Okla. Stat. tit. 19, § 19-901.16
This is the official text of Okla. Stat. tit. 19, § 19-901.16, part of Oklahoma’s Stat. tit. 19, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 19,." Browse the sections below, each linked to its official government source.
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Requisites of bonds, notes or other evidences of
Official statutory text
indebtedness.
Such bonds shall be payable in lawful money of the United States
and shall run for a period of not more than forty (40) years, the
amount, maturity dates, redemption provisions and interest rates to
be determined by the board of directors. The principal and interest
shall be payable at the office of the treasurer of the county in
which said district shall be organized, or at any bank or paying
agency designated by the board of directors. Such bonds shall each
be of a denomination of not less than One Thousand Dollars
($1,000.00) nor more than Five Thousand Dollars ($5,000.00), shall
be negotiable in form, executed in the name of the district, and
signed by the president of the board of directors and the clerk of
the district. In addition and without limiting the generality of
the foregoing provisions, the district shall be authorized to issue
notes or other evidences of indebtedness for the corporate purposes
enumerated in Sections 901.1 through 901.26 of this title in the
same manner and subject to the same procedures as bonds issued by
the district. Notwithstanding the provisions of Section 901.17 of
this title, bonds, notes or other evidences of indebtedness may be
sold by the board of directors to the federal government or any
agency thereof at negotiated or private sale. Bonds shall be
numbered consecutively as issued and shall be dated as of the date
Oklahoma Statutes - Title 19. Counties and County Officers Page 421
of issuance, and shall be payable in their numerical order with
interest to date of payment.
The bonds shall express upon their face that they are issued
pursuant to a duly adopted resolution of the board of directors for
the district and under the provisions of Sections 901.1 through
901.26 of this title. The clerk or agent shall keep a record of the
bonds sold, their number, date of sale, the prices received and the
name of the purchaser. These bonds shall bear interest at the rate
of not exceeding sixteen percent (16%) per annum.
Such bonds shall be payable in lawful money of the United States
and shall run for a period of not more than forty (40) years, the
amount, maturity dates, redemption provisions and interest rates to
be determined by the board of directors. The principal and interest
shall be payable at the office of the treasurer of the county in
which said district shall be organized, or at any bank or paying
agency designated by the board of directors. Such bonds shall each
be of a denomination of not less than One Thousand Dollars
($1,000.00) nor more than Five Thousand Dollars ($5,000.00), shall
be negotiable in form, executed in the name of the district, and
signed by the president of the board of directors and the clerk of
the district. In addition and without limiting the generality of
the foregoing provisions, the district shall be authorized to issue
notes or other evidences of indebtedness for the corporate purposes
enumerated in Sections 901.1 through 901.26 of this title in the
same manner and subject to the same procedures as bonds issued by
the district. Notwithstanding the provisions of Section 901.17 of
this title, bonds, notes or other evidences of indebtedness may be
sold by the board of directors to the federal government or any
agency thereof at negotiated or private sale. Bonds shall be
numbered consecutively as issued and shall be dated as of the date
Oklahoma Statutes - Title 19. Counties and County Officers Page 421
of issuance, and shall be payable in their numerical order with
interest to date of payment.
The bonds shall express upon their face that they are issued
pursuant to a duly adopted resolution of the board of directors for
the district and under the provisions of Sections 901.1 through
901.26 of this title. The clerk or agent shall keep a record of the
bonds sold, their number, date of sale, the prices received and the
name of the purchaser. These bonds shall bear interest at the rate
of not exceeding sixteen percent (16%) per annum.
Status: in_force · Read it on the official government site
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