Okla. Stat. tit. 62, § 62-657: Refunding bonds

Revenue bonds may be issued hereunder for the purpose of

refunding any obligations issued hereunder. Such refunding bonds

may be combined with bonds issued under the provisions of Section 3

of this act into a single issue. When bonds are issued under this

section for refunding purposes, such bonds may either be sold or

delivered in exchange for the 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. 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

resolution under which such refunding bonds are issued may provide

that any of the said refunding bonds shall have the same priority of

lien on the revenues pledged for their payment as was enjoyed by the

obligations refunded thereby.