Okla. Stat. tit. 62, § 62-57.11: Refunding bonds

The Commission may issue bonds hereunder for the purpose of

refunding any obligations issued under the provisions of this act.

Such bonds may either be sold or delivered in exchange for

outstanding obligations. If sold, the proceeds may be either

applied to the payment of the obligations refunded or deposited in

escrow for the retirement thereof. Nothing herein contained shall

be construed to authorize the refunding of any outstanding

obligations which are not either maturing, callable for redemption

under their terms, or voluntarily surrendered by their holders for

cancellation, unless the Commission covenants that sufficient funds

to pay all remaining interest and principal payments of outstanding

obligations when due will be placed in escrow for such purpose in

the State Treasury at the time of delivery of and payment for the

new bonds issued hereunder. All bonds issued under this section

shall in all respects be authorized, issued and secured in the

manner provided for other bonds issued under this act, and shall

have all the attributes of such bonds. The Commission may provide

that any such refunding bonds shall have the same priority of

payment and be paid from the same revenues in the manner enjoyed by

the obligations refunded thereby.