(a) The issuance of revenue bonds shall be by a resolution of the trustees. The bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times, not exceeding thirty (30) years from their respective dates, may bear interest at such rate or rates, not exceeding the maximum rate provided by Section 498.1 of this title, may be in such form, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be subject to such terms of redemption, and may contain such terms, covenants, and conditions as the resolution may provide including without limitation those pertaining to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the nature and extent of the security, the rights, duties, and obligations of the trustees and the trustee for the holders or registered owners of the bonds, and the rights of the holders or registered owners of the bonds. There may be successive bond issues for the purpose of financing the same industrial project (lands, buildings, or facilities) involving one or more industries, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping industrial projects (lands, buildings, or facilities) already in existence, whether or not originally financed by bonds issued under this act, with each successive issue to be authorized as provided by this act. Priority between and among issues and successive issues as to security of the pledge of revenues and mortgage lien on the lands, buildings, and facilities involved may be controlled by the ordinance or resolution authorizing the issuance of bonds hereunder. The bonds shall have all the qualities of negotiable instruments under the negotiable instruments laws of this state.
(b) Said resolution may provide for the execution by the trustees of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders. Such indenture may control the priority between successive issues and may contain any other terms, covenants, and conditions that are deemed desirable, including without limitation those pertaining to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the nature and extent of the security, the rights, duties, and obligations of the trustees and the trustee for the holders or registered owners of the bonds, and the rights of the holders or registered owners of the bonds; provided, the indenture shall state that it constitutes no obligation against or pledge of the full faith and credit of the municipality and county.
(c) The bonds shall be sold only after public advertisement for bids, to the bidder offering the lowest effective interest rate and best terms on the proposal so advertised, and may be sold for such price, including without limitation sale of a discount, and in such manner as the trustees may determine by resolution, but in no event shall the trustees be required to pay more than the maximum rate provided by Section 498.1 of this title on the amount received, computed with relation to the absolute maturity of the bonds in accordance with the Standard Tables of Bond Values. The bonds may be sold with the privilege of conversion into an issue bearing other rate or rates of interest, upon such terms that the trustees receive no less and pay no more than they would receive and pay if the bonds were not converted, and the conversion shall be subject to the approval of the trustees.
(d) The bonds shall be executed by the chairman and secretary of the trustees, and in case any of the officers whose signatures appear on the bonds shall cease to be such officers before the delivery of such bonds or coupons, such signatures shall nevertheless be valid and sufficient for all purposes. Facsimile signatures may be used as provided in the Registered Public Obligations Act of Oklahoma.
Amended by Laws 1983, c. 170, § 58, eff. July 1, 1983.
Structure Oklahoma Statutes
§62-13. Duties of Bond Commissioner - Certificate - Bonds incontestable after 30 days.
§62-14. Bond invalid without certificate.
§62-15. Issuance and sale of general obligation bonds – Procedures - Fees.
§62-34.3. Office of Management and Enterprise Services.
§62-34.3.1. Consolidated agencies.
§62-34.4. Revolving Fund for Office of Management and Enterprise Services.
§62-34.5. Director of the Office of Management and Enterprise Services - Appointment.
§62-34.6. General powers and duties of Director.
§62-34.7. Experts and assistants of Director.
§62-34.8. Public Information Officer subject to provisions of Merit System.
§62-34.9. Classification of funds - Manner of keeping fund accounts.
§62-34.10. Annual financial report - Accounting procedures and guidelines.
§62-34.11. Duties and functions of Division of Central Accounting and Reporting.
§62-34.11.1.1. Performance metrics – Data sets.
§62-34.11.1. Chief Information Officer.
§62-34.11.2. Oklahoma State Government 2.0 Initiative - Policies, schedules and standards.
§62-34.11.3. Oklahoma State Government Open Documents Initiative.
§62-34.11.4. Oklahoma State Government Forms One-Stop Initiative.
§62-34.11.5. Oklahoma State Government Geographic Information One-Stop Initiative.
§62-34.11.7. Statewide assistance program - Performance reporting metrics – Telework pilot program.
§62-34.11.8. Oklahoma State Government IT Project Monitoring and Transparency Initiative.
§62-34.11.9. Oklahoma State Government Business Licensing One-Stop Program.
§62-34.11.10. Oklahoma State Government Security Breach Transparency Initiative.
§62-34.12. Information Services Division - Powers and duties.
§62-34.12.1. High technology systems and upgrades and enhancements.
§62-34.13. Statement of charges.
§62-34.22. Telecommunications Revolving Fund.
