{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-821.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-821.5","heading":"Board of Trustees","body":"During the time any such Project is encumbered by the pledge of\n\nits revenues, the resolution authorizing the bonds or the Indenture\n\nmay vest its management and control in a Board of Trustees, to be\n\nnamed in such resolution or Indenture, consisting of three members,\n\nor maybe a corporation organized for such purpose. The compensation\n\nof the members of such board of trustees shall be fixed by such\n\nresolution or Indenture, but shall never exceed one percent (1%) of\n\nthe gross receipts of such Project in any one (1) year. The terms\n\nof office of the members of such board of trustees, whether\n\nindividuals, or the corporation referred to their powers and duties,\n\nand manner of exercising same the manner of the selection of their\n\nsuccessors, and all matters pertaining to their duties and the\n\norganization of such board of trustees shall be specified in such\n\nresolution or Indenture. Any such board of trustees may adopt bylaws\n\nregulating the procedure of the board and fixing the duties of its\n\nofficers, but the bylaws shall not contain any provision in conflict\n\nwith the covenants and provisions contained in the resolution\n\nauthorizing the bonds or the Indenture. In all matters wherein the\n\nresolution or Indenture are silent as to the powers, duties,\n\nobligations and procedure of the board, the laws and rules governing\n\nthe governing body of such independent school district shall control\n\nthe board of trustees in so far as applicable. The board may be\n\ngranted by the resolution or Indenture, and in that event shall\n\nhave, all or any of the powers and authority, which could be\n\nexercised by the governing body of the independent school district,\n\ninsofar as the management and operation of any such Project is\n\nconcerned.","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":"ca4fb2f7e98a1f95885f847bbe8cd8e8ca575350d3b7bc615a2be238a1baddf1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-821.4","next":"us-ok/okla.-stat.-tit.-70-70-821.51"},"notice":"GroundRules: Original legal text. Not legal advice."}