{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-1226.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-1226.5","heading":"Issuance of revenue bonds - Use of proceeds -","body":"Definitions.\n\nA. The Authority may provide by resolution, at one time or from\n\ntime to time, for the issuance of revenue bonds of the Authority for\n\nthe purpose of paying all or any part of the cost of any one or more\n\nprojects. The Authority, when it finds that it would be economical\n\nand beneficial to do so, may combine two or more, or any part\n\nthereof, or all of its proposed projects into one unit and consider\n\nthe same as one project to the same extent and with like effect as\n\nif the same were a single project. The principal of and the\n\ninterest on the bonds shall be payable solely from the funds\n\nprovided for such payment. The bonds of each issue shall be dated,\n\nshall bear interest at such rate or rates not exceeding the\n\nlimitations pertaining to public trust indebtedness from time to\n\ntime expressed in subsection (f) of Section 176 of Title 60 of the\n\nOklahoma Statutes, shall mature at such time or times not exceeding\n\nforty (40) years from their date or dates, as may be determined by\n\nthe Authority, and may be made redeemable before maturity at the\n\noption of the Authority at such price or prices and pursuant to such\n\nterms and conditions as may be fixed by the Authority prior to the\n\nissuance of the bonds. The Authority shall determine the form of\n\nthe bonds, including any interest coupons to be attached thereto,\n\nand the manner of execution of the bonds, and shall fix the\n\ndenomination or denominations of the bonds and the place or places\n\nof payment of principal and interest, which may be at any bank or\n\ntrust company within or without the state. If any officer whose\n\nsignature or facsimile of whose signature appears on any bonds or\n\ncoupons shall cease to be said officer before the delivery of the\n\nbonds, the signature or the facsimile shall nevertheless be valid\n\nand sufficient for all purposes the same as if the person had\n\nremained in office until such delivery. All bonds issued pursuant\n\nto the provisions of this act shall have all the qualities and\n\nincidents of negotiable instruments subject to the negotiable\n\ninstruments law of this state. The bonds may be issued in coupon or\n\nin registered form, or both, as the Authority may determine, and\n\nprovisions may be made for the registration of any coupon bonds as\n\nto principal alone and also as to both principal and interest, and\n\nfor the reconversion into coupon bonds of any bonds registered as to\n\nboth principal and interest. The Authority may sell the bonds in\n\nsuch amounts and in such manner, either at public or private sale,\n\nand for such price, as it may determine to be in the best interests\n\nof this state, but in no event at a discount in excess of that from\n\ntime to time expressed in said subsection (f) of Section 176 of\n\nTitle 60 of the Oklahoma Statutes.\n\nB. The proceeds of the bonds of each issue shall be used solely\n\nfor the payment of the cost of the project for which such bonds have\n\nbeen issued, and shall be disbursed in such manner and pursuant to\n\nsuch restrictions, if any, as the Authority may provide in the\n\nresolution authorizing the issuance of such bonds or in the trust\n\nagreement securing the same. If the proceeds of the bonds of any\n\nissue, by error of estimates or otherwise, shall be less than such\n\ncost, additional bonds may in like manner be issued to provide the\n\namount of such deficit, and, unless otherwise provided for in the\n\nresolution authorizing the issuance of such bonds or in the trust\n\nagreement securing the same, shall be deemed to be of the same issue\n\nand shall be entitled to payment from the same fund without\n\npreference or priority of the bonds first issued. If the proceeds\n\nof the bonds of any issue shall exceed such cost, the surplus may be\n\ndeposited to the credit of the sinking fund for such bonds, or may\n\nbe used by the Authority in implementing any other power expressly\n\ngranted to the Authority in this act.\nmed to be of the same issue\n\nand shall be entitled to payment from the same fund without\n\npreference or priority of the bonds first issued. If the proceeds\n\nof the bonds of any issue shall exceed such cost, the surplus may be\n\ndeposited to the credit of the sinking fund for such bonds, or may\n\nbe used by the Authority in implementing any other power expressly\n\ngranted to the Authority in this act.