{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-821.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-821.4","heading":"Fees and charges - Maturity and interest - Redemption -","body":"Negotiability - Registration - Proceeds - Recitals - Exemption from\n\ntaxation - Corporate trustee - Rights of bondholders - Depository.\n\nThe provisions set forth in this section shall be applicable to\n\nall bonds issued under authority of this act.\n\n(a). It shall be the mandatory duty of the governing body of\n\nany independent school district to fix such fees, tolls, rent and\n\nother charges for use of the facilities of any such stadium, sport\n\narena or other recreational facility and for additions thereto and\n\nfor additions to existing stadium, sport arena or other recreational\n\nfacility, in this act sometimes referred to as the \"Project,\" as\n\nwill yield revenues fully sufficient to operate and maintain such\n\nProject, pay the principal of and interest on the bonds when due,\n\nand to establish and maintain such reserve as may be prescribed in\n\nthe resolution authorizing the bonds or in the Indenture securing\n\nthem.\n\n(b). The bonds shall mature serially or otherwise at such time\n\nor times, and shall bear interest at such rate or rates, as shall be\n\nprescribed in the resolution authorizing the bonds or in the\n\nIndenture securing them; provided that the sale of the bonds shall\n\nbe for cash at not less than par and accrued interest and shall be\n\nsold after competitive bidding to produce the maximum sale price at\n\nthe lowest possible interest rate. The interest cost shall not\n\nexceed four percent (4%) per annum, computed on average maturities\n\naccording to Standard Tables of Bond Values.\n\n(c). The resolution authorizing, or the Indenture securing the\n\nbonds, shall prescribe the rights, if any, which the independent\n\nschool district may have to redeem all or any part of said bonds\n\nprior to maturity, and the conditions under which and the prices not\n\nin excess of par and accrued interest at which they may be\n\nredeemable and the rights of the independent school district to\n\nredeem the bonds prior to scheduled maturity dates shall be limited\n\nto such provisions.\n\n(d). All bonds issued hereunder shall have and are hereby\n\ndeclared to have all of the qualifications and incidents of\n\nnegotiable instruments.\n\n(e). The resolution authorizing, or the Indenture accruing any\n\nsuch bonds, may contain provisions that the bonds shall be\n\nregisterable as to principal or as to both principal and interest.\n\n(f). The proceeds of the bonds shall be used solely to pay the\n\ncost of the Project. There may be included in the cost of the\n\nProject for which bonds are to be issued reasonable allowance for\n\nlegal and engineering services, interest during construction and for\n\nsix (6) months after estimated date of completion of construction.\n\nSuch proceeds shall be disbursed under such restrictions as may be\n\nprovided in the bond resolution or Indenture, and there shall be and\n\nthere is hereby created and granted a lien upon such monies, until\n\nso applied, in favor of the holders of the bonds or of any trustee\n\nprovided for in respect to such bonds. If so provided in such\n\nresolution or Indenture in the event that proceeds of the bonds\n\nprove insufficient to pay the cost of the project additional bonds\n\nmay be issued to the amount of the deficit and shall be deemed to be\n\nof the same issue and entitled to payment from the same fund without\n\npreference or priority of the bonds first issued. Any surplus\n\nremaining from bond proceeds after the cost of the project has been\n\npaid in full shall be used in retiring bonds.\n\n(g). The resolution authorizing the bonds may provide that such\n\nbonds shall contain a recital that they are issued pursuant to this\n\nact.\n\n(h). Any bond issued pursuant to the provisions of this act\n\nshall be exempt from taxation by the State of Oklahoma or by any\n\ncounty or municipal corporation, or other political subdivision\n\ntherein.\nct has been\n\npaid in full shall be used in retiring bonds.\n\n(g). The resolution authorizing the bonds may provide that such\n\nbonds shall contain a recital that they are issued pursuant to this\n\nact.\n\n(h). Any bond issued pursuant to the provisions of this act\n\nshall be exempt from taxation by the State of Oklahoma or by any\n\ncounty or municipal corporation, or other political subdivision\n\ntherein.\n\n(i). If so provided in the resolution authorizing the bonds the\n\nIndenture may be executed by and between such independent school\n\ndistrict and a corporate trustee, which may be any trust company or\n\nbank within or outside of the State of Oklahoma, having powers of a\n\ntrust company.