Oklahoma § 69-1710

§ 69-1710.

Securing bonds by trust agreement.

Oklahoma Statutes - Title 69. Roads, Bridges, and Ferries

In the discretion of the Authority any bonds issued under the

provisions of this article may be secured by a trust agreement by

and between the Authority and a corporate trustee, which may be any

trust company or bank having the powers of a trust company within or

without the state. Such trust agreement may pledge or assign the

tolls and other revenues to be received from the project constructed

by the use of the proceeds of the bonds, but shall not convey or

mortgage any turnpike project or any part thereof. Such trust

agreement or resolution providing for the issuance of such bonds may

contain such provisions for protecting and enforcing the rights and

remedies of the bondholders as may be reasonable and proper and not

in violation of law, including convenants setting forth the duties

of the Authority in relation to the acquisition of property and the

construction, improvement, maintenance, repair, operation and

insurance of the turnpike project in connection with which such

bonds shall have been authorized, and the custody, safeguarding and

application of all monies, and provisions for the employment of

consulting engineers in connection with the construction or

operation of such turnpike project or projects. It shall be lawful

for any bank or trust company incorporated under the laws of the

state which may act as depository of the proceeds of bonds or of

revenues to furnish such indemnifying bonds or to pledge such

securities as may be required by the Authority. Any such trust

agreement may set forth the rights and remedies of the bondholders

and of the trustee, and may restrict the individual right of action

by bondholders as is customary in trust agreements or trust

indentures securing bonds and debentures of corporations. In

addition to the foregoing any such trust agreement may contain such

other provisions as the Authority may deem reasonable and proper for

the security of the bondholders. All expenses incurred in carrying

out the provisions of such trust agreement may be treated as a part

of the cost of the operation of the turnpike project or projects.

Laws 1968, c. 415, § 1710, operative July 1, 1968.