Okla. Stat. tit. 62 § 831

Current through Laws 2024, c. 453.
Section 831 - Disposition of bond proceeds

All proceeds received by a Participating Entity from the sale of bonds shall be transferred to a public trust created pursuant to the provisions of Section 176 et seq. of Title 60 of the Oklahoma Statutes, which public trust shall have among its beneficiaries, all of the Participating Entities. In lieu of a public trust, the Oklahoma Development Finance Authority may be designated as the agency in charge of administering the Regional District, subject to the approval of the governing board of the Oklahoma Development Finance Authority. The administering agency shall be responsible for disbursing funds from proceeds of the sale of the bonds for payment of all costs relating to the project, including the costs of issuance of the bonds, and may take title to such property and take all other such actions as it deems necessary to implement the Final Project Plan. The administering agency shall be entitled to collect an administrative fee from the proceeds of the bond, said fee to be described in the Final Project Plan. The Final Project Plan may also designate said agency to serve as the paying agent for any monies which are to be remitted to the Participating Entities, whether such revenues are in the form of lease payments, debt service payments, tax increment revenues or otherwise.

Okla. Stat. tit. 62, § 831

Added by Laws 2001 , HB 1199, c. 318, §1, effective upon approval of the proposed amendment to Section 35 of Article X of the Constitution of the State of Oklahoma set forth in Enrolled House Bill No. 1198 of the 1st Session of the 48th Oklahoma Legislature [State Question 693] and to have the force and effect of law on the date the election results are certified. State Question 693 was approved by the people at the election held 11/5/2002.