Okla. Stat. tit. 82, § 82-1125: Refunding bonds

The board of directors of a port authority may issue bonds

hereunder for the purpose of refunding any bonds or other

obligations of the port authority theretofore issued pursuant to

this act; or it may authorize a single issue of bonds hereunder for

the purpose in part of refunding such previous obligations and in

part for the making of additions, improvements and extensions to

such buildings and facilities, or the construction and acquisition

of additional buildings and facilities, and furnishing and equipping

thereof.

Where bonds are issued under this paragraph solely for refunding

purposes, such bonds either may be sold as provided in Section 13 of

this act or may be exchanged for outstanding obligations. If sold,

the proceeds either may be applied to payment of obligations

refunded or may be deposited in escrow for the retirement thereof.

All refunding 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 attributes of such

bonds. The board of directors may provide that any such refunding

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

for their payment as was provided for obligations refunded thereby.