Oklahoma § 3-535 Bond proceeds and revenue deemed to be trust funds.

Oklahoma Statutes

§ 3-535 — Bond proceeds and revenue deemed to be trust funds.

Oklahoma·Title 3 Aircraft And Airports

All monies received pursuant to the authority of the Oklahoma Space Industry Development Act, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds, to be held and applied solely as provided in the Oklahoma Space Industry Development Act. The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that any officer to whom, or any bank or trust company to which, such money shall be paid shall act as trustee of the monies and shall hold and apply the same for the purposes hereof, subject to such regulations as the Oklahoma Space Industry Development Act and such resolution or trust agreement may provide.

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All monies received pursuant to the authority of the Oklahoma Space Industry Development Act, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds, to be held and applied solely as provided in the Oklahoma Space Industry Development Act. The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that any officer to whom, or any bank or trust company to which, such money shall be paid shall act as trustee of the monies and shall hold and apply the same for the purposes hereof, subject to such regulations as the Oklahoma Space Industry Development Act and such resolution or trust agreement may provide.

Oklahoma § 3-535 (Bond proceeds and revenue deemed to be trust funds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Added by Laws 1999, c. 164, § 25, eff. July 1, 1999. Amended by Laws 2025, c. 274, § 10, eff. July 1, 2025. Renumbered from § 5225 of Title 74 by Laws 2025, c. 274, § 42, eff. July 1, 2025.