Oklahoma § 19-902.13 - Bonds

§ 19-902.13. Bonds

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 secretary

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 2 through 18 of this act in the same manner

and subject to the same procedures as bonds issued by the district.

Notwithstanding the provisions of Section 14 of this act, 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 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 2 through 18 of

this act. The secretary 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 1986, c. 93, § 13, eff. Nov. 1, 1986.