The provisions set forth in this section shall be applicable to all bonds issued under authority of this act.

(a). It shall be the mandatory duty of the governing body of any independent school district to fix such fees, tolls, rent and other charges for use of the facilities of any such stadium, sport arena or other recreational facility and for additions thereto and for additions to existing stadium, sport arena or other recreational facility, in this act sometimes referred to as the "Project," as will yield revenues fully sufficient to operate and maintain such Project, pay the principal of and interest on the bonds when due, and to establish and maintain such reserve as may be prescribed in the resolution authorizing the bonds or in the Indenture securing them.

(b). The bonds shall mature serially or otherwise at such time or times, and shall bear interest at such rate or rates, as shall be prescribed in the resolution authorizing the bonds or in the Indenture securing them; provided that the sale of the bonds shall be for cash at not less than par and accrued interest and shall be sold after competitive bidding to produce the maximum sale price at the lowest possible interest rate. The interest cost shall not exceed four percent (4%) per annum, computed on average maturities according to Standard Tables of Bond Values.

(c). The resolution authorizing, or the Indenture securing the bonds, shall prescribe the rights, if any, which the independent school district may have to redeem all or any part of said bonds prior to maturity, and the conditions under which and the prices not in excess of par and accrued interest at which they may be redeemable and the rights of the independent school district to redeem the bonds prior to scheduled maturity dates shall be limited to such provisions.

(d). All bonds issued hereunder shall have and are hereby declared to have all of the qualifications and incidents of negotiable instruments.

(e). The resolution authorizing, or the Indenture accruing any such bonds, may contain provisions that the bonds shall be registerable as to principal or as to both principal and interest.

(f). The proceeds of the bonds shall be used solely to pay the cost of the Project. There may be included in the cost of the Project for which bonds are to be issued reasonable allowance for legal and engineering services, interest during construction and for six (6) months after estimated date of completion of construction. Such proceeds shall be disbursed under such restrictions as may be provided in the bond resolution or Indenture, and there shall be and there is hereby created and granted a lien upon such monies, until so applied, in favor of the holders of the bonds or of any trustee provided for in respect to such bonds. If so provided in such resolution or Indenture in the event that proceeds of the bonds prove insufficient to pay the cost of the project additional bonds may be issued to the amount of the deficit and shall be deemed to be of the same issue and entitled to payment from the same fund without preference or priority of the bonds first issued. Any surplus remaining from bond proceeds after the cost of the project has been paid in full shall be used in retiring bonds.

(g). The resolution authorizing the bonds may provide that such bonds shall contain a recital that they are issued pursuant to this act.

(h). Any bond issued pursuant to the provisions of this act shall be exempt from taxation by the State of Oklahoma or by any county or municipal corporation, or other political subdivision therein.

(i). If so provided in the resolution authorizing the bonds the Indenture may be executed by and between such independent school district and a corporate trustee, which may be any trust company or bank within or outside of the State of Oklahoma, having powers of a trust company.

(j). Either the resolution providing for the issuance of the bonds or such Indenture may contain such provisions for protecting or enforcing the rights of remedies of the bondholders as may be reasonable or proper and not in violation of law, including covenants setting forth the duties of the independent school district in relationship to the acquisition of properties and the construction, maintenance, operation or repair and insurance of the project and the custody, safeguarding and application of all monies received from the sale of the bonds and from the operation of the Projects.

(k). It shall be lawful for any bank or trust company in this state to act as depository for the proceeds of bonds or revenues derived from the operation of the Project and to furnish such indemnity bonds or to pledge such securities as may be required by the independent school district. Such Indenture or resolution may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual rights of action of the bondholders. In addition such bond resolution or Indenture may contain such other provisions as the governing body of such independent school district may deem reasonable and proper for the security of the bondholders including, but without limitation, covenants prescribing all happenings, or occurrences which constitute events of default and the terms and conditions upon which all or any of the bonds shall become or may be declared to be due before maturity, and as to the rights, liabilities, powers and duties arising from the breach by the independent school district of any of its duties or obligations.

(l). That any holder or holders of bonds issued hereunder, including a trustee or trustees for such holders, shall have the right in addition to all other rights by mandamus or other proceedings in any Court of competent jurisdiction to enforce his or their rights against the independent school district and its employees and against any Board of trustees which may be created to operate the Project, the agents and employees thereof, or any lessee of any such Project, including, but not limited to, the right to require the independent school district and such board to impose and collect sufficient income, tolls, fees, rents, charges and other revenues to carry out the agreements contained in the bond resolution or Indenture and to perform all agreements and covenants therein contained and duties arising therefrom, and in the event of default as defined in the resolution authorizing the bonds or in the Indenture, to apply for and obtain the appointment of a receiver for any properties involved. If such receiver be appointed, he may enter and take possession of the project and until the independent school district may no longer be in default or until relieved by the Court retain possession of the properties involved, and collect and receive all revenues and tolls arising therefrom in the same manner as the independent school district itself might do and shall dispose of such monies and apply same in accordance with the obligations of the independent school district under the bond or resolution or Indenture and as the court may direct. Nothing in this act shall authorize any bondholder to require the independent school district to use any funds in the payment of the principal of, or interest on, such bonds except out of revenues pledged to their payment.

(m). The resolution authorizing, or the Indenture securing bonds issued under this act may contain provisions to the effect that so long as the revenues of the Project are pledged to the payment of bonds no fee admission or use can be given.

(n). The provisions contained in the resolution authorizing the bonds and in the Indenture and the applicable provisions of this act shall constitute an irrepealable contract between such independent school district and the holders of such bonds.

Laws 1947, p. 515, § 4.