Okla. Stat. tit. 82, § 82-1125
This is the official text of Okla. Stat. tit. 82, § 82-1125, part of Oklahoma’s Stat. tit. 82, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 82,." Browse the sections below, each linked to its official government source.
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Refunding bonds
Official statutory text
The board of directors of a port authority may issue bonds
hereunder for the purpose of refunding any bonds or other
obligations of the port authority theretofore issued pursuant to
this act; or it may authorize a single issue of bonds hereunder for
the purpose in part of refunding such previous obligations and in
part for the making of additions, improvements and extensions to
such buildings and facilities, or the construction and acquisition
of additional buildings and facilities, and furnishing and equipping
thereof.
Where bonds are issued under this paragraph solely for refunding
purposes, such bonds either may be sold as provided in Section 13 of
this act or may be exchanged for outstanding obligations. If sold,
the proceeds either may be applied to payment of obligations
refunded or may be deposited in escrow for the retirement thereof.
All refunding 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 attributes of such
bonds. The board of directors may provide that any such refunding
bonds shall have the same priority of lien on the revenues pledged
for their payment as was provided for obligations refunded thereby.
hereunder for the purpose of refunding any bonds or other
obligations of the port authority theretofore issued pursuant to
this act; or it may authorize a single issue of bonds hereunder for
the purpose in part of refunding such previous obligations and in
part for the making of additions, improvements and extensions to
such buildings and facilities, or the construction and acquisition
of additional buildings and facilities, and furnishing and equipping
thereof.
Where bonds are issued under this paragraph solely for refunding
purposes, such bonds either may be sold as provided in Section 13 of
this act or may be exchanged for outstanding obligations. If sold,
the proceeds either may be applied to payment of obligations
refunded or may be deposited in escrow for the retirement thereof.
All refunding 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 attributes of such
bonds. The board of directors may provide that any such refunding
bonds shall have the same priority of lien on the revenues pledged
for their payment as was provided for obligations refunded thereby.
Status: in_force · Read it on the official government site
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