2014 Oklahoma Statutes
Title 74. State Government
§74-2260. Default - Remedies - Jurisdiction of courts.

A. It may be provided in any resolution authorizing bonds under this act that, in the event of a default in the payment of principal or interest on the bonds or in the performance of any agreement or covenant contained in the resolution, and if such default shall have continued for a prescribed period, then the holders of a specified percentage of the outstanding bonds, or a trustee acting in their behalf, may for the equal and proportional benefit of the holders of all of the bonds and with or without possession thereof:

1. By mandamus or other suit, action or proceeding at law or in equity, enforce all rights of the holders of the bonds;

2. Bring suit upon the defaulted bonds or coupons;

3. By action or suit in equity to require the Commission to act as if it were the trustee or an express trust for the bondholders;

4. By action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holders of the bonds;

5. After notice to the Commission as the resolution may provide, declare the principal of all of the bonds due and payable; or

6. Apply as a matter of right for the appointment of a receiver who may enter and take possession of all or any part of the properties of the Commission and operate and maintain the same and fix, collect and receive fees and charges for the use thereof and services rendered thereby sufficient to provide revenues adequate to carry out all of the provisions of the bond resolution and the costs and disbursements of the proceeding and of the receiver.

B. Subject to the provisions of the Constitution of the State of Oklahoma, the courts of the county in which any of the real estate controlled and operated by the Commission may be located and the courts of Oklahoma County shall have jurisdiction of any suit, action or proceeding and of all property involved therein.

Added by Laws 2005, c. 363, § 61, eff. Nov. 1, 2005.