OK SB259

Increases the bonding authority of the Oklahoma Tourism and Recreation Commission from $5 million to $10 million for constructing, reconstructing, improving, bettering or extending park properties.

Authorizes the Commission to issue negotiable bonds in anticipation of collecting revenues, with proceeds to be pledged specifically toward paying interest and principal on those bonds.

Establishes that bond issuances must be authorized by Commission resolution and may include terms such as maturity dates (up to 25 years), interest rates (up to 10% annually), and various protective covenants.

Allows the Commission to secure bonds through trust indentures with banks or trust companies, which may pledge revenues but cannot mortgage properties except those revenues.

Effective date set for November 1, 2011.