In re Board of Regents of the University of Oklahoma

WILLIAMS, Justice.

The principal questions for our determination herein are, first, whether the Legislature may validly authorize the governing board of a college or university to issue “advance refunding bonds” (payable solely from revenues) and whether the bonds of the two series with which this case is concerned, when issued, will be valid in all respects. Our answers to these questions are in the affirmative.

The application herein was filed in behalf of the University of Oklahoma, hereinafter called University, by its Board of Regents, hereinafter referred to as Board, pursuant to its…