For the purpose of paying all or part of the cost of acquisition of any such lands, rights-of-way, easements, licenses, and permits, and the construction, acquisition, equipment, and furnishing of any such building or buildings, or structure or structures, plants, or systems, or of any additions, improvements, or extensions thereto, or any additions to existing buildings, the Board of Education of the institution for which such buildings, structures, plants, or systems (all of which lands, rights-of-way, easements, licenses, and permits, buildings, structures, plants, and systems constructed, acquired, added to, improved or extended hereunder as a single project are hereafter referred to as "the building") are to be constructed, acquired, added to, improved, extended, furnished, or equipped (which Board of Education or each of them is hereinafter referred to as "the Board") is authorized to borrow money on the credit of the income and revenues to be derived from the operation of the building and, in anticipation of the collection of such income and revenues, to issue negotiable bonds in such amount as may in the opinion of the Board be necessary for such purposes, and is authorized to provide for the payment of such bonds and the rights of the holders thereof as hereinafter provided. Such bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times not exceeding forty (40) years from their date, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, may be subject to such terms of redemption with or without premium, and may bear such rate or rates of interest, not exceeding five percent (5%) per annum, as may be provided by resolution or resolutions to be adopted by the Board. Such bonds may be sold in such manner and at such price or prices, not less than par plus accrued interest to date of delivery, as may be considered by the Board to be advisable, but interest costs to maturity for any bonds issued hereunder shall not exceed five percent (5%) per annum, computed on the basis of average maturities according to standard tables of bond values. Such bonds 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. The Board may in its discretion authorize one issue of bonds hereunder for the construction, acquisition, adding to, improving, extending, furnishing, or equipping of more than one building, as "building" is above defined, and may make one issue of bonds payable from the combined revenues of all buildings so constructed, acquired, added to, improved, extended, furnished, or equipped, in whole or in part, with the proceeds thereof, and where bonds are so issued the words "the building" as herein used shall be construed to refer to all such buildings. In the event any issue or series of bonds is issued under authority of this act pursuant to a loan agreement or bond purchase agreement with any agency of the U.S. Government, then and in that event, notwithstanding any other provision of law, the Board may in any resolution authorizing bonds hereunder provide for the initial issuance of one or more bonds (in this section called "bond") aggregating the amount of the entire issue and make such provision for installment payments of the principal amount of any such bond as it may consider desirable and may provide for the making of any such bond, payable to bearer or otherwise, registrable as to principal or as to both principal and interest, and, where interest accruing thereon is not represented by interest coupons, for the endorsing of payments of interest on such bonds. The Board may further make provision in any such resolution for the manner and circumstances in and under which any such bond may in the future, at the request of the holder thereof, be converted into bonds of smaller denominations, which bonds of smaller denominations may in turn be either coupon bonds or bonds registrable as to principal or principal and interest. In addition to the above authority to borrow money on the credit of the income and revenues to be derived from the operation of said buildings, the board may also so borrow on the income and revenue derived from any existing revenue-producing building or facility, or facilities. The Board may issue bonds hereunder for the purpose of refunding any obligations of the Board payable from the revenues of any building, as "building" is hereinabove defined, or may authorize and deliver a single issue of bonds hereunder for the purpose in part of refunding obligations of the Board payable from the revenues derived from any building or buildings and in part for making of additions, improvements, and extensions to such building or buildings, or the construction or acquisition of additional buildings, and the furnishing and equipping of such buildings or additions. Where bonds are issued under this paragraph solely for refunding purposes, such bonds may either be sold as above provided or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof. Nothing herein contained shall be construed to authorize the refunding of any outstanding obligations which are not either maturing, callable for redemption under their terms, or voluntarily surrendered by their holder for cancellation, unless the Board covenants that sufficient funds to pay all remaining interest and principal payments of the outstanding obligations when due will be placed in escrow for such purpose in the State Treasury at the time of delivery of and payment for the new bonds issued hereunder. All bonds issued under this paragraph shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this act, and shall have all of the attributes of such bonds. The Board may provide that any such refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligation refunded thereby. All proceedings heretofore adopted by said Board of Education for the issuance of revenue bonds on a parity as to payment with other existing revenue bonds and/or which provide for the pledging of revenues from the building to be constructed, improved, and furnished from the proceeds of revenue bonds and income and revenue derived from any existing revenue-producing building or facility, or facilities, and the bonds issued pursuant thereto are hereby validated, ratified, and confirmed, and such revenue bonds constitute valid and binding obligations in accordance with the terms of such proceedings, provided, however, that said proceedings were not in contravention of this act.
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