Oklahoma § 63-3280 - Issuance of bonds - Procedure - Characteristics Approvals

§ 63-3280. Issuance of bonds - Procedure - Characteristics Approvals

A. Subject to the provisions of paragraph 11 of subsection A of

Section 6 of this act, the Oklahoma State University Medical

Authority may provide by resolution, from time to time, for the

issuance of revenue bonds for its lawful purposes, in such amount or

amounts as are necessary, incidental or convenient to the exercise

of powers, rights, privileges and functions conferred upon it by the

Oklahoma State University Medical Authority Act or other law. The

principal of and interest on any indebtedness shall be payable

solely from the revenues of the Authority and such other funds as

may be provided by law for such payment. The Authority may provide

for credit enhancement as additional security or liquidity for its

bonds and enter into such agreements as may be necessary or

appropriate to provide for the repayment of any funds advanced by

the provider of any such credit enhancement including the payment of

any fees and expenses incurred in connection therewith. The bonds

of each issue shall bear interest at fixed or variable rates and

shall bear an average interest rate not to exceed eleven percent

(11%) per annum, shall mature at such time or times not exceeding

thirty (30) years from their date or dates of issue, as may be

determined by the Authority, and may be made redeemable before

maturity at the option of the Authority, at such time or times and

at such price or prices and pursuant to such terms and conditions as

may be fixed by the Authority prior to the issuance of the bonds.

The Authority shall determine the form of the bonds and the manner

of execution thereof, and shall fix the denominations of the bonds

and the place or places of payment of principal and interest, which

may be at any bank and trust company within or without this state.

If any officer whose signature or facsimile of whose signature

appears on any bonds shall cease to be said officer before the

Oklahoma Statutes - Title 63. Public Health and Safety

delivery of the bonds, the signature or the facsimile shall

nevertheless be valid and sufficient for all purposes, the same as

if the person had remained in office until such delivery. All bonds

issued pursuant to the provisions of the Oklahoma State University

Medical Authority Act shall have all the qualities and incidences of

negotiable instruments subject to the laws of this state. The

Authority may sell the bonds in such amounts and in such manner,

either at public or private sale, and for such price, as it may

determine to be in the best interests of the state. If the bonds

are not sold by competitive bid, the sale must be approved by the

State Bond Advisor.

B. All fees and expenses of bond sales must be approved by the

State Bond Advisor and the Bond Oversight Commission. Prior to the

preparation of definitive bonds, the Authority, subject to like

restrictions, may issue interim receipts or temporary bonds, with or

without coupons, exchangeable for definitive bonds which have been

executed and are available for delivery. The Authority may also

provide for the replacement of any bonds which have become mutilated

or which have been destroyed or lost. Except as otherwise provided

by Section 14 of this act, bonds may be issued pursuant to the

provisions of the Oklahoma State University Medical Authority Act

without obtaining the consent of any department, division,

commission, board, bureau, or agency of this state, and without any

other proceedings or the occurrence of any other conditions or

things than those proceedings, conditions, or things that are

specifically required by the Oklahoma State University Medical

Authority.

C. The Authority may, by resolution, provide for the issuance

of refunding bonds then outstanding, including the payment of any

redemption premium, any interest accrued to the date of redemption

of such bonds, and for incurring additional indebtedness for its

lawful purposes. The issuance of such bonds shall be governed by the

provisions of the Oklahoma State University Medical Authority Act.

Added by Laws 2006, c. 287, § 10, emerg. eff. June 7, 2006.