Oklahoma § 62-803 - Issuance of bonds - Requirements - Verification of

§ 62-803. Issuance of bonds - Requirements - Verification of

registration of advisers and brokers.

Whenever any municipality or county of this state votes any

bonds or refunding bonds pursuant to Section 35 of Article X of the

Oklahoma Constitution, such bonds shall be subject to the following

requirements:

1. At least ninety percent (90%) of the proceeds from the bonds

must be used for a qualified economic development or community

development purpose, or to refund bonds issued for a purpose, which,

on the date originally issued, was a qualified economic development

or community development purpose; provided, however, that for

purposes of determining such use, proceeds used to fund a debt

service reserve shall be considered to be for a qualifying economic

development or community development purpose;

2. The bonds must be issued in denominations of One Hundred

Dollars ($100.00) or multiples thereof, except that the first

numbered bond may be for such odd amount as will complete the full

issue of the bonds;

3. The average coupon rate of the bonds shall not exceed

fourteen percent (14%) per annum;

4. The principal shall begin to mature not less than one (1)

year or more than five (5) years after the dated date of the issue;

5. The bonds must have a final maturity no later than thirty

(30) years after their date of issuance; and

6. A verification from the Administrator of the Oklahoma

Department of Securities that all persons receiving compensation,

directly or indirectly, for providing advice to a municipality or

county with regard to the Municipal and County Economic and

Community Development Bonds Act are appropriately registered with

the Oklahoma Department of Securities as investment advisers or

investment adviser representatives, as applicable, and that all

persons receiving compensation, directly or indirectly, for the

placement of the bonds are registered as broker-dealers or agents,

as applicable.

Added by Laws 1991, c. 142, § 4, emerg. eff. May 1, 1991. Amended

by Laws 2003, c. 433, § 4, eff. July 1, 2003.