Okla. Stat. tit. 74, § 74-2272

- Interest rate and maturity - Form - Signatures - Sale - Issuance

of refunding notes and bonds.

A. The Commission may provide by resolution, from time to time,

for the issuance of revenue notes and bonds for its lawful purposes,

in such amount or amounts as are necessary, incidental, or

convenient to the exercise of powers, rights, privileges, and

functions conferred upon it by this act or other law. The principal

of and interest on any indebtedness shall be payable solely from the

revenues of the Department and such other funds as may be provided

by law for such payments. The Commission may provide for credit

enhancement as additional security or liquidity for its notes and

bonds and enter into such agreements as may be necessary or

appropriate to provide for the repayment of any funds advanced by

the provider of any such credit enhancement including the payment of

any fees and expenses incurred in connection therewith. The notes

and bonds of each issue shall bear interest at fixed or variable

Oklahoma Statutes - Title 74. State Government Page 927

rates and shall bear an average interest rate comparable to other

revenue notes and bonds of like credit quality and maturity as

prescribed by the State Bond Advisor and shall mature at such time

or times not exceeding thirty (30) years from the date or dates of

issue, as may be determined by the Commission. The notes and bonds

may be made redeemable before maturity at the option of the

Commission, at such time or times and at such price or prices and

pursuant to such terms and conditions as may be fixed by the

Commission prior to the issuance of the notes and bonds. The

Commission shall determine the form of the notes and bonds and the

manner of execution thereof and shall fix the denominations of the

notes and bonds and the place or places of payment of principal and

interest. If any officer whose signature or facsimile of whose

signature appears on any notes and bonds shall cease to hold the

office before the delivery of the notes and bonds, the signature or

the facsimile shall nevertheless be valid and sufficient for all

purposes, the same as if the person had remained in the office until

delivery. All notes and bonds issued pursuant to the provisions of

this act shall have all the qualities and incidences of negotiable

instruments subject to the laws of this state. The Commission may

sell the notes and bonds in such amounts and in such manner, either

at public or private sale, and for such price, as it may determine

to be in the best interests of the state. If the notes and bonds

are not sold by competitive bid, the sale must be approved by the

State Bond Advisor.

B. The Commission may, by resolution, provide for the issuance

of notes and bonds for the purpose of refunding notes and bonds then

outstanding, including the payment of any redemption premium, any

interest accrued to the date of redemption of the notes and bonds,

and for incurring additional indebtedness for its lawful purposes.

The issuance of such notes and bonds shall be governed by the

provisions of this act and the Oklahoma Bond Oversight and Reform

Act.

C. The Commission shall promulgate rules governing the issuance

of revenue bonds authorized pursuant to this act.