Okla. Stat. tit. 62, § 62-753.1: Issuance of general obligation refunding bonds not to

have certain effects.

The issuance of general obligation refunding bonds pursuant to

the General Obligation Public Securities Refunding Act, to refund

all or any portion of outstanding general obligation bonds shall not

have the effect of extinguishing the requirements of either Section

26 or Section 27 of Article X of the Oklahoma Constitution that the

proceeds of such bonds to be refunded shall be expended only for the

purposes or projects for which such bonds were approved. The

issuance of general obligation refunding bonds to refund all or any

portion of outstanding general obligation bonds issued under and

pursuant to Section 27 of Article X of the Oklahoma Constitution

shall not have the effect of extinguishing the requirement that

public utilities purchased, constructed, or repaired with the

proceeds of such bonds shall be owned exclusively by the city or

town which issued such bonds.