Okla. Stat. tit. 74, § 74-1226.13: Issuance of revenue refunding bonds - Use of proceeds

A. The Authority is hereby authorized to provide by resolution

for the issuance of revenue refunding bonds of the Authority for the

purpose of refunding any bonds then outstanding which shall have

been issued under the provisions of this act including the payment

of any redemption premium thereon and any interest accrued or to

accrue to the date of redemption of such bonds, and, if the

Authority shall so determine, for the additional purpose of

constructing improvements, extensions, or enlargements of the

project or projects in connection with which the bonds to be

refunded shall have been issued. The Authority is further

authorized to provide for the issuance of its revenue bonds for the

combined purpose of:

1. Refunding any bonds then outstanding which shall have been

issued under the provisions of this act, including the payment of

any redemption premium thereon and any interest accrued, or to

accrue to the date of redemption of such bonds; and

2. Paying all or any part of the cost of any additional project

or projects as authorized by this act.

The issuance of such bonds, the maturities and other details

thereof, the rights of the holders thereof, and the rights, duties,

and obligations of the Authority in respect of the same, shall be

governed by the provisions of this act insofar as the same may be

applicable.

B. Bonds may be issued by the Authority under the provisions of

this section at any time prior to the maturity or maturities of the

date selected for the redemption of the bonds being refunded

thereby. Pending the application of the proceeds of such refunding

bonds, with any other available funds, to the payment of the

principal, accrued interest, and any redemption premium of the bonds

being refunded, and if so provided or permitted in the resolution

authorizing the issuance of such refunding bonds or in the trust

agreement securing the same, to the payment of any interest on such

refunding bonds, and any expenses in connection with such refunding,

such proceeds may be invested in direct obligations of, or

obligations the principal of and the interest on which are

unconditionally guaranteed by, the United States of America which

shall mature or which shall be subject to redemption by the holder

thereof at the option of such holder, not later than the respective

dates when the proceeds, together with the interest accruing

thereon, will be required for the purposes intended, or, in lieu of

such investments, all or any part of such proceeds may be placed in

interest-bearing time deposits or other similar arrangements may be

made with regard thereto which will assure that such proceeds,

together with the interest accruing thereon, will be available when

required for the purposes intended.