{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-2202","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-2202","heading":"Bonds","body":"For the purpose of paying all or part of the cost of acquisition\n\nof any such lands, rights-of-way, easements, licenses, and permits,\n\nand the construction, acquisition, equipment, and furnishing of any\n\nsuch building or buildings, or structure or structures, plants, or\n\nsystems, or of any additions, improvements, or extensions thereto,\n\nor any additions to existing buildings, the Board of Education of\n\nthe institution for which such buildings, structures, plants, or\n\nsystems (all of which lands, rights-of-way, easements, licenses, and\n\npermits, buildings, structures, plants, and systems constructed,\n\nacquired, added to, improved or extended hereunder as a single\n\nproject are hereafter referred to as \"the building\") are to be\n\nconstructed, acquired, added to, improved, extended, furnished, or\n\nequipped (which Board of Education or each of them is hereinafter\n\nreferred to as \"the Board\") is authorized to borrow money on the\n\ncredit of the income and revenues to be derived from the operation\n\nof the building and, in anticipation of the collection of such\n\nincome and revenues, to issue negotiable bonds in such amount as may\n\nin the opinion of the Board be necessary for such purposes, and is\n\nauthorized to provide for the payment of such bonds and the rights\n\nof the holders thereof as hereinafter provided. Such bonds may be\n\nissued in one or more series, may bear such date or dates, may\n\nmature at such time or times not exceeding forty (40) years from\n\ntheir date, may be in such denomination or denominations, may be in\n\nsuch form, either coupon or registered, may carry such registration\n\nand conversion privileges, may be executed in such manner, may be\n\npayable in such medium of payment at such place or places, may be\n\nsubject to such terms of redemption with or without premium, and may\n\nbear such rate or rates of interest, not exceeding five percent (5%)\n\nper annum, as may be provided by resolution or resolutions to be\n\nadopted by the Board. Such bonds may be sold in such manner and at\n\nsuch price or prices, not less than par plus accrued interest to\n\ndate of delivery, as may be considered by the Board to be advisable,\n\nbut interest costs to maturity for any bonds issued hereunder shall\n\nnot exceed five percent (5%) per annum, computed on the basis of\n\naverage maturities according to standard tables of bond values.\n\nSuch bonds shall have all of the qualities and incidents of\n\nnegotiable paper, and shall not be subject to taxation by the State\n\nof Oklahoma or by any county, municipality, or political subdivision\n\ntherein. The Board may in its discretion authorize one issue of\n\nbonds hereunder for the construction, acquisition, adding to,\n\nimproving, extending, furnishing, or equipping of more than one\n\nbuilding, as \"building\" is above defined, and may make one issue of\n\nbonds payable from the combined revenues of all buildings so\n\nconstructed, acquired, added to, improved, extended, furnished, or\n\nequipped, in whole or in part, with the proceeds thereof, and where\n\nbonds are so issued the words \"the building\" as herein used shall be\n\nconstrued to refer to all such buildings.\n\nIn the event any issue or series of bonds is issued under\n\nauthority of this act pursuant to a loan agreement or bond purchase\n\nagreement with any agency of the U.S. Government, then and in that\n\nevent, notwithstanding any other provision of law, the Board may in\n\nany resolution authorizing bonds hereunder provide for the initial\n\nissuance of one or more bonds (in this section called \"bond\")\n\naggregating the amount of the entire issue and make such provision\n\nfor installment payments of the principal amount of any such bond as\n\nit may consider desirable and may provide for the making of any such\n\nbond, payable to bearer or otherwise, registrable as to principal or\n\nas to both principal and interest, and, where interest accruing\n\nthereon is not represented by interest coupons, for the endorsing of\nthe amount of the entire issue and make such provision\n\nfor installment payments of the principal amount of any such bond as\n\nit may consider desirable and may provide for the making of any such\n\nbond, payable to bearer or otherwise, registrable as to principal or\n\nas to both principal and interest, and, where interest accruing\n\nthereon is not represented by interest coupons, for the endorsing of\n\npayments of interest on such bonds. The Board may further make\n\nprovision in any such resolution for the manner and circumstances in\n\nand under which any such bond may in the future, at the request of\n\nthe holder thereof, be converted into bonds of smaller\n\ndenominations, which bonds of smaller denominations may in turn be\n\neither coupon bonds or bonds registrable as to principal or\n\nprincipal and interest.\n\nIn addition to the above authority to borrow money on the credit\n\nof the income and revenues to be derived from the operation of said\n\nbuildings, the board may also so borrow on the income and revenue\n\nderived from any existing revenue-producing building or facility, or\n\nfacilities.\n\nThe Board may issue bonds hereunder for the purpose of refunding\n\nany obligations of the Board payable from the revenues of any\n\nbuilding, as \"building\" is hereinabove defined, or may authorize and\n\ndeliver a single issue of bonds hereunder for the purpose in part of\n\nrefunding obligations of the Board payable from the revenues derived\n\nfrom any building or buildings and in part for making of additions,\n\nimprovements, and extensions to such building or buildings, or the\n\nconstruction or acquisition of additional buildings, and the\n\nfurnishing and equipping of such buildings or additions. Where\n\nbonds are issued under this paragraph solely for refunding purposes,\n\nsuch bonds may either be sold as above provided or delivered in\n\nexchange for the outstanding obligations. If sold, the proceeds may\n\nbe either applied to the payment of the obligations refunded or\n\ndeposited in escrow for the retirement thereof. Nothing herein\n\ncontained shall be construed to authorize the refunding of any\n\noutstanding obligations which are not either maturing, callable for\n\nredemption under their terms, or voluntarily surrendered by their\n\nholder for cancellation, unless the Board covenants that sufficient\n\nfunds to pay all remaining interest and principal payments of the\n\noutstanding obligations when due will be placed in escrow for such\n\npurpose in the State Treasury at the time of delivery of and payment\n\nfor the new bonds issued hereunder. All bonds issued under this\n\nparagraph shall in all respects be authorized, issued, and secured\n\nin the manner provided for other bonds issued under this act, and\n\nshall have all of the attributes of such bonds. The Board may\n\nprovide that any such refunding bonds shall have the same priority\n\nof lien on the revenues pledged for their payment as was enjoyed by\n\nthe obligation refunded thereby.\n\nAll proceedings heretofore adopted by said Board of Education\n\nfor the issuance of revenue bonds on a parity as to payment with\n\nother existing revenue bonds and/or which provide for the pledging\n\nof revenues from the building to be constructed, improved, and\n\nfurnished from the proceeds of revenue bonds and income and revenue\n\nderived from any existing revenue-producing building or facility, or\n\nfacilities, and the bonds issued pursuant thereto are hereby\n\nvalidated, ratified, and confirmed, and such revenue bonds\n\nconstitute valid and binding obligations in accordance with the\n\nterms of such proceedings, provided, however, that said proceedings\n\nwere not in contravention of this act.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"81b9e020618c63af7b8a27afd6c0f790abd2ce8c3e95c0fa4aec76f5c039650f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-2201","next":"us-ok/okla.-stat.-tit.-70-70-2203"},"notice":"GroundRules: Original legal text. Not legal advice."}