Oklahoma § 82-1085.23 - Water Conservation Storage Fund - Investment

§ 82-1085.23. Water Conservation Storage Fund - Investment

certificates.

There is hereby created in the State Treasury a Water

Conservation Storage Fund, which fund shall be used by the

Commission for those purposes authorized by this act. To provide

necessary funds the Commission is hereby authorized to issue

investment certificates from time to time, as may be required, to

provide an adequate amount of cash in such fund which may be

necessary to meet the anticipated needs of the Commission. The

Commission is authorized to provide for the payment of such

investment certificates and the rights of the holders thereof, as

hereinafter provided. Said investment certificates may be issued in

one or more series; may be sold in such manner and at par; may bear

such date or dates; may mature at such time or times, not to exceed

fifty (50) years from their date; may be in such denomination or

denominations; may be in such form either coupon or registered; may

carry such registration or conversion privileges; may be executed in

such manner; may be payable in such medium of payments, at such

place or places; may be subject to such term of redemption, with or

without premium; and may bear such rate or rates of interest as may

be provided by resolution or resolutions to be adopted by the

Commission. Such investment certificates shall have all of the

qualities and incidents of negotiable paper, and shall not be

subject to taxation by the State of Oklahoma, or by any county,

municipality or political subdivision therein. All investment

certificates maturing after ten (10) years from their dates shall be

subject to call and redemption, in inverse order of maturity and

investment certificate numbers, at par and accrued interest, the

detailed provisions for such call and redemption to be fixed by the

Commission in the resolution or resolutions authorizing the issuance

of said investment certificates.

Oklahoma Statutes - Title 82. Waters and Water Rights

The investment certificates issued hereunder shall not be an

indebtedness of the State of Oklahoma or of the Commission herein,

but shall be special obligations payable solely from the revenues to

be derived from the sale of storage, and the Commission is

authorized and directed to pledge all or any part of such revenues

to the payment of principal and interest on the investment

certificates and to create a reserve for such purposes.

Added by Laws 1972, c. 253, § 23.