Okla. Stat. tit. 82, § 82-1085.23
This is the official text of Okla. Stat. tit. 82, § 82-1085.23, part of Oklahoma’s Stat. tit. 82, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 82,." Browse the sections below, each linked to its official government source.
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Water Conservation Storage Fund - Investment
Official statutory text
certificates.
There is hereby created in the State Treasury a Water
Conservation Storage Fund, which fund shall be used by the
Commission for those purposes authorized by this act. To provide
necessary funds the Commission is hereby authorized to issue
investment certificates from time to time, as may be required, to
provide an adequate amount of cash in such fund which may be
necessary to meet the anticipated needs of the Commission. The
Commission is authorized to provide for the payment of such
investment certificates and the rights of the holders thereof, as
hereinafter provided. Said investment certificates may be issued in
one or more series; may be sold in such manner and at par; may bear
such date or dates; may mature at such time or times, not to exceed
fifty (50) years from their date; may be in such denomination or
denominations; may be in such form either coupon or registered; may
carry such registration or conversion privileges; may be executed in
such manner; may be payable in such medium of payments, at such
place or places; may be subject to such term of redemption, with or
without premium; and may bear such rate or rates of interest as may
be provided by resolution or resolutions to be adopted by the
Commission. Such investment certificates 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. All investment
certificates maturing after ten (10) years from their dates shall be
subject to call and redemption, in inverse order of maturity and
investment certificate numbers, at par and accrued interest, the
detailed provisions for such call and redemption to be fixed by the
Commission in the resolution or resolutions authorizing the issuance
of said investment certificates.
Oklahoma Statutes - Title 82. Waters and Water Rights Page 224
The investment certificates issued hereunder shall not be an
indebtedness of the State of Oklahoma or of the Commission herein,
but shall be special obligations payable solely from the revenues to
be derived from the sale of storage, and the Commission is
authorized and directed to pledge all or any part of such revenues
to the payment of principal and interest on the investment
certificates and to create a reserve for such purposes.
There is hereby created in the State Treasury a Water
Conservation Storage Fund, which fund shall be used by the
Commission for those purposes authorized by this act. To provide
necessary funds the Commission is hereby authorized to issue
investment certificates from time to time, as may be required, to
provide an adequate amount of cash in such fund which may be
necessary to meet the anticipated needs of the Commission. The
Commission is authorized to provide for the payment of such
investment certificates and the rights of the holders thereof, as
hereinafter provided. Said investment certificates may be issued in
one or more series; may be sold in such manner and at par; may bear
such date or dates; may mature at such time or times, not to exceed
fifty (50) years from their date; may be in such denomination or
denominations; may be in such form either coupon or registered; may
carry such registration or conversion privileges; may be executed in
such manner; may be payable in such medium of payments, at such
place or places; may be subject to such term of redemption, with or
without premium; and may bear such rate or rates of interest as may
be provided by resolution or resolutions to be adopted by the
Commission. Such investment certificates 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. All investment
certificates maturing after ten (10) years from their dates shall be
subject to call and redemption, in inverse order of maturity and
investment certificate numbers, at par and accrued interest, the
detailed provisions for such call and redemption to be fixed by the
Commission in the resolution or resolutions authorizing the issuance
of said investment certificates.
Oklahoma Statutes - Title 82. Waters and Water Rights Page 224
The investment certificates issued hereunder shall not be an
indebtedness of the State of Oklahoma or of the Commission herein,
but shall be special obligations payable solely from the revenues to
be derived from the sale of storage, and the Commission is
authorized and directed to pledge all or any part of such revenues
to the payment of principal and interest on the investment
certificates and to create a reserve for such purposes.
Status: in_force · Read it on the official government site
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