{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-421","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-421","heading":"Bond issue for refunding indebtedness - Authorization -","body":"Exchange or sale - Interest - Maturity.\n\nAny county, city, town, township, board of education, school\n\ndistrict, or any other municipal corporation in this state, whether\n\noperating under the provision of a special charter or otherwise, is\n\nhereby authorized and empowered to issue its bonds for the purpose\n\nof refunding bonded and/or coupons indebtedness, outstanding for\n\nmore than two (2) years, and to issue new bonds with interest\n\nrepresenting the rate of interest agreed upon, in payment for any\n\namount of outstanding bonded and coupon indebtedness; which bonds\n\nmay be exchanged pursuant to agreement with the holders of such\n\nindebtedness, or sold for not less than their par value, in the\n\nmanner now or hereafter provided by law for the sale of other bonds\n\nof such municipalities, or any of them, and the proceeds of said\n\nsale applied to the redemption of the bonds to be refunded. If said\n\nbonds are offered for sale, and no legally accepted bids are\n\nreceived at said sale, the county, city, town, township, board of\n\neducation, school district, or other municipal corporation issuing\n\nsuch refunding bonds, in its discretion, may either again offer such\n\nbonds for sale, or may exchange such refunding bonds, on a par for\n\npar basis, for the bonds, and interest, to be refunded; provided,\n\nhowever, if an agreement has been made for the exchange of such\n\nbonds the same shall be exchanged, as herein provided, without first\n\nhaving been offered for sale. Whether such refunding bonds are sold\n\nor exchanged, they shall be delivered only upon simultaneous\n\nsurrender, payment and cancellation of a like amount of the bonds to\n\nbe refunded, inclusive of the interest accrued thereon. Such\n\nrefunding bonds may be issued in such amount, or amounts, that the\n\npar value thereof, plus accrued interest to date of delivery, shall\n\nequal, but not exceed, the par value of the bonds and/or coupons to\n\nbe refunded to the date of the delivery and cancellation thereof.\n\nSaid refunding bonds shall bear interest at any rate not exceeding\n\nthe maximum rate provided by Section 498.1 of this title, and shall\n\nmature serially and in substantially equal installments, beginning\n\nnot less than three (3) nor more than five (5) years after the date\n\nof said bonds; provided, however, that the last maturing installment\n\nmay be for such sum less than two installments as will complete the\n\nfull issue of such bonds, notwithstanding the necessity of varying\n\nthe amount thereof to complete the same.","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":"4dba836c8a942f778f4584ecf4d33eb6bb1e6a52ab44d2a5f90ed18d14c2262b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-42.13","next":"us-ok/okla.-stat.-tit.-62-62-422"},"notice":"GroundRules: Original legal text. Not legal advice."}