{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5062.10","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5062.10","heading":"Bonds","body":"A. The Authority shall have the power and is hereby authorized\n\nto borrow money and to issue its bonds in such principal amounts as\n\nthe Authority determines shall be necessary to provide sufficient\n\nfunds for: (a) the providing of financing for all or any part of\n\nany projects of the state or any of its political subdivisions as\n\nauthorized under this act; (b) the providing of financing assistance\n\nto the state or political subdivisions as authorized under this act;\n\n(c) the payment of interest on bonds of the Authority; (d) the\n\nestablishment of reserves to secure the bonds; and (e) all other\n\nexpenditures of the Authority incident to and necessary or\n\nconvenient to carry out its purposes and powers, including the\n\npayment of any credit enhancement fees and costs of issuance\n\nincurred in connection with the issuance of bonds. The Authority\n\nshall have the power to make expenditures for purposes of insuring\n\nand securing holders of bonds as provided in this act.\n\nB. The Authority shall have the power to refund any bonds and\n\nany bonds, notes or other obligations heretofore or hereafter issued\n\nby any other issuer of bonds in the state if the Authority is\n\nauthorized hereunder to issue bonds for the purpose the refunded\n\nbonds were issued by the issuance of new bonds, whether the bonds to\n\nbe refunded have or have not matured, and to issue bonds partly to\n\nrefund bonds then outstanding and partly for any of its corporate\n\npurposes. Refunding bonds may be issued in such amount as the\n\nAuthority may determine, but not exceeding an amount sufficient to\n\nrefund the principal amount of the bonds or notes to be refunded,\n\ntogether with any unpaid interest accrued and to accrue thereon and\n\nany premiums, expenses and commissions incurred in connection with\n\nthe issuance of such refunding bonds and any reserve established in\n\nconnection with the issuance of such refunding bonds. The refunding\n\nbonds may be sold and the proceeds applied to the purchase,\n\nredemption, or payment of the bonds to be refunded or exchanged for\n\nthe bonds to be refunded, all as determined by the Authority.\n\nC. All bonds of the Authority shall be either (i) general\n\nobligations of the Authority, secured by any and all moneys and\n\nrevenues of the Authority, (ii) special and limited obligations of\n\nthe Authority, secured and payable solely out of the revenues and\n\nreceipts derived pursuant to a financing agreement, or (iii) both\n\ngeneral and special limited obligations, as may be designated in the\n\nproceedings of the Authority under which the bonds shall be\n\nauthorized to be issued.\n\nD. The bonds shall be authorized by resolution or resolutions\n\nof the Authority, shall be dated such date or dates, and shall\n\nmature at such time or times as such resolution or resolutions may\n\nprovide. The bonds shall bear interest at such rate or rates or\n\ncontain terms providing for the means of determining such rate or\n\nrates, including variations in such rates, but not to exceed an\n\naverage interest rate of fourteen percent (14%) per annum if the\n\ninterest thereon is not includable in the gross income of the\n\nrecipients thereof for federal income tax purposes or eighteen\n\npercent (18%) per annum if the interest thereon is includable in the\n\ngross income of recipients thereof for federal income tax purposes,\n\nbe in such denomination, be in such form, either coupon or\n\nregistered, or in book-entry form, carry such registration\n\nprivileges, be executed in such manner, be payable in such medium of\n\npayment, at such place or places, and be subject to such term of\n\nredemption, including redemptions prior to maturity, as such\n\nresolution or resolutions may provide. The bonds of the Authority\n\nmay be sold by the Authority at public or private sale, and at the\n\nprice or prices as the Authority shall determine.\n\nE. Any resolution or resolutions authorizing any bonds or any\nyable in such medium of\n\npayment, at such place or places, and be subject to such term of\n\nredemption, including redemptions prior to maturity, as such\n\nresolution or resolutions may provide. The bonds of the Authority\n\nmay be sold by the Authority at public or private sale, and at the\n\nprice or prices as the Authority shall determine.\n\nE. Any resolution or resolutions authorizing any bonds or any\n\nissue thereof may contain provisions, which shall be a part of the\n\ncontract or contracts with the owners thereof, as to:\n\n1. pledging all or any part of the revenues to secure the\n\npayment of the bonds or of any issue thereof, subject to such\n\nagreements with bondowners as may then exist;\n\n2. pledging all or any part of the assets of the Authority,\n\nincluding mortgages and obligations securing the same, to secure the\n\npayment of the bonds or of any issue of bonds, subject to the\n\nagreements with bondowners as may then exist;\n\n3. the use and disposition of the gross income from assets of\n\nany type owned by the Authority and payment of principal of assets\n\nof any type owned by the Authority;\n\n4. the setting aside of reserves or sinking funds and the\n\nregulations and disposition thereof;\n\n5. limitations on the purpose to which the proceeds of sale of\n\nbonds may be applied and pledging the proceeds to secure