§ 62-57.305. Series and form of bonds - Place of payment - Maturity dates - Particulars of resolution or indenture of Commission - Payments into sinking fund - Negotiability - Tax exemption.

A.  The bonds may be issued in one or more series and shall be in the form designated by the Commission.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the Commission.  The bonds shall mature on such dates as designated by the Commission.  A schedule of maturity dates showing the years and amounts shall be designated by the Commission for each series issued.

B.  The bonds may bear interest, may be sold in such manner and at such price or prices, may bear such date or dates, may mature at such time or times, not to exceed thirty (30) years from their date, may be in such denomination or denominations, 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, and may bear such rate or rates of interest, and shall be subject to such call for redemption, with or without premium, as may be provided by resolution or indenture of the Commission.  Until such time as the Oklahoma Building Bonds of 1992 Sinking Fund shall be sufficient to retire all outstanding bonds and interest thereon, there shall be paid into said sinking fund during each fiscal year, from the sources hereinabove pledged such amounts as may be necessary to pay the interest and principal payable during the next succeeding fiscal year, and an amount sufficient to satisfy the reserve requirements as fixed and approved by the Oklahoma Building Bonds Commission in its resolution or indenture authorizing the issuance of said bonds.

C.  All bonds issued pursuant to this act shall have all of the qualities and incidents of negotiable paper.  The bonds, the transfer thereof and the interest earned on said bonds, including any profit derived from the sale thereof, shall not be subject to taxation of any kind by the State of Oklahoma, or by any county, municipality or political subdivision therein.

Added by Laws 1992, c. 350, § 6.