{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5062.12","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5062.12","heading":"Insurance fund","body":"The Oklahoma Development Finance Authority is authorized to\n\ncreate an insurance fund consisting solely of funds deposited\n\npursuant to Section 81 of this act. Said insurance fund shall be\n\nheld in the custody of one or more banks or trust companies having a\n\nprincipal place of business in this state. The insurance fund shall\n\nbe held as security for the holders of bonds issued pursuant to the\n\nprovisions of this act. It shall be governed by a trust agreement\n\nentered into by the Authority with the trustees. The trust\n\nagreement may contain such provisions and limitations as to the\n\ninvestment and disbursement of monies in the insurance fund; the\n\npayment of expenses of the insurance fund; the appointment,\n\nresignation, and discharge of trustees; the delegation of\n\nenforcement and collection powers under the insurance agreements to\n\nthe trustee; the duties of the trustees, amendments of the trust\n\nagreement, and such other lawful provisions and limitations as may\n\nbe deemed appropriate by the Authority. The trust agreement may\n\npledge premiums and other monies which may be deposited in the\n\ninsurance fund. Such pledge shall be valid and binding from the time\n\nwhen the pledge is made. The premiums and other monies so pledged\n\nand thereafter received by the insurance fund or by the trustees in\n\nits behalf shall immediately be subject to the lien of such pledge\n\nand shall be valid and binding as against all parties having claims\n\nof any kind against the insurance fund, irrespective of whether such\n\nparties have notice thereof. The Authority may also use the funds\n\ndeposited pursuant to Section 81 of this act to purchase insurance\n\nwhich shall be pledged for the security of the holders of any bonds\n\nissued under this act or to enter into agreements with credit\n\nfacilities in order to enhance the security of any holders of bonds.\n\nIn any case in which insurance is pledged as security, whether\n\nobtained through the insurance funds authorized to be created\n\npursuant to the provisions of this section or purchased with monies\n\ndeposited pursuant to Section 81 of this act, any description of\n\nsuch insurance shall expressly indicate the limitation of the\n\nliability of the Authority and that neither the credit nor taxing\n\npower of this state or any political subdivision thereof shall be\n\navailable to satisfy any obligations with respect thereto.","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":"f6bab8d807aa7c5e92fdb679470a56059ac48a43b9d084efaee87e4133b8a697","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5062.11","next":"us-ok/okla.-stat.-tit.-74-74-5062.13"},"notice":"GroundRules: Original legal text. Not legal advice."}