{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-870.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-870.1","heading":"Bond anticipation notes","body":"Whenever the board shall have adopted a resolution authorizing\n\nthe issuance of any series of bonds thereunder but prior to the time\n\nthe bonds can be delivered the board finds it necessary to borrow\n\nmoney for the purpose for which the bonds were authorized, the board\n\nmay, by appropriate resolutions and subject to all other provisions\n\nof Sections 861 through 889 of this title, authorize the borrowing\n\nof money in anticipation of the issuance of the bonds, and the\n\nissuance of notes of the board to evidence such borrowing. The\n\namount so borrowed shall not exceed the principal amount of the\n\nbonds and shall not bear interest at a rate exceeding the allowable\n\ninterest rate of the bonds. Such notes shall be signed in the\n\nmanner prescribed by the board and shall be made payable at such\n\ntimes as the board may prescribe not later than five (5) years from\n\ntheir respective dates and may be renewed from time to time by the\n\nissuance of new notes hereunder. The proceeds of any loan made\n\nunder this section shall be devoted exclusively to the purposes for\n\nwhich the bonds shall have been authorized and the notes and the\n\ninterest thereon shall be paid with the proceeds of the bonds or any\n\nlegally available funds simultaneously with the delivery of the\n\nbonds. If for any reason the bonds shall not be issued, the holder\n\nor holders of the notes shall be entitled to all rights which would\n\nhave been enjoyed by the holders of the bonds had they been issued,\n\nand the notes shall be paid from the revenues provided for the\n\npayment of the bonds and shall be entitled to the benefit of all\n\ncovenants, agreements and rights appearing in the resolution\n\nauthorizing 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":"d9daa92ee7569c31d1ea9d2bc3e3a8fc2007e40f4ec0e0cbff6c0c54b36049d4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-870","next":"us-ok/okla.-stat.-tit.-82-82-871"},"notice":"GroundRules: Original legal text. Not legal advice."}