{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-1709","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-1709","heading":"Turnpike revenue bonds","body":"\n\nA. The Authority may provide by resolution, at one time or from\n\ntime to time, for the issuance of turnpike revenue bonds of the\n\nAuthority for the purpose of paying all or any part of the cost of\n\nany one or more turnpike projects. The Authority, when it finds\n\nthat it would be economical and beneficial to do so, may combine two\n\nor more, or any part thereof, or all of its proposed projects into\n\none unit and consider the same as one project to the same extent and\n\nwith like effect as if the same were a single project. The\n\nprincipal of and the interest on the bonds shall be payable solely\n\nfrom the funds provided for such payment. The bonds of each issue\n\nshall be dated, shall bear interest at such rate or rates not\n\nexceeding the limitations pertaining to public trust indebtedness\n\nfrom time to time expressed in subsection E of Section 176 of Title\n\n60 of the Oklahoma Statutes, shall mature at such time or times not\n\nexceeding forty (40) years from their date or dates, as may be\n\ndetermined by the Authority, and may be made redeemable before\n\nmaturity at the option of the Authority at such price or prices and\n\npursuant to such terms and conditions as may be fixed by the\n\nAuthority prior to the issuance of the bonds. The Authority shall\n\ndetermine the form of the bonds, including any interest coupons to\n\nbe attached thereto, and the manner of execution of the bonds, and\n\nshall fix the denomination or denominations of the bonds and the\n\nplace or places of payment of principal and interest, which may be\n\nat any bank or trust company within or without the state. If any\n\nofficer whose signature or facsimile of whose signature appears on\n\nany bonds or coupons shall cease to be said officer before the\n\ndelivery of the bonds, the signature or the facsimile shall\n\nnevertheless be valid and sufficient for all purposes the same as if\n\nthe person had remained in office until such delivery. All bonds\n\nissued pursuant to the provisions of this article shall have all the\n\nqualities and incidents of negotiable instruments subject to the\n\nnegotiable instruments law of this state. The bonds may be issued\n\nin coupon or in registered form, or both, as the Authority may\n\ndetermine, and provisions may be made for the registration of any\n\ncoupon bonds as to principal alone and also as to both principal and\n\ninterest, and for the reconversion into coupon bonds of any bonds\n\nregistered as to both principal and interest. The Authority may\n\nsell the bonds in such amounts and in such manner, either at public\n\nor private sale, and for such price, as it may determine to be in\n\nthe best interest of this state, but in no event at a discount in\n\nexcess of that from time to time expressed in said subsection E of\n\nSection 176 of Title 60 of the Oklahoma Statutes.\n\nB. The proceeds of the bonds of each issue shall be used solely\n\nfor the payment of the cost of the turnpike project for which such\n\nbonds have been issued, and shall be disbursed in such manner and\n\npursuant to such restrictions, if any, as the Authority may provide\n\nin the resolution authorizing the issuance of such bonds or in the\n\ntrust agreement securing the same. If the proceeds of the bonds of\n\nany issue, by error of estimates or otherwise, shall be less than\n\nsuch cost, additional bonds may in like manner be issued to provide\n\nthe amount of such deficit, and, unless otherwise provided for in\n\nthe resolution authorizing the issuance of such bonds or in the\n\ntrust agreement securing the same, shall be deemed to be of the same\n\nissue and shall be entitled to payment from the same fund without\n\npreference or priority of the bonds first issued. If the proceeds\n\nof the bonds of any issue shall exceed such cost, the surplus shall\n\nbe deposited to the credit of the sinking fund for such bonds, or\n\nshall be used by the Authority in implementing any other power\nust agreement securing the same, shall be deemed to be of the same\n\nissue and shall be entitled to payment from the same fund without\n\npreference or priority of the bonds first issued. If the proceeds\n\nof the bonds of any issue shall exceed such cost, the surplus shall\n\nbe deposited to the credit of the sinking fund for such bonds, or\n\nshall be used by the Authority in implementing any other power\n\nexpressly granted to the Authority in this article.