{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-870","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-870","heading":"Bonds - Authorization to issue - Provisions of resolution","body":"and indenture or agreement - Approval by Attorney General -\n\nRegistration - Notice of meetings and conference concerning certain\n\ncoal plants.\n\nThe district shall have power and is hereby authorized to issue\n\nfrom time to time, as the need therefor arises, revenue bonds for\n\nits corporate purposes in such amount or amounts not to exceed Three\n\nBillion Six Hundred Million Dollars ($3,600,000,000.00) outstanding\n\nat any time as are necessary, incidental or convenient to the\n\nexercise of the powers, rights, privileges and functions conferred\n\nupon it by Section 862 of this title, or any other act or law, and\n\nwithout limitations of the generality of the powers, rights and\n\nprivileges heretofore granted, for acquiring a steam generating\n\nplant or plants and related facilities, and to extend, improve and\n\nreconstruct the same; and for constructing, installing and acquiring\n\ndams, reservoirs, hydroelectric power plants, or any electrical\n\ngenerating plant or plants or any other electrical power or\n\ngenerating facilities; or any plant or plants for the production of\n\nsteam for heating and processing purposes; and all and any\n\nfacilities of every kind necessary, incidental or convenient for the\n\nproduction and generation of electric power and energy; and for\n\nacquiring, constructing and installing transmission lines,\n\nsubstations and all facilities necessary, incidental or convenient\n\nto the sale, resale, interchange and distribution of electric power\n\nand energy; and for carrying on the business and functions of the\n\ndistrict, as is now or hereafter may be authorized by law; and for\n\nacquiring additions and improvements to and extensions of\n\nfacilities, at any time existing, of the district; and for the\n\nacquisition of lands and rights-of-way for such use as is now, or\n\nmay be, authorized by law for the construction, replacement and\n\nrepair of any dams, plants or other facilities of the district; and\n\nto enable it to finance, in cooperation with any public agency, as\n\ndefined under the Interlocal Cooperation Act, Sections 1001 through\n\n1008 of Title 74 of the Oklahoma Statutes, any other agency of\n\ngovernment, rural electric cooperative corporation, or any private\n\nor public corporation, the development and utilization of electrical\n\nenergy or the water resources and rights in waters vested in the\n\ndistrict for such purposes as are, or may be, authorized by the laws\n\nof Oklahoma, and for financing and refinancing present outstanding\n\nobligations of the district, including the payment of any claims,\n\ncharges or interest on bonds required to be paid. The bonds herein\n\nauthorized may either be (1) sold for cash, at public or private\n\nsale, at such price or prices as the Board shall determine with the\n\nadvice and assistance of the State Bond Advisor, or (2) may be\n\nissued on such terms as the Board shall determine in exchange for\n\nproperty of any kind, real, personal or mixed, or any interest\n\ntherein which the Board shall deem necessary, incidental or\n\nconvenient for any such corporate purposes, or (3) may be issued in\n\nexchange for like principal amounts of other obligations of the\n\ndistrict, matured or unmatured, or (4) may be issued in such\n\nprincipal amounts that when the proceeds thereof are invested in\n\nlegal and qualified investments, the proceeds together with the\n\nresulting proceeds of such investments will be sufficient to retire\n\nthe outstanding indebtedness or any portion thereof at maturity or\n\nat prior redemption or upon purchase or tender for purchase. The\n\nproceeds of sale of such bonds shall be deposited in such bank or\n\nbanks or trust company or trust companies, and shall be paid out\n\npursuant to such terms and conditions as may be agreed upon between\n\nthe district and the purchasers of such bonds. All such bonds shall\n\nbe authorized by resolutions of the Board concurred in by at least\n\nfour of the members thereof, and shall bear such date or dates,\noceeds of sale of such bonds shall be deposited in such bank or\n\nbanks or trust company or trust companies, and shall be paid out\n\npursuant to such terms and conditions as may be agreed upon between\n\nthe district and the purchasers of such bonds. All such bonds shall\n\nbe authorized by resolutions of the Board concurred in by at least\n\nfour of the members thereof, and shall bear such date or dates,\n\nmature at such time or times, bear interest at such rate or rates,\n\nat such time or times, be in such denominations, be in such form,\n\neither coupon or registered, carry such registration privileges as\n\nto principal only or as to both principal and interest, and as to\n\nexchange of coupon bonds for registered bonds or vice versa, and\n\nexchange of bonds of one denomination for bonds