Okla. Stat. tit. 11, § 11-24-108

A. Purposes. The Authority may issue bonds in such principal

amounts as the Authority deems necessary to provide sufficient funds

to perform any of its corporate purposes and powers including,

without limitation, the acquisition, construction, or termination of

any project to be owned or leased, as lessor or lessee, by the

Authority or the acquisition of any interest therein or any right to

the products or services thereof, the funding or refunding of the

principal of, redemption premium, if any, and interest on, any bonds

issued by the Authority whether the bonds or interest to be funded

or refunded have or have not become due, the payment of engineering,

legal, and other expenses, together with interest subsequent to the

estimated date of completion of the project for such period of time

as the Board of Directors determines appropriate, the establishment

or increase of reserves to secure or to pay the bonds or interest

thereon, the providing of working capital, and the payment of, and

the establishment or increase of reserves for, all other costs or

expenses of the Authority incident to, and necessary or convenient

to perform, its corporate purposes and powers.

B. Security for Bonds. Every issue of bonds of the Authority

shall be payable out of the revenues or funds of the Authority,

subject to any agreements with the holders of particular bonds

pledging any particular revenues or funds. The Authority may issue

such types of bonds as it may determine to be appropriate, including

bonds as to which the principal and interest are payable exclusively

from the revenues from one or more projects, or from an interest

therein or a right to the products and services thereof, or from one

or more revenue-producing contracts made by the Authority with any

person, or its revenues generally. Any such bonds may be

additionally secured by a pledge or assignment of any revenue-

producing contracts made by the Authority with any person or of any

grant, subsidy, or contribution from any person or a pledge of any

income or revenues, funds, or monies of the Authority from any

source.

Oklahoma Statutes - Title 11. Cities and Towns Page 221

C. Negotiability. All bonds of the Authority shall have all

the qualities of negotiable instruments pursuant to the laws of this

state.

D. Bond Provisions. Bonds of the Authority shall be authorized

by a resolution adopted by a majority of the members of the Board of

Directors then in office and may be issued pursuant to the bond

resolution or pursuant to a trust indenture or other security

agreement, in one or more series, and shall bear such date or dates,

mature at such time or times, bear interest at such rate or rates

which may be fixed or may change at such time or times and in

accordance with such formula or method of determination. The bonds

shall also be in such form, either coupon or registered, carry such

conversion, registration, and exchange privileges, have such rank or

priority, be executed in such manner, be payable in such medium of

payment at such place or places within or without this state, be

subject to such terms of redemption with or without premium, and

contain or be subject to such other terms as the bond resolution,

trust indenture, or other security agreement may provide. The bonds

shall not be restricted by the provisions of any other law limiting

the amounts, maturities, interest rates, or other terms of

obligations of eligible public agencies or private persons. The

bonds shall be sold, in such manner as the Board of Directors shall

determine, at public or private sale. The Board of Directors may

also authorize bonds to be issued and sold from time to time and may

delegate to such officer or agent of the Authority as the Board of

Directors selects the power to determine the time and manner of

sale, public or private, the maturities and rate or rates of

interest which may be fixed or may vary at such time or times and in
determine, at public or private sale. The Board of Directors may

also authorize bonds to be issued and sold from time to time and may

delegate to such officer or agent of the Authority as the Board of

Directors selects the power to determine the time and manner of

sale, public or private, the maturities and rate or rates of

interest which may be fixed or may vary at such time or times and in

accordance with a specified formula or method of determination,

provided that the interest cost of the money received from the sale

of the bonds computed to maturity in accordance with standard bond

tables in general use by banks and insurance companies shall not

exceed the maximum rate of interest provided for in this section.

The bonds shall be subject to such other terms and conditions deemed

appropriate by the officer or agent; provided, however, that the

amounts and maturities of, and the interest rate or rates not

exceeding the maximum rate of interest provided for in this section

on, the bonds shall be within the limits prescribed by the Board of

Directors in its resolution delegating to the officer or agent the

power to authorize the sale and issuance of the bonds.

E. Execution of Bonds. Bonds of the Authority may be issued

and delivered notwithstanding the fact that one or more of the

officers executing them shall have ceased to hold office at the time

the bonds are actually delivered.

F. Temporary Bonds. Pending preparation of definitive bonds,

the Authority may issue temporary bonds which shall be exchanged for

the definitive bonds.

Oklahoma Statutes - Title 11. Cities and Towns Page 222

G. Consents. Bonds of the Authority may be issued pursuant to

the provisions of the Oklahoma Municipal Power Authority Act without

obtaining the consent of any department, division, commission,

board, bureau, or agency of this state and without any other

proceeding, condition, or occurrence except as specifically required

by the provisions of the Oklahoma Municipal Power Authority Act.

H. Official Statement, Prospectus or Offering Document; Filing.

At least five (5) business days prior to the delivery of and payment

for any bonds, there shall be filed with the Secretary of State a

preliminary copy of the official statement, prospectus, or other

offering document pertaining to the issuance. Prior to the

expiration of fifteen (15) business days following the bond delivery

and payment, there shall be filed with the Secretary of State and

the Oklahoma Securities Commission a copy, in final form, of the

official statement, prospectus, or other offering document. If no

official statement, prospectus, or other offering document is used

in connection with the sale of the bonds, in lieu thereof there

shall be filed a copy of the draft and final proceedings of the

Authority authorizing the sale and issuance of the bonds.

