Okla. Stat. tit. 62, § 62-395
This is the official text of Okla. Stat. tit. 62, § 62-395, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Duty to issue bonds as agreed - Bonded indebtedness which
Official statutory text
may be refunded - Limitations on issuance of bonds.
When a refunding has been agreed upon, it shall be the duty of
the proper officers to issue such bonds at the rate agreed upon, to
the holder of such indebtedness, in the manner prescribed in this
article; but no bonds shall be issued under this article until the
proper evidence of the indebtedness for which the same are to be
issued shall be delivered up for cancellation: Provided, that no
bonded indebtedness shall be refunded by the board of county
commissioners or any mayor and city council or any board of trustees
of any town, township or any school district board, or board of
education, under this article, except such as have been issued and
outstanding at least two (2) years at the time of such refunding;
and Provided, further, that except for the refunding of outstanding
debt, including outstanding bonds and matured coupons thereof, or
judgments thereon, or warrants, no bonds of any class or description
shall hereafter be issued where the total bonded indebtedness of
said county, city, town, township, school district or board of
education would thereby exceed five percent (5%) of the assessment
for taxation as shown by the last finding and determination by the
proper board of equalization for state and county purposes.
When a refunding has been agreed upon, it shall be the duty of
the proper officers to issue such bonds at the rate agreed upon, to
the holder of such indebtedness, in the manner prescribed in this
article; but no bonds shall be issued under this article until the
proper evidence of the indebtedness for which the same are to be
issued shall be delivered up for cancellation: Provided, that no
bonded indebtedness shall be refunded by the board of county
commissioners or any mayor and city council or any board of trustees
of any town, township or any school district board, or board of
education, under this article, except such as have been issued and
outstanding at least two (2) years at the time of such refunding;
and Provided, further, that except for the refunding of outstanding
debt, including outstanding bonds and matured coupons thereof, or
judgments thereon, or warrants, no bonds of any class or description
shall hereafter be issued where the total bonded indebtedness of
said county, city, town, township, school district or board of
education would thereby exceed five percent (5%) of the assessment
for taxation as shown by the last finding and determination by the
proper board of equalization for state and county purposes.
Status: in_force · Read it on the official government site
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