Oklahoma § 82-1132 - Interim notes and conditions of issue

§ 82-1132. Interim notes and conditions of issue

Whenever the board of directors of a port authority shall have

adopted a resolution authorizing the issuance of any series of bonds

hereunder and said bonds have been sold but prior to the time as of

which the bonds can be delivered, the board of directors of a port

authority finds it necessary to borrow money for the purpose for

which the bonds were authorized, such board of directors may, by

appropriate resolution, authorize the borrowing of money in

anticipation of the issuance of the bonds, and the issuance of the

note or notes of the board of directors to evidence such borrowing.

The amount so borrowed shall not exceed the principal amount of the

bonds and shall not bear interest at a rate exceeding the average

interest rate of the bonds. Such note or notes shall be signed in

the manner prescribed by the board of directors and shall be made

payable at such time or times as the board of directors may

prescribe, not later than one (1) year from their respective dates

Oklahoma Statutes - Title 82. Waters and Water Rights

and may be renewed from time to time by the issuance of new notes

hereunder. The proceeds of any loan made under this section shall

be devoted exclusively to the purpose for which the bonds shall have

been authorized and the note or notes and the interest thereon shall

be paid with the proceeds of the bonds simultaneously with the

delivery of the bonds. If for any reason the bonds shall not be

issued, the holder or holders of the notes shall be entitled to all

rights which would have been enjoyed by the holders of the bonds had

they been issued; and the notes shall be paid from the revenues

provided for the payment of the bonds, and shall be entitled to the

benefit of all covenants, agreements and rights appearing in the

resolution authorizing the bonds for the benefit of the bonds.

Laws 1963, c. 314, § 12, emerg. eff. June 19, 1963.