenant as to the rights, liabilities, powers and duties\n\narising upon the breach by it of any covenant, condition, or\n\nobligations; and to covenant and prescribe as to events of default\n\nand terms and conditions upon which any or all of its bonds or\n\nobligations shall become or may be declared due before maturity, and\n\nas to the terms and conditions upon which such declaration and its\n\nconsequences may be waived.\n\n(h) to vest in any obligee of the authority or any specified\n\nproportion of them the right to enforce the payment of the bonds or\n\nany covenants securing or relating to the bonds; to vest in such\n\nobligees the right, in the event of a default by said authority, to\n\ntake possession of and use, operate and manage any project or any\n\npart thereof or any funds connected therewith, and to collect the\n\nrents and revenues arising therefrom and to dispose of such monies\n\nin accordance with the agreement of the authority with such\n\nobligees; to provide for the powers and duties of such obligees and\n\nto limit the liabilities thereof; and to provide the terms and\n\nconditions upon which such obligees may enforce any covenant or\n\nrights securing or relating to the bonds.\n\n(i) to exercise all or any part or combination of the powers\n\nherein granted; to make such covenants, other than and in addition\n\nto the covenants herein expressly authorized, and to do any and all\n\nsuch acts and things as may be necessary or convenient or desirable\n\nin order to secure its bonds, or, in the absolute discretion of said\n\nauthority, as will tend to make the bonds more marketable\n\nnotwithstanding that such covenants, acts or things may not be\n\nenumerated herein.","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":"d24df3889d9857bdd1b3450558e6e6324ac898705fb819d724359c6a21176a46","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-63-63-1069","next":"us-ok/okla.-stat.-tit.-63-63-1071"},"notice":"GroundRules: Original legal text. Not legal advice."}