{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1284","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1284","heading":"Issuance and sale of bond obligations","body":"A. The district may from time to time issue its obligations in\n\nsuch principal amounts as the district shall deem necessary to\n\nprovide sufficient funds to carry out any of its corporate purposes\n\nand powers and to pay for any costs or expenses of the district\n\nincident to and necessary or convenient to carry out its corporate\n\npurposes and powers.\n\nB. Every issue of obligations of the district shall be payable\n\nout of the revenues or funds of the district, subject to any\n\nagreements with the holders of particular obligations pledging any\n\nparticular revenues or funds. The district may issue such types of\n\nobligations as it may determine, including obligations as to which\n\nthe principal and interest are payable exclusively from the revenues\n\nfrom one or more projects, or from an interest therein or a right to\n\nthe products and services thereof, or from one or more revenue\n\nproducing contracts made by the district with any person, or public\n\nagency, or its revenues generally. Any such obligations may be\n\nadditionally secured by a pledge or assignment of any revenue\n\nproducing contracts made by the district with any person or of any\n\ngrant, subsidy or contribution from any person or a pledge of any\n\nincome or revenues, funds or monies of the district from any source\n\nwhatsoever.\n\nC. All obligations of the district shall have all the qualities\n\nof negotiable instruments under the laws of the state.\n\nD. Obligations of the district shall be authorized by a\n\nresolution of the board of directors adopted by at least three-\n\nfourths (3/4) of the members of the Board as constituted.\n\nObligations shall bear interest at a rate not exceeding a rate of\n\nfourteen percent (14%) and may be executed or issued under such\n\ncontract or under a trust indenture, bond resolution, or other\n\nsecurity or contractual agreement, in one or more series, and shall\n\nbear such date or dates, mature at such time or times which may be\n\nfixed or may change at such time or times and in accordance with a\n\nspecified formula or method of determination, be in such form,\n\neither coupon or registered, carry such conversion, registration,\n\nand exchange privileges, have such rank or priority, be executed in\n\nsuch manner, be payable in such medium of payment at such place or\n\nplaces within or without the state, be subject to such terms of\n\nredemption with or without premium, and contain or be subject to\n\nsuch other terms as the bond resolution, trust indenture or other\n\nsecurity or contractual agreement may provide, and shall not be\n\nrestricted by the provisions of any other law limiting the amounts,\n\nmaturities or other terms of obligations of eligible public agencies\n\nor private persons. Any bond obligations shall be sold at par, in\n\nsuch manner as the board of directors shall determine, at public\n\nsale. The board of directors may also authorize bonds to be issued\n\nand sold from time to time and delegate to such officer or agent of\n\nthe district as the board of directors shall select the power to\n\ndetermine the time and manner of sale and the maturities of such\n\nbonds, which may be fixed or may vary at such time or times and in\n\naccordance with a specified formula or method of determination, and\n\nsuch other terms and conditions, as may be deemed appropriate by the\n\nofficer or agent of the district designated by the board of\n\ndirectors. However, the amounts and maturities of such bonds shall\n\nbe within the limits prescribed by the board of directors in its\n\nresolution delegating such officer or agent the power to authorize\n\nthe sale and issuance of such bonds.\n\nE. Pending preparation of definitive obligations, the district\n\nmay issue temporary obligations which shall be exchanged for the\n\ndefinitive obligations.\n\nF. Obligations of the district may be issued under the\n\nprovisions of this act without obtaining the consent of any\n\ndepartment, division, commission, board, bureau or agency of the\nt the power to authorize\n\nthe sale and issuance of such bonds.\n\nE. Pending preparation of definitive obligations, the district\n\nmay issue temporary obligations which shall be exchanged for the\n\ndefinitive obligations.\n\nF. Obligations of the district may be issued under the\n\nprovisions of this act without obtaining the consent of any\n\ndepartment, division, commission, board, bureau or agency of the\n\nstate and without any other proceeding or the happening of any other\n\ncondition or occurrence except as specifically required by this act.\n\nG. 1. At least five (5) business days prior to delivery of and\n\npayment for any bond obligations, there shall be filed with the\n\nAttorney General of the State of Oklahoma and the Secretary of State\n\na preliminary copy of the official statement, prospectus or other\n\noffering document pertaining to the issuance; within fifteen (15)\n\nbusiness days after the sale or sales of said bond obligations,\n\nthere shall be filed with the Attorney General of the State of\n\nOklahoma, the Secretary of State and the Oklahoma Securities\n\nCommission a copy, in final form, of the official statement,\n\nprospectus or other offering document. If no official statement,\n\nprospectus or other offering document is used in connection with the\n\nsale of such bond obligations, in lieu thereof, there shall be filed\n\na copy of the draft and final proceedings of the district\n\nauthorizing the sale and issuance of such bond obligations. Within\n\nfifteen (15) business days after the sale or sales of said bonds,\n\nthe district shall file with the Attorney General a copy of all\n\ntranscripts of proceedings of the district and all resolutions\n\npassed and actions taken by it in connection with the authorization,\n\nissuance and sale of the bond obligations. The bond resolution,\n\ntrust indenture or other security or contractual agreement under\n\nwhich any bonds are issued shall constitute a contract with the\n\nholders of the bond obligations and may contain such provisions as\n\nthe board of directors and holders of obligations agree to.