§62-34.23. Oklahoma Government Telecommunications Network.
§62-34.24. State portal system.
§62-34.24.1. Web-based license and permit application and renewals required - Report.
§62-34.26. Open-systems concept.
§62-34.27. State Governmental Technology Applications Review Board.
§62-34.31.1. Software acquisition requests.
§62-34.31.2. State technology contracts.
§62-34.34. Preparation of budget by Director of Office of Management and Enterprise Services.
§62-34.35. Information furnished to the Director of Office of Management and Enterprise Services.
§62-34.36. Estimate of funds needed
§62-34.36.1. Written report required.
§62-34.37. Submission of budget - Plan of expenditures - Proposed revenues.
§62-34.38. Form of budget - Budget message - Budget estimates.
§62-34.39. Appropriations to state agency - Reduction.
§62-34.40. Segregation of lump sum appropriations.
§62-34.41. Availability of appropriations - Conditioned on budget resources being sufficient.
§62-34.42. Budget work programs.
§62-34.42.1. Annual disclosure of all federal funds under control of the entity.
§62-34.43. Itemization of data processing expenses - Budgeting and disbursement.
§62-34.44. Budget in year in which Governor-elect assumes office.
§62-34.45. Governor-elect and Lieutenant Governor-elect - Expenses prior to assuming office.
§62-34.48. Federal funds - Deposit and disbursement.
§62-34.49. Allotment of appropriations - Exemption of Legislature.
§62-34.50. Revenues not derived from legislative appropriations.
§62-34.52. Requests for budget category transfer.
§62-34.53. State System of Higher Education and institutions of higher education.
§62-34.54. General Revenue Cash-flow Reserve Fund - Transfer of funds.
§62-34.55. Transfer of treasury funds to General Revenue Cash-flow Reserve Fund.
§62-34.56. Special Agency Account Board.
§62-34.57. Agency clearing accounts - Deposits - Transfers - Exemptions.
§62-34.58. Information on income, disbursements and transfers.
§62-34.59. Withdrawals from agency clearing accounts and special accounts.
§62-34.60. Form and manner of issuing vouchers - Waiver.
§62-34.61. Commitment or expenditure of federal block grant funds - Preconditions.
§62-34.62. Encumbrance requirements for payment of state funds.
§62-34.64. Payment of claims or payrolls.
§62-34.65. Payment of vendor invoices.
§62-34.67. Claims and payrolls.
§62-34.68. Approval of claims and payrolls.
§62-34.69. Payroll Fund – Web-based access to employment and compensation information.
§62-34.70. Voluntary payroll deductions.
§62-34.70.1. Unlawful payroll deductions for membership dues - Definitions.
§62-34.71. Procedure to issue payment for goods and services.
§62-34.72. Procedure for payment of interest.
§62-34.74. Grievance - Remedy.
§62-34.78. Higher educational institution claim settlement systems.
§62-34.79. Transportation preaudit and settlement system for claims and payments.
§62-34.81. Replacement warrant or bond - Affidavit - Records.
§62-34.83. Nonpayable warrants – Notice – Claim custody and records.
§62-34.84. Deficiency certificates.
§62-34.85. Interest on warrants issued under deficiency certificates.
§62-34.87. Transfer of funds to Higher Learning Access Trust Fund.
§62-34.89. Education Reform Revolving Fund.
§62-34.90. Common Education Technology Revolving Fund.
§62-34.91. Higher Education Capital Revolving Fund.
§62-34.92. Oklahoma Student Aid Revolving Fund.
§62-34.96. Legislative Oversight Committee on State Budget Performance.
§62-34.100. Disclosure of disbursement of federal stimulus funds.
§62-34.102. Revenue Stabilization Fund.
§62-34.103. Revenue certification and apportionment by the State Board of Equalization.
§62-34.104. Revenue Stabilization Fund performance report.
§62-34.200-1. Debt affordability study.
§62-34.202. Policy changes – Thirty days written notice – Final notice.
§62-34.203. Request for proposal for ongoing maintenance of desktop support and management systems.
§62-34.501. Allocation of federal Coronavirus Aid, Relief, and Economic Security Act (CARES) funds.
§62-35.1. Information Technology Consolidation and Coordination Act.
§62-35.4. Information technology assets - Approval of Chief Information Officer.
§62-35.5. Integral information technology assets - Information technology positions - Assessment.
§62-35.6. Required information technology services and programs.
§62-35.6.1. Criminal Justice Information Systems Center for Excellence.
§62-35.6.2. Land Mobile Radio Public Safety Interoperability Cooperative
§62-35.7. Exemptions and extensions.