of other\n\ndenominations, be executed in such manner and be payable at such\n\nplace or places within or without this state as such resolution or\n\nresolutions may provide. Any resolution or resolutions, including\n\nany related trust indenture or indentures, authorizing any bonds may\n\ncontain provisions which shall be part of the contract between the\n\ndistrict and the holders thereof from time to time (a) reserving the\n\nright to redeem such bonds at such time or times, in such amounts\n\nand at such prices as may be provided, (b) providing for the setting\n\naside of sinking funds or reserve funds and the regulation and\n\ndisposition thereof, (c) pledging to secure the payment of the\n\nprincipal of and interest on such bonds and of the sinking fund or\n\nreserve fund payments agreed to be made in respect of such bonds all\n\nor any part of the gross or net revenues thereafter received by the\n\ndistrict in respect of the property, real, personal or mixed, to be\n\nacquired or constructed with such bonds or the proceeds thereof, or\n\nall or any part of the gross or net revenues thereafter received by\n\nthe district from whatever source derived and monies and securities\n\nheld under such resolutions or indentures or contract rights with\n\nrespect to any of the foregoing, (d) prescribing the purposes to\n\nwhich such bonds or any bonds thereafter to be issued, or the\n\nproceeds thereof, may be applied, (e) agreeing to fix and collect\n\nrates and charges sufficient to produce revenues adequate to pay the\n\nitems specified in subparagraphs (a), (b), (c), (d) and (e) of\n\nSection 868 of this title and prescribing the use and disposition of\n\nall revenues, and the investment of such revenues and other monies\n\npending their expenditures in investments authorized or permitted by\n\nlaw, (f) prescribing limitations upon the issuance of additional\n\nbonds and upon the agreements which may be made with the purchasers\n\nand successive holders thereof, (g) with regard to the construction,\n\nextension, improvement, reconstruction, operation, maintenance and\n\nrepair of the properties of the district, carrying of insurance upon\n\nall or any part of the properties covering loss or damage or loss of\n\nuse and occupancy resulting from specified risk, (h) fixing the\n\nprocedure, if any, by which, if the district shall so desire, the\n\nterms of any contract with the holders of such bonds may be amended\n\nor abrogated, the amount of bonds the holders of which must consent\n\nthereto, and the manner in which such consent may be given, (i) for\n\nthe execution and delivery by the district to a bank or trust\n\ncompany authorized by law to accept trusts, or to the United States\n\nof America or any office or agency thereof, of indentures and\n\nagreements for the benefit of the holders of such bonds setting\n\nforth any or all of the agreements herein authorized to be made with\n\nor from the benefit of the holders of such bonds and such other\n\nprovisions as may be customary in such indentures or agreements, and\ncompany authorized by law to accept trusts, or to the United States\n\nof America or any office or agency thereof, of indentures and\n\nagreements for the benefit of the holders of such bonds setting\n\nforth any or all of the agreements herein authorized to be made with\n\nor from the benefit of the holders of such bonds and such other\n\nprovisions as may be customary in such indentures or agreements, and\n\n(j) such other provisions, not inconsistent with the provisions of\n\nSection 861 et seq. of this title, as the Board may approve.\n\nAny such resolution and any indenture or agreement entered into\n\npursuant thereto may provide that in the event that (a) default\n\nshall be made in the payment of the interest on any or all bonds\n\nwhen and as the same shall become due and payable, or (b) default\n\nshall be made in the payment of the principal of any or all bonds\n\nwhen and as the same shall become due and payable, whether at the\n\nmaturity thereof, by call for redemption or otherwise, or (c)\n\ndefault shall be made in the performance for any agreement made with\n\nthe purchasers or successive holders of any bonds, and such default\n\nshall have continued such period, if any, as may be prescribed by\n\nthe resolution in respect thereof, the trustee under the indenture\n\nor indentures entered into in respect of the bonds authorized\n\nthereby, or if there shall be no such indenture, a trustee appointed\n\nin the manner provided in such resolution or resolutions by the\n\nholders of twenty-five percent (25%) in aggregate principal amount\n\nof the bonds authorized thereby and at the time outstanding may,\n\nand, upon the written request of the holders of twenty-five percent\n\n(25%) in aggregate principal amount of the bonds authorized by such\n\nresolution or resolutions at the time outstanding, shall, in his,\n\nher, or its own name, but for the equal and proportionate benefit of\n\nthe holders of all of such bonds, and with or