Okla. Stat. tit. 70, § 70-15-101: School buildings - Bonds

Whenever it shall become necessary for the board of education of

any school district to raise sufficient funds for the purchase of a

school site or sites, or to erect or purchase and equip a suitable

school building or buildings, either or both, or for the purpose of

making repairs to an existing school building or buildings, or for

the purchase of school furniture and fixtures, or for making

improvements to any school site or sites, either or both, it shall

be lawful for such board of education to borrow money for which it

is hereby authorized and empowered to issue bonds bearing a rate of

interest not exceeding seven percent (7%) per annum, payable

semiannually, at such place as may be shown on the face of such

bonds, which bonds shall be payable serially as otherwise provided

by law in not more than twenty-five (25) years from date; and the

board of education is hereby authorized and empowered to sell such

bonds at not less than their par value; provided, before any bonds

shall be issued, the board of education shall cause an election to

be held in such district as herein provided; provided, further,

bonds may be voted in one issue and at the same election for any or

all of the purposes hereinbefore enumerated.