Okla. Stat. tit. 63, § 63-1077
This is the official text of Okla. Stat. tit. 63, § 63-1077, part of Oklahoma’s Stat. tit. 63, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 63,." Browse the sections below, each linked to its official government source.
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Transfer of possession or title to federal government
Official statutory text
In any contract with the federal government for annual
contributions to any authority the authority may obligate itself,
which obligation shall be specifically enforceable and shall not
constitute a mortgage, notwithstanding any other laws, to convey to
the federal government possession of or title to the project to
which such contract relates, upon the occurrence of a substantial
default, as defined in such contract, with respect to the covenants
and conditions to which the authority is subject; such contract may
further provide that in case of such conveyance, the federal
government may complete, operate, manage, lease, convey, or
otherwise deal with the project and funds in accordance with the
terms of such contract; provided, that the contract requires that,
as soon as practicable after the federal government is satisfied
that all defaults with respect to the project have been cured and
that the project will thereafter be operated in accordance with the
terms of the contract, the federal government shall reconvey to the
authority the project as then constituted.
contributions to any authority the authority may obligate itself,
which obligation shall be specifically enforceable and shall not
constitute a mortgage, notwithstanding any other laws, to convey to
the federal government possession of or title to the project to
which such contract relates, upon the occurrence of a substantial
default, as defined in such contract, with respect to the covenants
and conditions to which the authority is subject; such contract may
further provide that in case of such conveyance, the federal
government may complete, operate, manage, lease, convey, or
otherwise deal with the project and funds in accordance with the
terms of such contract; provided, that the contract requires that,
as soon as practicable after the federal government is satisfied
that all defaults with respect to the project have been cured and
that the project will thereafter be operated in accordance with the
terms of the contract, the federal government shall reconvey to the
authority the project as then constituted.
Status: in_force · Read it on the official government site
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