{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.25","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.25","heading":"Refunding bonds","body":"The Commission may issue bonds hereunder for the purpose of\n\nrefunding any obligations issued under the provisions of this act.\n\nSuch bonds may either be sold or delivered in exchange for\n\noutstanding obligations. If sold, the proceeds may be either\n\napplied to the payment of the obligations refunded or deposited in\n\nescrow for the retirement thereof. Nothing herein shall be\n\nconstrued to authorize the refunding of any outstanding obligations\n\nwhich are not either maturing, or callable for redemption under\n\ntheir terms, or voluntarily surrendered by their holders for\n\ncancellation, unless the Commission covenants that sufficient funds\n\nto pay all remaining interest and principal payments of outstanding\n\nobligations when due will be placed in escrow for such purpose in\n\nthe State Treasury at the time of delivery of and payment for the\n\nnew bonds issued hereunder. All bonds issued under this section\n\nshall in all respects be authorized, issued and secured in the\n\nmanner provided for other bonds issued under this act, and shall\n\nhave all the attributes of such bonds. The Commission may provide\n\nthat any such refunding bonds shall have the same priority of\n\npayment and be paid from the same revenues in the manner enjoyed by\n\nthe obligations refunded thereby.","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":"6196234675723bb1d6d453cb6980641c9986d86fc2a279f3f3cf1835d840339b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.24","next":"us-ok/okla.-stat.-tit.-62-62-57.26"},"notice":"GroundRules: Original legal text. Not legal advice."}