Oklahoma § 62-831 - Disposition of bond proceeds

§ 62-831. Disposition of bond proceeds

All proceeds received by a Participating Entity from the sale of

bonds shall be transferred to a public trust created pursuant to the

provisions of Section 176 et seq. of Title 60 of the Oklahoma

Statutes, which public trust shall have among its beneficiaries, all

of the Participating Entities. In lieu of a public trust, the

Oklahoma Development Finance Authority may be designated as the

agency in charge of administering the Regional District, subject to

the approval of the governing board of the Oklahoma Development

Finance Authority. The administering agency shall be responsible

for disbursing funds from proceeds of the sale of the bonds for

payment of all costs relating to the project, including the costs of

issuance of the bonds, and may take title to such property and take

all other such actions as it deems necessary to implement the Final

Project Plan. The administering agency shall be entitled to collect

an administrative fee from the proceeds of the bond, said fee to be

described in the Final Project Plan. The Final Project Plan may

also designate said agency to serve as the paying agent for any

monies which are to be remitted to the Participating Entities,

whether such revenues are in the form of lease payments, debt

service payments, tax increment revenues or otherwise.

Added by Laws 2001, c. 318, § 11, eff. Nov. 8, 2002.