Oklahoma § 19-901.16 - Requisites of bonds, notes or other evidences of

§ 19-901.16. Requisites of bonds, notes or other evidences of

indebtedness.

Such bonds shall be payable in lawful money of the United States

and shall run for a period of not more than forty (40) years, the

amount, maturity dates, redemption provisions and interest rates to

be determined by the board of directors. The principal and interest

shall be payable at the office of the treasurer of the county in

which said district shall be organized, or at any bank or paying

agency designated by the board of directors. Such bonds shall each

be of a denomination of not less than One Thousand Dollars

($1,000.00) nor more than Five Thousand Dollars ($5,000.00), shall

be negotiable in form, executed in the name of the district, and

signed by the president of the board of directors and the clerk of

the district. In addition and without limiting the generality of

the foregoing provisions, the district shall be authorized to issue

notes or other evidences of indebtedness for the corporate purposes

enumerated in Sections 901.1 through 901.26 of this title in the

same manner and subject to the same procedures as bonds issued by

the district. Notwithstanding the provisions of Section 901.17 of

this title, bonds, notes or other evidences of indebtedness may be

sold by the board of directors to the federal government or any

agency thereof at negotiated or private sale. Bonds shall be

numbered consecutively as issued and shall be dated as of the date

Oklahoma Statutes - Title 19. Counties and County Officers

of issuance, and shall be payable in their numerical order with

interest to date of payment.

The bonds shall express upon their face that they are issued

pursuant to a duly adopted resolution of the board of directors for

the district and under the provisions of Sections 901.1 through

901.26 of this title. The clerk or agent shall keep a record of the

bonds sold, their number, date of sale, the prices received and the

name of the purchaser. These bonds shall bear interest at the rate

of not exceeding sixteen percent (16%) per annum.

Added by Laws 1949, p. 157, § 16. Amended by Laws 1979, c. 168, §

1, emerg. eff. May 15, 1979; Laws 1982, c. 98, § 2, operative July

1, 1982; Laws 1983, c. 170, § 33, eff. July 1, 1983.