{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-426a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-426a","heading":"Refund by municipalities of bonded and judgment","body":"indebtedness and interest by funding or refunding term bonds -\n\nRedemption - Interest - Tenders at less than par - Call and purchase\n\nof bonds when no tenders made.\n\nAny municipality may refund any part or all of its bonded and\n\njudgment indebtedness and the interest thereon, by agreement with\n\nholders of such indebtedness to be funded or refunded, by issuance\n\nof funding or refunding bonds maturing within twenty-five (25) years\n\nfrom date. When any such funding or refunding bonds mature other\n\nthan serially they shall be optional and subject to redemption on\n\nany interest-paying date. Said bonds shall be designated optional\n\nfunding or refunding bonds, and shall recite that they are subject\n\nto redemption at any interest-paying date. Said bonds shall be\n\nauthorized, executed, registered and approved in the same manner as\n\nfunding and refunding bonds issued under other statutes in force.\n\nProvided, however, that no funding or refunding bonds issued\n\nhereunder shall bear a higher rate of interest than the indebtedness\n\nwhich is funded or refunded.\n\nIt shall be the duty of the treasurer and governing board of any\n\nmunicipality issuing funding or refunding bonds under the provisions\n\nof this act to request tenders from all known holders of such bonds\n\nat least thirty (30) days prior to each interest paying date. The\n\nform of such call for tenders setting out the time and place and\n\nother particulars shall be prescribed by the Attorney General. The\n\nsaid treasurer and governing board are hereby directed to purchase\n\nany bonds which may have been offered at less than par, provided\n\npreference must be given to the purchase of bonds which are offered\n\nfor the least money. Provided further that if no bonds are offered\n\nat less than par, then it shall be the duty of the treasurer and\n\ngoverning board to call by lot at par and accrued interest as many\n\nof the bonds as he may have funds on hand for that purpose and that\n\ninterest on said bonds so called shall cease within sixty (60) days\n\nafter said call is made. All tenders of bonds and all drawing of\n\nbonds by lot shall be performed in a public meeting of the governing\n\nboard. Provided sufficient money is retained in the sinking fund to\n\npay the next two succeeding semiannual interest payments coming due\n\non each bond.","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":"db12fe175d48c7fab9c964ea1b1754fe28a96fad19abd523b7e033eaecc90727","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-426","next":"us-ok/okla.-stat.-tit.-62-62-426b"},"notice":"GroundRules: Original legal text. Not legal advice."}