Oklahoma Administrative Code (Last Updated: March 11, 2021) |
TITLE 330. Oklahoma Housing Finance Agency |
Chapter 15. Single Family Mortgage Loan Program |
Subchapter 9. Bonds |
SECTION 330:15-9-2. Limited obligations
Latest version.
- All bonds are to be special limited obligations of OHFA and not the obligation of the State. To this end, all Bond or Trust Indentures and all bonds, notes or other evidences of indebtedness of OHFA issued in connection with any program shall bear a restriction in substantially the following form: THE BONDS ARE SOLELY THE OBLIGATIONS OF THE ISSUER AND NOT OF THE STATE OF OKLAHOMA OR THE PARTICIPANTS. THE BONDS ARE PAYABLE SOLELY OUT OF THE INCOME, REVENUES AND RECEIPTS DERIVED OR TO BE DERIVED FROM THE MORTGAGE LOANS, AND THE FUNDS AND ACCOUNTS AND ADDITIONAL SECURITY HELD UNDER AND PURSUANT TO THE BOND INDENTURE AND PLEDGED THEREFOR OR OTHER INCOME, REVENUES AND RECEIPTS RECEIVED BY THE ISSUER FROM ANY OTHER SOURCES AS A RESULT OF THE INVESTMENT OR EXPENDITURE OF THE PROCEEDS DERIVED FROM THE ISSUANCE OF THE BONDS, INCLUDING, BUT NOT BY WAY OF LIMITATION, CERTAIN INSURANCE PROCEEDS AND OTHER MONEYS WHICH, BY LAW OR CONTRACT, MAY BE MADE AVAILABLE TO THE ISSUER AND PLEDGED UNDER AND IN THE MANNER PRESCRIBED IN THE BOND INDENTURE. THE BONDS ARE SPECIAL, LIMITED OBLIGATIONS OF THE ISSUER AND DO NOT CONSTITUTE AN OBLIGATION, EITHER GENERAL OR SPECIAL, OF THE STATE OF OKLAHOMA OR ANY PARTICIPANT WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION WHATSOEVER.