Okla. Stat. tit. 62, § 62-57.25
This is the official text of Okla. Stat. tit. 62, § 62-57.25, 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 Commission may issue bonds hereunder for the purpose of
refunding any obligations issued under the provisions of this act.
Such 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 refunded or deposited in
escrow for the retirement thereof. Nothing herein shall be
construed to authorize the refunding of any outstanding obligations
which are not either maturing, or callable for redemption under
their terms, or voluntarily surrendered by their holders for
cancellation, unless the Commission covenants that sufficient funds
to pay all remaining interest and principal payments of outstanding
obligations when due will be placed in escrow for such purpose in
the State Treasury at the time of delivery of and payment for the
new bonds issued hereunder. All bonds issued under this section
shall in all respects be authorized, issued and secured in the
manner provided for other bonds issued under this act, and shall
have all the attributes of such bonds. The Commission may provide
that any such refunding bonds shall have the same priority of
payment and be paid from the same revenues in the manner enjoyed by
the obligations refunded thereby.
refunding any obligations issued under the provisions of this act.
Such 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 refunded or deposited in
escrow for the retirement thereof. Nothing herein shall be
construed to authorize the refunding of any outstanding obligations
which are not either maturing, or callable for redemption under
their terms, or voluntarily surrendered by their holders for
cancellation, unless the Commission covenants that sufficient funds
to pay all remaining interest and principal payments of outstanding
obligations when due will be placed in escrow for such purpose in
the State Treasury at the time of delivery of and payment for the
new bonds issued hereunder. All bonds issued under this section
shall in all respects be authorized, issued and secured in the
manner provided for other bonds issued under this act, and shall
have all the attributes of such bonds. The Commission may provide
that any such refunding bonds shall have the same priority of
payment and be paid from the same revenues in the manner enjoyed by
the obligations refunded thereby.
Status: in_force · Read it on the official government site
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