{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1085.33","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1085.33","heading":"Water Resources Fund","body":"There is hereby created in the State Treasury a Water Resources\n\nFund, which fund shall be used by the Board for those purposes\n\nstated in Sections 1085.31 through 1085.39 of this title. Toprovide\n\nnecessary funds, the Board is hereby authorized to issue by public\n\nsale investment certificates from time to time, as may be required,\n\nto provide an adequate amount of cash in such fund which may be\n\nnecessary to meet the anticipated needs for the funding of properly\n\napproved projects. The Board is authorized to provide for the\n\npayment of such investment certificates and the rights of the\n\nholders thereof, as hereinafter provided. Said investment\n\ncertificates shall be awarded to the lowest and best bidder based\n\nupon open competitive public offering, advertised at least once a\n\nweek for two (2) successive weeks in a newspaper in general\n\ncirculation in Oklahoma County, Oklahoma, prior to the date on which\n\nbids are received and opened, except, on issues with the approval of\n\nthree-fourths (3/4) of the membership of the Board, competitive\n\nbidding may be waived. No investment certificates shall be sold for\n\nless than par value, except upon approval of three-fourths (3/4) of\n\nthe membership of the Board. Provided, however, in no event shall\n\nany investment certificates be sold at a discount in excess of four\n\npercent (4%), which shall include any fees, discounts and any other\n\nremuneration received directly or indirectly by the purchaser. Said\n\ninvestment certificates may be issued in one or more series; may\n\nbear such date or dates; may mature at such time or times, not to\n\nexceed fifty (50) years from their date; may be in such denomination\n\nor denominations; may be in such form may carry such registration or\n\nconversion privileges; may be executed in such manner; may be\n\npayable in such medium of payments, at such place or places; may be\n\nsubject to such term of redemption, with or without premium; and may\n\nbear such rate or rates of interest not to exceed fifteen percent\n\n(15%) as may be provided by resolution or resolutions to be adopted\n\nby the Board. 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, or by any county, municipality or\n\npolitical subdivision therein. The Board is hereby authorized to\n\ndefease, call and redeem all or any portion of any investment\n\ncertificates issued hereunder, the detailed provisions for such\n\ndefeasance, call and redemption to be fixed by the Board in the\n\nresolution or resolutions authorizing such defeasance, call and\n\nredemption.\n\nObligations issued under the provisions of this section are\n\nhereby made securities in which all public officers and public\n\nbodies of the state, all insurance companies, trust companies,\n\nbanking associations, investment companies, executors,\n\nadministrators, trustees and other fiduciaries may legally invest\n\nfunds, including capital in their control or belonging to them. The\n\nobligations are hereby made securities which may legally be\n\ndeposited with and received by any public body of the state for any\n\npurpose for which the deposit of obligations of the state is now or\n\nmay hereafter be authorized by law, and are hereby declared to be\n\nsecurities classified under Section 516.3 of Title 62 of the\n\nOklahoma Statutes, and are authorized to be evidenced by a joint-\n\ncustody receipt.\n\nThe investment certificates issued pursuant to the provisions of\n\nthis section shall not be an indebtedness of the state or general\n\nobligations of the Board, but shall be special obligations payable\n\nsolely from the revenues to be derived from the project or such\n\nother revenues as may be pledged by the applicant for such purposes,\n\nand the Board is authorized and directed to pledge all or any part\n\nof such revenues to the payment of principal and interest on the\nis section shall not be an indebtedness of the state or general\n\nobligations of the Board, but shall be special obligations payable\n\nsolely from the revenues to be derived from the project or such\n\nother revenues as may be pledged by the applicant for such purposes,\n\nand the Board is authorized and directed to pledge all or any part\n\nof such revenues to the payment of principal and interest on the\n\ninvestment certificates and to create a reserve. Such pledge shall\n\nbe valid and binding from the time the pledge is made. The revenues\n\nso pledged and thereafter received by the Board shall immediately be\n\nsubject to the lien of such pledge without any physical delivery,\n\nfiling or further act. The lien of such pledge shall be valid and\n\nbinding against all parties having claims of any kind in tort,\n\ncontract or otherwise against the Board arising from the bond\n\nproceedings irrespective of whether these parties have notice\n\nthereof.","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":"5eb81f5207642e323200e99266039cdda1cbeae9b631755b3118603c2bc686c0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1085.32","next":"us-ok/okla.-stat.-tit.-82-82-1085.34"},"notice":"GroundRules: Original legal text. Not legal advice."}