Okla. Stat. tit. 62, § 62-395: Duty to issue bonds as agreed - Bonded indebtedness which

may be refunded - Limitations on issuance of bonds.

When a refunding has been agreed upon, it shall be the duty of

the proper officers to issue such bonds at the rate agreed upon, to

the holder of such indebtedness, in the manner prescribed in this

article; but no bonds shall be issued under this article until the

proper evidence of the indebtedness for which the same are to be

issued shall be delivered up for cancellation: Provided, that no

bonded indebtedness shall be refunded by the board of county

commissioners or any mayor and city council or any board of trustees

of any town, township or any school district board, or board of

education, under this article, except such as have been issued and

outstanding at least two (2) years at the time of such refunding;

and Provided, further, that except for the refunding of outstanding

debt, including outstanding bonds and matured coupons thereof, or

judgments thereon, or warrants, no bonds of any class or description

shall hereafter be issued where the total bonded indebtedness of

said county, city, town, township, school district or board of

education would thereby exceed five percent (5%) of the assessment

for taxation as shown by the last finding and determination by the

proper board of equalization for state and county purposes.