§74-5063.13. Resolution of board of directors - Trust indentures.
216 words·~1 min read·
/ok/title-74-state-government/74-5063-13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. All bonds issued hereunder shall be authorized by resolution of the board of directors. Each such resolution shall contain such terms, covenants and conditions applicable to the bonds as are deemed desirable. All bonds issued under this act shall be on a parity as to security. The resolution of the board may provide for the execution and delivery by the Oklahoma Development Finance Authority of a trust indenture or trust indentures, with a bank or banks located within or without the state, containing any of the terms, covenants and conditions referred to above, which trust indenture or trust indentures shall be binding upon the state, and its officers and officials, to the extent set forth in this act.
B. Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved to apply to the payment of debt service on the bonds issued or secured thereunder all or any part of the Authority's revenues, from whatever source derived, and, to the extent of such revenues, to release from any requirement of such resolution or trust indenture other revenues and
resources of the state including without limitation, the general revenue funds required to be appropriated pursuant to this act. Added by Laws 1987, c. 222, § 83, operative July 1, 1987.