§62-35.9. Quarterly progress reports.
§62-36. Digital Transformation Program Revolving Fund.
§62-42.13. Revenues not derived from legislative appropriations.
§62-45.1. Short title – Duties of all state agencies.
§62-45.3. Agency strategic plan – Elements required – “Capital improvement” defined.
§62-45.7. Long-range strategic state plan.
§62-45.10. Agency performance reporting mechanisms - Development - Procedure.
§62-45.11. Program management and performance report.
§62-46. Short title – Definitions – Development and operation of website.
§62-46.1. Transfer of surplus funds accruing to General Revenue Fund to certain funds.
§62-46.2. Oklahoma Dynamic Economy and Budget Security Fund.
§62-46.3. Transfer of surplus funds accruing to General Revenue Fund for 2007.
§62-46.5. State Revenue Apportionment Evaluation Commission.
§62-46A. Measurable goal requirement.
§62-47. Creation of trust fund - Board of Investors abolished.
§62-48. Oklahoma Opportunity Fund.
§62-48.1. Legislative findings.
§62-48.2. See the following versions:
§62-48.2v1. Oklahoma Quick Action Closing Fund.
§62-48.2v2. Oklahoma Quick Action Closing Fund.
§62-49. Multi-year trend analysis of budget outlook
§62-50. Tobacco Settlement Fund - Monies.
§62-56. Creation and designation of fund - Deposits.
§62-57.2. Agency of state - Intent and purpose of act.
§62-57.3. Authority to issue and sell bonds - Pledges and covenants - Sinking fund.
§62-57.5. Sale of bonds to State Treasurer and Commissioners of Land Office.
§62-57.6. Sale of bonds not sold to State Treasurer or Commissioners of Land Office.
§62-57.8. Investments in bonds - Collateral security.
§62-57.9. Attorney General's certificate of regularity - Signatures and seals - Registration.
§62-57.10. Delivery of bonds - Deposit and investment of proceeds.
§62-57.12. Judicial approval of bonds.
§62-57.13. Intent as to use of existing resources.
§62-57.15. Intent and purpose.
§62-57.16. Building Bonds Commission as agency - Indebtedness - Purposes and limitation.
§62-57.17. Issuance and sale of bonds - Pledges and covenants - Sinking fund.
§62-57.18. Form and terms - Call and redemption - Negotiability - Tax exempt.
§62-57.19. Sales to State Treasurer and Commissioners of Land Office.
§62-57.20. Sales to others than Treasurer or Commissioners.
§62-57.22. Investment - Approval as collateral security.
§62-57.23. Attorney General's certificate - Registration - Signatures and seals.
§62-57.24. Delivery of bonds upon payment - Deposit and investment of proceeds.
§62-57.26. Approval of bonds by Supreme Court.
§62-57.27. Intent as to resources of state.
§62-57.31. Intent and purpose.
§62-57.32. Building Bonds Commission - Indebtedness - Purposes.
§62-57.33. Issuance and sale of bonds - Pledges - Sinking fund.
§62-57.34. Form and terms - Call and redemption - Negotiability - Tax exemption.
§62-57.35. Advertisement and sale of bonds.
§62-57.37. Investment - Approval as collateral security.
§62-57.38. Certificate of Attorney General - Signatures and seals.
§62-57.39. Delivery of bonds upon payment - Deposit and investment of proceeds - Interest.
§62-57.40. Investment of sinking fund monies.
§62-57.42. Approval of bonds by Supreme Court.
§62-57.43. Attorney General as representative of Commission.
§62-57.51. Intent and purpose.
§62-57.52. Building Bonds Commission as agency - Indebtedness - Purposes.
§62-57.53. Issuance and sale of bonds - Pledges and covenants - Sinking fund.
§62-57.54. Form and terms - Call and redemption - Negotiability - Tax exemption.
§62-57.55. Sale of bonds to State Treasurer.
§62-57.56. Certificate of Attorney General - Signatures and seals.
§62-57.57. Delivery of bonds upon payment - Deposit and investment of proceeds - Interest.
§62-57.58. Investment of sinking fund monies.
§62-57.59. Approval of bonds by Supreme Court.
§62-57.60. Attorney General as representative of Commission.
§62-57.62. Building Bonds Commission as agency - Indebtedness - Purposes.
§62-57.63. Issuance and sale of bonds - Pledges - Sinking fund.
§62-57.64. Form and terms - Call and redemption - Negotiability - Tax exemption.
§62-57.65. Advertisement and sale of bonds.
