Okla. Stat. tit. 3, § 3-533

A. 1. The Oklahoma Space Industry Development Authority may

provide by resolution, at one time or from time to time, for the

issuance of revenue bonds of the Authority for the purpose of paying

all or any part of the cost of any one or more projects. The

Authority, when it finds that it would be economical and beneficial

to do so, may combine two or more, or any part thereof, or all of

its proposed projects into one unit and consider the same as one

project to the same extent and with like effect as if the same were

a single project.

2. The principal of and the interest on the bonds shall be

payable solely from the funds provided for such payment. The bonds

of each issue shall be dated, shall bear interest at such rate or

rates not exceeding the limitations pertaining to public trust

indebtedness from time to time expressed in subsection F of Section

176 of Title 60 of the Oklahoma Statutes, shall mature at such time

or times not exceeding forty (40) years from their date or dates, as

may be determined by the Authority, and may be made redeemable

before maturity at the option of the Authority at such price or

prices and pursuant to such terms and conditions as may be fixed by

the Authority prior to the issuance of the bonds.

3. The Authority shall determine the form of the bonds,

including any interest coupons to be attached thereto, and the

manner of execution of the bonds, and shall fix the denomination or

denominations of the bonds and the place or places of payment of

principal and interest, which may be at any bank or trust company

within or without the state.

4. If any officer whose signature or facsimile of whose

signature appears on any bonds or coupons shall cease to be the

officer before the delivery of the bonds, the signature or the

facsimile shall nevertheless be valid and sufficient for all

purposes the same as if the person had remained in office until such

delivery.

5. All bonds issued pursuant to the provisions of this act

shall have all the qualities and incidents of negotiable instruments

subject to the negotiable instruments law of this state. The bonds

may be issued in coupon or in registered form, or both, as the

Authority may determine, and provisions may be made for the

registration of any coupon bonds as to principal alone and also as

to both principal and interest, and for the reconversion into coupon

bonds of any bonds registered as to both principal and interest.

Oklahoma Statutes - Title 3. Aircraft and Airports Page 146

The Authority may sell the bonds in such amounts and in such manner,

either at public or private sale, and for such price, as it may

determine to be in the best interest of this state, but in no event

at a discount in excess of that from time to time expressed in

subsection F of Section 176 of Title 60 of the Oklahoma Statutes.

B. The proceeds of the bonds of each issue shall be used solely

for the payment of the cost of the project for which the bonds have

been issued, and shall be disbursed in such manner and pursuant to

such restrictions, if any, as the Authority may provide in the

resolution authorizing the issuance of the bonds or in the trust

agreement securing the same. If the proceeds of the bonds of any

issue, by error of estimates or otherwise, shall be less than such

cost, additional bonds may in like manner be issued to provide the

amount of such deficit, and, unless otherwise provided for in the

resolution authorizing the issuance of such bonds or in the trust

agreement securing the same, shall be deemed to be of the same issue

and shall be entitled to payment from the same fund without

preference or priority of the bonds first issued. If the proceeds

of the bonds of any issue shall exceed such cost, the surplus shall

be deposited to the credit of the sinking fund for such bonds, or

shall be used by the Authority in implementing any other power

expressly granted to the Authority in this act.
to be of the same issue

and shall be entitled to payment from the same fund without

preference or priority of the bonds first issued. If the proceeds

of the bonds of any issue shall exceed such cost, the surplus shall

be deposited to the credit of the sinking fund for such bonds, or

shall be used by the Authority in implementing any other power

expressly granted to the Authority in this act.

C. Prior to the preparation of definitive bonds, the Authority,

subject to like restrictions, may issue interim receipts or

temporary bonds, with or without coupons, exchangeable for

definitive bonds when such bonds have been executed and are

available for delivery. The Authority may also provide for the

replacement of any bonds which have become mutilated or were

destroyed or lost. Bonds may be issued pursuant to the provisions

of this act without obtaining the consent of any department,

division, commission, board, bureau, or agency of this state, and

without any other proceedings or the occurrence of any other

conditions or things other than those proceedings, conditions, or

things that are specifically required by this act; provided,

however, bonds and other obligations of the Authority shall be

subject to the provisions of Section 695.1 et seq. of Title 62 of

the Oklahoma Statutes.

D. The Authority is hereby authorized to provide that the

bonds:

1. Be made payable from time to time on demand or tender for

purchase by the owner provided a credit facility supports such

bonds, unless the Authority specifically determines that a credit

facility is not required;

2. Be additionally supported by a credit facility;

3. Be made subject to redemption prior to maturity, with or

without premium, on such notice and at such time or times and with

such redemption provisions as may be determined by the Authority or

Oklahoma Statutes - Title 3. Aircraft and Airports Page 147

with such variations as may be permitted in connection with a par

formula;

4. Bear interest at a rate or rates that may vary as permitted

pursuant to a par formula and for such period or periods of time,

all as may be determined by the Authority; and

5. Be made the subject of a remarketing agreement whereby an

attempt is made to remarket the bonds to new purchasers prior to

their presentment for payment to the provider of the credit facility

or to the Authority.

No credit facility, repayment agreement, par formula or

remarketing agreement shall become effective without the approval of

the Authority.

E. As used in this section, the following terms shall have the

following meanings:

1. "Credit facility" means an agreement entered into by the

Authority with any bank, savings and loan association or other

banking institution; an insurance company, reinsurance company,

surety company, or other insurance institution; a corporation,

investment banker or other investment institution; or any other

financial institution providing for prompt payment of all or any

part of the principal, whether at maturity, presentment for

purchase, redemption or acceleration, redemption premium, if any,

and interest on any bonds payable on demand or tender by the owner

issued in accordance with this section, in consideration of the

Authority's agreeing to repay the provider of such credit facility

in accordance with the terms and provisions of such repayment

agreement, provided, that any such repayment agreement shall provide

that the obligation of the Authority thereunder shall have only such

sources of payment as are permitted for the payment of the bonds

issued under this act; and

2. "Par formula" means any provision or formula adopted by the

Authority to provide for the adjustment, from time to time, of the

interest rate or rates borne by any such bonds so that the purchase

price of such bonds in the open market would be as close to par as

possible.

F. Any other provision of law notwithstanding, the Authority
d for the payment of the bonds

issued under this act; and

2. "Par formula" means any provision or formula adopted by the

Authority to provide for the adjustment, from time to time, of the

interest rate or rates borne by any such bonds so that the purchase

price of such bonds in the open market would be as close to par as

possible.

F. Any other provision of law notwithstanding, the Authority

shall have the right to issue bonds or other obligations the

interest income, in whole or in part, on which is subject, directly

or indirectly, to federal income taxation.