Okla. Stat. tit. 70, § 70-23-112

In the discretion of the Authority any bonds issued under the

provisions of this article may be secured by a trust agreement by

and between the Authority and a corporate trustee which may be any

trust company or bank having the powers of a trust company within or

without the state. Such trust agreement may pledge or assign the

revenues to be received from the project constructed by the use of

the proceeds of the bonds, but shall not convey or mortgage any

project or part thereof. Such trust agreement or resolution

providing for the issuance of such bonds may contain such provisions

for protecting and enforcing the rights and remedies of the

bondholders as may be reasonable and proper and not in violation of

law, including covenants setting forth the duties of the Authority

in relation to the acquisition of property and the construction,

improvement, maintenance, repair, operation and insurance of the

project in connection with which such bonds shall have been

authorized, and the custody, safeguarding and application of all

monies, and provisions for the employment of consultants or

operation of such project or projects. It shall be lawful for any

bank or trust company incorporated under the laws of the state which

Oklahoma Statutes - Title 70. Schools Page 907

may act as depository of the proceeds of bonds or of revenues to

furnish such indemnifying bonds or to pledge such securities as may

be required by the Authority. Any such trust agreement may set

forth the rights and remedies of the bondholders and of the trustee,

and may restrict the individual right of action by bondholders as is

customary in trust agreements or trust indentures securing bonds and

debentures of corporations. In addition to the foregoing any such

trust agreement may contain such other provisions as the Authority

may deem reasonable and proper for the security of the bondholders.

All expenses incurred in carrying out the provisions of such trust

agreement may be treated as part of the cost of the operation of the

project or projects.