{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-874","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-874","heading":"Mortgage, sale, lease or other disposition of property -","body":"Pledge of revenues - Exemption from forced sale - Section not\n\napplicable to certain agreements.\n\nA. Nothing in Sections 861 through 890 of this title shall be\n\nconstrued as authorizing the district and it shall not be authorized\n\nto mortgage or otherwise encumber any of its property of any kind,\n\nreal, personal or mixed, or any interest therein, or to acquire any\n\nproperty or interest subject to a mortgage or conditional sale,\n\nprovided that this section shall not be construed as preventing the\n\npledging of the revenues of the district as herein authorized. Any\n\npledge of revenues, monies, securities or contract rights made by\n\nthe district pursuant to the provisions of this title shall be valid\n\nand binding from the date the pledge is made. The revenues, monies,\n\nsecurities and contract rights so pledged and then held or\n\nthereafter received by the district or any fiduciary shall\n\nimmediately be subject to the lien of the pledge without any\n\nphysical delivery thereof or further act, and the lien of the pledge\n\nshall be valid and binding against all parties having claims of any\n\nkind in tort, contract or otherwise against the district without\n\nregard to the provisions of Title 12A of the Oklahoma Statutes, the\n\nbond 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\nB. Nothing in Sections 861 through 890 of this title shall be\n\nconstrued as authorizing the sale, lease or other disposition of any\n\nproperty or interest of the district by the district or any receiver\n\nof any of its properties or through any court proceeding or\n\notherwise.\n\nC. 1. The district may sell for cash, subject to competitive\n\nbidding as provided by the Board of Directors of the Grand River Dam\n\nAuthority, any property or interest in an aggregate value not\n\nexceeding the sum of Five Hundred Thousand Dollars ($500,000.00) in\n\nany one (1) year, except that the district may sell any or all\n\nsurplus property that the district may have acquired without regard\n\nto the limitations herein, if the Board, by the affirmative vote of\n\nfive or more of the members, shall have determined that the same is\n\nnot necessary to the business of the district and shall have\n\napproved the terms of any sale.\n\n2. Notwithstanding any other provision of law, the district may\n\nsell real and personal property directly used for the generation,\n\ntransmission or distribution of electricity to any corporation,\n\nlimited liability company, association, cooperative, municipal\n\ncorporation or a beneficial trust thereof engaged in the furnishing\n\nof wholesale or retail electric if the Board approves by a vote of\n\nfive or more members that the property is not necessary to the\n\nbusiness of the district. Sales pursuant to this paragraph shall be\n\nexempt from the requirements and limitations of paragraph 1 of this\n\nsubsection and from the requirements of Section 129.4 of Title 74 of\n\nthe Oklahoma Statutes.\n\n3. If approved by affirmative vote of five or more members, the\n\nBoard may authorize the district to enter into agreements to\n\npurchase letters of credit or other financial instruments to\n\nfacilitate the exercise of the powers, rights, and privileges\n\ngranted it.\n\nD. The district may lease any of its lands if the Board, by the\n\naffirmative vote of five or more of the members, shall have\n\ndetermined that the same can be leased without injury to or without\n\ninterference with the operations of the project, and shall have\n\napproved the terms of any lease. Except as otherwise provided, no\n\nshorelands (lands lying between the low and high water marks) shall\n\nbe leased for a term longer than two (2) years and not more than\n\none-fourth (1/4) mile of the lake front shall be leased to any one\n\nperson, firm or corporation. The district may lease shorelands for\n\na term longer than two (2) years and more than one-fourth (1/4) mile\ned the terms of any lease. Except as otherwise provided, no\n\nshorelands (lands lying between the low and high water marks) shall\n\nbe leased for a term longer than two (2) years and not more than\n\none-fourth (1/4) mile of the lake front shall be leased to any one\n\nperson, firm or corporation. The district may lease shorelands for\n\na term longer than two (2) years and more than one-fourth (1/4) mile\n\nof lake front may be leased to any one person, firm, or corporation\n\nwithout regard to the limitations herein, if the Board, by the\n\naffirmative vote of a majority of the members, determines that the\n\nlease is necessary or beneficial to the business of the district.\n\nThe district may lease shorelands to political subdivisions,\n\nagencies of the State of Oklahoma, or tax-exempt public trusts, for\n\nany public purpose, on such terms as are mutually satisfactory to\n\nthe parties, notwithstanding the limitations herein. No lease shall\n\ndeprive the owner of any land adjacent to the shorelands or lake\n\nfront, or abutting thereon, of ingress or egress to and from the\n\nwater of the lakes and shall not deprive the owner of any wharf,\n\ndock or boat anchorage privileges that would belong to the owner if\n\nthe shorelands or lake front were not leased.\n\nE. It is the intention of Sections 861 through 890 of this\n\ntitle that, except by sale, lease or agreement as expressly\n\nauthorized in Sections 861 through 890 of this title, no property or\n\ninterest of the district shall ever come into the ownership or\n\ncontrol, directly or indirectly, of any person, firm or corporation\n\nother than a public authority created under the laws of the State of\n\nOklahoma.\n\nF. Nothing in this section shall be construed as preventing the\n\ndistrict from contracting with the United States or any agency\n\nthereof for the temporary possession, control and use of properties\n\nby the United States or any agency thereof for the safety and\n\ndefense of the United States in time of a national emergency or in\n\nanticipation thereof.\n\nG. All property of the district shall be at all times exempted\n\nfrom forced sale, and nothing contained in Sections 861 through 890\n\nof this title shall authorize the sale of any of the property of the\n\ndistrict under any judgment rendered in any suit, and such sales are\n\nhereby prohibited and forbidden. The provisions of this subsection\n\nshall not apply to any property constructed on a lease or the\n\ninterest in a lease of shoreland that has been entered into by the\n\ndistrict pursuant to subsection B of this section for a term of\n\nlonger than two (2) years, provided the provisions of the lease\n\nauthorizing the mortgage and forced sale of the property or lease\n\ninterest has been approved by an affirmative vote of a majority of\n\nthe members of the Board.\n\nH. The provisions of this section shall not apply to any sale\n\nagreement, lease agreement or other agreement entered into by the\n\ndistrict pursuant to paragraphs (f) or (g) of Section 862 of this\n\ntitle, provided that the agreement is in compliance with any\n\napplicable provision restricting the sale or leasing of property by\n\nthe district contained in any resolution of the district providing\n\nfor the issuance of revenue 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":"cf22e926506ffcb0bcfe9edb36d7880243feb6f9163aca0040c36f02783f5200","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-873","next":"us-ok/okla.-stat.-tit.-82-82-874.1"},"notice":"GroundRules: Original legal text. Not legal advice."}