\n\nC. Prior to the preparation of definitive bonds, the Authority,\n\nsubject to like restrictions, may issue interim receipts or\n\ntemporary bonds, with or without coupons, exchangeable for\n\ndefinitive bonds when such bonds have been executed and are\n\navailable for delivery. The Authority may also provide for the\n\nreplacement of any bonds which have become mutilated or were\n\ndestroyed or lost. Bonds may be issued pursuant to the provisions\n\nof this act without obtaining the consent of any department,\n\ndivision, commission, board, bureau, or agency of this state, and\n\nwithout any other proceedings or the occurrence of any other\n\nconditions or things than those proceedings, conditions, or things\n\nthat are specifically required by this act; provided however, the\n\nAuthority shall be subject to and shall comply with the Oklahoma\n\nBond Oversight and Reform Act, Section 695.2 et seq. of Title 62 of\n\nthe Oklahoma Statutes, and for purposes of said act the Authority\n\nshall be deemed to be a state governmental entity.\n\nD. The Authority is hereby authorized to provide that the\n\nbonds:\n\n1. Be made payable from time to time on demand or tender for\n\npurchase by the owner provided a credit facility supports such\n\nbonds, unless the Authority specifically determines that a credit\n\nfacility is not required;\n\n2. Be additionally supported by a credit facility;\n\n3. Be made subject to redemption prior to maturity, with or\n\nwithout premium, on such notice and at such time or times and with\n\nsuch redemption provisions as may be determined by the Authority or\n\nwith such variations as may be permitted in connection with a par\n\nformula;\n\n4. Bear interest at a rate or rates that may vary as permitted\n\npursuant to a par formula and for such period or periods of time,\n\nall as may be determined by the Authority; and\n\n5. Be made the subject of a remarketing agreement whereby an\n\nattempt is made to remarket the bonds to new purchasers prior to\n\ntheir presentment for payment to the provider of the credit facility\n\nor to the Authority. No credit facility, repayment agreement, par\n\nformula or remarketing agreement shall become effective without the\n\napproval of the Authority.\n\nE. As used in this section, the following terms shall have the\n\nfollowing meanings:\n\n1. \"Credit facility\" means an agreement entered into by the\n\nAuthority with any bank, savings and loan association or other\n\nbanking institution; an insurance company, reinsurance company,\n\nsurety company, or other insurance institution; a corporation,\n\ninvestment banker or other investment institution; or any other\n\nfinancial institution providing for prompt payment of all or any\n\npart of the principal, whether at maturity, presentment for\n\npurchase, redemption or acceleration, redemption premium, if any,\n\nand interest on any bonds payable on demand or tender by the owner\n\nissued in accordance with this section, in consideration of the\n\nAuthority's agreeing to repay the provider of such credit facility\n\nin accordance with the terms and provisions of such repayment\n\nagreement, provided, that any such repayment agreement shall provide\n\nthat the obligation of the Authority thereunder shall have only such\n\nsources of payment as are permitted for the payment of the bonds\n\nissued under this act; and\n\n2. \"Par formula\" means any provision or formula adopted by the\n\nAuthority to provide for the adjustment, from time to time, of the\n\ninterest rate or rates borne by any such bonds so that the purchase\n\nprice of such bonds in the open market would be as close to par as\nority thereunder shall have only such\n\nsources of payment as are permitted for the payment of the bonds\n\nissued under this act; and\n\n2. \"Par formula\" means any provision or formula adopted by the\n\nAuthority to provide for the adjustment, from time to time, of the\n\ninterest rate or rates borne by any such bonds so that the purchase\n\nprice of such bonds in the open market would be as close to par as\n\npossible.\n\nF. Nothing in any law heretofore enacted or enacted at the\n\npresent session of the Legislature shall be deemed to limit or\n\nrestrict the right of the Authority to issue bonds or other\n\nobligations the interest income, in whole or in part, on which is\n\nsubject, directly or indirectly, to federal income taxation.\n\nG. All bonds issued, reissued or refunded by the Authority\n\nshall comply with the Oklahoma Bond Oversight and Reform Act,\n\nSection 695.2 et seq. of Title 62 of the Oklahoma Statutes, and for\n\npurposes of said Act the Authority shall be deemed to be a state\n\ngovernmental entity.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d1199f0860234c4b06e75d4d85811f25d56f5dc8788d0f17ed671baf3bd52fc3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-1226.4a","next":"us-ok/okla.-stat.-tit.-74-74-1226.6"},"notice":"GroundRules: Original legal text. Not legal advice."}