\n\nC. Prior to the preparation of definitive bonds, the Authority,\n\nsubject to like restrictions, may issue interim receipts or\n\ntemporary bonds, with or without coupons, exchangeable for\n\ndefinitive bonds when such bonds have been executed and are\n\navailable for delivery. The Authority may also provide for the\n\nreplacement of any bonds which have become mutilated or were\n\ndestroyed or lost. Bonds may be issued pursuant to the provisions\n\nof this article without obtaining the consent of any department,\n\ndivision, commission, board, bureau, or agency of this state, and\n\nwithout any other proceedings or the occurrence of any other\n\nconditions or things than those proceedings, conditions, or things\n\nthat are specifically required by this article.\n\nD. The Authority is hereby authorized to provide that the\n\nbonds:\n\n1. Be made payable from time to time on demand or tender for\n\npurchase by the owner provided a credit facility supports such\n\nbonds, unless the Authority specifically determines that a credit\n\nfacility is not required;\n\n2. Be additionally supported by a credit facility;\n\n3. Be made subject to redemption prior to maturity, with or\n\nwithout premium, on such notice and at such time or times and with\n\nsuch redemption provisions as may be determined by the Authority or\n\nwith such variations as may be permitted in connection with a par\n\nformula;\n\n4. Bear interest at a rate or rates that may vary as permitted\n\npursuant to a par formula and for such period or periods of time,\n\nall as may be determined by the Authority; and\n\n5. Be made the subject of a remarketing agreement whereby an\n\nattempt is made to remarket the bonds to new purchasers prior to\n\ntheir presentment for payment to the provider of the credit facility\n\nor to the Authority.\n\nNo credit facility, repayment agreement, par formula or\n\nremarketing agreement shall become effective without the approval of\n\nthe Authority.\n\nE. As used in this section, the following terms shall have the\n\nfollowing meanings:\n\n1. \"Credit facility\" means an agreement entered into by the\n\nAuthority with any bank, savings and loan association or other\n\nbanking institution; an insurance company, reinsurance company,\n\nsurety company, or other insurance institution; a corporation,\n\ninvestment banker or other investment institution; or any other\n\nfinancial institution providing for prompt payment of all or any\n\npart of the principal, whether at maturity, presentment for\n\npurchase, redemption or acceleration, redemption premium, if any,\n\nand interest on any bonds payable on demand or tender by the owner\n\nissued in accordance with this section, in consideration of the\n\nAuthority's agreeing to repay the provider of such credit facility\n\nin accordance with the terms and provisions of such repayment\n\nagreement; provided, that any such repayment agreement shall provide\n\nthat the obligation of the Authority thereunder shall have only such\n\nsources of payment as are permitted for the payment of the bonds\n\nissued under this article; and\n\n2. \"Par formula\" means any provision or formula adopted by the\n\nAuthority to provide for the adjustment, from time to time, of the\n\ninterest rate or rates borne by any such bonds so that the purchase\n\nprice of such bonds in the open market would be as close to par as\n\npossible.\n\nF. Nothing in any law heretofore enacted or enacted at the\n\npresent session of the Legislature shall be deemed to limit or\n\nrestrict the right of the Authority to issue bonds or other\nAuthority to provide for the adjustment, from time to time, of the\n\ninterest rate or rates borne by any such bonds so that the purchase\n\nprice of such bonds in the open market would be as close to par as\n\npossible.\n\nF. Nothing in any law heretofore enacted or enacted at the\n\npresent session of the Legislature shall be deemed to limit or\n\nrestrict the right of the Authority to issue bonds or other\n\nobligations the interest income, in whole or in part, on which is\n\nsubject, directly or indirectly, to federal income taxation.\n\nG. The Authority may enter into transactions utilizing\n\nderivative products, and other financial products intended to hedge\n\ninterest rate risk, including any option to enter into or terminate\n\nany of them, that the Authority deems to be necessary or desirable\n\nin connection with any bonds issued prior to, at the same time as,\n\nor after entering into such arrangement and containing terms and\n\nprovisions, and may be with such parties, as determined by the\n\nAuthority. Provided, any action taken by the Authority pursuant to\n\nthis subsection must first be approved by the Oklahoma State Bond\n\nAdvisor and the Council of Bond Oversight pursuant to the provisions\n\nof the Oklahoma Bond Oversight and Reform Act.","path":["OK Code","Title 69"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os69.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5e1c377f313f4515e2bc5f2a0bea7204156bf7f3e908ce5e6b00a587d4d0fdd9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-1708","next":"us-ok/okla.-stat.-tit.-69-69-1710"},"notice":"GroundRules: Original legal text. Not legal advice."}