Okla. Stat. tit. 62, § 62-57.54

Tax exemption.

Bonds issued under this act shall be serial coupon bonds and

shall bear a rate of interest three and one-half percent (3 1/2%)

per annum. Said bonds and the interest thereon shall be payable at

the Office of the State Treasurer. Said bonds may be issued in one

or more series, may bear such date or dates, not earlier than July

15, 1965, shall mature as follows: Three Hundred Thousand Dollars

($300,000.00) on July 15, 1968, and Three Hundred Thousand Dollars

($300,000.00) on the 15th day of July of each year thereafter to and

including July 15, 1989, and Four Hundred Thousand Dollars

($400,000.00) July 15, 1990, with interest payable semiannually on

January 15 and July 15 of each year, may be in such denomination or

denominations, may provide for a reserve to assure prompt payment of

Oklahoma Statutes - Title 62. Public Finance Page 222

the principal and interest of the bonds, may be in such form either

coupon or registered, may carry such registration or conversion

privileges, may be executed in such manner, may be payable in such

medium or payment at such place or places, 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

on and 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 1965 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. 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.