Okla. Stat. tit. 62, § 62-57.305
This is the official text of Okla. Stat. tit. 62, § 62-57.305, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Series and form of bonds - Place of payment - Maturity
Official statutory text
dates - Particulars of resolution or indenture of Commission -
Payments into sinking fund - Negotiability - Tax exemption.
A. The bonds may be issued in one or more series and shall be
in the form designated by the Commission. Said bonds and the
interest thereon shall be payable at such place or places as may be
designated by the Commission. The bonds shall mature on such dates
as designated by the Commission. A schedule of maturity dates
showing the years and amounts shall be designated by the Commission
for each series issued.
B. The bonds may bear interest, may be sold in such manner and
at such price or prices, may bear such date or dates, may mature at
such time or times, not to exceed thirty (30) years from their date,
may be in such denomination or denominations, may carry such
registration or conversion privileges, may be executed in such
manner, may be payable in such medium of payments, at such place or
places, and may bear such rate or rates of interest, and shall be
subject to such call for redemption, with or without premium, as may
be provided by resolution or indenture of the Commission. Until
such time as the Oklahoma Building Bonds of 1992 Sinking Fund shall
be sufficient to retire all outstanding bonds and interest thereon,
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 approved by the Oklahoma Building
Bonds Commission in its resolution or indenture authorizing the
issuance of said bonds.
C. All bonds issued pursuant to this act shall have all of the
qualities and incidents of negotiable paper. The bonds, the
Oklahoma Statutes - Title 62. Public Finance Page 284
transfer thereof and the interest earned on said bonds, including
any profit derived from the sale thereof, shall not be subject to
taxation of any kind by the State of Oklahoma, or by any county,
municipality or political subdivision therein.
Payments into sinking fund - Negotiability - Tax exemption.
A. The bonds may be issued in one or more series and shall be
in the form designated by the Commission. Said bonds and the
interest thereon shall be payable at such place or places as may be
designated by the Commission. The bonds shall mature on such dates
as designated by the Commission. A schedule of maturity dates
showing the years and amounts shall be designated by the Commission
for each series issued.
B. The bonds may bear interest, may be sold in such manner and
at such price or prices, may bear such date or dates, may mature at
such time or times, not to exceed thirty (30) years from their date,
may be in such denomination or denominations, may carry such
registration or conversion privileges, may be executed in such
manner, may be payable in such medium of payments, at such place or
places, and may bear such rate or rates of interest, and shall be
subject to such call for redemption, with or without premium, as may
be provided by resolution or indenture of the Commission. Until
such time as the Oklahoma Building Bonds of 1992 Sinking Fund shall
be sufficient to retire all outstanding bonds and interest thereon,
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 approved by the Oklahoma Building
Bonds Commission in its resolution or indenture authorizing the
issuance of said bonds.
C. All bonds issued pursuant to this act shall have all of the
qualities and incidents of negotiable paper. The bonds, the
Oklahoma Statutes - Title 62. Public Finance Page 284
transfer thereof and the interest earned on said bonds, including
any profit derived from the sale thereof, shall not be subject to
taxation of any kind by the State of Oklahoma, or by any county,
municipality or political subdivision therein.
Status: in_force · Read it on the official government site
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