Call and redemption - Negotiability - Exemption from taxation. The bonds so authorized shall be serial coupon bonds and shall be issued to mature One Million Five Hundred Thousand Dollars ($1,500,000.00) on the fifteenth day of July in each of the calendar years 1951 to 1974, both inclusive. Said bonds and the interest thereon shall be payable at the Office of the State Treasurer of the State of Oklahoma. Said bonds may be executed in such manner, may be payable in such medium of payment and may bear interest at such rate or rates, not in excess of two and one-half percent (2 1/2%) per annum, and payable at specified times, all as may be provided by resolution or resolutions to be adopted by the Commission; provided, all bonds maturing after ten (10) years from their dates shall be subject to call and redemption, in inverse order of maturity and bond 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 bonds. All money in said sinking fund at the end of any fiscal year in excess of a sum equal to all principal and interest coming due in the next succeeding fiscal year shall be used to call and redeem such bonds as may be redeemed prior to maturity. All bonds issued pursuant to this act shall have all the qualities and incidents of negotiable paper, and said bonds and interest thereon shall not be subject to taxation by the State of Oklahoma or any county, municipality or political subdivision therein. (a) Prior to June 30, 1953, the State of Oklahoma Building Bonds Commission shall meet at the call of the Secretary of said Commission; and the said Commission hereby is directed and required to adopt such resolution or resolutions as shall be necessary, amending and supplanting any resolution or resolutions, covenants or agreements to the contrary theretofore adopted or made by said Commission, to provide that only such revenue as is specified in Section 31, Article X, of the Constitution of Oklahoma, and as provided in this act, as amended, shall be pledged to be paid into the State of Oklahoma Building Bonds Sinking Fund, and that any pledge, commitment, covenant or agreement to pay any greater sum into said sinking fund be rescinded and revoked immediately upon the written consent and agreement of the owner of all of the State of Oklahoma Public Building Bonds. (b) Immediately following the adoption of said resolution or resolutions by the State of Oklahoma Building Bonds Commission as hereinabove directed, the State Treasurer, for and on behalf of the State of Oklahoma as the sole owner of all outstanding State of Oklahoma Public Building Bonds, hereby is directed and required to execute to the State of Oklahoma Building Bonds Commission his consent and agreement, in writing, to the terms and provisions of the said resolution or resolutions of said Commission herein directed and required to be adopted. (c) Immediately after delivery of said fully executed consent and agreement, the State Treasurer shall endorse upon each State of Oklahoma Public Building Bond, in such form as shall be approved by the Attorney General, a certificate that the obligation of the State of Oklahoma in respect of payments into the State of Oklahoma Building Bonds Sinking Fund shall be as hereinabove provided, and not otherwise; and said certificate shall be full notice, and shall prescribe the maximum of the obligation of the State of Oklahoma to any subsequent purchaser of any of said bonds.
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