{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-399","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-399","heading":"Sinking fund - How computed - Installment bonds","body":"It shall be the duty of every county, city, town, township, the\n\nboard of education of any city, and of every school district,\n\nissuing bonds under this article, and of the proper officers\n\nthereof, to create a sinking fund; and there shall be levied by the\n\nproper officers, annually, a sufficient tax therefor for the\n\nredemption of such bonds, which shall be collected as other taxes,\n\nand paid into the treasury as provided by law for other taxes, and\n\nshall remain as a specific fund for the redemption of said bonds;\n\nthe amount of which sinking fund shall be as follows: In every\n\ninstance in which bonds shall be issued under this article, for\n\ntwenty (20) years or less, the quotient found by dividing the amount\n\nof the principal of such bonds by such number of years shall be the\n\namount of sinking fund to be levied each year for the redemption of\n\nsuch bonds; but in every instance in which such bonds shall be\n\nissued for more than twenty (20) years, it shall not be necessary to\n\ncreate a sinking fund, or to levy a tax therefor, until the\n\ntwentieth year prior to maturity of such bonds, at which time, and\n\neach year thereafter one-twentieth (1/20) of the principal amount of\n\nsuch bonds shall be levied as a sinking fund for the redemption of\n\nsuch bonds: Provided, that any county, city, town township, the\n\nboard of education of any city, or any school district, issuing\n\nbonds under this article, may buy in and cancel any such bonds\n\nwhenever the same can be done at or below par: Provided, further,\n\nthat such sinking fund, when not required for the payment or\n\npurchase of bonds, may be invested in bonds of the United States or\n\nof the State of Oklahoma, and in no other manner: And provided,\n\nfurther, that under the provisions of this article, the proper\n\nofficers are authorized, if desirable, to issue installment bonds,\n\nrunning twenty-five (25) years, having coupons attached,\n\nrepresenting the semiannual interest to become due thereon; and each\n\ncoupon attached to any installment bond shall, after five (5) years\n\nfrom its date, represent one-fortieth (1/40) of its principal, which\n\namount shall be shown by separate words and figures aside from the\n\ninterest represented in the coupon; and each installment bond shall\n\nshow upon its face that its principal is included in its coupons.","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":"2b7176734e370c97d8ca39a5e4260476baa6cd67f6a046b7f03c1756589a6b67","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-398","next":"us-ok/okla.-stat.-tit.-62-62-400"},"notice":"GroundRules: Original legal text. Not legal advice."}