{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-856","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-856","heading":"Bonds","body":"(a) The Oklahoma Industrial Finance Authority shall be, and is\n\nhereby, authorized to issue and sell State Industrial Finance Bonds\n\nin such amounts as shall be needed from time to time for the\n\npurposes set forth in this act, provided, however, that the total\n\nvolume of such bonds shall not exceed in the aggregate Ninety\n\nMillion Dollars ($90,000,000.00) outstanding at any one time. Such\n\nbonds may be issued in one or more series, may bear such date or\n\ndates, may mature at such time or times not exceeding thirty (30)\n\nyears from their date, may be in such denomination or denominations,\n\nmay be in such form, either coupon or registered, may carry such\n\nregistration and conversion privileges, may be executed in such\n\nmanner, may be payable in such medium of payment at such place or\n\nplaces, may be subject to such terms of redemption with or without\n\npremium, and may bear such rate or rates of interest as may be\n\nprovided by resolution or resolutions to be adopted by the Authority\n\nwithin such limits provided by law. Such bonds may be sold in such\n\nmanner and at such price or prices, not less than par plus accrued\n\ninterest to date of delivery, as may be considered by the Authority\n\nto be advisable. Such bonds shall have all the qualities and\n\nincidents of negotiable paper, and shall not be subject to taxation\n\nby the State of Oklahoma or by any county, municipality or political\n\nsubdivision therein. All such bonds issued, or to be issued, by the\n\nAuthority under the powers herein granted shall be backed by the\n\nfull faith and credit of the State of Oklahoma, and there is hereby\n\npledged to the payment of principal and interest of such bonds: (1)\n\nThe net proceeds from repayment of loans and interest received\n\nthereon; (2) any monies available from other funds of the state not\n\notherwise obligated; and (3) the proceeds of any tax, other than ad\n\nvalorem, to be imposed for such purpose in the event funds available\n\nfor use and pledge under (1) and (2) should be insufficient. All\n\nproceeds derived from the sale of such bonds shall be placed in an\n\n\"Industrial Development Loan Fund\" account in the State Treasury.\n\n(b) The Authority may issue bonds hereunder for the purpose of\n\nrefunding any obligations issued under the provisions of this act.\n\nSuch bonds may either be sold or delivered in exchange for\n\noutstanding obligations. If sold, the proceeds may be either\n\napplied to the payment of the obligations refunded or deposited in\n\nescrow for the retirement thereof. Nothing herein contained shall\n\nbe construed to authorize the refunding of any outstanding\n\nobligations which are not either maturing, callable for redemption\n\nunder their terms, or voluntarily surrendered by their holders for\n\ncancellations, unless the Authority covenants that sufficient funds\n\nto pay all remaining interest and principal payments of outstanding\n\nobligations when due will be placed in escrow for such purpose in\n\nthe State Treasury at the time of delivery of and payment for the\n\nnew bonds issued hereunder. All bonds issued under this section\n\nshall in all respects be authorized, issued and secured in the\n\nmanner provided for other bonds issued under this act, and shall\n\nhave all the attributes of such bonds. The Authority may provide\n\nthat any such refunding bonds shall have the same priority of\n\npayment and be paid from the same revenues in the manner enjoyed by\n\nthe obligations refunded thereby.\n. All bonds issued under this section\n\nshall in all respects be authorized, issued and secured in the\n\nmanner provided for other bonds issued under this act, and shall\n\nhave all the attributes of such bonds. The Authority may provide\n\nthat any such refunding bonds shall have the same priority of\n\npayment and be paid from the same revenues in the manner enjoyed by\n\nthe obligations refunded thereby.\n\n(c) The Authority is authorized in its discretion to file an\n\napplication with the Supreme Court of Oklahoma for the approval of\n\nany series of bonds to be issued hereunder, and exclusive original\n\njurisdiction is hereby conferred upon the Supreme Court to hear and\n\ndetermine each such application. It shall be the duty of the Court\n\nto give such applications precedence over the other business of the\n\nCourt and to consider and pass upon such applications and any\n\nprotests which may be filed thereto as speedily as possible. Notice\n\nof the hearing on each application shall be given by notice\n\npublished in a newspaper of general circulation in the state that on\n\na day named the Authority will ask the Court to hear its application\n\nand approve the bonds. Such notice shall inform all persons\n\ninterested that they may file protests against the issuance of the\n\nbonds and be present at the hearing and contest the legality\n\nthereof. Such notice shall be published one time not less than ten\n\n(10) days prior to the date named for the hearing and the hearing\n\nmay be adjourned from time to time in the discretion of the Court.\n\nIf the Court shall be satisfied that the bonds have been properly\n\nauthorized in accordance with this act and Section 33A, Article X of\n\nthe Constitution of Oklahoma, and that when issued they will\n\nconstitute valid obligations in accordance with their terms, the\n\nCourt shall render its written opinion approving the bonds and shall\n\nfix the time within which a petition for rehearing may be filed. The\n\ndecision of the Court shall be a judicial determination of the\n\nvalidity of the bonds, shall be conclusive as to the State of\n\nOklahoma, its officers, agents and instrumentalities, and thereafter\n\nthe bonds so approved and the revenues pledged to their payment\n\nshall be incontestable in any court in the State of Oklahoma.\n\n(d) It shall be the duty of the Attorney General to examine\n\ninto and pass upon the validity of all bonds issued by the\n\nAuthority. When examined and approved by the Attorney General and\n\ndeclared by his certificate to be a lawful and valid obligation, the\n\nbonds so issued shall be incontestable in any court in the State of\n\nOklahoma unless suit thereon shall be brought in a court having\n\njurisdiction of the same within thirty (30) days from the date of\n\nthe approval of the Attorney General.\nall bonds issued by the\n\nAuthority. When examined and approved by the Attorney General and\n\ndeclared by his certificate to be a lawful and valid obligation, the\n\nbonds so issued shall be incontestable in any court in the State of\n\nOklahoma unless suit thereon shall be brought in a court having\n\njurisdiction of the same within thirty (30) days from the date of\n\nthe approval of the Attorney General.\n\n(e) At the option of the Authority, and in lieu of submitting\n\nan issuance of bonds to the Attorney General which will be sold in\n\ntheir entirety at one time, the Authority may submit to the Attorney\n\nGeneral a proposed issuance of bonds which it intends to sell in\n\nmore than one subseries. If each subseries of the bond issuance has\n\nidentical terms, conditions and attributes, other than the rate of\n\ninterest and final maturity date, the Authority may ask that the\n\nAttorney General review and approve the proposed issuance and make\n\nthe certificate referred to in subsection (d) of this section. All\n\nproceedings of this issuance leading up to this submission to the\n\nAttorney General, shall be incontestable in any court in the State\n\nof Oklahoma unless suit thereon shall be brought in a court having\n\njurisdiction of the same within thirty (30) days from the date of\n\nthe approval of the Attorney General. The separate issuance of each\n\nsubseries shall also be submitted to the Attorney General for his\n\nreview and approval and when declared by his certificate to be valid\n\nand lawful obligations, shall be incontestable in any court in the\n\nState of Oklahoma unless suit thereon shall be brought in a court\n\nhaving jurisdiction of the same within five (5) days from the date\n\nof his approval.","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":"277310bfe42c80594ea8fba93c3217571e26b54d654cc6965f12fc271861abf2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-855","next":"us-ok/okla.-stat.-tit.-74-74-857"},"notice":"GroundRules: Original legal text. Not legal advice."}