Okla. Stat. tit. 62, § 62-655

execution.

(a) The issuance of revenue bonds shall be by a resolution of

the trustees. The bonds may be issued in one or more series, may

bear such date or dates, may mature at such time or times, not

exceeding thirty (30) years from their respective dates, may bear

interest at such rate or rates, not exceeding the maximum rate

provided by Section 498.1 of this title, may be in such form, may be

executed in such manner, may be payable in such medium of payment,

at such place or places, may be subject to such terms of redemption,

and may contain such terms, covenants, and conditions as the

resolution may provide including without limitation those pertaining

to the custody and application of the proceeds of the bonds, the

collection and disposition of revenues, the maintenance of various

funds and reserves, the nature and extent of the security, the

rights, duties, and obligations of the trustees and the trustee for

the holders or registered owners of the bonds, and the rights of the

holders or registered owners of the bonds. There may be successive

bond issues for the purpose of financing the same industrial project

(lands, buildings, or facilities) involving one or more industries,

and there may be successive bond issues for financing the cost of

reconstructing, replacing, constructing additions to, extending,

improving, and equipping industrial projects (lands, buildings, or

facilities) already in existence, whether or not originally financed

by bonds issued under this act, with each successive issue to be

authorized as provided by this act. Priority between and among

issues and successive issues as to security of the pledge of

revenues and mortgage lien on the lands, buildings, and facilities

involved may be controlled by the ordinance or resolution

authorizing the issuance of bonds hereunder. The bonds shall have

all the qualities of negotiable instruments under the negotiable

instruments laws of this state.

(b) Said resolution may provide for the execution by the

trustees of an indenture which defines the rights of the bondholders

and provides for the appointment of a trustee for the bondholders.

Such indenture may control the priority between successive issues

Oklahoma Statutes - Title 62. Public Finance Page 468

and may contain any other terms, covenants, and conditions that are

deemed desirable, including without limitation those pertaining to

the custody and application of the proceeds of the bonds, the

collection and disposition of revenues, the maintenance of various

funds and reserves, the nature and extent of the security, the

rights, duties, and obligations of the trustees and the trustee for

the holders or registered owners of the bonds, and the rights of the

holders or registered owners of the bonds; provided, the indenture

shall state that it constitutes no obligation against or pledge of

the full faith and credit of the municipality and county.

(c) The bonds shall be sold only after public advertisement for

bids, to the bidder offering the lowest effective interest rate and

best terms on the proposal so advertised, and may be sold for such

price, including without limitation sale of a discount, and in such

manner as the trustees may determine by resolution, but in no event

shall the trustees be required to pay more than the maximum rate

provided by Section 498.1 of this title on the amount received,

computed with relation to the absolute maturity of the bonds in

accordance with the Standard Tables of Bond Values. The bonds may

be sold with the privilege of conversion into an issue bearing other

rate or rates of interest, upon such terms that the trustees receive

no less and pay no more than they would receive and pay if the bonds

were not converted, and the conversion shall be subject to the

approval of the trustees.
bsolute maturity of the bonds in

accordance with the Standard Tables of Bond Values. The bonds may

be sold with the privilege of conversion into an issue bearing other

rate or rates of interest, upon such terms that the trustees receive

no less and pay no more than they would receive and pay if the bonds

were not converted, and the conversion shall be subject to the

approval of the trustees.

(d) The bonds shall be executed by the chairman and secretary of

the trustees, and in case any of the officers whose signatures

appear on the bonds shall cease to be such officers before the

delivery of such bonds or coupons, such signatures shall

nevertheless be valid and sufficient for all purposes. Facsimile

signatures may be used as provided in the Registered Public

Obligations Act of Oklahoma.