Oklahoma § 62-57.4 - Form and terms of bonds - Payments into sinking fund Call and redemption - Negotiability - Exemption from taxation

§ 62-57.4. Form and terms of bonds - Payments into sinking fund Call and redemption - Negotiability - Exemption from taxation

The bonds so authorized shall be serial coupon bonds and shall

be issued to mature One Million Five Hundred Thousand Dollars

($1,500,000.00) on the fifteenth day of July in each of the calendar

years 1951 to 1974, both inclusive. Said bonds and the interest

thereon shall be payable at the Office of the State Treasurer of the

State of Oklahoma. Said bonds may be executed in such manner, may

be payable in such medium of payment and may bear interest at such

rate or rates, not in excess of two and one-half percent (2 1/2%)

per annum, and payable at specified times, all as may be provided by

resolution or resolutions to be adopted by the Commission; provided,

Oklahoma Statutes - Title 62. Public Finance

all bonds maturing after ten (10) years from their dates shall be

subject to call and redemption, in inverse order of maturity and

bond numbers, at par and accrued interest, the detailed provisions

for such call and redemption to be fixed by the Commission in the

resolution or resolutions authorizing the issuance of said bonds.

All money in said sinking fund at the end of any fiscal year in

excess of a sum equal to all principal and interest coming due in

the next succeeding fiscal year shall be used to call and redeem

such bonds as may be redeemed prior to maturity. All bonds issued

pursuant to this act shall have all the qualities and incidents of

negotiable paper, and said bonds and interest thereon shall not be

subject to taxation by the State of Oklahoma or any county,

municipality or political subdivision therein.

(a) Prior to June 30, 1953, the State of Oklahoma Building Bonds

Commission shall meet at the call of the Secretary of said

Commission; and the said Commission hereby is directed and required

to adopt such resolution or resolutions as shall be necessary,

amending and supplanting any resolution or resolutions, covenants or

agreements to the contrary theretofore adopted or made by said

Commission, to provide that only such revenue as is specified in

Section 31, Article X, of the Constitution of Oklahoma, and as

provided in this act, as amended, shall be pledged to be paid into

the State of Oklahoma Building Bonds Sinking Fund, and that any

pledge, commitment, covenant or agreement to pay any greater sum

into said sinking fund be rescinded and revoked immediately upon the

written consent and agreement of the owner of all of the State of

Oklahoma Public Building Bonds.

(b) Immediately following the adoption of said resolution or

resolutions by the State of Oklahoma Building Bonds Commission as

hereinabove directed, the State Treasurer, for and on behalf of the

State of Oklahoma as the sole owner of all outstanding State of

Oklahoma Public Building Bonds, hereby is directed and required to

execute to the State of Oklahoma Building Bonds Commission his

consent and agreement, in writing, to the terms and provisions of

the said resolution or resolutions of said Commission herein

directed and required to be adopted.

(c) Immediately after delivery of said fully executed consent

and agreement, the State Treasurer shall endorse upon each State of

Oklahoma Public Building Bond, in such form as shall be approved by

the Attorney General, a certificate that the obligation of the State

of Oklahoma in respect of payments into the State of Oklahoma

Building Bonds Sinking Fund shall be as hereinabove provided, and

not otherwise; and said certificate shall be full notice, and shall

prescribe the maximum of the obligation of the State of Oklahoma to

any subsequent purchaser of any of said bonds.

Laws 1959, p. 247, § 1.

Oklahoma Statutes - Title 62. Public Finance