{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5063.17","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5063.17","heading":"Debt service - Appropriations - Reserve funds","body":"A. Before the commencement of each legislative session, the\n\nDirector of the Office of Management and Enterprise Services shall\n\ndetermine the estimated amount required during the next fiscal year\n\nfor payment of the debt service on the bonds issued under this act,\n\nafter making deductions therefrom of estimated monies to be\n\navailable to the Fund from other sources therefor, and shall certify\n\nsuch estimated amount to the Governor. The Governor shall thereupon\n\npromptly prepare and submit to the Legislature his request for an\n\nappropriation to meet the debt service on the bonds during such\n\nfiscal year. The Legislature shall appropriate funds and provide\n\nfor timely payment of the maturing debt service of bonds issued\n\nunder this act.\n\nB. The Authority shall have the power to establish and maintain\n\nreserve funds to provide for payment of debt service on the bonds.\n\nMonies credited to the reserve funds shall be used only for the\n\npurpose of paying debt service on the bonds, either at maturity or\n\non redemption prior to maturity. The reserve funds shall be held\n\nand used to ensure prompt payment of debt service on the bonds in\n\nsuch manner and pursuant to such conditions as may be specified by\n\nthe Authority in the resolution or trust indenture authorizing or\n\nsecuring such bonds. Monies in the reserve funds over and above the\n\namounts necessary to ensure the prompt payment of debt service on\n\nthe bonds, and the establishment and maintenance of a reserve fund,\n\nmay be used for the redemption of bonds prior to maturity in the\n\nmanner and in accordance with the provisions pertaining to\n\nredemption prior to maturity, as set forth in the resolution or\n\ntrust indenture authorizing or securing such bonds.","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":"bd83c84dcf14c93baefc71ada6df53b1e4f9cd0c3ae821f7592c7b96fcf2d46f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5063.16","next":"us-ok/okla.-stat.-tit.-74-74-5063.18"},"notice":"GroundRules: Original legal text. Not legal advice."}