\n\n(j). Either the resolution providing for the issuance of the\n\nbonds or such Indenture may contain such provisions for protecting\n\nor enforcing the rights of remedies of the bondholders as may be\n\nreasonable or proper and not in violation of law, including\n\ncovenants setting forth the duties of the independent school\n\ndistrict in relationship to the acquisition of properties and the\n\nconstruction, maintenance, operation or repair and insurance of the\n\nproject and the custody, safeguarding and application of all monies\n\nreceived from the sale of the bonds and from the operation of the\n\nProjects.\n\n(k). It shall be lawful for any bank or trust company in this\n\nstate to act as depository for the proceeds of bonds or revenues\n\nderived from the operation of the Project and to furnish such\n\nindemnity bonds or to pledge such securities as may be required by\n\nthe independent school district. Such Indenture or resolution may\n\nset forth the rights and remedies of the bondholders and of the\n\ntrustee and may restrict the individual rights of action of the\n\nbondholders. In addition such bond resolution or Indenture may\n\ncontain such other provisions as the governing body of such\n\nindependent school district may deem reasonable and proper for the\n\nsecurity of the bondholders including, but without limitation,\n\ncovenants prescribing all happenings, or occurrences which\n\nconstitute events of default and the terms and conditions upon which\n\nall or any of the bonds shall become or may be declared to be due\n\nbefore maturity, and as to the rights, liabilities, powers and\n\nduties arising from the breach by the independent school district of\n\nany of its duties or obligations.\n\n(l). That any holder or holders of bonds issued hereunder,\n\nincluding a trustee or trustees for such holders, shall have the\n\nright in addition to all other rights by mandamus or other\n\nproceedings in any Court of competent jurisdiction to enforce his or\n\ntheir rights against the independent school district and its\n\nemployees and against any Board of trustees which may be created to\n\noperate the Project, the agents and employees thereof, or any lessee\n\nof any such Project, including, but not limited to, the right to\n\nrequire the independent school district and such board to impose and\n\ncollect sufficient income, tolls, fees, rents, charges and other\n\nrevenues to carry out the agreements contained in the bond\n\nresolution or Indenture and to perform all agreements and covenants\n\ntherein contained and duties arising therefrom, and in the event of\n\ndefault as defined in the resolution authorizing the bonds or in the\n\nIndenture, to apply for and obtain the appointment of a receiver for\n\nany properties involved. If such receiver be appointed, he may\n\nenter and take possession of the project and until the independent\n\nschool district may no longer be in default or until relieved by the\n\nCourt retain possession of the properties involved, and collect and\n\nreceive all revenues and tolls arising therefrom in the same manner\n\nas the independent school district itself might do and shall dispose\n\nof such monies and apply same in accordance with the obligations of\n\nthe independent school district under the bond or resolution or\ntrict may no longer be in default or until relieved by the\n\nCourt retain possession of the properties involved, and collect and\n\nreceive all revenues and tolls arising therefrom in the same manner\n\nas the independent school district itself might do and shall dispose\n\nof such monies and apply same in accordance with the obligations of\n\nthe independent school district under the bond or resolution or\n\nIndenture and as the court may direct. Nothing in this act shall\n\nauthorize any bondholder to require the independent school district\n\nto use any funds in the payment of the principal of, or interest on,\n\nsuch bonds except out of revenues pledged to their payment.\n\n(m). The resolution authorizing, or the Indenture securing\n\nbonds issued under this act may contain provisions to the effect\n\nthat so long as the revenues of the Project are pledged to the\n\npayment of bonds no fee admission or use can be given.\n\n(n). The provisions contained in the resolution authorizing the\n\nbonds and in the Indenture and the applicable provisions of this act\n\nshall constitute an irrepealable contract between such independent\n\nschool district and the holders of such 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":"0b25c9d4a24c83e4645a4d1cfd1c4c0e4460c8eaf03e599cab0aa67f3f5ac745","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-821.3","next":"us-ok/okla.-stat.-tit.-70-70-821.5"},"notice":"GroundRules: Original legal text. Not legal advice."}