Okla. Stat. tit. 82, § 82-1085.33

There is hereby created in the State Treasury a Water Resources

Fund, which fund shall be used by the Board for those purposes

stated in Sections 1085.31 through 1085.39 of this title. Toprovide

necessary funds, the Board is hereby authorized to issue by public

sale 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 for the funding of properly

approved projects. The Board is authorized to provide for the

payment of such investment certificates and the rights of the

holders thereof, as hereinafter provided. Said investment

certificates shall be awarded to the lowest and best bidder based

upon open competitive public offering, advertised at least once a

week for two (2) successive weeks in a newspaper in general

circulation in Oklahoma County, Oklahoma, prior to the date on which

bids are received and opened, except, on issues with the approval of

three-fourths (3/4) of the membership of the Board, competitive

bidding may be waived. No investment certificates shall be sold for

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less than par value, except upon approval of three-fourths (3/4) of

the membership of the Board. Provided, however, in no event shall

any investment certificates be sold at a discount in excess of four

percent (4%), which shall include any fees, discounts and any other

remuneration received directly or indirectly by the purchaser. Said

investment certificates may be issued in one or more series; 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 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 not to exceed fifteen percent

(15%) as may be provided by resolution or resolutions to be adopted

by the Board. Such investment certificates shall have all of the

qualities and incidents of negotiable paper, and shall not be

subject to taxation by the state, or by any county, municipality or

political subdivision therein. The Board is hereby authorized to

defease, call and redeem all or any portion of any investment

certificates issued hereunder, the detailed provisions for such

defeasance, call and redemption to be fixed by the Board in the

resolution or resolutions authorizing such defeasance, call and

redemption.

Obligations issued under the provisions of this section are

hereby made securities in which all public officers and public

bodies of the state, all insurance companies, trust companies,

banking associations, investment companies, executors,

administrators, trustees and other fiduciaries may legally invest

funds, including capital in their control or belonging to them. The

obligations are hereby made securities which may legally be

deposited with and received by any public body of the state for any

purpose for which the deposit of obligations of the state is now or

may hereafter be authorized by law, and are hereby declared to be

securities classified under Section 516.3 of Title 62 of the

Oklahoma Statutes, and are authorized to be evidenced by a joint-

custody receipt.

The investment certificates issued pursuant to the provisions of

this section shall not be an indebtedness of the state or general

obligations of the Board, but shall be special obligations payable

solely from the revenues to be derived from the project or such

other revenues as may be pledged by the applicant for such purposes,

and the Board is authorized and directed to pledge all or any part

of such revenues to the payment of principal and interest on the
is section shall not be an indebtedness of the state or general

obligations of the Board, but shall be special obligations payable

solely from the revenues to be derived from the project or such

other revenues as may be pledged by the applicant for such purposes,

and the Board 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. Such pledge shall

be valid and binding from the time the pledge is made. The revenues

so pledged and thereafter received by the Board shall immediately be

subject to the lien of such pledge without any physical delivery,

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filing or further act. The lien of such pledge shall be valid and

binding against all parties having claims of any kind in tort,

contract or otherwise against the Board arising from the bond

proceedings irrespective of whether these parties have notice

thereof.