{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-1226.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-1226.7","heading":"Compensation for use of projects - Sinking fund - Use","body":"of monies.\n\nA. The Authority, subject to the provisions hereof, is hereby\n\nauthorized to fix, revise, charge and collect compensation for the\n\nuse of each project, and parts or sections thereof, and to contract\n\nwith any person, partnership, association, corporation, or other\n\ngovernmental agencies desiring the use, for any purpose, of all or\n\nany part of any project and to fix the terms, conditions, rents and\n\nrates of charge for such use. Such compensation, subject to other\n\nrestrictions hereof, shall be so fixed and adjusted so as to provide\n\na fund sufficient with other revenues, if any, to pay:\n\n1. The cost of maintaining, repairing and operating such\n\nproject or projects; and\n\n2. The principal of and the interest of bonds issued for the\n\npurpose of financing Authority projects as the same shall become due\n\nand payable, and to create reserves for such purposes.\n\nB. The compensation derived from the projects in connection\n\nwith which the bonds of any issue shall have been issued, except\n\nsuch part thereof as may be necessary to pay for maintenance,\n\nrepair, and operation and to provide such reserves therefor as may\n\nbe provided for in the resolution authorizing the issuance of such\n\nbonds or in the trust agreement securing the same shall be set aside\n\nat such regular intervals as may be provided in such resolution or\n\nsuch trust agreement in a sinking fund which is hereby pledged to,\n\nand charged with, the payment of:\n\n1. The interest upon such bonds as such interest shall become\n\ndue;\n\n2. The principal of such bonds as the same shall fall due;\n\n3. The necessary charges of paying agents for paying principal\n\nand interest; and\n\n4. The redemption price or the purchase price of bonds retired\n\nby call or purchased as herein provided, which are a charge against\n\nsuch fund.\n\nC. The use and disposition of monies to the credit of such\n\nsinking fund shall be subject to the provisions of the resolution\n\nauthorizing the issuance of such bonds or of such trust agreement.\n\nExcept as may otherwise be provided for in such resolution or such\n\ntrust agreement, such sinking fund shall be a fund for all such bond\n\nissues without distinction or priority of one over another. The\n\nmoney in the sinking fund, less such reserve as may be provided in\n\nsuch resolution or trust agreement, if not used within a reasonable\n\ntime for the purchase of bonds for cancellation as above provided,\n\nshall be applied to the redemption of bonds at the redemption price\n\nthen applicable.","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":"77fc9167456b93809c7c6828f6424770aab47b522e3d13371941f41cf7c295d2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-1226.6","next":"us-ok/okla.-stat.-tit.-74-74-1226.8"},"notice":"GroundRules: Original legal text. Not legal advice."}