§60-176.

§60-176.
   
   A. Express trusts may be created to issue obligations and to provide
   funds for the furtherance and accomplishment of any authorized and
   proper public function or purpose of the state or of any county or
   municipality or any and all combinations thereof, in real or personal
   property, or either or both, or in any estate or interest in either or
   both, with the state, or any county or municipality or any and all
   combinations thereof, as the beneficiary thereof by:
   
   1. The express approval of the Legislature and the Governor if the
   State of Oklahoma is the beneficiary;
   
   2. The express approval of two-thirds (2/3) of the membership of the
   governing body of the beneficiary if a county is a beneficiary;
   
   3. The express approval of two-thirds (2/3) of the membership of the
   governing body of the beneficiary if a municipality is a beneficiary;
   or
   
   4. The express approval of two-thirds (2/3) of the membership of the
   governing body of each beneficiary in the event a trust has more than
   one beneficiary; provided, that no funds of a beneficiary derived from
   sources other than the trust property, or the operation thereof, shall
   be charged with or expended for the execution of the trust, except by
   express action of the legislative authority of the beneficiary prior
   to the charging or expending of the funds. The officers or any other
   governmental agencies or authorities having the custody, management,
   or control of any property, real or personal or mixed, of the
   beneficiary of the trust, or of a proposed trust, which property shall
   be needful for the execution of the trust purposes, are authorized and
   empowered to lease the property for those purposes, after the
   acceptance of the beneficial interest therein by the beneficiary as
   hereinafter provided.
   
   B. A municipality may convey title to real property which is used for
   an airport to the trustees of an industrial development authority
   trust whose beneficiary is the municipality. The industrial
   development authority trust must already have the custody, management,
   or control of the real property. The conveyance must be approved by a
   majority of the governing body of the municipality. A conveyance
   pursuant to this section may be made only for the sole purpose of
   allowing the authority to sell the property for fair market value when
   the property is to be used for industrial development purposes.
   Conveyances made pursuant to this subsection shall be made subject to
   any existing reversionary interest or other restrictions burdening the
   property and subject to any reversionary interest or other restriction
   considered prudent by the municipality.
   
   C. The trustees of a public trust having the State of Oklahoma as
   beneficiary shall make and adopt bylaws for the due and orderly
   administration and regulation of the affairs of the public trust. All
   bylaws of a public trust having the State of Oklahoma as beneficiary
   shall be submitted in writing to the Governor of the State of
   Oklahoma. The Governor must approve the proposed bylaws before they
   take effect.
   
   D. No public trust in which the State of Oklahoma is the beneficiary
   may be amended without a two-thirds (2/3) vote of approval of the
   trustees of the trust; provided, that any amendment is subject to the
   approval of the Governor of the State of Oklahoma. Any amendments
   shall be sent to the Governor within fifteen (15) days of their
   adoption.
   
   E. No trust in which a county or municipality is the beneficiary shall
   hereafter create an indebtedness or obligation until the indebtedness
   or obligation has been approved by a two-thirds (2/3) vote of the
   governing body of the beneficiary. In the event a trust has more than
   one beneficiary, as authorized by this section, the trust shall not
   incur an indebtedness or obligation until the indebtedness or
   obligation has been approved by a two-thirds (2/3) vote of the
   governing body of two-thirds (2/3) of the beneficiaries of the trust.
   
