Oklahoma § 74-2260 - Default - Remedies - Jurisdiction of courts

§ 74-2260. Default - Remedies - Jurisdiction of courts

A. It may be provided in any resolution authorizing bonds under

this act that, in the event of a default in the payment of principal

or interest on the bonds or in the performance of any agreement or

covenant contained in the resolution, and if such default shall have

continued for a prescribed period, then the holders of a specified

percentage of the outstanding bonds, or a trustee acting in their

Oklahoma Statutes - Title 74. State Government

behalf, may for the equal and proportional benefit of the holders of

all of the bonds and with or without possession thereof:

1. By mandamus or other suit, action or proceeding at law or in

equity, enforce all rights of the holders of the bonds;

2. Bring suit upon the defaulted bonds or coupons;

3. By action or suit in equity to require the Commission to act

as if it were the trustee or an express trust for the bondholders;

4. By action or suit in equity to enjoin any acts or things

which may be unlawful or in violation of the rights of the holders

of the bonds;

5. After notice to the Commission as the resolution may

provide, declare the principal of all of the bonds due and payable;

or

6. Apply as a matter of right for the appointment of a receiver

who may enter and take possession of all or any part of the

properties of the Commission and operate and maintain the same and

fix, collect and receive fees and charges for the use thereof and

services rendered thereby sufficient to provide revenues adequate to

carry out all of the provisions of the bond resolution and the costs

and disbursements of the proceeding and of the receiver.

B. Subject to the provisions of the Constitution of the State

of Oklahoma, the courts of the county in which any of the real

estate controlled and operated by the Commission may be located and

the courts of Oklahoma County shall have jurisdiction of any suit,

action or proceeding and of all property involved therein.

Added by Laws 2005, c. 363, § 61, eff. Nov. 1, 2005.