Okla. Stat. tit. 70, § 70-15-206: Requirements for districts applying for guarantee

A. Any district applying to utilize the provisions of this act

for its bonded indebtedness shall:

1. Be certified to be in good standing and be accredited

without probation by the State Board of Education;

2. Verify to the Commissioners that the bond issue involved is

within any limitation provided by law;

3. Comply with such criteria or other requirements deemed

necessary by the Commissioners; and

4. Fully comply with all provisions of the rules promulgated by

the Commissioners pursuant to this act.

B. No guarantee of bonds shall be effective unless approved by

a majority of the Commissioners.