Upon determination that a need exists under the Oklahoma Student Loan Act, the Authority shall by resolution provide for the issuance of negotiable revenue bonds called the "Oklahoma Student Loan Bonds" or the issuance of notes called the "Oklahoma Student Loan Notes", or both. The bonds of each issue shall be dated and bear interest as prescribed by the Authority. The bonds shall mature serially or otherwise not later than thirty (30) years from their date and may be redeemable before maturity at the option of the Authority at prices and under terms and conditions fixed by the Authority in its resolution providing for the issuance of the bonds. The resolution shall also determine the form of the bonds, including the form of any interest coupon to be attached thereto, and shall fix the denominations of the bonds and the place of the payment of the principal and interest thereon. The bonds shall be executed on behalf of the Authority payable only from the funds specified in the Oklahoma Student Loan Act, and shall not be payable from funds received or to be received from taxation. The bonds shall be signed by the chairman and the secretary of the Authority in accordance with the Uniform Facsimile Signature of Public Officials Act. Interest coupons shall bear the facsimile signature of the secretary of the Authority. If any officer whose manual or facsimile signature appears on any bond or coupon ceases to be an officer before delivery of the bonds, the signature is valid as if he had remained in office until the delivery had been made. The resolution may provide for registration of the bonds as to ownership and for successive conversion and reconversion from registered to bearer bonds and vice versa. Before any bonds are delivered to the purchasers, the record pertaining thereto shall be examined by the Attorney General, and the record and bonds shall be approved by him. After approval, the bonds shall be registered with the Authority. After approval and delivery to the purchasers, the bonds shall constitute obligations of the Authority, and are negotiable instruments under the laws of the state. The bonds may be sold at public or private sale by the Authority at prices and in accordance with procedures and terms it determines to be advantageous and reasonably obtainable. The Authority may provide for replacement of any bond which may be mutilated or destroyed.

Neither the bonds issued under this act nor any loans made pursuant hereto shall be guaranteed by the State of Oklahoma, and the state shall not place the full faith and credit under obligation under the terms of this act.

Added by Laws 1972, c. 125, § 9, emerg. eff. April 6, 1972. Amended by Laws 1987, c. 81, § 6, operative July 1, 1987; Laws 1992, c. 278, § 2, eff. July 1, 1992; Laws 1995, c. 305, § 21, eff. July 1, 1995.