Okla. Stat. tit. 62, § 62-421: Bond issue for refunding indebtedness - Authorization -

Exchange or sale - Interest - Maturity.

Any county, city, town, township, board of education, school

district, or any other municipal corporation in this state, whether

operating under the provision of a special charter or otherwise, is

hereby authorized and empowered to issue its bonds for the purpose

of refunding bonded and/or coupons indebtedness, outstanding for

more than two (2) years, and to issue new bonds with interest

representing the rate of interest agreed upon, in payment for any

amount of outstanding bonded and coupon indebtedness; which bonds

may be exchanged pursuant to agreement with the holders of such

indebtedness, or sold for not less than their par value, in the

manner now or hereafter provided by law for the sale of other bonds

of such municipalities, or any of them, and the proceeds of said

sale applied to the redemption of the bonds to be refunded. If said

bonds are offered for sale, and no legally accepted bids are

received at said sale, the county, city, town, township, board of

education, school district, or other municipal corporation issuing

such refunding bonds, in its discretion, may either again offer such

bonds for sale, or may exchange such refunding bonds, on a par for

par basis, for the bonds, and interest, to be refunded; provided,

however, if an agreement has been made for the exchange of such

bonds the same shall be exchanged, as herein provided, without first

having been offered for sale. Whether such refunding bonds are sold

or exchanged, they shall be delivered only upon simultaneous

surrender, payment and cancellation of a like amount of the bonds to

be refunded, inclusive of the interest accrued thereon. Such

refunding bonds may be issued in such amount, or amounts, that the

par value thereof, plus accrued interest to date of delivery, shall

equal, but not exceed, the par value of the bonds and/or coupons to

be refunded to the date of the delivery and cancellation thereof.

Said refunding bonds shall bear interest at any rate not exceeding

the maximum rate provided by Section 498.1 of this title, and shall

mature serially and in substantially equal installments, beginning

not less than three (3) nor more than five (5) years after the date

of said bonds; provided, however, that the last maturing installment

may be for such sum less than two installments as will complete the

full issue of such bonds, notwithstanding the necessity of varying

the amount thereof to complete the same.