Okla. Stat. tit. 74, § 74-2267: Refunding bonds

The Commission may issue bonds under this act for the purpose of

refunding any obligations of the Commission previously issued under

this act, or may authorize and deliver a single issue of bonds

hereunder, in part for the purpose of refunding such obligations and

in part for the acquisition of additional properties or

improvements. Where bonds are issued under this section solely for

refunding purposes, such bonds may either be sold as above provided

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 of

the bond obligations. Nothing contained in this act shall be

construed to authorize the refunding of any outstanding obligations

which are not either maturing, callable for redemption under their

terms or voluntarily surrendered by their holders for cancellation.

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 of the attributes of

such bonds. The Commission may provide that any refunding bonds

shall have the same priority of lien on the revenues pledged for

their payment as was enjoyed by the obligations which are refunded.