Oklahoma § 82-1124 - Exemption from taxation - One bond issue for more than

§ 82-1124. Exemption from taxation - One bond issue for more than

one project or facility - Payment from combined revenues.

Bonds issued hereunder shall not be subject to taxation by the

State of Oklahoma, or by any county, municipality or political

subdivision thereof. The board of directors of a port authority may

in its discretion authorize one issue of bonds hereunder for the

acquisition, construction, relocation, improvement, extension,

addition, furnishing or equipping of more than one building,

structure, project or facility, as herein defined, and may make said

bonds payable from the combined revenues of all such buildings and

facilities so constructed, acquired, improved, extended, furnished

or equipped, in whole or in part, with the proceeds of such bonds;

together with revenues from the operation of any existing revenue-

Oklahoma Statutes - Title 82. Waters and Water Rights

producing buildings or facilities. If more than one series of bonds

shall be issued hereunder, payable from the revenues of such

buildings and facilities, priority of lien thereof as to such

revenues shall be as prescribed by proceedings authorizing the

issuance of such respective bond issues. It shall be within the

discretion of the board of directors of such port authority at the

time the first series of bonds is authorized, to provide that

subsequent series of bonds payable from the same revenues, in whole

or in part, shall not be issued; or that subsequent series of bonds

shall be subordinate as to lien; or that subsequent series of bonds

shall enjoy parity of lien upon such conditions and restrictions as

are specified therein.

Laws 1963, c. 314, § 4, emerg. eff. June 19, 1963.