Okla. Stat. tit. 70, § 70-23-109

The Authority may provide by resolution, at one time or from

time to time, for the issuance of revenue bonds of the Authority for

the purpose of paying all or any of the cost of any one or more

projects, but each project shall be covered by a separate resolution

and separate bond issue or issues. Provided, each such resolution

must receive legislative approval prior to actual issuance of said

revenue bonds. The principal of and the interest on such bonds

shall be payable solely from the funds herein provided for such

payment. The bonds of each issue shall be dated, shall bear

interest at a rate not to exceed ten percent (10%), and shall mature

in annual installments at such time or times not exceeding the

maximum time permitted by the Constitution of the State of Oklahoma,

but in any event not more than forty (40) years after their date as

may be determined by the Authority. The Authority may cause the

bonds or any installment thereof to be made redeemable before

maturity, at the option of the Authority, at such price or prices,

and under such terms and conditions as may be fixed by the Authority

prior to the issuance of the bonds. The Authority shall determine

the form of the bonds, including any interest coupons to be attached

thereto, and shall fix the denomination or denominations of the

bonds and the place or places of payment of principal and interest,

which may be at any bank or trust company within or without the

state. The bonds shall be signed by the chairman of the Authority,

and the official seal of the Authority shall be affixed thereto and

attested by the secretary-treasurer of the Authority, and any

coupons attached thereto shall bear the facsimile signature of the

chairman of the Authority. In case any officer whose signature or a

facsimile of whose signature shall appear on any bonds or coupons

shall cease to be such officer before the delivery of such bonds,

such signature or such facsimile shall nevertheless be valid and

sufficient for all purposes the same as if he had remained in office

until such delivery. All bonds issued under the provisions of this

article shall have and are hereby declared to have all the qualities

and incidents of negotiable instruments under the negotiable

instruments law of the state. The bonds may be issued in coupon or

in registered form or both, as the Authority may determine, and

provisions may be made for the registration of any coupon bonds as

to principal and interest. The Authority shall sell such bonds at

public sale. Notice of the sale shall be published in a Thursday

issue for two (2) successive weeks in a daily newspaper of general

circulation in the State of Oklahoma. The date mentioned in the

notice for the sale of the bonds shall not be less than ten (10)

days after the first publication thereof. All bonds shall be sold

to the bidder who will bid therefor par and accrued interest, and

who shall stipulate in his bid the lowest rate of interest which

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such bonds shall bear. It is the intent of this article that the

bonds shall be awarded to the bidder bidding rate or rates of

interest which will be the lowest interest cost during the life of

the bonds. Any premium bid shall not be considered in figuring such

interest cost but shall be considered only in case two or more

bidders bid the same interest cost. Upon the acceptance of such

bid, the bonds shall be issued in accordance therewith and shall be

delivered to the purchaser upon payment of the purchase price. Each

bidder shall submit with his bid such sum in cash or its equivalent

as may be determined by the Authority, and upon the acceptance of

any bid such deposit shall become the property of the Authority and

shall be credited on the purchase price of the bonds, upon the

understanding that if the purchaser shall fail five (5) days after

the tender of bonds to pay the balance of the purchase price, said
der shall submit with his bid such sum in cash or its equivalent

as may be determined by the Authority, and upon the acceptance of

any bid such deposit shall become the property of the Authority and

shall be credited on the purchase price of the bonds, upon the

understanding that if the purchaser shall fail five (5) days after

the tender of bonds to pay the balance of the purchase price, said

sale shall be thereby annulled and said deposit shall be in such

event retained by the Authority and credited to the account for

which such bonds are being issued and shall be used accordingly. All

other deposits shall be returned. The Authority shall have the

right to reject all bids and readvertise the bonds for sale. The

bonds need not be issued and sold in series. In no event shall the

bonds be sold at a price so low as to require the payment of

interest on the money received therefor at more than ten percent

(10%), computed with relation to the absolute maturity of the bonds

in accordance with the standard tables of bond values, excluding,

however, from such computation the amount of any premium to be paid

on the redemption of any bonds prior to maturity.

The proceeds of the bonds of each issue shall be used solely for

the payment of the cost of the project, for which such bonds shall

have been issued, and shall be disbursed in such manner, and under

such restrictions, if any, as the Authority may provide in the

resolution authorizing the issuance of such bonds or in the trust

agreement hereinafter mentioned securing the same. If the proceeds

of the bonds of any issue, by error of estimates or otherwise, shall

be less than such cost, additional bonds may in like manner be

issued to provide the amount of such deficit, and, unless otherwise

provided in the resolution authorizing the issuance of such bonds or

in the trust agreement securing the same, shall be deemed to be of

the same issue and shall be entitled to payment from the same fund

without preference or priority of the bonds first issued. If the

proceeds of the bonds of any issue shall exceed such cost, the

surplus shall be deposited to the credit of the sinking fund for

such bonds.

Prior to the preparation of definitive bonds, the Authority may,

under like restrictions, issue interim receipts or temporary bonds,

with or without coupons, exchangeable for definitive bonds when such

bonds shall have been executed and are available for delivery. The

Authority may also provide for the replacement of any bonds which

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shall become mutilated or shall be destroyed or lost. Bonds may be

issued under provisions of this article without obtaining the

consent of any department, division, commission, board, bureau or

agency of the state except legislative approval as required herein,

and without any other proceedings or the happening of any other

conditions or things than those proceedings, conditions, or things

which are specifically required by this article.