Okla. Stat. tit. 62, § 62-391: Refund of indebtedness authorized - Issue of new bonds

Every county, every city or town, the board of education of

every city, every township, and every school district, is hereby

authorized and empowered to refund its indebtedness, including

bonds, judgments and warrants, as hereinafter provided, upon such

terms as can be agreed upon, and to issue new bonds with interest in

payment for any sum so refunded; which bonds shall be sold at no

less than par, and shall not be for a longer period then twenty-five

(25) years, shall not exceed in amount the actual amount of

outstanding indebtedness, inclusive of accrued interest and shall

not draw a greater interest than the maximum rate provided by

Section 498.1 of this title.