Okla. Stat. tit. 11, § 11-22-153
This is the official text of Okla. Stat. tit. 11, § 11-22-153, part of Oklahoma’s Stat. tit. 11, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 11,." Browse the sections below, each linked to its official government source.
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Authority to issue certain revenue bonds and
Official statutory text
obligations - Limitations.
Oklahoma Statutes - Title 11. Cities and Towns Page 200
Any municipality may issue its obligations in the manner set out
in the Oklahoma Municipal Utility Revenue Bond Act in order to
finance, or to refinance, all or a part of the cost of the
acquisition, purchase or construction of, or the making of
improvements to any public utility owned or to be owned exclusively
by said municipality, and said obligations shall be payable from and
secured by the revenues resulting from the operation of the
municipality's revenue-producing public utilities or any part
thereof. Provided, nothing herein shall authorize or be construed
to authorize a municipality to create a lien or mortgage on, or a
security interest in or with respect to such public utility or
utilities to secure said obligations. The obligations, when issued
and delivered, shall state on the face thereof that the revenue
indebtedness or contractual obligations created thereby are limited
obligations of the municipality payable from and secured by a lien
and charge on the revenues of funds pledged for their payment by the
governing body of the municipality and shall not constitute a
general indebtedness of the municipality, nor shall it invoke or
require the imposition of the general taxing power of such
municipality.
Oklahoma Statutes - Title 11. Cities and Towns Page 200
Any municipality may issue its obligations in the manner set out
in the Oklahoma Municipal Utility Revenue Bond Act in order to
finance, or to refinance, all or a part of the cost of the
acquisition, purchase or construction of, or the making of
improvements to any public utility owned or to be owned exclusively
by said municipality, and said obligations shall be payable from and
secured by the revenues resulting from the operation of the
municipality's revenue-producing public utilities or any part
thereof. Provided, nothing herein shall authorize or be construed
to authorize a municipality to create a lien or mortgage on, or a
security interest in or with respect to such public utility or
utilities to secure said obligations. The obligations, when issued
and delivered, shall state on the face thereof that the revenue
indebtedness or contractual obligations created thereby are limited
obligations of the municipality payable from and secured by a lien
and charge on the revenues of funds pledged for their payment by the
governing body of the municipality and shall not constitute a
general indebtedness of the municipality, nor shall it invoke or
require the imposition of the general taxing power of such
municipality.
Status: in_force · Read it on the official government site
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