Okla. Stat. tit. 62, § 62-57.193: Refunding bonds

The Oklahoma Building Bonds Commission may issue bonds pursuant

to the provisions of this section for the purpose of refunding any

outstanding obligations issued by the Commission or the State of

Oklahoma Building Bonds Commission. The 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

being refunded or deposited in escrow for the retirement of the

obligations. No outstanding obligations may be refunded which are

not maturing, callable for redemption under their terms or

voluntarily surrendered by their holders for cancellation, unless

the Commission covenants that sufficient funds to meet all remaining

interest and principal payments of the outstanding obligations when

due will be placed in escrow for such payments in the State Treasury

at the time of delivery of and payment for the new bonds issued

under this section. All bonds authorized to be issued under this

section shall be secured in the same manner as provided for the

bonds being refunded, except where more than one issue is being

refunded. The Commission may provide that the refunding bonds have

the same priority of payment and be paid from the same revenues as

enjoyed by the obligations being refunded thereby. The Commission

may enter into contracts and engage in such other acts as the

Commission deems necessary to effect the offer and sale of its

refunding bonds.