{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1127","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1127","heading":"Powers of board of directors in connection with payment","body":"of principal and interest.\n\nThe board of directors of a port authority issuing bonds\n\npursuant to the provisions of this act is authorized to pledge for\n\nthe payment of principal of or interest on such bonds, all or any\n\npart of the revenues to be derived from the managements and\n\noperation of the buildings and facilities for the construction,\n\nacquisition or improvement of which the bonds are issued; together\n\nwith any other available income and revenues from revenue producing\n\nfacilities of such port authority. In order to secure prompt\n\npayment of the principal and interest, and the proper application of\n\nrevenues pledged thereto, the board of directors of such port\n\nauthority is authorized by appropriate resolution:\n\n(a) To covenant as to the use and disposition of the proceeds\n\nof the sale of such bonds;\n\n(b) To covenant as to the operation of facilities and buildings\n\nand the collection and disposition of the revenues derived from such\n\noperation;\n\n(c) To covenant as to the rights, liabilities, powers and\n\nduties arising from the breach of any covenant or agreement into\n\nwhich it may enter in authorizing and issuing the bonds;\n\n(d) To covenant and agree to carry such insurance on the\n\nbuildings and facilities, and the use and occupancy thereof as may\n\nbe considered desirable and, in its discretion, to provide that the\n\ncost of such insurance shall be considered a part of the expense of\n\noperating the buildings and facilities;\n\n(e) To vest in a trustee or trustees the right to receive all\n\nor any part of the income and revenues pledged and assigned to or\n\nfor the benefit of the holder or holders of bonds issued hereunder\n\nand to hold, apply and dispose of the same, and the right to enforce\n\nany convenant made to secure the bonds; and to execute and deliver a\n\ntrust agreement or agreements which may set forth the powers and\n\nduties and the remedies available to such trustee or trustees and\n\nmay limit the liabilities thereof and prescribe the terms and\n\nconditions upon which such trustee or trustees or the holder or\n\nholders of the bonds in any specified amount or percentage may\n\nexercise such rights and enforce any or all such covenants and\n\nresort to such remedies as may be appropriate:\n\n(f) To fix rents, charges and fees to be imposed in connection\n\nwith and for the use of the buildings, services and facilities of\n\nsuch port authority, which rents, charges and fees shall be\n\nconsidered to be income and revenues derived from the operation of\n\nthe buildings and facilities, and are hereby expressly required to\n\nbe fully sufficient to assure the prompt payment of principal and\n\ninterest on the bonds as each becomes due, and to make and enforce\n\nsuch rules and regulations with reference to the use of the\n\nbuildings and facilities, as it may deem desirable for the\n\naccomplishment of the purposes of this act;\n\n(g) To covenant to maintain a maximum percentage of use and\n\noccupancy of the buildings and facilities for revenue producing\n\npurposes;\n\n(h) To covenant against the issuance of any other obligations\n\npayable from the revenues to be derived from the buildings and\n\nfacilities; and to covenant as to priority of resort to such\n\nrevenues between obligations of such port authority;\n\n(i) All such agreements and covenants entered into by the board\n\nof directors of such port authority shall be binding upon the board\n\nand the authority, its agents and employees, and upon its successors\n\nin interest; and all such agreements and covenants shall be\n\nenforceable by appropriate action or suit at law or in equity, which\n\nmay be brought by any holder or holders of bonds issued hereunder or\n\nin their behalf.","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":"434d3b4df422d2eaab3173bf699e04169361f2f08c7e0c77b824afae6bf588f6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1126","next":"us-ok/okla.-stat.-tit.-82-82-1128"},"notice":"GroundRules: Original legal text. Not legal advice."}