I. Resolution Constitutes a Contract. The bond resolution,

trust indenture, or other security agreement pursuant to which any

bonds are issued shall constitute a contract with the holders of the

bonds and may contain provisions including but not limited to:

1. The terms and provisions of the bonds;

2. The pledge and grant of a security interest in any personal

property and in all or any part of the revenue from any project or

any revenue-producing contract made by the Authority with any person

to secure the payment of bonds, subject to any agreements with the

holders of bonds which might then exist;

3. The custody, collection, securing, investment, and payment

of any revenues, assets, money, funds, or property with respect to

which the Authority may have any rights or interest;

4. The rates or charges for electrical energy or other services

rendered by the Authority, the amount to be raised by the rates or

charges, and the use and disposition of any or all revenue;

5. The creation of reserves or sinking funds and the regulation

and disposition thereof;
y revenues, assets, money, funds, or property with respect to

which the Authority may have any rights or interest;

4. The rates or charges for electrical energy or other services

rendered by the Authority, the amount to be raised by the rates or

charges, and the use and disposition of any or all revenue;

5. The creation of reserves or sinking funds and the regulation

and disposition thereof;

6. The purposes to which the proceeds from the sale of any

bonds then or thereafter to be issued may be applied, and the pledge

or revenues to secure the payment of the bonds;

7. The limitations on the issuance of any additional bonds, the

terms upon which additional bonds may be issued and secured, and the

refunding of outstanding bonds;

8. The rank or priority of any bonds with respect to any lien

or security;

9. The creation of special funds or monies to be held in trust

or otherwise for operational expenses, payment, or redemption of

Oklahoma Statutes - Title 11. Cities and Towns Page 223

bonds, reserves, or other purposes, and the use and disposition of

monies held in the funds;

10. The procedure by which the terms of any contract with or

for the benefit of the holders of bonds may be amended or revised,

the amount of bonds the holders of which must consent thereto, and

the manner in which consent may be given;

11. The definition of the acts or omissions to act which shall

constitute a default in the duties of the Authority to holders of

its bonds, and the rights and remedies of the holders in the event

of default, including, if the Authority so determines, the right to

accelerate the due date of the bonds or the right to appoint a

receiver or receivers of the property or revenues subject to the

lien of the bond resolution, trust indenture, or other security

agreement;

12. Any additional agreements with or for the benefit of the

holders of bonds or any covenants or restrictions necessary or

desirable to safeguard the interest of the holders;

13. The custody of its properties or investments, the

safekeeping thereof, the insurance to be carried thereon, and the

use and disposition of insurance proceeds;

14. The vesting in a trustee or trustees, within or without

this state, of such properties, rights, powers, and duties in trust

as the Authority may determine, or the limiting or abrogating of the

rights of the holders of any bonds to appoint a trustee, or the

limiting of the rights, powers, and duties of the trustee; or

15. The appointment of and the establishment of the duties and

obligations of, any paying agent or other fiduciary within or

without this state.

J. Any pledge of revenues, securities, contract rights, or

other personal property made by the Authority pursuant to the

provisions of the Oklahoma Municipal Power Authority Act shall be

valid and binding from the date the pledge is made. The revenues,

securities, contract rights, or other personal property so pledged

and then held or thereafter received by the Authority or any

fiduciary shall immediately be subject to the lien of the pledge

without any physical delivery thereof or further act, and the lien

of the pledge shall be valid and binding against all parties having

claims of any kind in tort, contract, or otherwise against the

Authority without regard to whether the parties have notice of the

lien. The bond resolution, trust indenture, security agreement, or

other instrument by which a pledge is created need not be filed or

recorded in any manner.

K. Neither the officials, directors, members of the Authority,

or any person executing bonds shall be liable personally on the

bonds or be subject to any personal liability or accountability by

reason of the issuance thereof. The Authority shall have power to

indemnify and to purchase and maintain insurance on behalf of any

Oklahoma Statutes - Title 11. Cities and Towns Page 224

director, officer, employee, or agent of the Authority, in
f the Authority,

or any person executing bonds shall be liable personally on the

bonds or be subject to any personal liability or accountability by

reason of the issuance thereof. The Authority shall have power to

indemnify and to purchase and maintain insurance on behalf of any

Oklahoma Statutes - Title 11. Cities and Towns Page 224

director, officer, employee, or agent of the Authority, in

connection with any threatened, pending, or completed action, suit,

or proceeding.

L. The Authority shall have power to purchase bonds out of any

funds available therefor, and to hold, pledge, cancel, or retire the

bonds and coupons prior to maturity, subject to and in accordance

with any agreements with the holders.

M. The principal of, premium, if any, and interest upon any

bonds issued by the Authority shall be payable solely from the

revenues or funds pledged or available for their payment as

authorized by the provisions of the Oklahoma Municipal Power

Authority Act. Each bond shall contain a statement that it

constitutes an obligation of the Authority, that the principal

thereof, premium, if any, and interest thereon are payable solely

from revenues or funds of the Authority and that neither the State

of Oklahoma or any political subdivision thereof, or any eligible

public agency or public trust which has contracted with the

Authority, is obligated to pay the principal of, premium, if any, or

interest on the bonds and that neither the faith and credit or the

taxing power of the State of Oklahoma or any such political

subdivision thereof or of any such eligible public agency or public

trust is pledged to the payment of the principal of, premium, if

any, or the interest on the bonds.