{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-1710","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-1710","heading":"Securing bonds by trust agreement","body":"\n\nIn the discretion of the Authority any bonds issued under the\n\nprovisions of this article may be secured by a trust agreement by\n\nand between the Authority and a corporate trustee, which may be any\n\ntrust company or bank having the powers of a trust company within or\n\nwithout the state. Such trust agreement may pledge or assign the\n\ntolls and other revenues to be received from the project constructed\n\nby the use of the proceeds of the bonds, but shall not convey or\n\nmortgage any turnpike project or any part thereof. Such trust\n\nagreement or resolution providing for the issuance of such bonds may\n\ncontain such provisions for protecting and enforcing the rights and\n\nremedies of the bondholders as may be reasonable and proper and not\n\nin violation of law, including convenants setting forth the duties\n\nof the Authority in relation to the acquisition of property and the\n\nconstruction, improvement, maintenance, repair, operation and\n\ninsurance of the turnpike project in connection with which such\n\nbonds shall have been authorized, and the custody, safeguarding and\n\napplication of all monies, and provisions for the employment of\n\nconsulting engineers in connection with the construction or\n\noperation of such turnpike project or projects. It shall be lawful\n\nfor any bank or trust company incorporated under the laws of the\n\nstate which may act as depository of the proceeds of bonds or of\n\nrevenues to furnish such indemnifying bonds or to pledge such\n\nsecurities as may be required by the Authority. Any such trust\n\nagreement may set forth the rights and remedies of the bondholders\n\nand of the trustee, and may restrict the individual right of action\n\nby bondholders as is customary in trust agreements or trust\n\nindentures securing bonds and debentures of corporations. In\n\naddition to the foregoing any such trust agreement may contain such\n\nother provisions as the Authority may deem reasonable and proper for\n\nthe security of the bondholders. All expenses incurred in carrying\n\nout the provisions of such trust agreement may be treated as a part\n\nof the cost of the operation of the turnpike project or projects.","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":"d268c3872c309b6eb91bff2be87cc415f322dc3c028ddc977f6824ef3da6a735","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-1709","next":"us-ok/okla.-stat.-tit.-69-69-1711"},"notice":"GroundRules: Original legal text. Not legal advice."}