Okla. Stat. tit. 62, § 62-756
This is the official text of Okla. Stat. tit. 62, § 62-756, 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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Bond proceeds and interest - Uses - Escrow and trust
Official statutory text
accounts.
A. The proceeds derived from the issuance of refunding bonds
pursuant to the provisions of the General Obligation Public
Securities Refunding Act, together with other legally available
funds, if any, of the public body, shall either be immediately
applied to the payment or redemption and retirement of the
obligations to be refunded and the cost and expense incident to such
procedure or shall be placed in escrow or trust to be applied for
the purposes and in the manner required or permitted pursuant to the
provisions of the General Obligation Public Securities Refunding Act
as the governing body may determine.
B. Any accrued interest and any premium appertaining to a sale
of refunding bonds may be:
1. applied to the payment of the interest thereon or the
principal thereof, or to both interest and principal; or
Oklahoma Statutes - Title 62. Public Finance Page 516
2. used to pay refunded obligations by deposit in the escrow or
trust account, or otherwise; or
3. used for any combination thereof or any lawful purpose of
the public body, as the governing body may determine.
C. For the purpose of implementing the provisions of the
General Obligation Public Securities Refunding Act, the governing
body shall have the power to enter into escrow agreements and to
establish escrow or trust accounts with any qualified escrow agent
under protective covenants and agreements whereby such accounts
shall be fully secured as provided for in Section 7 of this act.
A. The proceeds derived from the issuance of refunding bonds
pursuant to the provisions of the General Obligation Public
Securities Refunding Act, together with other legally available
funds, if any, of the public body, shall either be immediately
applied to the payment or redemption and retirement of the
obligations to be refunded and the cost and expense incident to such
procedure or shall be placed in escrow or trust to be applied for
the purposes and in the manner required or permitted pursuant to the
provisions of the General Obligation Public Securities Refunding Act
as the governing body may determine.
B. Any accrued interest and any premium appertaining to a sale
of refunding bonds may be:
1. applied to the payment of the interest thereon or the
principal thereof, or to both interest and principal; or
Oklahoma Statutes - Title 62. Public Finance Page 516
2. used to pay refunded obligations by deposit in the escrow or
trust account, or otherwise; or
3. used for any combination thereof or any lawful purpose of
the public body, as the governing body may determine.
C. For the purpose of implementing the provisions of the
General Obligation Public Securities Refunding Act, the governing
body shall have the power to enter into escrow agreements and to
establish escrow or trust accounts with any qualified escrow agent
under protective covenants and agreements whereby such accounts
shall be fully secured as provided for in Section 7 of this act.
Status: in_force · Read it on the official government site
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