{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-9077","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-9077","heading":"Agreements to receive securitization property – Proceeds","body":"of bond issuance.\n\nA. The Oklahoma Development Finance Authority is hereby\n\nauthorized to enter into agreements to receive securitization\n\nproperty as described in Section 6 of this act from a regulated\n\nutility and, in exchange, to provide the proceeds of a bond issuance\n\ndescribed in this section to the regulated utility. The revenues\n\nreceived from the securitization property shall be used to service\n\nand repay the bonds issued under this section, and the Authority may\n\npledge the securitization property as a security interest for the\n\nbonds. The Authority shall conduct any bond issuance under this\n\nsection so that the issuance provides for all qualified costs\n\nrelated to a financing order under this act.\n\nB. The Authority is hereby authorized to borrow money on the\n\ncredit of the revenues to be derived from securitization property\n\nreceived under subsection A of this section, and in anticipation of\n\nthe collection of revenues, issue negotiable bonds necessary for\n\nsuch purposes. The Authority shall provide for the payment of such\n\nbonds and the rights of the holders thereof, as hereinafter\n\nprovided. Said bonds may be issued in one or more series, may be\n\nsold in such manner and at such price or prices, may bear such date\n\nor dates, may mature at such time or times, may be in such\n\ndenomination or denominations, may be in such form either coupon or\n\nregistered, may carry such registration or conversion privileges,\n\nmay be executed in such manner, may be payable in such medium of\n\npayments, at such place or places, may be subject to such terms of\n\nredemption, with or without premium, and may bear such rate or rates\n\nof interest, and shall be subject to such call for redemption as may\n\nbe provided by resolution or resolutions to be adopted by the\n\nAuthority and are consistent with the terms of the financing order\n\nissued by the Commission. The bonds shall have all of the qualities\n\nand incidents of negotiable paper, and the bonds and the interest\n\nearned on the bonds shall not be subject to taxation by the state,\n\nor by any county, municipality or political subdivision therein.\n\nC. The Authority may only pledge the securitization property\n\nand the revenues received from such property arising from a single\n\nfinancing order for a single series of bonds. No revenues arising\n\nfrom a separate financing order shall be pledged for or used to\n\nrepay the bonds or series issued with respect to a separate\n\nfinancing order.\n\nD. The Authority may issue ratepayer-backed bonds for the\n\npurpose of refunding any obligation of the Authority payable from\n\nthe revenues of securitization property received under subsection A\n\nof this section. Where bonds are issued under this subsection, the\n\nbonds may either be sold pursuant to subsection G of this section or\n\ndelivered in exchange for the outstanding obligations. If sold, the\n\nprocess may be either applied to the payment of the obligations,\n\nrefunded or deposited in escrow for the retirement of the\n\nobligations. Nothing herein contained shall be construed to\n\nauthorize the refunding of any outstanding obligations which are not\n\neither maturing, callable for redemption under their terms or\n\nvoluntarily surrendered by their holders for cancellation, unless\n\nthe Authority covenants that sufficient funds to pay all remaining\n\ninterest and principal payments of the outstanding obligations when\n\ndue will be placed in escrow for such purpose at the place or places\n\nwhere the bonds are payable.\n\nE. The Authority shall execute all bonds issued by the\n\nAuthority after approval of the form of the bond by the Authority\n\nand the Attorney General.\n\nF. 1. The ratepayer-backed bonds issued under this section\n\nshall not be an indebtedness of the state or of the Authority, but\n\nshall be special obligations payable solely from revenues related to\n\nsecuritization property received under subsection A of this section.\nshall execute all bonds issued by the\n\nAuthority after approval of the form of the bond by the Authority\n\nand the Attorney General.\n\nF. 1. The ratepayer-backed bonds issued under this section\n\nshall not be an indebtedness of the state or of the Authority, but\n\nshall be special obligations payable solely from revenues related to\n\nsecuritization property received under subsection A of this section.\n\nThe Authority is authorized and directed to pledge all or any part\n\nof such revenues to the payment of principal and interest on the\n\nbonds and to create a reserve for such purposes.\n\n2. Any ratepayer-backed bonds issued pursuant to this section\n\nshall contain on the face thereof a statement to the following\n\neffect:\n\n\"Neither the full faith and credit nor the taxing power of the\n\nState of Oklahoma is pledged to the payment of the principal of, or\n\ninterest on, this bond\".\n\nG. The State Treasurer is hereby authorized to purchase from\n\nthe Authority at private sale all or any part of the bonds issued\n\nunder this section as an investment of the public monies in his or\n\nher possession. It shall be the responsibility of the State\n\nTreasurer to invest only that portion of the public monies as it\n\ndeems to be more than sufficient to meet current expenditures\n\npayable from public monies. The State Treasurer is authorized to\n\nbuy and the Authority is authorized and required to sell to the\n\nState Treasurer at private sale so many of the bonds authorized by\n\nthis section as may be safely purchased for investment of public\n\nmonies by the State Treasurer without handicapping the state in\n\npromptly meeting its obligations. The State Treasurer may later\n\nsell the bonds as are necessary to ensure sufficient cash on hand is\n\navailable to meet current expenditures payable from public monies.\n\nH. Bonds issued under this section shall be delivered to the\n\npurchaser only upon payment of par and accrued interest to the date\n\nof delivery, together with any premium bid.\n\nI. The proceeds of the sale of ratepayer-backed bonds, and\n\nrevenues received with respect to securitization property, shall be\n\ndeposited in the State Treasury, in a fund which is hereby created\n\nand designated the \"Regulated Utility Consumer Protection Fund\"\n\nwhere they shall remain subject to disposition to be provided for by\n\nthe Authority consistent with this act; provided, that the State\n\nTreasurer shall invest the monies in interest-bearing direct\n\nobligations of the United States of America, or of the State of\n\nOklahoma, and provided, further, that all investments of the monies\n\nshall be so made that the same may be liquidated in time to enable\n\nthe Authority to pay, in due course, the valid indebtedness incurred\n\nby the Authority for the purposes set forth in this section.\n\nJ. In the event a regulated utility has or receives alternative\n\nfunds directed by the Commission to be applied to a securitized\n\nbalance, the regulated utility shall provide the funds to the\n\nAuthority. The Authority shall deposit the funds with the State\n\nTreasury pursuant to subsection I of this section. If the funds are\n\nprovided in advance of the bond issuance, the Authority shall use\n\nthe funds and interest on the funds to pay expenses related to the\n\nissuance, reduce the total bond debt service or reduce the size of\n\nthe required issuance. If the funds are provided after the bond\n\nissuance, the Authority shall use the funds and interest on the\n\nfunds to offset amounts that would otherwise be recovered from\n\nutility customers under this act.\n\nK. Any bank, trust or insurance company organized under the\n\nlaws of this state may invest its capital, surplus and reserve funds\n\nand other funds under its control in ratepayer-backed bonds issued\n\nunder this section.","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":"70365fa6a0ef1ccbf0d61eaf55b5b499db953197faa367d9e094d9ac36bcfc75","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-9076","next":"us-ok/okla.-stat.-tit.-74-74-9078"},"notice":"GroundRules: Original legal text. Not legal advice."}