Oklahoma § 74-1226.7 - Compensation for use of projects - Sinking fund - Use

§ 74-1226.7. Compensation for use of projects - Sinking fund - Use

of monies.

A. The Authority, subject to the provisions hereof, is hereby

authorized to fix, revise, charge and collect compensation for the

use of each project, and parts or sections thereof, and to contract

with any person, partnership, association, corporation, or other

governmental agencies desiring the use, for any purpose, of all or

any part of any project and to fix the terms, conditions, rents and

rates of charge for such use. Such compensation, subject to other

restrictions hereof, shall be so fixed and adjusted so as to provide

a fund sufficient with other revenues, if any, to pay:

Oklahoma Statutes - Title 74. State Government

1. The cost of maintaining, repairing and operating such

project or projects; and

2. The principal of and the interest of bonds issued for the

purpose of financing Authority projects as the same shall become due

and payable, and to create reserves for such purposes.

B. The compensation derived from the projects in connection

with which the bonds of any issue shall have been issued, except

such part thereof as may be necessary to pay for maintenance,

repair, and operation and to provide such reserves therefor as may

be provided for in the resolution authorizing the issuance of such

bonds or in the trust agreement securing the same shall be set aside

at such regular intervals as may be provided in such resolution or

such trust agreement in a sinking fund which is hereby pledged to,

and charged with, the payment of:

1. The interest upon such bonds as such interest shall become

due;

2. The principal of such bonds as the same shall fall due;

3. The necessary charges of paying agents for paying principal

and interest; and

4. The redemption price or the purchase price of bonds retired

by call or purchased as herein provided, which are a charge against

such fund.

C. The use and disposition of monies to the credit of such

sinking fund shall be subject to the provisions of the resolution

authorizing the issuance of such bonds or of such trust agreement.

Except as may otherwise be provided for in such resolution or such

trust agreement, such sinking fund shall be a fund for all such bond

issues without distinction or priority of one over another. The

money in the sinking fund, less such reserve as may be provided in

such resolution or trust agreement, if not used within a reasonable

time for the purchase of bonds for cancellation as above provided,

shall be applied to the redemption of bonds at the redemption price

then applicable.

Added by Laws 1994, c. 388, § 9, eff. Sept. 1, 1994.