Okla. Stat. tit. 62, § 62-753
This is the official text of Okla. Stat. tit. 62, § 62-753, 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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Purposes for refunding bonds - Certificate of certified
Official statutory text
public accountant - Accomplishment of refunding without election.
A. A refunding of outstanding obligations of a public body
pursuant to the provisions of the General Obligation Public
Securities Refunding Act shall only occur for the following
purposes:
1. Avoiding or terminating any default in the payment of
interest on or principal of, or both, of obligations, provided a
postponement in the maturity date of all or any portion of
obligations shall be approved at an election as provided for in
Section 754 of this title; or
2. Reducing the net effective interest rate of obligations; or
3. Reducing the total interest payable over the life of
obligations; or
4. Reducing the total principal and interest payable on
obligations; or
5. Any combination of the purposes specified in this
subsection.
Provided, no refunding shall be authorized for purposes of
paragraph 2, 3 or 4 of this subsection unless the public body
provides the Attorney General with a certificate of a certified
public accountant that the taxes payable with respect to the
refunding bonds over the life of the refunding bonds has a lesser
present value than the present value of taxes that would have been
payable with respect to the refunded bonds over the life of the
refunded bonds. Such certificate shall assume no other sources of
funding are deposited to the sinking fund with respect to either the
refunding bonds or the refunded bonds and shall be calculated on the
same present value basis.
B. A refunding of outstanding obligations of a public body may
be accomplished pursuant to the provisions of the General Obligation
Public Securities Refunding Act by the issuance, without an election
Oklahoma Statutes - Title 62. Public Finance Page 511
except as otherwise provided in the General Obligation Public
Securities Refunding Act, of bonds for refunding, paying, and
discharging all or any part of the outstanding obligations,
including a portion of one or more issues of the obligations and
including any interest thereon in arrears or about to become due.
A. A refunding of outstanding obligations of a public body
pursuant to the provisions of the General Obligation Public
Securities Refunding Act shall only occur for the following
purposes:
1. Avoiding or terminating any default in the payment of
interest on or principal of, or both, of obligations, provided a
postponement in the maturity date of all or any portion of
obligations shall be approved at an election as provided for in
Section 754 of this title; or
2. Reducing the net effective interest rate of obligations; or
3. Reducing the total interest payable over the life of
obligations; or
4. Reducing the total principal and interest payable on
obligations; or
5. Any combination of the purposes specified in this
subsection.
Provided, no refunding shall be authorized for purposes of
paragraph 2, 3 or 4 of this subsection unless the public body
provides the Attorney General with a certificate of a certified
public accountant that the taxes payable with respect to the
refunding bonds over the life of the refunding bonds has a lesser
present value than the present value of taxes that would have been
payable with respect to the refunded bonds over the life of the
refunded bonds. Such certificate shall assume no other sources of
funding are deposited to the sinking fund with respect to either the
refunding bonds or the refunded bonds and shall be calculated on the
same present value basis.
B. A refunding of outstanding obligations of a public body may
be accomplished pursuant to the provisions of the General Obligation
Public Securities Refunding Act by the issuance, without an election
Oklahoma Statutes - Title 62. Public Finance Page 511
except as otherwise provided in the General Obligation Public
Securities Refunding Act, of bonds for refunding, paying, and
discharging all or any part of the outstanding obligations,
including a portion of one or more issues of the obligations and
including any interest thereon in arrears or about to become due.
Status: in_force · Read it on the official government site
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