Oklahoma § 70-695.9 - Oklahoma Student Loan Bonds - Oklahoma Student Loan

§ 70-695.9. Oklahoma Student Loan Bonds - Oklahoma Student Loan

Notes.

Upon determination that a need exists under the Oklahoma Student

Loan Act, the Authority shall by resolution provide for the issuance

of negotiable revenue bonds called the "Oklahoma Student Loan Bonds"

or the issuance of notes called the "Oklahoma Student Loan Notes",

or both. The bonds of each issue shall be dated and bear interest

as prescribed by the Authority. The bonds shall mature serially or

otherwise not later than thirty (30) years from their date and may

be redeemable before maturity at the option of the Authority at

prices and under terms and conditions fixed by the Authority in its

resolution providing for the issuance of the bonds. The resolution

shall also determine the form of the bonds, including the form of

any interest coupon to be attached thereto, and shall fix the

denominations of the bonds and the place of the payment of the

principal and interest thereon. The bonds shall be executed on

behalf of the Authority payable only from the funds specified in the

Oklahoma Student Loan Act, and shall not be payable from funds

received or to be received from taxation. The bonds shall be signed

by the chairman and the secretary of the Authority in accordance

with the Uniform Facsimile Signature of Public Officials Act.

Interest coupons shall bear the facsimile signature of the secretary

of the Authority. If any officer whose manual or facsimile

signature appears on any bond or coupon ceases to be an officer

before delivery of the bonds, the signature is valid as if he had

remained in office until the delivery had been made. The resolution

may provide for registration of the bonds as to ownership and for

successive conversion and reconversion from registered to bearer

bonds and vice versa. Before any bonds are delivered to the

purchasers, the record pertaining thereto shall be examined by the

Attorney General, and the record and bonds shall be approved by him.

After approval, the bonds shall be registered with the Authority.

After approval and delivery to the purchasers, the bonds shall

constitute obligations of the Authority, and are negotiable

Oklahoma Statutes - Title 70. Schools

instruments under the laws of the state. The bonds may be sold at

public or private sale by the Authority at prices and in accordance

with procedures and terms it determines to be advantageous and

reasonably obtainable. The Authority may provide for replacement of

any bond which may be mutilated or destroyed.

Neither the bonds issued under this act nor any loans made

pursuant hereto shall be guaranteed by the State of Oklahoma, and

the state shall not place the full faith and credit under obligation

under the terms of this act.

Added by Laws 1972, c. 125, § 9, emerg. eff. April 6, 1972. Amended

by Laws 1987, c. 81, § 6, operative July 1, 1987; Laws 1992, c. 278,

§ 2, eff. July 1, 1992; Laws 1995, c. 305, § 21, eff. July 1, 1995.