Nature of bonds - Payment of principal and interest. A. If at the election three-fifths of the voters of each county or city or town voting thereon shall vote in favor of the issuance of the bonds, the boards of county commissioners or the governing bodies of each city and town of the enterprise district shall proceed at once with the issuing of the bonds and shall deposit them with the treasurer of the Authority. Said election shall be held in accordance with the general election laws of the State of Oklahoma. B. The bonds shall be sold by competitive bid. The Authority shall award the purchase of the bonds to the highest responsible bidder, but shall have the right to reject any and all bids. The Authority shall in no event sell any of the bonds for less than par with accrued interest. C. All proceeds derived from the sale of said bonds shall be deposited in an "Enterprise District Loan Fund" by the treasurer of the Authority. D. All such bonds shall be general obligation bonds, backed by the full faith and credit of the member counties, cities or towns of the enterprise district, and there is hereby pledged to the payment of principal and interest of such bonds: 1. The net proceeds from repayment of loans and interest received thereon; 2. Any monies available from other funds of the counties not otherwise obligated; and 3. The proceeds of any tax imposed for such purpose in the event funds available for use and pledge under paragraphs 1 and 2 of this subsection should be insufficient. Added by Laws 1983, c. 168, § 11, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 9, emerg. eff. June 18, 1985; Laws 1990, c. 321, § 4, emerg. eff. May 30, 1990.
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