\n\n2. a. Within ten (10) business days after receipt of\n\ntranscripts of all proceedings of the district and all\n\nresolutions passed and actions taken by it in\n\nconnection with the authorization, issuance and sale\n\nof bond obligations, the Attorney General of the State\n\nof Oklahoma shall examine and approve or disapprove\n\nall of such proceedings and, if he finds such bond\n\nproceedings and sale to be constitutional and lawful,\n\nshall execute a certificate and file such certificate\n\nof record in the office of the Secretary of State.\n\nSuch certificate shall be in substantially the\n\nfollowing form:\n\nI have examined all proceedings had in connection with\n\nthe issuance of the ___________ Regional Water\n\nDistrict bonds in the aggregate principal amount of\n\n$___________, dated ________, authorized and sold\n\npursuant to ____________, and find said proceedings\n\nand sale to be constitutional, lawful and regular in\n\nall particulars and that said bonds will be valid\n\nobligations of the ________ Regional Water District.\n\nUnless suit thereon shall be brought in the Supreme\n\nCourt of Oklahoma within thirty (30) days from the\n\ndate of this certificate, said bonds shall be\n\nincontestable for all purposes.\n\n_________________ ________________________________\n\nDate Attorney General of Oklahoma\n\nb. Upon the filing of such certificate, bonds issued\n\npursuant to proceedings so examined by the Attorney\n\nGeneral shall be incontestable for all purposes upon\n\nthe expiration of thirty (30) days from the date of\n\nsuch certificate, unless suit be brought in the\n\nSupreme Court of Oklahoma prior to the expiration of\n\nsaid period. A facsimile of such Attorney General's\n\ncertificate shall appear on each bond so issued.\n\nFailure of the Attorney General to approve or\n\notherwise act as required herein shall, for all\nthirty (30) days from the date of\n\nsuch certificate, unless suit be brought in the\n\nSupreme Court of Oklahoma prior to the expiration of\n\nsaid period. A facsimile of such Attorney General's\n\ncertificate shall appear on each bond so issued.\n\nFailure of the Attorney General to approve or\n\notherwise act as required herein shall, for all\n\npurposes, be deemed an approval of such proceedings\n\nand a waiver of the requirement for his certification.\n\nIn the absence of an express certification, the\n\nthirty-day period for the filing of suit in the\n\nSupreme Court of Oklahoma shall commence upon the\n\neleventh day following receipt of the transcript of\n\nproceedings of the district in the office of the\n\nAttorney General. The Supreme Court of Oklahoma is\n\nhereby vested with exclusive jurisdiction over any\n\nlitigation involving the validity of any bonds issued\n\nunder the provisions of this act.\n\nH. Except as provided for in subsection G of this section, any\n\npledge of revenues, securities, contract rights or other personal\n\nproperty made by the district pursuant to this act shall be valid\n\nand binding from the date the pledge is made. The revenues,\n\nsecurities, contract rights or other personal property so pledged\n\nand then held or thereafter received by the district or any\n\nfiduciary shall immediately be subject to the lien of the pledge\n\nwithout any physical delivery thereof or further act, and the lien\n\nof the pledge shall be valid and binding as against all parties\n\nhaving claims of any kind in tort, contract or otherwise against the\n\ndistrict without regard to whether such parties have notice thereof.\n\nThe bond resolution, trust indenture, security agreement or other\n\ninstrument by which a pledge is created need not be filed or\n\nrecorded in any manner.\n\nI. The principal of, premium, if any, and interest upon any\n\nbond obligations issued by the district shall be payable solely from\n\nthe revenues or funds pledged or available for their payment as\n\nauthorized in this act. The bond obligation shall contain a\n\nstatement that it constitutes an obligation of the district, that\n\nthe principal thereof, premium, if any, and interest thereon are\n\npayable solely from revenues or funds of the district and that\n\nneither the state nor any political subdivision thereof, nor any\n\npublic agency which has contracted with the district, is obligated\n\nto pay the principal of, premium, if any, or interest on the bond\n\nobligations and that neither the faith and credit nor the taxing\n\npower of the state or any such political subdivision thereof or of\n\nany such public agency is pledged to the payment of the principal\n\nof, premium, if any, or the interest on the bond obligations.","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":"ededf41b9cb88a6d545ccd0aa62f10a1553cbd0124ca0a070b409732275165f4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1283","next":"us-ok/okla.-stat.-tit.-82-82-1285"},"notice":"GroundRules: Original legal text. Not legal advice."}