without possession\n\nthereof,\n\n(1) By mandamus or other suit, action or proceeding at law\n\nor in equity, enforce all rights of the holders of\n\nsuch bonds,\n\n(2) Bring suit upon such bonds and/or the appurtenant\n\ncoupons,\n\n(3) By action or suit in equity, require the district to\n\naccount as if it were the trustee of an express trust\n\nfor the bondholders,\n\n(4) By action or suit in equity, enjoin any acts or things\n\nwhich may be unlawful or in violation of the rights of\n\nthe holders of such bonds, and/or\n\n(5) After such notice to the district as such resolution\n\nmay provide, declare the principal of all of such\n\nbonds due and payable, and if all defaults shall have\n\nbeen made good, then with the written consent of the\n\nholder or holders of twenty-five percent (25%) in\n\naggregate principal amount of such bonds at the time\n\noutstanding annul such declaration and its\n\nconsequence; provided, however, that the holders of\n\nmore than a majority in principal amount of the bonds\n\nauthorized thereby and at the time outstanding by\n\ninstrument or instruments in writing delivered to such\n\ntrustee have the right to direct and control any and\n\nall action taken or to be taken by such trustee under\n\nthis paragraph. Any such resolution, indenture or\n\nagreement may provide that in any such suit, action or\n\nproceeding, any such trustee, whether or not all of\n\nsuch bonds shall have been declared due and payable,\n\nand with or without possession of any thereof, shall\n\nbe entitled as of right to the appointment of a\n\nreceiver who may enter and take possession of all or\n\nany part of the properties of the district and operate\n\nand maintain the same, and fix, collect and receive\n\nrates and charges sufficient to provide revenues\n\nadequate to pay the items set forth in subparagraphs\nf any thereof, shall\n\nbe entitled as of right to the appointment of a\n\nreceiver who may enter and take possession of all or\n\nany part of the properties of the district and operate\n\nand maintain the same, and fix, collect and receive\n\nrates and charges sufficient to provide revenues\n\nadequate to pay the items set forth in subparagraphs\n\n(a), (b), (c), (d) and (e) of Section 868 of this\n\ntitle and the costs and disbursements of such suit,\n\naction or proceeding, and to apply such revenues in\n\nconformity with the provisions of Section 861 et seq.\n\nof this title and the resolution or resolutions\n\nauthorizing such bonds. In any suit, action or\n\nproceeding by any such trustee, the reasonable fees,\n\ncounsel fees and expense of such trustee and of the\n\nreceiver or receivers, if any, shall constitute\n\ntaxable disbursements and all costs and disbursements,\n\nand all costs and disbursements allowed by the court\n\nshall be a first charge upon any revenues pledged to\n\nsecure the payment of such bonds. Subject to the\n\nprovisions of the Oklahoma Constitution, the courts of\n\nthe County of Craig, or other county wherein the\n\ndomicile may be situated, shall have jurisdiction of\n\nany such suit, action or proceeding by any such\n\ntrustee on behalf of the bondholders and of all\n\nproperty involved therein. In addition to the powers\n\nhereinabove specifically provided for, each such\n\ntrustee shall have and possess all powers necessary or\n\nappropriate for the exercise of any thereof, or\n\nincident to the general representation of the\n\nbondholders in the enforcement of their right.\n\nBefore any bonds shall be sold by the district, a certified copy\n\nof the proceedings for the issuance thereof, including the form of\n\nsuch bonds, together with any other information which the Attorney\n\nGeneral of this state may require, shall be submitted to the\n\nAttorney General and if he or she shall find that such bonds have\n\nbeen issued in accordance with law he or she shall approve such\n\nbonds and execute a certificate to that effect which shall be filed\n\nin the Office of the State Auditor and Inspector of this state and\n\nbe recorded in a record kept for that purpose. No bonds shall be\n\nissued until the same shall have been registered by the State\n\nAuditor and Inspector, who shall so register the same if the\n\nAttorney General shall have filed with the State Auditor and\n\nInspector his or her certificate approving the bonds and the\n\nproceedings for the issuance thereof as hereinabove provided. All\n\nbonds approved by the Attorney General as aforesaid, and registered\n\nby the State Auditor and Inspector as aforesaid, and issued in\n\naccordance with the proceedings so approved shall be valid and\n\nbinding obligations of the district and shall be incontestable for\n\nany cause from and after the time of such registration.","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":"08b3c44446dee7002e89ae4c5999ba5b8ecab2a2739a8019abc9dfc14012767c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-869","next":"us-ok/okla.-stat.-tit.-82-82-870.1"},"notice":"GroundRules: Original legal text. Not legal advice."}