Okla. Stat. tit. 74, § 74-5062.12
This is the official text of Okla. Stat. tit. 74, § 74-5062.12, part of Oklahoma’s Stat. tit. 74, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 74,." Browse the sections below, each linked to its official government source.
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Insurance fund
Official statutory text
The Oklahoma Development Finance Authority is authorized to
create an insurance fund consisting solely of funds deposited
pursuant to Section 81 of this act. Said insurance fund shall be
held in the custody of one or more banks or trust companies having a
principal place of business in this state. The insurance fund shall
be held as security for the holders of bonds issued pursuant to the
provisions of this act. It shall be governed by a trust agreement
entered into by the Authority with the trustees. The trust
agreement may contain such provisions and limitations as to the
Oklahoma Statutes - Title 74. State Government Page 1130
investment and disbursement of monies in the insurance fund; the
payment of expenses of the insurance fund; the appointment,
resignation, and discharge of trustees; the delegation of
enforcement and collection powers under the insurance agreements to
the trustee; the duties of the trustees, amendments of the trust
agreement, and such other lawful provisions and limitations as may
be deemed appropriate by the Authority. The trust agreement may
pledge premiums and other monies which may be deposited in the
insurance fund. Such pledge shall be valid and binding from the time
when the pledge is made. The premiums and other monies so pledged
and thereafter received by the insurance fund or by the trustees in
its behalf shall immediately be subject to the lien of such pledge
and shall be valid and binding as against all parties having claims
of any kind against the insurance fund, irrespective of whether such
parties have notice thereof. The Authority may also use the funds
deposited pursuant to Section 81 of this act to purchase insurance
which shall be pledged for the security of the holders of any bonds
issued under this act or to enter into agreements with credit
facilities in order to enhance the security of any holders of bonds.
In any case in which insurance is pledged as security, whether
obtained through the insurance funds authorized to be created
pursuant to the provisions of this section or purchased with monies
deposited pursuant to Section 81 of this act, any description of
such insurance shall expressly indicate the limitation of the
liability of the Authority and that neither the credit nor taxing
power of this state or any political subdivision thereof shall be
available to satisfy any obligations with respect thereto.
create an insurance fund consisting solely of funds deposited
pursuant to Section 81 of this act. Said insurance fund shall be
held in the custody of one or more banks or trust companies having a
principal place of business in this state. The insurance fund shall
be held as security for the holders of bonds issued pursuant to the
provisions of this act. It shall be governed by a trust agreement
entered into by the Authority with the trustees. The trust
agreement may contain such provisions and limitations as to the
Oklahoma Statutes - Title 74. State Government Page 1130
investment and disbursement of monies in the insurance fund; the
payment of expenses of the insurance fund; the appointment,
resignation, and discharge of trustees; the delegation of
enforcement and collection powers under the insurance agreements to
the trustee; the duties of the trustees, amendments of the trust
agreement, and such other lawful provisions and limitations as may
be deemed appropriate by the Authority. The trust agreement may
pledge premiums and other monies which may be deposited in the
insurance fund. Such pledge shall be valid and binding from the time
when the pledge is made. The premiums and other monies so pledged
and thereafter received by the insurance fund or by the trustees in
its behalf shall immediately be subject to the lien of such pledge
and shall be valid and binding as against all parties having claims
of any kind against the insurance fund, irrespective of whether such
parties have notice thereof. The Authority may also use the funds
deposited pursuant to Section 81 of this act to purchase insurance
which shall be pledged for the security of the holders of any bonds
issued under this act or to enter into agreements with credit
facilities in order to enhance the security of any holders of bonds.
In any case in which insurance is pledged as security, whether
obtained through the insurance funds authorized to be created
pursuant to the provisions of this section or purchased with monies
deposited pursuant to Section 81 of this act, any description of
such insurance shall expressly indicate the limitation of the
liability of the Authority and that neither the credit nor taxing
power of this state or any political subdivision thereof shall be
available to satisfy any obligations with respect thereto.
Status: in_force · Read it on the official government site
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