Okla. Stat. tit. 62, § 62-57.18

Tax exempt.

Bonds issued under this act shall be serial coupon bonds and shall

be issued to mature One Million Five Hundred Thousand Dollars

Oklahoma Statutes - Title 62. Public Finance Page 205

($1,500,000.00) in each of the calendar years 1973 through 1982,

both inclusive, or if issued in series in proportionate amount

thereof. Said bonds and the interest thereon shall be payable at the

office of the State Treasurer of the State of Oklahoma, and, if the

bonds shall be sold to private purchasers, at a fiscal agency in

Oklahoma and/or New York City to be designated by the State of

Oklahoma Building Bonds Commission. Said bonds may be executed in

such manner, may be issued in one or more series, may bear such date

or dates, may be in such denomination or denominations, may provide

for a reserve to assure prompt payment of the principal and interest

of the bonds, may be in such form either coupon or registered, may

be payable in such medium of payment at such times, as may be

provided by resolution or resolutions to be adopted by the State of

Oklahoma Building Bonds Commission. Provided, that all such bonds

maturing after ten (10) years from their dates may be subject to

call and redemption, in inverse order of bond numbers, at par and

accrued interest, with the detailed provisions for such calling and

redemption thereof to be fixed by the Commission in the resolution

or resolutions for the issuance of such bonds. Until such time as

the State of Oklahoma Building Bonds of 1955 Sinking Fund shall be

sufficient to retire all outstanding bonds and interest coupons,

there shall be paid into said sinking fund during each fiscal year,

from the sources hereinabove pledged such amounts as may be

necessary to pay the interest and principal payable during the next

succeeding fiscal year, and an amount sufficient to satisfy the

reserve requirements as fixed and provided by the State of Oklahoma

Building Bonds Commission in its resolution authorizing the issuance

of said bonds. In the event the bonds herein authorized to be

issued and sold are sold to the State Treasurer or to the

Commissioners of the Land Office of the State of Oklahoma, then, and

in that event, all money in the State of Oklahoma Building Bonds of

1955 Sinking Fund at the close of any fiscal year, in excess of a

sum equal to all principal and interest coming due on said bonds in

the next succeeding fiscal year, shall be transferred by the State

Treasurer to the General Revenue Fund of the state to be used as

other monies accruing to said fund. All bonds issued pursuant to

this act shall have all the qualities and incidents of negotiable

paper, and neither said bonds nor the interest earned thereon shall

be subject to taxation by the State of Oklahoma or any county,

municipality or political subdivision thereof.