Okla. Stat. tit. 82, § 82-873

etc. - Interest rate swaps and other financial instruments.

A. The Grand River Dam Authority is hereby authorized to fund

and refund any and all lawful obligations and any and all revenue

bonds issued, or contracted to be sold, by it by the issuance of new

revenue bonds, or from the proceeds of sale of new revenue bonds, or

by the exchange of new revenue bonds and to renegotiate any

agreement of indenture whereunder said obligations or revenue bonds

authorized to be funded and refunded hereby may be outstanding, or

contracted, but any new revenue bonds issued, exchanged or sold to

fund or refund the outstanding obligations and revenue bonds and all

agreements and indentures providing for the payment and securing

thereof shall conform to the provisions of the Grand River Dam

Authority Act, as amended; provided, that no outstanding obligations

or revenue bonds shall be funded or refunded or exchanged on the

basis of a price in excess of principal, accrued interest,

redemption premium, or charges in excess of those provided by the

obligations or revenue bonds or the indenture or agreement

whereunder issued or incurred, plus the necessary and reasonable

costs of funding, refunding or exchange thereof; provided, further

that said Authority shall have the power to purchase any revenue

bonds issued, or contracted to be issued, by it at a price not

exceeding the redemption price applicable at the time of purchase

thereof, or, if no redemption price is fixed, then at principal plus

accrued interest, from any funds available and provided for the

payment of the revenue bonds.

B. The Authority is further authorized to enter into interest

rate swaps and other derivative products, and other financial

Oklahoma Statutes - Title 82. Waters and Water Rights Page 161

instruments intended to hedge interest rate risk or manage interest

rate costs, including any option to enter into or terminate any of

them, that the Authority deems to be necessary or desirable in

connection with any bonds issued prior to, at the same time as, or

after entering into such arrangement, and containing such terms and

provisions, and may be with such parties, as determined by the

Authority. Provided, any action taken by the Authority pursuant to

this subsection must first be approved by the Office of the State

Bond Advisor and the Council of Bond Oversight pursuant to the

provisions of the Oklahoma Bond Oversight and Reform Act.