{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-2272","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-2272","heading":"Issuance of revenue notes and bonds - Credit enhancement","body":"- Interest rate and maturity - Form - Signatures - Sale - Issuance\n\nof refunding notes and bonds.\n\nA. The Commission may provide by resolution, from time to time,\n\nfor the issuance of revenue notes and bonds for its lawful purposes,\n\nin such amount or amounts as are necessary, incidental, or\n\nconvenient to the exercise of powers, rights, privileges, and\n\nfunctions conferred upon it by this act or other law. The principal\n\nof and interest on any indebtedness shall be payable solely from the\n\nrevenues of the Department and such other funds as may be provided\n\nby law for such payments. The Commission may provide for credit\n\nenhancement as additional security or liquidity for its notes and\n\nbonds and enter into such agreements as may be necessary or\n\nappropriate to provide for the repayment of any funds advanced by\n\nthe provider of any such credit enhancement including the payment of\n\nany fees and expenses incurred in connection therewith. The notes\n\nand bonds of each issue shall bear interest at fixed or variable\n\nrates and shall bear an average interest rate comparable to other\n\nrevenue notes and bonds of like credit quality and maturity as\n\nprescribed by the State Bond Advisor and shall mature at such time\n\nor times not exceeding thirty (30) years from the date or dates of\n\nissue, as may be determined by the Commission. The notes and bonds\n\nmay be made redeemable before maturity at the option of the\n\nCommission, at such time or times and at such price or prices and\n\npursuant to such terms and conditions as may be fixed by the\n\nCommission prior to the issuance of the notes and bonds. The\n\nCommission shall determine the form of the notes and bonds and the\n\nmanner of execution thereof and shall fix the denominations of the\n\nnotes and bonds and the place or places of payment of principal and\n\ninterest. If any officer whose signature or facsimile of whose\n\nsignature appears on any notes and bonds shall cease to hold the\n\noffice before the delivery of the notes and bonds, the signature or\n\nthe facsimile shall nevertheless be valid and sufficient for all\n\npurposes, the same as if the person had remained in the office until\n\ndelivery. All notes and bonds issued pursuant to the provisions of\n\nthis act shall have all the qualities and incidences of negotiable\n\ninstruments subject to the laws of this state. The Commission may\n\nsell the notes and bonds in such amounts and in such manner, either\n\nat public or private sale, and for such price, as it may determine\n\nto be in the best interests of the state. If the notes and bonds\n\nare not sold by competitive bid, the sale must be approved by the\n\nState Bond Advisor.\n\nB. The Commission may, by resolution, provide for the issuance\n\nof notes and bonds for the purpose of refunding notes and bonds then\n\noutstanding, including the payment of any redemption premium, any\n\ninterest accrued to the date of redemption of the notes and bonds,\n\nand for incurring additional indebtedness for its lawful purposes.\n\nThe issuance of such notes and bonds shall be governed by the\n\nprovisions of this act and the Oklahoma Bond Oversight and Reform\n\nAct.\n\nC. The Commission shall promulgate rules governing the issuance\n\nof revenue bonds authorized pursuant to this act.","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":"f421ad4b87c01f89d853d2e61c6a3541bbd0dcba0eccbdadd079e6966480cca8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-2271","next":"us-ok/okla.-stat.-tit.-74-74-2273"},"notice":"GroundRules: Original legal text. Not legal advice."}