{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-353","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-353","heading":"Maturing general obligation bonds - Installment amount -","body":"Debt service payments - Denominations.\n\nA. Except as provided for in subsection B of this section,\n\nwhenever any municipal corporation or political subdivision of this\n\nstate shall vote any bonds or issue any funding or refunding bonds,\n\nsuch bonds, or combined issue of bonds referred to in Section 354 of\n\nthis title shall be made to mature in equal annual installments,\n\nbeginning not less than two (2) nor more than five (5) years after\n\ntheir date, except that the first maturing installment may be for\n\nsuch sum, not more than one installment and the last maturing\n\ninstallment may be for such sum not more than two installments, as\n\nwill complete the full issue of such bonds notwithstanding the\n\nnecessity of varying the amount thereof to complete the same.\n\nB. 1. Whenever any municipal corporation or political\n\nsubdivision of this state shall vote any bonds or issue any funding\n\nor refunding bonds, such bonds, or combined issue of bonds referred\n\nto in Section 354 of this title, may be made to mature pursuant to a\n\nschedule of annual installments which allows the bonds to be\n\nstructured with level debt service payments. Such bonds shall\n\nmature beginning not less than two (2) years nor more than five (5)\n\nyears after their date.\n\n2. For purposes of this subsection:\n\na. \"level debt service\" means that net total annual or\n\nfiscal debt service, except for short or stub periods,\n\nmust be approximately equal for every annual or fiscal\n\nperiod, provided that all net annual or fiscal\n\npayments must be within a dollar amount range not to\n\nexceed the greater of two-tenths of one percent (0.2%)\n\nof the bond issue or twice the stated denomination of\n\nthe bonds, and\n\nb. \"short or stub periods\" means the period preceding the\n\nbeginning of full amortization of principal and\n\npayment of interest.\n\nC. For purposes of subsections A and B of this section, a\n\nmandatory sinking fund redemption amount shall be deemed to be a\n\nmaturity or maturing installment.\n\nD. The denomination of bonds issued pursuant to the provisions\n\nof this section shall be One Thousand Dollars ($1,000.00) or\n\nmultiples thereof, except the first numbered bond may be for such\n\nodd amount as will complete the full issue of the bonds. Provided,\n\nwhen a book entry system is utilized, the issuer may issue and\n\ndeliver one bond only, for the entire principal amount of each\n\nmaturity or of the entire issue, to the book entry agent.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bdb841aab2509385b4d912b86439eeca4009e54d7806ee30023efed5c31d7eb6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-352","next":"us-ok/okla.-stat.-tit.-62-62-354"},"notice":"GroundRules: Original legal text. Not legal advice."}