   F. All bonds described in subsection E of this section, after December
   1, 1976, except bonds sold to the federal government or any agency
   thereof or to any agency of the State of Oklahoma, shall be awarded to
   the lowest and best bidder based upon open competitive public
   offering, advertised at least once a week for two (2) successive weeks
   in a newspaper of general circulation in the county where the
   principal office of the trust is located prior to the date on which
   bids are received and opened; provided, competitive bidding may be
   waived on bond issues with the approval of three-fourths (3/4) of the
   trustees, and a three-fourths (3/4) vote of the governing body of the
   beneficiary, unless the beneficiary is a county in which case a
   two-thirds (2/3) vote of the members of the governing body shall be
   required, or three-fourths (3/4) vote of the governing bodies of each
   of the beneficiaries of the trust, unless one of the beneficiaries is
   a county in which case a two-thirds (2/3) vote of the members of the
   governing body of such county shall be required. No bonds shall be
   sold for less than par value, except upon approval of three-fourths
   (3/4) of the trustees, unless the beneficiary is a county in which
   case a two-thirds (2/3) vote of the members of the governing body
   shall be required. In no event shall bonds be sold for less than
   sixty-five percent (65%) of par value; provided, however, in no event
   shall the original purchaser from the issuer of any bonds issued by
   any public trust for any purpose receive directly or indirectly any
   fees, compensation, or other remuneration in excess of four percent
   (4%) of the price paid for the bonds by the purchaser of the bonds
   from the original purchaser; and further provided, that the average
   coupon rate thereon shall in no event exceed fourteen percent (14%)
   per annum. No public trust shall sell bonds for less than ninety-six
   percent (96%) of par value until the public trust has received from
   the underwriter or financial advisor or, in the absence of an
   underwriter or financial advisor, the initial purchaser of the bonds,
   an estimated alternative financing structure or structures showing the
   estimated total interest and principal cost of each alternative. At
   least one alternative financing structure shall include bonds sold to
   the public at par. Any estimates shall be considered a public record
   of the public trust. Bonds, notes or other evidences of indebtedness
   issued by any public trust shall be eligible for purchase by any state
   banking association or corporation subject to such limitations as to
   investment quality as may be imposed by regulations, rules or rulings
   of the State Banking Commissioner.
   
   G. Public trusts created pursuant to this section shall file annually,
   with their respective beneficiaries, copies of financial documents and
   reports sufficient to demonstrate the fiscal activity of such trust,
   including, but not limited to, budgets, financial reports, bond
   indentures, and audits. Amendments to the adopted budget shall be
   approved by the trustees of the public trust and recorded as such in
   the official minutes of such trust.
   
   H. Contracts for construction, labor, equipment, material or repairs
   in excess of Twelve Thousand Five Hundred Dollars ($12,500.00) shall
   be awarded by public trusts to the lowest and best competitive bidder,
   pursuant to public invitation to bid, which shall be published in the
   manner provided in the preceding section hereof; the advertisements
   shall appear in the county where the work, or the major part of it, is
   to be done, or the equipment or materials are to be delivered, or the
   services are to be rendered; provided, however, should the trustee or
   the trustees find that an immediate emergency exists, which findings
   shall be entered in the journal of the trust proceedings, by reason of
   which an immediate outlay of trust funds in an amount exceeding Twelve
   Thousand Five Hundred Dollars ($12,500.00) is necessary in order to
   avoid loss of life, substantial damage to property, or damage to the
   public peace or safety, then the contracts may be made and entered
   into without public notice or competitive bids; provided that the
   provisions of this subsection shall not apply to contracts of
   industrial and cultural trusts. Notwithstanding the provisions of this
   subsection, equipment or materials may be purchased by a public trust
   directly from any contract duly awarded by this state or any state
   agency under the Oklahoma Central Purchasing Act, or from any contract
   duly awarded by a governmental entity which is the beneficiary of the
   public trust.
   
   I. Any public trust created pursuant to the provisions of this section
   shall have the power to acquire lands by use of eminent domain in the
   same manner and according to the procedures provided for in Sections
   51 through 65 of Title 66 of the Oklahoma Statutes. Any exercise of
   the power of eminent domain by a public trust pursuant to the
   provisions of this section shall be limited to the furtherance of
   public purpose projects involving revenue-producing utility projects
   of which the public trust retains ownership; provided, for public
   trusts in which the State of Oklahoma is the beneficiary the exercise
   of the power of eminent domain may also be used for public purpose
   projects involving air transportation. Revenue-producing utility
   projects shall be limited to projects for the transportation,
   delivery, treatment, or furnishing of water for domestic purposes or
   for power, including, but not limited to the construction of lakes,
   pipelines, and water treatment plants or for projects for rail
   transportation. Any public trust formed pursuant to this section which
   has a county as its beneficiary shall have the power to acquire, by
   use of eminent domain, any lands located either inside the county, or
   contiguous to the county pursuant to the limitations imposed pursuant
   to this section.
   
   J. Provisions of this section shall not apply to entities created
   under Sections 1324.1 through 1324.26 of Title 82 of the Oklahoma
   Statutes.