§62-57.67. Investment - Approval as collateral security.
§62-57.68. Certificate of Attorney General - Signatures and seals.
§62-57.69. Delivery of bonds upon payment - Deposit and investment of proceeds - Interest.
§62-57.70. Investment of sinking fund monies.
§62-57.72. Approval of bonds by Supreme Court.
§62-57.73. Attorney General as representative of Commission.
§62-57.75. Building Bonds of 1950 - Cancellation of interest.
§62-57.76. Building Bonds of 1955 - Cancellation of interest.
§62-57.77. Building Bonds of 1965 - Cancellation of interest.
§62-57.78. Reserve fund of 1965 - Cancellation.
§62-57.82. Agency for issue and sale - Institutional bonds of 1965.
§62-57.84. Serial coupon bonds - Maturities - Interest payment dates - Call.
§62-57.85. Advertisement for bids - Interest - Deposit.
§62-57.89. Delivery - Deposit of proceeds - Investment of surplus.
§62-57.90. Investment of sinking fund.
§62-57.91. Judicial approval of series.
§62-57.102. Agency for issue and sale.
§62-57.104. Serial coupon bonds - Maturities - Interest payment dates - Call and redemption.
§62-57.105. Advertisement for bids - Interest - Deposit.
§62-57.107. Legal investments.
§62-57.109. Delivery - Deposit of proceeds - Investment of surplus.
§62-57.110. Investment of sinking fund.
§62-57.111. Judicial approval of Series D Bonds.
§62-57.112. Attorney General to represent Commission.
§62-57.122. Building Bonds Commission as agency - Indebtedness - Purposes.
§62-57.123. Issuance and sale of bonds - Series.
§62-57.124. Pledge of cigarette tax.
§62-57.126. Deposits for payment of principal.
§62-57.127. Pledges and covenants.
§62-57.129. Advertisement and sale of bonds.
§62-57.131. Investment - Approval as collateral security.
§62-57.132. Certificate of Attorney General - Signatures and seals.
§62-57.133. Delivery of bonds upon payment - Deposit and investment of proceeds - Interest.
§62-57.134. Investment of sinking fund monies.
§62-57.135. Approval of bonds by Supreme Court.
§62-57.151. Sale and issuance of bonds authorized - Amount.
§62-57.152. Schedule for payments into sinking fund.
§62-57.153. Schedule of repayment - Interest.
§62-57.155. Deposit of proceeds - Investment.
§62-57.161. Sale and issuance of bonds authorized - Amount.
§62-57.162. Schedule for payments into Sinking Fund.
§62-57.163. Schedule of repayment - Interest.
§62-57.165. Deposit of proceeds - Investment.
§62-57.171. Sale and issuance of bonds authorized - Amount.
§62-57.172. Schedule for payments into sinking fund.
§62-57.173. Schedule of repayment - Interest.
§62-57.175. Deposit of proceeds - Investment.
§62-57.176. Attorney General to handle legal work.
§62-57.181. Sale and issuance of bonds authorized - Amount.
§62-57.182. Schedule for payments into Sinking Fund.
§62-57.183. Schedule of repayment - Interest.
§62-57.185. Deposit of proceeds - Investment.
§62-57.189. Contracts - Supervision of expenditures.
§62-57.190. Federal aid and assistance.
§62-57.191. Attorney General to handle legal work.
§62-57.301. Intent and purpose.
§62-57.306. Oklahoma Building Bonds of 1992 Fund - Investment of funds.
§62-57.307. Procedures and requirements for advertisement and sale of bonds.
§62-57.308. Maximizing college savings bond program.
§62-57.310. Investment in bonds issued under act - Use as collateral security.
§62-57.312. Investment of sinking fund monies - Deposit of earnings.
§62-57.313. Filing application with Supreme Court for determination on bonds.
§62-57.316. Refinancing and restructuring of outstanding obligations - Pledge of tax revenue.
§62-71.1. Cash Management and Investment Oversight Commission.
§62-71.2. State Treasurer purchasing authorization - Exemption.
§62-72.3. Necessity of security - Exemptions.
§62-72.4. Deposit of collateral securities or instruments.
§62-72.4a. Public trusts - Restrictions on deposits - Exceptions.
§62-72.5. Securities eligible for securing public deposits.
§62-72.6. Default or insolvency of public depository.
§62-72.7. Liability of State Treasurer on default or insolvency of public depository.
§62-80. Actions to enforce provisions of act.
§62-81. Penalty for violation.
§62-82. Commissioner of Highways, interest on funds to credit of.