the payment\n\nof the bonds;\n\n6. limitations on the issuance of additional bonds; the terms\n\nupon which additional bonds may be issued and secured; and the\n\nrefunding of outstanding or other bonds;\n\n7. the procedure, if any, by which the terms of any contract\n\nwith bondowners may be amended or abrogated, the amount of bonds the\n\nowners of which must consent thereto, and the manner in which the\n\nconsent may be given;\n\n8. vesting in a trustee such property, rights, powers and\n\nduties in trust as the Authority may determine, which may include\n\nany or all of the rights, powers, and duties of the trustee\n\nappointed by the bondowners pursuant to this act and limiting or\n\nabrogating the right of bondowners to appoint a trustee under this\n\nact or limiting the rights, powers, and duties of the trustee;\n\n9. defining the acts or omissions to act which shall constitute\n\na default in the obligations and duties of the Authority to the\n\nowners of the bonds and providing for the rights and remedies of the\n\nowners of the bonds in the event of default, including as a matter\n\nof right the appointment of a receiver; but the rights and remedies\n\nshall not be inconsistent with the general laws of the state and\n\nother provisions of this act; and\n\n10. any other matters, of like or different character, which in\n\nany way affect the security or protection of the owners of the\n\nbonds.\n\nF. Any pledge made by the Authority shall be valid and binding\n\nfrom the time when the pledge is made. The revenues, monies, or\n\nproperty so pledged and thereafter received by the Authority shall\n\nimmediately be subject to the lien of such pledge without any\n\nphysical delivery thereof or further act, and the lien of any such\n\npledge shall be valid and binding as against all parties having\n\nclaims of any kind in tort, contract, or otherwise against the\n\nAuthority, irrespective of trust indenture whether the parties have\n\nnotice thereof. Neither the resolution, trust indenture nor any\n\nother instrument by which a pledge is created need be recorded.\n\nG. Bonds of the Authority may be secured by resolution of the\n\nAuthority or a trust indenture or similar document by and between\n\nthe Authority and a corporate trustee, which may be any bank having\n\nthe power of a trust company or any trust company within or without\n\nthe state. Such resolution, trust indenture or similar document may\n\ncontain such provisions for protecting and enforcing the rights and\n\nremedies of the bondowners as may be reasonable and proper and not\n\nin violation of law, including covenants setting forth the duties of\ny and a corporate trustee, which may be any bank having\n\nthe power of a trust company or any trust company within or without\n\nthe state. Such resolution, trust indenture or similar document may\n\ncontain such provisions for protecting and enforcing the rights and\n\nremedies of the bondowners as may be reasonable and proper and not\n\nin violation of law, including covenants setting forth the duties of\n\nthe Authority in relation to the exercise of its corporate powers\n\nand the custody, safeguarding and application of all monies. The\n\nAuthority may provide by the resolution or trust indenture for the\n\npayment of the proceeds of the bonds and the revenues to the trustee\n\nunder the trust indenture or other depository, and for the method of\n\ndisbursement thereof, with such safeguards and restrictions as it\n\nmay determine.\n\nH. Whether or not the bonds are of the form and character as to\n\nbe negotiable instruments under the terms of the Uniform Commercial\n\nCode, the bonds are hereby made negotiable instruments within the\n\nmeaning of and for all the purposes of the Uniform Commercial Code,\n\nsubject only to the provisions of the bonds relating to\n\nregistration.\n\nI. In the event that any of the members or officers of the\n\nAuthority shall cease to be members or officers of the Authority\n\nprior to the delivery of any bonds or coupons signed by them, their\n\nsignatures or facsimiles thereof shall nevertheless be valid and\n\nsufficient for all purposes, the same as if such members or officers\n\nhad remained in office until such delivery.\n\nJ. Neither the members of the Authority nor any other person\n\nexecuting the bonds issued under this act shall be subject to\n\npersonal liability or accountability by reason of the issuance\n\nthereof.\n\nK. The Authority shall have the power to provide for the\n\nreplacement of lost, destroyed, or mutilated bonds.\n\nL. Except as provided by the Credit Enhancement Reserve Fund\n\nAct, bonds issued pursuant to the provisions of this act shall never\n\nconstitute an indebtedness of the state within the meaning of any\n\nstate constitutional provision or statutory limitation, but such\n\nbonds shall be indebtedness payable solely from sources indicated on\n\nthe bond documents, and shall never constitute nor give rise to a\n\npecuniary liability of this state or unspecified funds of the\n\nAuthority or a charge against the general credit of the state or\n\ntaxing powers of the state, and such fact shall be plainly stated on\n\nthe face of each bond.","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":"96ca62a878001e8f74146d5d217ec539d02689f4643e197a7b4ff8b4ce17cd69","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5062.1","next":"us-ok/okla.-stat.-tit.-74-74-5062.11"},"notice":"GroundRules: Original legal text. Not legal advice."}