{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-4010","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-4010","heading":"Borrowing money and issuing notes in anticipation of bond","body":"issue.\n\nWhenever the board shall have adopted a resolution authorizing\n\nthe issuance of any series of bonds hereunder and said bonds have\n\nbeen sold but prior to the time as of which the bonds can be\n\ndelivered the board finds it necessary to borrow money for the\n\npurpose for which the bonds were authorized, the board may, by\n\nappropriate resolutions, authorize the borrowing of money in\n\nanticipation of the issuance of the bonds, and the issuance of the\n\nnote or notes of the board to evidence such borrowing. The amount\n\nso borrowed shall not exceed the principal amount of the bonds and\n\nshall not bear interest at a rate exceeding the average interest\n\nrate of the bonds. Such note or notes shall be signed in the manner\n\nprescribed by the board and shall be made payable at such time or\n\ntimes as the board may prescribe not later than one (1) year from\n\ntheir respective dates and may be renewed from time to time by the\n\nissuance of new notes hereunder. The proceeds of any loan made\n\nunder this section shall be devoted exclusively to the purposes for\n\nwhich the bonds shall have been authorized and the note or notes and\n\nthe interest thereon shall be paid with the proceeds of the bonds\n\nsimultaneously with the delivery of the bonds. If for any reason\n\nthe bonds shall not be issued, the holder or holders of the notes\n\nshall be entitled to all rights which would have been enjoyed by the\n\nholders of the bonds had they been issued, and the notes shall be\n\npaid from the revenues provided for the payment of the bonds and\n\nshall be entitled to the benefit of all covenants, agreements and\n\nrights appearing in the resolution authorizing the bonds for the\n\nbenefit of the bonds.","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":"57353d4e13a493785383914bc133630cb891eda5763e84995c801084690ac620","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-4009","next":"us-ok/okla.-stat.-tit.-70-70-4011"},"notice":"GroundRules: Original legal text. Not legal advice."}