Okla. Stat. tit. 62, § 62-426: Acceptance of funding or refunding bonds in lieu of

warrants, judgments or bonds in sinking fund.

The governing board of any county, city, town, township, board

of education, school district or any other municipal corporation of

this state, holding in its sinking fund either warrants, judgments

or bonds, is authorized to enter into an agreement with the

governing board of the municipality against which said warrants,

judgments or bonds are an obligation thereof, to accept funding or

refunding bonds in lieu of said obligations. Said agreement shall

provide for the rate of interest said funding or refunding bonds

shall bear, which may be less than the rate of interest the

indebtedness to be funded bears.