Oklahoma § 70-821.3 - Revenue bonds - Powers of districts - Provisions - Lien

§ 70-821.3. Revenue bonds - Powers of districts - Provisions - Lien

and charge on income - Restrictions on additional bonds - Approval.

(a) To provide for the acquisition or construction of such

stadia, sport arenas or other recreational facilities thereto and/or

additions to existing stadia, sport arenas or other recreational

facilities, including land and equipment therefor, the governing

Oklahoma Statutes - Title 70. Schools

body of any such independent school district is authorized to issue

negotiable revenue bonds of the independent school district secured

by a pledge of, and payable from, the net revenues of any one or

more of such stadia, sport arenas or other recreational facilities,

together with all future extensions or additions therefor or

replacements thereof. If bonds are issued solely for acquirement or

construction of additions to existing stadia, sport arenas or other

recreational facilities, then such bonds may be payable from the net

revenue of the entire project, including the original existing

stadia, sport arenas or other existing recreational facilities, and

additions thereto, together with all future extensions and additions

thereto or replacements thereof. Within the discretion of the

governing body of any such independent school district such bonds

may be secured further by a trust indenture on such stadia, sport

arenas or other recreational facilities. Whenever such governing

body shall execute any character of trust agreement imposing duties

on a corporate trustee in reference to the payment of the bonds or

enforcement of any rights under the bonds, for convenience such

instrument may be and in this act is sometimes referred to as the

"Indenture". Any such independent school district is authorized to

issue a separate and independent series of revenue bonds to provide

for the acquirement or construction of each stadium, sport arena or

other recreational facility or additions thereto, or additions to

existing stadia, sport arenas or recreational facilities, including

land and equipment therefor, or in the discretion of the governing

body of the independent school district a single series of bonds may

be issued to provide for the acquirement or construction of two or

more stadia, sport arenas or other recreational facilities and/or

additions referred to, including land and equipment therefor. No

election shall be required for the issuance of said bonds.

Negotiable revenue bonds may also be issued by the governing

body of any such independent school district for the purpose of

refunding bonds issued under this section, which may be secured in

the manner herein provided for original bonds. No election shall be

had for the issuance of such refunding bonds.

(b). The revenue bonds hereby authorized shall contain

substantially the following provisions:

"The holder hereof shall never have the right to demand payment

of this obligation out of any funds raised or to be raised by

taxation." No such bonds shall ever be a liability or debt of such

independent school district but solely a charge upon the pledged

revenues.

(c). The expense of operation and maintenance of any such

stadium, sport arena or other recreational facility shall always be

a first lien and charge against the income thereof. So long as any

of said bonds or any interest thereon remain outstanding, the

independent school district shall charge or require the payment of

Oklahoma Statutes - Title 70. Schools

fees, rent, tolls, and other revenue for the use of the facilities

of any such stadium, sport arena or other recreational facility

which shall be equal and uniform within classes defined by the

governing body of such independent school district and which shall

be at least sufficient to pay expenses of operation and maintenance

and to pay the principal of and interest on the outstanding bonds as

such principal matures and as such interest accrues, and to

establish and maintain such reserve or reserves, if any, as may be

prescribed in the resolution authorizing the bonds or in the

Indenture.

(d). So long as any such revenue bonds are outstanding, no

additional bonds of equal dignity shall be issued against the

pledged revenues or the pledged revenues and properties, except to

the extent and in the manner expressly permitted in the resolution

which authorized such outstanding revenue bonds, or the Indenture.

(e). Such bonds, and proceedings incident to their issuance

shall be submitted to and approved by the Attorney General of

Oklahoma, in the manner and with the effect provided in Title 62,

Oklahoma Statutes 1951, Sections 11, 13 and 14.

Laws 1947, p. 514, § 3.