Oklahoma § 62-57.200 - University Bonds Escrow Fund - Purchase and redemption

§ 62-57.200. University Bonds Escrow Fund - Purchase and redemption

of bonds - Investment of excess public funds - Restructuring or

liquidating certain accounts.

A. There is hereby created in the State Treasury the

"University Bonds Escrow Fund".

B. The State Treasurer is hereby authorized and directed to

purchase and redeem or establish escrow accounts and defease the

following designated bonds of the stated universities:

1. Cameron State Agricultural College Student Housing System

Revenue Bonds of 1963, Series A and B, dated April 1, 1963, in the

Oklahoma Statutes - Title 62. Public Finance

original combined amount of One Million Four Hundred Seventy

Thousand Dollars ($1,470,000.00).

2. Cameron State Agricultural College Student Housing System

Revenue Bonds of 1967, dated April 1, 1967, in the original amount

of Six Million Two Hundred Forty-five Thousand Dollars

($6,245,000.00).

3. Northwestern State College Student Union/Dormitory Revenue

Bonds of 1960, dated December 1, 1960, in the original amount of

Five Hundred Thousand Dollars ($500,000.00).

4. Northwestern State College Student Union/Dormitory Revenue

Bonds of 1965, dated January 1, 1965, in the original amount of Nine

Hundred Thousand Dollars ($900,000.00).

5. Northwestern State College Student Union/Dormitory Revenue

Bonds of 1965, dated November 1, 1965, in the original amount of One

Million Dollars ($1,000,000.00).

6. Northwestern State College Student Union/Dormitory Revenue

Bonds of 1966, dated December 1, 1966, in the original amount of One

Million Six Hundred Fifty Thousand Dollars ($1,650,000.00).

7. Northeastern State College at Tahlequah Refunding and

Student Housing System Revenue Bonds of 1958, dated December 1,

1958, in the original amount of One Million Seven Hundred Sixty

Thousand Dollars ($1,760,000.00).

8. Northeastern State College Dormitory Building Revenue Bonds

of 1960, dated December 1, 1960, in the original amount of One

Million Four Hundred Twenty Thousand Dollars ($1,420,000.00).

9. Northeastern State College at Tahlequah Dormitory Building

Revenue Bonds of 1962, dated December 1, 1962, in the original

amount of One Million Three Hundred Fifty Thousand Dollars

($1,350,000.00).

10. Northeastern State College at Tahlequah Dormitory Revenue

Bonds of 1964, dated December 1, 1964, in the original amount of

Five Hundred Fifteen Thousand Dollars ($515,000.00).

11. Northeastern State College Dormitory Building Revenue Bonds

of 1966, dated December 1, 1966, in the original amount of Two

Million Dollars ($2,000,000.00).

12. Northeastern State College Dormitory Building Revenue Bonds

of 1967, dated December 1, 1967, in the original amount of One

Million Five Hundred Forty Thousand Dollars ($1,540,000.00).

13. Northeastern State College Apartment Building Revenue

Bonds, dated December 1, 1967, in the original amount of Nine

Hundred Thousand Dollars ($900,000.00).

The bonds shall be redeemed or purchased from monies in the

University Bond Escrow Fund at any price which is less than the face

amount of the bonds, and the State Treasurer may enter into such

other agreements in connection therewith as may be necessary or

appropriate, or to purchase governmental obligations in principal

amounts, bearing rates of interest and maturing at such times so as

Oklahoma Statutes - Title 62. Public Finance

to provide funds sufficient to pay the bonds under the applicable

series bond resolutions at or before maturity. The bonds shall be

redeemed, purchased, or defeased in the order set forth.

C. The State Treasurer, at his sole discretion, may utilize

excess public funds available for investment for the purposes

specified in subsections A and B of this section.

D. The State Treasurer may restructure or liquidate any

existing escrow account established pursuant to this section for the

purpose of redeeming or defeasing the Langston University Building

Revenue Bonds of 1963, Series B, dated October 1, 1963, in the

original amount of One Million Three Hundred Fifty-four Thousand

Dollars ($1,354,000.00). The State Treasurer may require that all

or a part of any debt service reserve funds in existence, which are

set up exclusively to support the Langston Series B bond issue, be

used to assist the redemption or defeasance, as a condition of

redeeming or defeasing the bond issue. However, this may not be a

condition if the reserve funds are not necessary to complete the

transaction. Any such restructuring or liquidation must not affect

the ability of the escrow account to pay off the remaining debt of

the other bond issues described in this section at the time of

redemption or as the principal and interest payments on the bonds

come due. The State Treasurer may enter into such agreements in

connection with any restructuring or redemption as may be necessary

or appropriate, including agreements for legal, accounting,

financial, or banking services. Any payments made for services

performed under such agreements with the State Treasurer may only

come from available or residual funds in the escrow account. Any

remaining funds left after the bonds are redeemed, or the escrow

account is restructured, shall be transferred to the Special Cash

Fund.

Added by Laws 1982, c. 323, § 1, emerg. eff. June 1, 1982. Amended

by Laws 1982, c. 374, § 39, emerg. eff. July 20, 1982; Laws 1983, c.

183, § 2, emerg. eff. June 9, 1983; Laws 1984, c. 152, § 1, emerg.

eff. April 20, 1984; Laws 1986, c. 223, § 29, operative July 1,

1986; Laws 1997, c. 385, § 1, emerg. eff. June 11, 1997.