§ 803. Issuance of bonds--Requirements--Verification of registration of advisers and brokers
Oklahoma Statutes AnnotatedTitle 62. Public Finance
62 Okl.St.Ann. § 803
§ 803. Issuance of bonds--Requirements--Verification of registration of advisers and brokers
Whenever any municipality or county of this state votes any bonds or refunding bonds pursuant to Section 35 of Article X of the Oklahoma Constitution, such bonds shall be subject to the following requirements:
1. At least ninety percent (90%) of the proceeds from the bonds must be used for a qualified economic development or community development purpose, or to refund bonds issued for a purpose, which, on the date originally issued, was a qualified economic development or community development purpose; provided, however, that for purposes of determining such use, proceeds used to fund a debt service reserve shall be considered to be for a qualifying economic development or community development purpose;
6. A verification from the Administrator of the Oklahoma Department of Securities that all persons receiving compensation, directly or indirectly, for providing advice to a municipality or county with regard to the Municipal and County Economic and Community Development Bonds Act are appropriately registered with the Oklahoma Department of Securities as investment advisers or investment adviser representatives, as applicable, and that all persons receiving compensation, directly or indirectly, for the placement of the bonds are registered as broker-dealers or agents, as applicable.
Credits
Laws 1991, c. 142, § 4, emerg. eff. May 1, 1991; Laws 2003, c. 433, § 4, eff. July 1, 2003.
62 Okl. St. Ann. § 803, OK ST T. 62 § 803
Current with emergency effective legislation through Chapter 29 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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