Oklahoma § 63-1068 - Bonds

§ 63-1068. Bonds

An authority shall have power to issue bonds from time to time,

in its discretion, for any of its corporate purposes. It shall also

have power to issue refunding bonds for the purpose of paying or

retiring bonds previously issued by it. An authority may issue such

types of bonds as it may determine, including, without limiting the

generality of the foregoing, bonds on which the principal and

interest are payable:

(a) exclusively from the income and revenues of the project

financed with the proceeds of such bonds;

Oklahoma Statutes - Title 63. Public Health and Safety

(b) exclusively from the income and revenues of certain

designated projects whether or not they are financed in whole or in

part with the proceeds of such bonds; or

(c) from its revenues generally.

Any such bonds may be additionally secured by a pledge of any loan,

grant, or contributions, or parts thereof, from the federal

government or other source, or a pledge of any income or revenues of

the authority.

Neither the members of an authority nor any person executing the

bonds shall be liable personally on the bonds by reason of the

issuance thereof. The bonds and other obligations of an authority,

and such bonds and obligations shall so state on their face, shall

not be a debt of the city or county, or of the state or any

political subdivision thereof, and neither the city or county nor

the state or any political subdivision thereof shall be liable

thereon, and in no event shall such bonds or obligations be payable

out of any funds or properties other than those of the authority.

The bonds shall not constitute an indebtedness within the meaning of

any constitutional or statutory debt limitation or restriction.

Bonds of an authority are declared to be issued for an essential

public and governmental purpose and to be public instrumentalities

and, together with interest thereon and income therefrom, shall be

exempt from taxes. The provisions of this act exempting from

taxation the properties of an authority and its bonds and interest

thereon and income therefrom shall be considered part of the

contract for the security of the bonds and shall have the force of

contract, by virtue of this act and without the necessity of the

same being restated in said bonds, between the bondholders and each

and every one thereof, including all transferees of said bonds from

time to time on the one hand and an authority and the state on the

other.

Laws 1965, c. 251, § 18, emerg. eff. June 18, 1965.