{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1085.23","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1085.23","heading":"Water Conservation Storage Fund - Investment","body":"certificates.\n\nThere is hereby created in the State Treasury a Water\n\nConservation Storage Fund, which fund shall be used by the\n\nCommission for those purposes authorized by this act. To provide\n\nnecessary funds the Commission is hereby authorized to issue\n\ninvestment certificates from time to time, as may be required, to\n\nprovide an adequate amount of cash in such fund which may be\n\nnecessary to meet the anticipated needs of the Commission. The\n\nCommission is authorized to provide for the payment of such\n\ninvestment certificates and the rights of the holders thereof, as\n\nhereinafter provided. Said investment certificates may be issued in\n\none or more series; may be sold in such manner and at par; may bear\n\nsuch date or dates; may mature at such time or times, not to exceed\n\nfifty (50) years from their date; may be in such denomination or\n\ndenominations; may be in such form either coupon or registered; may\n\ncarry such registration or conversion privileges; may be executed in\n\nsuch manner; may be payable in such medium of payments, at such\n\nplace or places; may be subject to such term of redemption, with or\n\nwithout premium; and may bear such rate or rates of interest as may\n\nbe provided by resolution or resolutions to be adopted by the\n\nCommission. Such investment certificates shall have all of the\n\nqualities and incidents of negotiable paper, and shall not be\n\nsubject to taxation by the State of Oklahoma, or by any county,\n\nmunicipality or political subdivision therein. All investment\n\ncertificates maturing after ten (10) years from their dates shall be\n\nsubject to call and redemption, in inverse order of maturity and\n\ninvestment certificate numbers, at par and accrued interest, the\n\ndetailed provisions for such call and redemption to be fixed by the\n\nCommission in the resolution or resolutions authorizing the issuance\n\nof said investment certificates.\n\nThe investment certificates issued hereunder shall not be an\n\nindebtedness of the State of Oklahoma or of the Commission herein,\n\nbut shall be special obligations payable solely from the revenues to\n\nbe derived from the sale of storage, and the Commission is\n\nauthorized and directed to pledge all or any part of such revenues\n\nto the payment of principal and interest on the investment\n\ncertificates and to create a reserve for such purposes.","path":["OK Code","Title 82"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os82.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b9b997895a8c9828fa36b408c340bdd981273cc70056531826cc400bbc08488f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1085.22","next":"us-ok/okla.-stat.-tit.-82-82-1085.24"},"notice":"GroundRules: Original legal text. Not legal advice."}