{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-2203","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-2203","heading":"Bonds as special obligations - Covenants","body":"The bonds issued hereunder shall not be an indebtedness of the\n\nState of Oklahoma or of the institution for which they are issued or\n\nof the Board of Education thereof, but shall be special obligations\n\npayable solely from the revenues to be derived from the operation of\n\nthe building, and the Board is authorized and directed to pledge all\n\nor any part of such revenues to the payment of principal of and\n\ninterest on the bonds. In order to secure the prompt payment of\n\nsuch principal and interest and the proper application of the\n\nrevenues pledged thereto, the Board is authorized by appropriate\n\nprovisions in the resolution or resolutions authorizing the bonds:\n\n(a) to covenant as to the use and disposition of the proceeds of\n\nthe sale of such bonds;\n\n(b) to covenant as to the operation of the building and the\n\ncollection and disposition of the revenues derived from such\n\noperation;\n\n(c) to covenant as to the rights, liabilities, powers, and\n\nduties arising from the breach of any covenant or agreement into\n\nwhich it may enter in authorizing and issuing the bonds;\n\n(d) to covenant and agree to carry such insurance on the\n\nbuilding and the use and occupancy thereof as may be considered\n\ndesirable and, in its discretion, to provide that the cost of such\n\ninsurance shall be considered a part of the expense of operating the\n\nbuilding;\n\n(e) to vest in a trustee or trustees the right to receive all or\n\nany part of the income and revenues pledged and assigned to or for\n\nthe benefit of the holder or holders of bonds issued hereunder and\n\nto hold, apply, and dispose of the same, and the right to enforce\n\nany covenant made to secure the bonds and to execute and deliver a\n\ntrust agreement or agreements which may set forth the powers and\n\nduties and the remedies available to such trustee or trustees and\n\nmay limit the liabilities thereof and prescribe the terms and\n\nconditions upon which such trustee or trustees or the holder or\n\nholders of the bonds in any specified amount or percentage may\n\nexercise such rights and enforce any or all such covenants and\n\nresort to such remedies as may be appropriate;\n\n(f) to fix rents, charges, and fees to be imposed in connection\n\nwith and for the use of the building and the facilities supplied\n\nthereby, which rents, charges, and fees shall be considered to be\n\nincome and revenues derived from the operation of the building, and\n\nare hereby expressly required to be fully sufficient to assure the\n\nprompt payment of principal and interest on the bonds as each\n\nbecomes due, and to make and enforce such rules and regulations with\n\nreference to the use of the building and with reference to requiring\n\nany class or classes of students to use the building as it may deem\n\ndesirable for the welfare of the institution and its students or for\n\nthe accomplishment of the purposes of this act;\n\n(g) to covenant to maintain a maximum percentage of occupancy of\n\nthe building;\n\n(h) to covenant against the issuance of any other obligations\n\npayable from the revenues to be derived from the building; and\n\n(i) to make covenants other than and in addition to those herein\n\nexpressly mentioned of such character as may be considered necessary\n\nor advisable to effect the purposes of this act.\n\nAll such agreements and covenants entered into by the Board\n\nshall be binding in all respects upon the Board and its officials,\n\nagents, and employees, and upon its successors, and all such\n\nagreements and covenants shall be enforceable by appropriate action\n\nor suit at law or in equity, which may be brought by any holder or\n\nholders of bonds issued hereunder.","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":"7b4a4e078c7f04c00e99af3e3759d3fc41e70f004e1d3a9927bc0b435e119a7b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-2202","next":"us-ok/okla.-stat.-tit.-70-70-2204"},"notice":"GroundRules: Original legal text. Not legal advice."}