§74-5063.4h. Debt-service reserve.
115 words·~1 min read·
/ok/title-74-state-government/74-5063-4h·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To establish a debt-service reserve for those revenue bonds approved for Credit Enhancement Reserve Fund insurance by the Bond Oversight Commissions prior to June 9, 1990, the Oklahoma Development Finance Authority may increase the amounts of credit enhancement, the revenue bonds and the underlying loans in an amount sufficient to provide a cash reserve or to secure a letter of credit or surety bond equal to six-months' principal and interest on the
revenue bonds, plus a rounding factor if necessary. The total amount of any such increase shall not exceed ten percent (10%) of the revenue bond amount approved by the Commissions. Added by Laws 1991, c. 123, § 4, emerg. eff. April 29, 1991.