Okla. Stat. tit. 82, § 82-1284

A. The district may from time to time issue its obligations in

such principal amounts as the district shall deem necessary to

provide sufficient funds to carry out any of its corporate purposes

and powers and to pay for any costs or expenses of the district

incident to and necessary or convenient to carry out its corporate

purposes and powers.

B. Every issue of obligations of the district shall be payable

out of the revenues or funds of the district, subject to any

agreements with the holders of particular obligations pledging any

particular revenues or funds. The district may issue such types of

obligations as it may determine, including obligations as to which

the principal and interest are payable exclusively from the revenues

from one or more projects, or from an interest therein or a right to

the products and services thereof, or from one or more revenue

producing contracts made by the district with any person, or public

agency, or its revenues generally. Any such obligations may be

additionally secured by a pledge or assignment of any revenue

producing contracts made by the district with any person or of any

grant, subsidy or contribution from any person or a pledge of any

income or revenues, funds or monies of the district from any source

whatsoever.

C. All obligations of the district shall have all the qualities

of negotiable instruments under the laws of the state.

D. Obligations of the district shall be authorized by a

resolution of the board of directors adopted by at least three-

Oklahoma Statutes - Title 82. Waters and Water Rights Page 311

fourths (3/4) of the members of the Board as constituted.

Obligations shall bear interest at a rate not exceeding a rate of

fourteen percent (14%) and may be executed or issued under such

contract or under a trust indenture, bond resolution, or other

security or contractual agreement, in one or more series, and shall

bear such date or dates, mature at such time or times which may be

fixed or may change at such time or times and in accordance with a

specified formula or method of determination, be in such form,

either coupon or registered, carry such conversion, registration,

and exchange privileges, have such rank or priority, be executed in

such manner, be payable in such medium of payment at such place or

places within or without the state, be subject to such terms of

redemption with or without premium, and contain or be subject to

such other terms as the bond resolution, trust indenture or other

security or contractual agreement may provide, and shall not be

restricted by the provisions of any other law limiting the amounts,

maturities or other terms of obligations of eligible public agencies

or private persons. Any bond obligations shall be sold at par, in

such manner as the board of directors shall determine, at public

sale. The board of directors may also authorize bonds to be issued

and sold from time to time and delegate to such officer or agent of

the district as the board of directors shall select the power to

determine the time and manner of sale and the maturities of such

bonds, which may be fixed or may vary at such time or times and in

accordance with a specified formula or method of determination, and

such other terms and conditions, as may be deemed appropriate by the

officer or agent of the district designated by the board of

directors. However, the amounts and maturities of such bonds shall

be within the limits prescribed by the board of directors in its

resolution delegating such officer or agent the power to authorize

the sale and issuance of such bonds.

E. Pending preparation of definitive obligations, the district

may issue temporary obligations which shall be exchanged for the

definitive obligations.

F. Obligations of the district may be issued under the

provisions of this act without obtaining the consent of any

department, division, commission, board, bureau or agency of the
t the power to authorize

the sale and issuance of such bonds.

E. Pending preparation of definitive obligations, the district

may issue temporary obligations which shall be exchanged for the

definitive obligations.

F. Obligations of the district may be issued under the

provisions of this act without obtaining the consent of any

department, division, commission, board, bureau or agency of the

state and without any other proceeding or the happening of any other

condition or occurrence except as specifically required by this act.

G. 1. At least five (5) business days prior to delivery of and

payment for any bond obligations, there shall be filed with the

Attorney General of the State of Oklahoma and the Secretary of State

a preliminary copy of the official statement, prospectus or other

offering document pertaining to the issuance; within fifteen (15)

business days after the sale or sales of said bond obligations,

there shall be filed with the Attorney General of the State of

Oklahoma, the Secretary of State and the Oklahoma Securities

Oklahoma Statutes - Title 82. Waters and Water Rights Page 312

Commission a copy, in final form, of the official statement,

prospectus or other offering document. If no official statement,

prospectus or other offering document is used in connection with the

sale of such bond obligations, in lieu thereof, there shall be filed

a copy of the draft and final proceedings of the district

authorizing the sale and issuance of such bond obligations. Within

fifteen (15) business days after the sale or sales of said bonds,

the district shall file with the Attorney General a copy of all

transcripts of proceedings of the district and all resolutions

passed and actions taken by it in connection with the authorization,

issuance and sale of the bond obligations. The bond resolution,

trust indenture or other security or contractual agreement under

which any bonds are issued shall constitute a contract with the

holders of the bond obligations and may contain such provisions as

the board of directors and holders of obligations agree to.

