Okla. Stat. tit. 62, § 62-57.193
This is the official text of Okla. Stat. tit. 62, § 62-57.193, 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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Refunding bonds
Official statutory text
The Oklahoma Building Bonds Commission may issue bonds pursuant
to the provisions of this section for the purpose of refunding any
outstanding obligations issued by the Commission or the State of
Oklahoma Building Bonds Commission. The bonds may either be sold or
delivered in exchange for outstanding obligations. If sold, the
proceeds may be either applied to the payment of the obligations
being refunded or deposited in escrow for the retirement of the
obligations. No outstanding obligations may be refunded which are
not maturing, callable for redemption under their terms or
voluntarily surrendered by their holders for cancellation, unless
the Commission covenants that sufficient funds to meet all remaining
interest and principal payments of the outstanding obligations when
due will be placed in escrow for such payments in the State Treasury
at the time of delivery of and payment for the new bonds issued
under this section. All bonds authorized to be issued under this
section shall be secured in the same manner as provided for the
bonds being refunded, except where more than one issue is being
refunded. The Commission may provide that the refunding bonds have
the same priority of payment and be paid from the same revenues as
enjoyed by the obligations being refunded thereby. The Commission
may enter into contracts and engage in such other acts as the
Commission deems necessary to effect the offer and sale of its
refunding bonds.
to the provisions of this section for the purpose of refunding any
outstanding obligations issued by the Commission or the State of
Oklahoma Building Bonds Commission. The bonds may either be sold or
delivered in exchange for outstanding obligations. If sold, the
proceeds may be either applied to the payment of the obligations
being refunded or deposited in escrow for the retirement of the
obligations. No outstanding obligations may be refunded which are
not maturing, callable for redemption under their terms or
voluntarily surrendered by their holders for cancellation, unless
the Commission covenants that sufficient funds to meet all remaining
interest and principal payments of the outstanding obligations when
due will be placed in escrow for such payments in the State Treasury
at the time of delivery of and payment for the new bonds issued
under this section. All bonds authorized to be issued under this
section shall be secured in the same manner as provided for the
bonds being refunded, except where more than one issue is being
refunded. The Commission may provide that the refunding bonds have
the same priority of payment and be paid from the same revenues as
enjoyed by the obligations being refunded thereby. The Commission
may enter into contracts and engage in such other acts as the
Commission deems necessary to effect the offer and sale of its
refunding bonds.
Status: in_force · Read it on the official government site
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