{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1132","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1132","heading":"Interim notes and conditions of issue","body":"Whenever the board of directors of a port authority shall have\n\nadopted a resolution authorizing the issuance of any series of bonds\n\nhereunder and said bonds have been sold but prior to the time as of\n\nwhich the bonds can be delivered, the board of directors of a port\n\nauthority finds it necessary to borrow money for the purpose for\n\nwhich the bonds were authorized, such board of directors may, by\n\nappropriate resolution, authorize the borrowing of money in\n\nanticipation of the issuance of the bonds, and the issuance of the\n\nnote or notes of the board of directors to evidence such borrowing.\n\nThe amount so borrowed shall not exceed the principal amount of the\n\nbonds and shall not bear interest at a rate exceeding the average\n\ninterest rate of the bonds. Such note or notes shall be signed in\n\nthe manner prescribed by the board of directors and shall be made\n\npayable at such time or times as the board of directors may\n\nprescribe, not later than one (1) year from their respective dates\n\nand may be renewed from time to time by the issuance of new notes\n\nhereunder. The proceeds of any loan made under this section shall\n\nbe devoted exclusively to the purpose for which the bonds shall have\n\nbeen authorized and the note or notes and the interest thereon shall\n\nbe paid with the proceeds of the bonds simultaneously with the\n\ndelivery of the bonds. If for any reason the bonds shall not be\n\nissued, the holder or holders of the notes shall be entitled to all\n\nrights which would have been enjoyed by the holders of the bonds had\n\nthey been issued; and the notes shall be paid from the revenues\n\nprovided for the payment of the bonds, and shall be entitled to the\n\nbenefit of all covenants, agreements and rights appearing in the\n\nresolution authorizing the bonds for the benefit of the bonds.","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":"ba6a596e7f594a0b318333cfe6010f823e2b278143010ce4d1af3b5b120914a6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1131","next":"us-ok/okla.-stat.-tit.-82-82-1133"},"notice":"GroundRules: Original legal text. Not legal advice."}