2. a. Within ten (10) business days after receipt of

transcripts of all proceedings of the district and all

resolutions passed and actions taken by it in

connection with the authorization, issuance and sale

of bond obligations, the Attorney General of the State

of Oklahoma shall examine and approve or disapprove

all of such proceedings and, if he finds such bond

proceedings and sale to be constitutional and lawful,

shall execute a certificate and file such certificate

of record in the office of the Secretary of State.

Such certificate shall be in substantially the

following form:

I have examined all proceedings had in connection with

the issuance of the ___________ Regional Water

District bonds in the aggregate principal amount of

$___________, dated ________, authorized and sold

pursuant to ____________, and find said proceedings

and sale to be constitutional, lawful and regular in

all particulars and that said bonds will be valid

obligations of the ________ Regional Water District.

Unless suit thereon shall be brought in the Supreme

Court of Oklahoma within thirty (30) days from the

date of this certificate, said bonds shall be

incontestable for all purposes.

_________________ ________________________________

Date Attorney General of Oklahoma

b. Upon the filing of such certificate, bonds issued

pursuant to proceedings so examined by the Attorney

General shall be incontestable for all purposes upon

the expiration of thirty (30) days from the date of

such certificate, unless suit be brought in the

Supreme Court of Oklahoma prior to the expiration of

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said period. A facsimile of such Attorney General's

certificate shall appear on each bond so issued.

Failure of the Attorney General to approve or

otherwise act as required herein shall, for all
thirty (30) days from the date of

such certificate, unless suit be brought in the

Supreme Court of Oklahoma prior to the expiration of

Oklahoma Statutes - Title 82. Waters and Water Rights Page 313

said period. A facsimile of such Attorney General's

certificate shall appear on each bond so issued.

Failure of the Attorney General to approve or

otherwise act as required herein shall, for all

purposes, be deemed an approval of such proceedings

and a waiver of the requirement for his certification.

In the absence of an express certification, the

thirty-day period for the filing of suit in the

Supreme Court of Oklahoma shall commence upon the

eleventh day following receipt of the transcript of

proceedings of the district in the office of the

Attorney General. The Supreme Court of Oklahoma is

hereby vested with exclusive jurisdiction over any

litigation involving the validity of any bonds issued

under the provisions of this act.

H. Except as provided for in subsection G of this section, any

pledge of revenues, securities, contract rights or other personal

property made by the district pursuant to this act shall be valid

and binding from the date the pledge is made. The revenues,

securities, contract rights or other personal property so pledged

and then held or thereafter received by the district or any

fiduciary shall immediately be subject to the lien of the pledge

without any physical delivery thereof or further act, and the lien

of the pledge shall be valid and binding as against all parties

having claims of any kind in tort, contract or otherwise against the

district without regard to whether such parties have notice thereof.

The bond resolution, trust indenture, security agreement or other

instrument by which a pledge is created need not be filed or

recorded in any manner.

I. The principal of, premium, if any, and interest upon any

bond obligations issued by the district shall be payable solely from

the revenues or funds pledged or available for their payment as

authorized in this act. The bond obligation shall contain a

statement that it constitutes an obligation of the district, that

the principal thereof, premium, if any, and interest thereon are

payable solely from revenues or funds of the district and that

neither the state nor any political subdivision thereof, nor any

public agency which has contracted with the district, is obligated

to pay the principal of, premium, if any, or interest on the bond

obligations and that neither the faith and credit nor the taxing

power of the state or any such political subdivision thereof or of

any such public agency is pledged to the payment of the principal

of, premium, if any, or the interest on the bond obligations.