Oklahoma § 62-656 - Bonds not general obligations of municipality or county Payment of principal and interest

§ 62-656. Bonds not general obligations of municipality or county Payment of principal and interest

Such revenue bonds shall not be general obligations of the

municipality or county, and in no event shall the revenue bonds

constitute an indebtedness of the municipality or county within the

meaning of any constitutional or statutory limitation. It shall be

plainly stated on the face of each bond that the same has been

issued under the provisions of this act, and under the terms of 60

O.S. 1951, Sections 176 - 180, inclusive, as amended by Sections 1

and 2, Chapter 4, Title 60, page 277, Oklahoma Session Laws 1953 (60

O.S. Supp.1959, Sections 176 and 177), relating to public trusts,

and that it does not constitute an indebtedness of the municipality

or county within any constitutional or statutory limitation. The

principal of and the interest on the revenue bonds, and paying

Oklahoma Statutes - Title 62. Public Finance

agent's fees, shall be payable in the first instance from gross

revenues derived from the lands, buildings, and/or facilities

acquired, constructed, reconstructed, extended, and/or improved, in

whole or in part, with the proceeds of the bonds. In addition, the

trustees, with prior approval of the municipality or county, are

authorized to pledge to and use for the payment of the principal of

and interest on the bonds, and paying agent's fees, such revenues

derived from other lands, buildings, and/or facilities used and

useful or securing and developing industry and/or surplus revenues

derived from water, sewer, gas, and electric utilities owned by the

municipality or county and by such beneficiary transferred or leased

to the trustees for such purpose, provided that such transfer or

lease shall have been included in the question voted upon and

approved in the election required to be held under Section 4 of this

act. For the purpose of this section the phrase "surplus revenues"

is hereby defined to be any revenues over and above the costs of

financing the general government and utility functions of the

municipality or county in any fiscal year, or any prior commitments

of such revenues.

Added by Laws 1961, p. 473, § 6, emerg. eff. Aug. 8, 1961.