§62-85. Obligations of bank not impaired.
§62-88.1B. Investment of linked deposit program monies.
§62-88.4. Administration and implementation of program - Annual report.
§62-88.6. Funding of approved loans.
§62-88.7. Liability of state and State Treasurer on loans - Default in payment of loan.
§62-88.9. Collateralizing funds.
§62-89.1a. Investment with state financial institutions at less than competitive market rate.
§62-89.2. Investment of funds by State Treasurer.
§62-89.4. Public inspection of records.
§62-89.5. State Treasurer's Revolving Fund - Employees; duties and compensation.
§62-89.7. Investment performance reports.
§62-89.11. Recording and auditing of transactions.
§62-90. Securities lending program - Securities Lending and Custodial Fee Revolving Fund.
§62-90.3. Rural Economic Development Loan Program.
§62-90.5. Conditions for making loans - Review of applications - Certification of good standing.
§62-90.8. Rural Economic Development Loan Revolving Fund.
§62-90.9. Employment created not to be counted in determination of gross payroll.
§62-91.4. Dissemination of information about program.
§62-91.5. Administrator and certifying agency – Powers and duties.
§62-91.7. Acceptance or rejection of loan package – Rural housing linked deposit agreements.
§62-91.8. Funding of loans – Reduced interest rate.
§62-91.9. Liability of state and certifying agency for loan payments.
§62-111. Registered bonds issued on surrender of coupon bonds.
§62-112. Forms, terms and conditions of bonds issued.
§62-114. Register of bonds - Interest.
§62-115. Issuance of bonds - Attorney General's duties.
§62-120.2. Deposit of cash proceeds in revolving fund.
§62-120.3. Advertisement and bids.
§62-139.42. The State Emergency Fund.
§62-139.45. Expenditures for unforeseen emergencies.
§62-139.47. Specified emergencies - Expenditures without Board action.
§62-139.48. Other emergencies - Expenditures.
§62-139.49. Approval of Governor.
§62-155. State boards, commissions and departments - Revolving funds created.
§62-156. Education Television Authority Revolving Fund.
§62-157. Will Rogers Memorial Revolving Fund
§62-157.1. Deposit of monies accruing from rule of Will Rogers Papers
§62-158. Teachers' Retirement System Revolving Fund.
§62-159. State Election Board Revolving Fund.
§62-159.1. State Senate Revolving Fund.
§62-159.2. House of Representatives Revolving Fund.
§62-160.1. Comprehensive Cancer Center Debt Service Revolving Fund.
§62-160.2. Oklahoma State University College of Osteopathic Medicine Revolving Fund.
§62-161. Revolving funds created.
§62-165. Educational and eleemosynary institutions.
§62-173. Appropriations not part of revolving fund unless so provided.
§62-178. Composition of fund - Appropriations and incomes.
§62-179. Use of fund - Consent of Governor.
§62-182. Appropriation to be placed in fund.
§62-183. Purposes for which fund expended.
§62-186. School for blind - Revolving fund created.
§62-189. Purposes for which fund expended.
§62-193. Ad Valorem Reimbursement Fund - Claims - Distribution of funds.
§62-194. State Land Reimbursement Fund - Payment - Apportionment by county treasurer.
§62-195. Funds created - Maximum amounts - Forms, systems and procedures.
§62-203. Apportionment of monies to General Revenue Fund - Exceptions.
§62-204. Disposition of monies received from United States under Flood Control Act.
§62-211. Fees - Payment into General Revenue Fund of state.
§62-213. Failure or refusal to file reports - Misdemeanor.
§62-214. State Capitol Building - Boards not to maintain offices in.
§62-221. Oklahoma Tax Commission Fund - Nature of fund - Expenditures.
§62-254. Oklahoma Pension Improvement Revolving Fund
§62-255. Statewide Recovery Fund.
§62-255.2. Pandemic Relief Primary Source Revolving Fund.
§62-255.3. Pandemic Relief Secondary Source Revolving Fund.
§62-255.4. Workforce Coordination Revolving Fund.
§62-256. Progressing Rural Economic Prosperity Fund (PREP Fund).
§62-261. Payments to State Treasurer.
§62-263. State checks or vouchers unpaid after 90 days - Cancellation.
§62-275.2. Destruction of warrant registers after warrants microfilmed or duplicated.
§62-275.6. Storage facilities and personnel - Duties of Department of Public Welfare.
§62-275.7. Storage facilities - Duties of Director - Construction, rent or lease - Contracts.
§62-275.8. State Treasurer - Redeemed bonds, etc. - Microfilm or duplic