{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-821.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-821.3","heading":"Revenue bonds - Powers of districts - Provisions - Lien","body":"and charge on income - Restrictions on additional bonds - Approval.\n\n(a) To provide for the acquisition or construction of such\n\nstadia, sport arenas or other recreational facilities thereto and/or\n\nadditions to existing stadia, sport arenas or other recreational\n\nfacilities, including land and equipment therefor, the governing\n\nbody of any such independent school district is authorized to issue\n\nnegotiable revenue bonds of the independent school district secured\n\nby a pledge of, and payable from, the net revenues of any one or\n\nmore of such stadia, sport arenas or other recreational facilities,\n\ntogether with all future extensions or additions therefor or\n\nreplacements thereof. If bonds are issued solely for acquirement or\n\nconstruction of additions to existing stadia, sport arenas or other\n\nrecreational facilities, then such bonds may be payable from the net\n\nrevenue of the entire project, including the original existing\n\nstadia, sport arenas or other existing recreational facilities, and\n\nadditions thereto, together with all future extensions and additions\n\nthereto or replacements thereof. Within the discretion of the\n\ngoverning body of any such independent school district such bonds\n\nmay be secured further by a trust indenture on such stadia, sport\n\narenas or other recreational facilities. Whenever such governing\n\nbody shall execute any character of trust agreement imposing duties\n\non a corporate trustee in reference to the payment of the bonds or\n\nenforcement of any rights under the bonds, for convenience such\n\ninstrument may be and in this act is sometimes referred to as the\n\n\"Indenture\". Any such independent school district is authorized to\n\nissue a separate and independent series of revenue bonds to provide\n\nfor the acquirement or construction of each stadium, sport arena or\n\nother recreational facility or additions thereto, or additions to\n\nexisting stadia, sport arenas or recreational facilities, including\n\nland and equipment therefor, or in the discretion of the governing\n\nbody of the independent school district a single series of bonds may\n\nbe issued to provide for the acquirement or construction of two or\n\nmore stadia, sport arenas or other recreational facilities and/or\n\nadditions referred to, including land and equipment therefor. No\n\nelection shall be required for the issuance of said bonds.\n\nNegotiable revenue bonds may also be issued by the governing\n\nbody of any such independent school district for the purpose of\n\nrefunding bonds issued under this section, which may be secured in\n\nthe manner herein provided for original bonds. No election shall be\n\nhad for the issuance of such refunding bonds.\n\n(b). The revenue bonds hereby authorized shall contain\n\nsubstantially the following provisions:\n\n\"The holder hereof shall never have the right to demand payment\n\nof this obligation out of any funds raised or to be raised by\n\ntaxation.\" No such bonds shall ever be a liability or debt of such\n\nindependent school district but solely a charge upon the pledged\n\nrevenues.\nuance of such refunding bonds.\n\n(b). The revenue bonds hereby authorized shall contain\n\nsubstantially the following provisions:\n\n\"The holder hereof shall never have the right to demand payment\n\nof this obligation out of any funds raised or to be raised by\n\ntaxation.\" No such bonds shall ever be a liability or debt of such\n\nindependent school district but solely a charge upon the pledged\n\nrevenues.\n\n(c). The expense of operation and maintenance of any such\n\nstadium, sport arena or other recreational facility shall always be\n\na first lien and charge against the income thereof. So long as any\n\nof said bonds or any interest thereon remain outstanding, the\n\nindependent school district shall charge or require the payment of\n\nfees, rent, tolls, and other revenue for the use of the facilities\n\nof any such stadium, sport arena or other recreational facility\n\nwhich shall be equal and uniform within classes defined by the\n\ngoverning body of such independent school district and which shall\n\nbe at least sufficient to pay expenses of operation and maintenance\n\nand to pay the principal of and interest on the outstanding bonds as\n\nsuch principal matures and as such interest accrues, and to\n\nestablish and maintain such reserve or reserves, if any, as may be\n\nprescribed in the resolution authorizing the bonds or in the\n\nIndenture.\n\n(d). So long as any such revenue bonds are outstanding, no\n\nadditional bonds of equal dignity shall be issued against the\n\npledged revenues or the pledged revenues and properties, except to\n\nthe extent and in the manner expressly permitted in the resolution\n\nwhich authorized such outstanding revenue bonds, or the Indenture.\n\n(e). Such bonds, and proceedings incident to their issuance\n\nshall be submitted to and approved by the Attorney General of\n\nOklahoma, in the manner and with the effect provided in Title 62,\n\nOklahoma Statutes 1951, Sections 11, 13 and 14.","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":"f6b4c1d9931a668b8f401eefd48cc9d159e8995bf45f7df6b654841085e6bb2e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-821.2","next":"us-ok/okla.-stat.-tit.-70-70-821.4"},"notice":"GroundRules: Original legal text. Not legal advice."}