Oklahoma § 63-1070 - Provisions of bonds and trust indentures

§ 63-1070. Provisions of bonds and trust indentures

In connection with the issuance of bonds or the incurring of

obligations under leases and in order to secure the payment of such

bonds or obligations, an authority, in addition to its other powers,

shall have power:

(a) to pledge all or any part of its gross or net rents, fees or

revenues to which its right then exists or may thereafter come into

existence.

(b) to covenant against pledging all or any part of its rents,

fees and revenues, or against permitting or suffering any lien on

such revenues or property; to covenant with respect to limitations

on its right to sell, lease or otherwise dispose of any housing

project or any part thereof; and to covenant as to what other or

additional debts or obligations may be incurred by it.

(c) to covenant as to the bonds to be issued and as to the

issuance of such bonds in escrow or otherwise, and as to the use and

disposition of the proceeds thereof; to provide for the replacement

of lost, destroyed, or mutilated bonds; to covenant against

extending the time for the payment of its bonds or interest thereon;

and to covenant for the redemption of the bonds and to provide the

terms and conditions thereof.

(d) to covenant, subject to the limitations contained in this

act, as to the rents and fees to be charged in the operation of a

housing project or projects, the amount to be raised each year or

other period of time by rents, fees, and other revenues, and as to

the use and disposition to be made thereof; to create or to

authorize the creation of special funds for monies held for

construction or operating costs, debt service, reserves, or other

Oklahoma Statutes - Title 63. Public Health and Safety

purposes, and to covenant as to the use and disposition of the

monies held in such funds.

(e) to prescribe the procedure, if any, by which the terms of

any contract with bondholders may be amended or abrogated, the

proportion of outstanding bonds the holders of which must consent to

such action, and the manner in which such consent may be given.

(f) to covenant as to the use, maintenance, and replacement of

any or all of its real or personal property, the insurance to be

carried thereon and the use and disposition of insurance monies.

(g) to covenant as to the rights, liabilities, powers and duties

arising upon the breach by it of any covenant, condition, or

obligations; and to covenant and prescribe as to events of default

and terms and conditions upon which any or all of its bonds or

obligations shall become or may be declared due before maturity, and

as to the terms and conditions upon which such declaration and its

consequences may be waived.

(h) to vest in any obligee of the authority or any specified

proportion of them the right to enforce the payment of the bonds or

any covenants securing or relating to the bonds; to vest in such

obligees the right, in the event of a default by said authority, to

take possession of and use, operate and manage any project or any

part thereof or any funds connected therewith, and to collect the

rents and revenues arising therefrom and to dispose of such monies

in accordance with the agreement of the authority with such

obligees; to provide for the powers and duties of such obligees and

to limit the liabilities thereof; and to provide the terms and

conditions upon which such obligees may enforce any covenant or

rights securing or relating to the bonds.

(i) to exercise all or any part or combination of the powers

herein granted; to make such covenants, other than and in addition

to the covenants herein expressly authorized, and to do any and all

such acts and things as may be necessary or convenient or desirable

in order to secure its bonds, or, in the absolute discretion of said

authority, as will tend to make the bonds more marketable

notwithstanding that such covenants, acts or things may not be

enumerated herein.

Laws 1965, c. 251, § 20, emerg. eff. June 18, 1965.