Okla. Stat. tit. 70, § 70-2202

For the purpose of paying all or part of the cost of acquisition

of any such lands, rights-of-way, easements, licenses, and permits,

and the construction, acquisition, equipment, and furnishing of any

such building or buildings, or structure or structures, plants, or

systems, or of any additions, improvements, or extensions thereto,

or any additions to existing buildings, the Board of Education of

the institution for which such buildings, structures, plants, or

systems (all of which lands, rights-of-way, easements, licenses, and

permits, buildings, structures, plants, and systems constructed,

acquired, added to, improved or extended hereunder as a single

project are hereafter referred to as "the building") are to be

constructed, acquired, added to, improved, extended, furnished, or

equipped (which Board of Education or each of them is hereinafter

referred to as "the Board") is authorized to borrow money on the

credit of the income and revenues to be derived from the operation

of the building and, in anticipation of the collection of such

income and revenues, to issue negotiable bonds in such amount as may

in the opinion of the Board be necessary for such purposes, and is

authorized to provide for the payment of such bonds and the rights

of the holders thereof as hereinafter provided. Such bonds may be

issued in one or more series, may bear such date or dates, may

mature at such time or times not exceeding forty (40) years from

their date, may be in such denomination or denominations, may be in

such form, either coupon or registered, may carry such registration

and conversion privileges, 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 with or without premium, and may

bear such rate or rates of interest, not exceeding five percent (5%)

per annum, as may be provided by resolution or resolutions to be

adopted by the Board. Such bonds may be sold in such manner and at

such price or prices, not less than par plus accrued interest to

date of delivery, as may be considered by the Board to be advisable,

but interest costs to maturity for any bonds issued hereunder shall

not exceed five percent (5%) per annum, computed on the basis of

average maturities according to standard tables of bond values.

Such bonds shall have all of the qualities and incidents of

negotiable paper, and shall not be subject to taxation by the State

of Oklahoma or by any county, municipality, or political subdivision

therein. The Board may in its discretion authorize one issue of

bonds hereunder for the construction, acquisition, adding to,

improving, extending, furnishing, or equipping of more than one

building, as "building" is above defined, and may make one issue of

bonds payable from the combined revenues of all buildings so

constructed, acquired, added to, improved, extended, furnished, or

equipped, in whole or in part, with the proceeds thereof, and where

Oklahoma Statutes - Title 70. Schools Page 1354

bonds are so issued the words "the building" as herein used shall be

construed to refer to all such buildings.

In the event any issue or series of bonds is issued under

authority of this act pursuant to a loan agreement or bond purchase

agreement with any agency of the U.S. Government, then and in that

event, notwithstanding any other provision of law, the Board may in

any resolution authorizing bonds hereunder provide for the initial

issuance of one or more bonds (in this section called "bond")

aggregating the amount of the entire issue and make such provision

for installment payments of the principal amount of any such bond as

it may consider desirable and may provide for the making of any such

bond, payable to bearer or otherwise, registrable as to principal or

as to both principal and interest, and, where interest accruing

thereon is not represented by interest coupons, for the endorsing of
the amount of the entire issue and make such provision

for installment payments of the principal amount of any such bond as

it may consider desirable and may provide for the making of any such

bond, payable to bearer or otherwise, registrable as to principal or

as to both principal and interest, and, where interest accruing

thereon is not represented by interest coupons, for the endorsing of

payments of interest on such bonds. The Board may further make

provision in any such resolution for the manner and circumstances in

and under which any such bond may in the future, at the request of

the holder thereof, be converted into bonds of smaller

denominations, which bonds of smaller denominations may in turn be

either coupon bonds or bonds registrable as to principal or

principal and interest.

In addition to the above authority to borrow money on the credit

of the income and revenues to be derived from the operation of said

buildings, the board may also so borrow on the income and revenue

derived from any existing revenue-producing building or facility, or

facilities.

The Board may issue bonds hereunder for the purpose of refunding

any obligations of the Board payable from the revenues of any

building, as "building" is hereinabove defined, or may authorize and

deliver a single issue of bonds hereunder for the purpose in part of

refunding obligations of the Board payable from the revenues derived

from any building or buildings and in part for making of additions,

improvements, and extensions to such building or buildings, or the

construction or acquisition of additional buildings, and the

furnishing and equipping of such buildings or additions. Where

bonds are issued under this paragraph solely for refunding purposes,

such bonds may either be sold as above provided or delivered in

exchange for the outstanding obligations. If sold, the proceeds may

be either applied to the payment of the obligations refunded or

deposited in escrow for the retirement thereof. Nothing herein

contained shall be construed to authorize the refunding of any

outstanding obligations which are not either maturing, callable for

redemption under their terms, or voluntarily surrendered by their

holder for cancellation, unless the Board covenants that sufficient

funds to pay all remaining interest and principal payments of the

outstanding obligations when due will be placed in escrow for such

purpose in the State Treasury at the time of delivery of and payment

Oklahoma Statutes - Title 70. Schools Page 1355

for the new bonds issued hereunder. All bonds issued under this

paragraph shall in all respects be authorized, issued, and secured

in the manner provided for other bonds issued under this act, and

shall have all of the attributes of such bonds. The Board may

provide that any such refunding bonds shall have the same priority

of lien on the revenues pledged for their payment as was enjoyed by

the obligation refunded thereby.

All proceedings heretofore adopted by said Board of Education

for the issuance of revenue bonds on a parity as to payment with

other existing revenue bonds and/or which provide for the pledging

of revenues from the building to be constructed, improved, and

furnished from the proceeds of revenue bonds and income and revenue

derived from any existing revenue-producing building or facility, or

facilities, and the bonds issued pursuant thereto are hereby

validated, ratified, and confirmed, and such revenue bonds

constitute valid and binding obligations in accordance with the

terms of such proceedings, provided, however, that said proceedings

were not in contravention of this act.