2018 Oklahoma Statutes
Title 70. Schools
§70-821.3. Revenue bonds - Powers of districts - Provisions - Lien and charge on income - Restrictions on additional bonds - Approval.
(a) To provide for the acquisition or construction of such stadia, sport arenas or other recreational facilities thereto and/or additions to existing stadia, sport arenas or other recreational facilities, including land and equipment therefor, the governing body of any such independent school district is authorized to issue negotiable revenue bonds of the independent school district secured by a pledge of, and payable from, the net revenues of any one or more of such stadia, sport arenas or other recreational facilities, together with all future extensions or additions therefor or replacements thereof. If bonds are issued solely for acquirement or construction of additions to existing stadia, sport arenas or other recreational facilities, then such bonds may be payable from the net revenue of the entire project, including the original existing stadia, sport arenas or other existing recreational facilities, and additions thereto, together with all future extensions and additions thereto or replacements thereof. Within the discretion of the governing body of any such independent school district such bonds may be secured further by a trust indenture on such stadia, sport arenas or other recreational facilities. Whenever such governing body shall execute any character of trust agreement imposing duties on a corporate trustee in reference to the payment of the bonds or enforcement of any rights under the bonds, for convenience such instrument may be and in this act is sometimes referred to as the "Indenture". Any such independent school district is authorized to issue a separate and independent series of revenue bonds to provide for the acquirement or construction of each stadium, sport arena or other recreational facility or additions thereto, or additions to existing stadia, sport arenas or recreational facilities, including land and equipment therefor, or in the discretion of the governing body of the independent school district a single series of bonds may be issued to provide for the acquirement or construction of two or more stadia, sport arenas or other recreational facilities and/or additions referred to, including land and equipment therefor. No election shall be required for the issuance of said bonds.
Negotiable revenue bonds may also be issued by the governing body of any such independent school district for the purpose of refunding bonds issued under this section, which may be secured in the manner herein provided for original bonds. No election shall be had for the issuance of such refunding bonds.
(b). The revenue bonds hereby authorized shall contain substantially the following provisions:
"The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation." No such bonds shall ever be a liability or debt of such independent school district but solely a charge upon the pledged revenues.
(c). The expense of operation and maintenance of any such stadium, sport arena or other recreational facility shall always be a first lien and charge against the income thereof. So long as any of said bonds or any interest thereon remain outstanding, the independent school district shall charge or require the payment of fees, rent, tolls, and other revenue for the use of the facilities of any such stadium, sport arena or other recreational facility which shall be equal and uniform within classes defined by the governing body of such independent school district and which shall be at least sufficient to pay expenses of operation and maintenance and to pay the principal of and interest on the outstanding bonds as such principal matures and as such interest accrues, and to establish and maintain such reserve or reserves, if any, as may be prescribed in the resolution authorizing the bonds or in the Indenture.
(d). So long as any such revenue bonds are outstanding, no additional bonds of equal dignity shall be issued against the pledged revenues or the pledged revenues and properties, except to the extent and in the manner expressly permitted in the resolution which authorized such outstanding revenue bonds, or the Indenture.
(e). Such bonds, and proceedings incident to their issuance shall be submitted to and approved by the Attorney General of Oklahoma, in the manner and with the effect provided in Title 62, Oklahoma Statutes 1951, Sections 11, 13 and 14.
Laws 1947, p. 514, § 3.