{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-23-109","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-23-109","heading":"Authority may issue revenue bonds","body":"The Authority may provide by resolution, at one time or from\n\ntime to time, for the issuance of revenue bonds of the Authority for\n\nthe purpose of paying all or any of the cost of any one or more\n\nprojects, but each project shall be covered by a separate resolution\n\nand separate bond issue or issues. Provided, each such resolution\n\nmust receive legislative approval prior to actual issuance of said\n\nrevenue bonds. The principal of and the interest on such bonds\n\nshall be payable solely from the funds herein provided for such\n\npayment. The bonds of each issue shall be dated, shall bear\n\ninterest at a rate not to exceed ten percent (10%), and shall mature\n\nin annual installments at such time or times not exceeding the\n\nmaximum time permitted by the Constitution of the State of Oklahoma,\n\nbut in any event not more than forty (40) years after their date as\n\nmay be determined by the Authority. The Authority may cause the\n\nbonds or any installment thereof to be made redeemable before\n\nmaturity, at the option of the Authority, at such price or prices,\n\nand under such terms and conditions as may be fixed by the Authority\n\nprior to the issuance of the bonds. The Authority shall determine\n\nthe form of the bonds, including any interest coupons to be attached\n\nthereto, and shall fix the denomination or denominations of the\n\nbonds and the place or places of payment of principal and interest,\n\nwhich may be at any bank or trust company within or without the\n\nstate. The bonds shall be signed by the chairman of the Authority,\n\nand the official seal of the Authority shall be affixed thereto and\n\nattested by the secretary-treasurer of the Authority, and any\n\ncoupons attached thereto shall bear the facsimile signature of the\n\nchairman of the Authority. In case any officer whose signature or a\n\nfacsimile of whose signature shall appear on any bonds or coupons\n\nshall cease to be such officer before the delivery of such bonds,\n\nsuch signature or such facsimile shall nevertheless be valid and\n\nsufficient for all purposes the same as if he had remained in office\n\nuntil such delivery. All bonds issued under the provisions of this\n\narticle shall have and are hereby declared to have all the qualities\n\nand incidents of negotiable instruments under the negotiable\n\ninstruments law of the state. The bonds may be issued in coupon or\n\nin registered form or both, as the Authority may determine, and\n\nprovisions may be made for the registration of any coupon bonds as\n\nto principal and interest. The Authority shall sell such bonds at\n\npublic sale. Notice of the sale shall be published in a Thursday\n\nissue for two (2) successive weeks in a daily newspaper of general\n\ncirculation in the State of Oklahoma. The date mentioned in the\n\nnotice for the sale of the bonds shall not be less than ten (10)\n\ndays after the first publication thereof. All bonds shall be sold\n\nto the bidder who will bid therefor par and accrued interest, and\n\nwho shall stipulate in his bid the lowest rate of interest which\n\nsuch bonds shall bear. It is the intent of this article that the\n\nbonds shall be awarded to the bidder bidding rate or rates of\n\ninterest which will be the lowest interest cost during the life of\n\nthe bonds. Any premium bid shall not be considered in figuring such\n\ninterest cost but shall be considered only in case two or more\n\nbidders bid the same interest cost. Upon the acceptance of such\n\nbid, the bonds shall be issued in accordance therewith and shall be\n\ndelivered to the purchaser upon payment of the purchase price. Each\n\nbidder shall submit with his bid such sum in cash or its equivalent\n\nas may be determined by the Authority, and upon the acceptance of\n\nany bid such deposit shall become the property of the Authority and\n\nshall be credited on the purchase price of the bonds, upon the\n\nunderstanding that if the purchaser shall fail five (5) days after\n\nthe tender of bonds to pay the balance of the purchase price, said\nder shall submit with his bid such sum in cash or its equivalent\n\nas may be determined by the Authority, and upon the acceptance of\n\nany bid such deposit shall become the property of the Authority and\n\nshall be credited on the purchase price of the bonds, upon the\n\nunderstanding that if the purchaser shall fail five (5) days after\n\nthe tender of bonds to pay the balance of the purchase price, said\n\nsale shall be thereby annulled and said deposit shall be in such\n\nevent retained by the Authority and credited to the account for\n\nwhich such bonds are being issued and shall be used accordingly. All\n\nother deposits shall be returned. The Authority shall have the\n\nright to reject all bids and readvertise the bonds for sale. The\n\nbonds need not be issued and sold in series. In no event shall the\n\nbonds be sold at a price so low as to require the payment of\n\ninterest on the money received therefor at more than ten percent\n\n(10%), computed with relation to the absolute maturity of the bonds\n\nin accordance with the standard tables of bond values, excluding,\n\nhowever, from such computation the amount of any premium to be paid\n\non the redemption of any bonds prior to maturity.\n\nThe proceeds of the bonds of each issue shall be used solely for\n\nthe payment of the cost of the project, for which such bonds shall\n\nhave been issued, and shall be disbursed in such manner, and under\n\nsuch restrictions, if any, as the Authority may provide in the\n\nresolution authorizing the issuance of such bonds or in the trust\n\nagreement hereinafter mentioned securing the same. If the proceeds\n\nof the bonds of any issue, by error of estimates or otherwise, shall\n\nbe less than such cost, additional bonds may in like manner be\n\nissued to provide the amount of such deficit, and, unless otherwise\n\nprovided in the resolution authorizing the issuance of such bonds or\n\nin the trust agreement securing the same, shall be deemed to be of\n\nthe same issue and shall be entitled to payment from the same fund\n\nwithout preference or priority of the bonds first issued. If the\n\nproceeds of the bonds of any issue shall exceed such cost, the\n\nsurplus shall be deposited to the credit of the sinking fund for\n\nsuch bonds.\n\nPrior to the preparation of definitive bonds, the Authority may,\n\nunder like restrictions, issue interim receipts or temporary bonds,\n\nwith or without coupons, exchangeable for definitive bonds when such\n\nbonds shall have been executed and are available for delivery. The\n\nAuthority may also provide for the replacement of any bonds which\n\nshall become mutilated or shall be destroyed or lost. Bonds may be\n\nissued under provisions of this article without obtaining the\n\nconsent of any department, division, commission, board, bureau or\n\nagency of the state except legislative approval as required herein,\n\nand without any other proceedings or the happening of any other\n\nconditions or things than those proceedings, conditions, or things\n\nwhich are specifically required by this article.","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":"96ffcdb496e500b09f49dbc5dd8a03164873221040c404f30276b45babf78261","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-23-108","next":"us-ok/okla.-stat.-tit.-70-70-23-110"},"notice":"GroundRules: Original legal text. Not legal advice."}