SECTION 725:15-35-5. Resolution

(a)   The Commission shall provide a resolution as appropriate for the official issuance of revenue notes and bonds for lawful purposes at any scheduled meeting held pursuant to the Open Meetings Act.

(b)   The resolution may provide for the following:

(1)   a description of the type, form and character of the note(s) or issuance and the amount,

(2)   authorizations as necessary for the execution of the indenture and all other instruments and documents relative to the sale and issuance of bonds or notes,

(3)   approval of official statements, declarations or other published material,

(4)   setting of interest rate parameters and duration of repayment,

(5)   appointment of trustee bank, paying agent and other appointments as necessary and appropriate, and

(6)   other acts as necessary and appropriate to implement the desired action, whether an initial issuance, a refunding, redemption or other act allowable by law.

(c)   Any such resolution brought before the Commission requires a majority vote of all members of the Commission for passage.

[Source: Added at 19 Ok Reg 3025, eff 8-13-02 (emergency); Added at 20 Ok Reg 1355, eff 5-27-03]