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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 90. Council of Bond Oversight |
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Chapter 10. Administration of the Oklahoma Bond Oversight and Reform Act |
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Subchapter 7. Evaluation Standards and Criteria |
SECTION 90:10-7-1. General
Latest version.
- The Council is mandated to make determinations regarding public purpose for which obligations are to be issued by State or Local Governmental Entities subject to Section 695.8 of the Act, in accordance with Title 60 of the Oklahoma Statutes, Sections 176, et seq, the Oklahoma Public Trust Act (the "Public Trust Act"). The Public Trust Act authorizes that obligations may be issued for authorized and proper public purpose. Limitations imposed in regard to public purpose as set out in the Public Trust Act and imposed as a result of statutory language therein may be specified by indenture documents that are the charter documents for a particular entity and/or in statutory language pertaining to a particular Issuer in other federal or state laws. Specified prohibitions in Title 60 in regard to the definition of a "proper public purpose" are previously set out in the definition section of this Chapter.