Court Opinion

ID: 5147072
Source: CourtListenerOpinion
Date Created: 2022-01-02 01:34:18.92456+00
Date Added: 2024-06-11T14:22:58.227811
License: Public Domain

[46] I feel the majority opinion, in answer to Question (e), the fifth one propounded, is vague in that it fails to state what the maximum interest rate allowed by law is.
[47] The statute, 69 O.S. 1961 § 659[69-659], provides in part:
 "The bonds of each issue * * *, shall bear interest at such rate * * * not exceeding five percentum (5%) per annum * * *.
 "* * * No such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than five (5%) per centum per annum computed with relation to the absolute maturity of the bonds * * *."
[48] I can only see from this section an aggregate maximum rate of 5% interest per annum calculated on the absolute maturity of the bonds. In my opinion this 5% interest limitation includes the provision for payment of interest upon interest as provided in the trust agreement.
[49] For the reason herein stated, I concur specially.