OK HB2358

Oklahoma Building Bonds Commission authorized to issue bonds, notes, or other obligations to refinance or restructure outstanding obligations from the 1992 Oklahoma Building Bond and College Savings Bond Act until June 30, 2011.

Commission may use proceeds to pay professional fees, bond counsel, financial consultants, and associated issuance costs approved by the Oklahoma State Bond Advisor.

Bonds may be issued to achieve debt service savings, modify restrictive covenants, or reduce payment requirements, with final maturity extended up to 10 years without legislative approval or more than 10 years with legislative approval.

Obligations may be sold competitively or through negotiated sale with terms up to 30 years from delivery date, and may include credit enhancements and liquidity providers.

Cigarette tax revenues under Oklahoma Statutes Sections 302, 302-2, and 302-4 (Title 68) are irrevocably pledged for payment of principal and interest on bonds issued under this section.