{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-23-112","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-23-112","heading":"Trust agreements","body":"In 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\nrevenues to be received from the project constructed by the use of\n\nthe proceeds of the bonds, but shall not convey or mortgage any\n\nproject or part thereof. Such trust agreement or resolution\n\nproviding for the issuance of such bonds may contain such provisions\n\nfor protecting and enforcing the rights and remedies of the\n\nbondholders as may be reasonable and proper and not in violation of\n\nlaw, including covenants setting forth the duties of the Authority\n\nin relation to the acquisition of property and the construction,\n\nimprovement, maintenance, repair, operation and insurance of the\n\nproject in connection with which such bonds shall have been\n\nauthorized, and the custody, safeguarding and application of all\n\nmonies, and provisions for the employment of consultants or\n\noperation of such project or projects. It shall be lawful for any\n\nbank or trust company incorporated under the laws of the state which\n\nmay act as depository of the proceeds of bonds or of revenues to\n\nfurnish such indemnifying bonds or to pledge such securities as may\n\nbe required by the Authority. Any such trust agreement may set\n\nforth the rights and remedies of the bondholders and of the trustee,\n\nand may restrict the individual right of action by bondholders as is\n\ncustomary in trust agreements or trust indentures securing bonds and\n\ndebentures of corporations. In addition to the foregoing any such\n\ntrust agreement may contain such other provisions as the Authority\n\nmay deem reasonable and proper for the security of the bondholders.\n\nAll expenses incurred in carrying out the provisions of such trust\n\nagreement may be treated as part of the cost of the operation of the\n\nproject or projects.","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":"b064f1dc3fb12b7a7c07b552eee4db622cb6ef97aa0f0295e89c33ac0f6d2c7b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-23-111","next":"us-ok/okla.-stat.-tit.-70-70-23-113"},"notice":"GroundRules: Original legal text. Not legal advice."}