Okla. Stat. tit. 62, § 62-426a

indebtedness and interest by funding or refunding term bonds -

Oklahoma Statutes - Title 62. Public Finance Page 423

Redemption - Interest - Tenders at less than par - Call and purchase

of bonds when no tenders made.

Any municipality may refund any part or all of its bonded and

judgment indebtedness and the interest thereon, by agreement with

holders of such indebtedness to be funded or refunded, by issuance

of funding or refunding bonds maturing within twenty-five (25) years

from date. When any such funding or refunding bonds mature other

than serially they shall be optional and subject to redemption on

any interest-paying date. Said bonds shall be designated optional

funding or refunding bonds, and shall recite that they are subject

to redemption at any interest-paying date. Said bonds shall be

authorized, executed, registered and approved in the same manner as

funding and refunding bonds issued under other statutes in force.

Provided, however, that no funding or refunding bonds issued

hereunder shall bear a higher rate of interest than the indebtedness

which is funded or refunded.

It shall be the duty of the treasurer and governing board of any

municipality issuing funding or refunding bonds under the provisions

of this act to request tenders from all known holders of such bonds

at least thirty (30) days prior to each interest paying date. The

form of such call for tenders setting out the time and place and

other particulars shall be prescribed by the Attorney General. The

said treasurer and governing board are hereby directed to purchase

any bonds which may have been offered at less than par, provided

preference must be given to the purchase of bonds which are offered

for the least money. Provided further that if no bonds are offered

at less than par, then it shall be the duty of the treasurer and

governing board to call by lot at par and accrued interest as many

of the bonds as he may have funds on hand for that purpose and that

interest on said bonds so called shall cease within sixty (60) days

after said call is made. All tenders of bonds and all drawing of

bonds by lot shall be performed in a public meeting of the governing

board. Provided sufficient money is retained in the sinking fund to

pay the next two succeeding semiannual interest payments coming due

on each bond.