There is hereby created in the State Treasury a Water Conservation Storage Fund, which fund shall be used by the Commission for those purposes authorized by this act. To provide necessary funds the Commission is hereby authorized to issue investment certificates from time to time, as may be required, to provide an adequate amount of cash in such fund which may be necessary to meet the anticipated needs of the Commission. The Commission is authorized to provide for the payment of such investment certificates and the rights of the holders thereof, as hereinafter provided. Said investment certificates may be issued in one or more series; may be sold in such manner and at par; may bear such date or dates; may mature at such time or times, not to exceed fifty (50) years from their date; may be in such denomination or denominations; may be in such form either coupon or registered; may carry such registration or conversion privileges; may be executed in such manner; may be payable in such medium of payments, at such place or places; may be subject to such term of redemption, with or without premium; and may bear such rate or rates of interest as may be provided by resolution or resolutions to be adopted by the Commission. Such investment certificates shall have all of the qualities and incidents of negotiable paper, and shall not be subject to taxation by the State of Oklahoma, or by any county, municipality or political subdivision therein. All investment certificates maturing after ten (10) years from their dates shall be subject to call and redemption, in inverse order of maturity and investment certificate numbers, at par and accrued interest, the detailed provisions for such call and redemption to be fixed by the Commission in the resolution or resolutions authorizing the issuance of said investment certificates.

The investment certificates issued hereunder shall not be an indebtedness of the State of Oklahoma or of the Commission herein, but shall be special obligations payable solely from the revenues to be derived from the sale of storage, and the Commission is authorized and directed to pledge all or any part of such revenues to the payment of principal and interest on the investment certificates and to create a reserve for such purposes.

Added by Laws 1972, c. 253, § 23.