{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-752","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-752","heading":"Definitions","body":"As used in the General Obligation Public Securities Refunding\n\nAct:\n\n1. \"Escrow supplement\" means any legally available funds or\n\nmoneys, other than bond proceeds, of a public body, which are placed\n\nin an escrow or trust account established pursuant to the provisions\n\nof the General Obligation Public Securities Refunding Act to be used\n\nand expended, together with the proceeds of refunding bonds, to\n\naccomplish the purposes of the escrow or trust account;\n\n2. \"Federal securities\" means United States Government or\n\nagency bills, certificates of indebtedness, notes, bonds or other\n\nobligations which are direct obligations of, or the principal of and\n\ninterest on which obligations are unconditionally guaranteed by or\n\nsecured by an unconditional obligation of, the United States of\n\nAmerica;\n\n3. \"General obligation\" means general obligation bonds or any\n\nother general obligation of a public body constituting a debt or\n\nindebtedness of the public body;\n\n4. \"Governing body\" means a city council, town council, board,\n\ncommission, board of commissioners, board of trustees, board of\n\ndirectors or other legislative body of a public body in which the\n\nlegislative powers of the public body are vested;\n\n5. \"Net effective interest rate\" means the net interest cost of\n\nsuch obligations to be refunded divided by the product of the\n\nprincipal amounts expressed in one-thousand-dollar units of such\n\nobligations to be refunded maturing on each maturity date and ten\n\ntimes the number of years from the date of the proposed refunding\n\nbonds to the respective maturities of the obligations to be\n\nrefunded. The net effective interest rate shall be computed without\n\nregard to any option of redemption prior to the designated maturity\n\ndates of the obligations;\n\n6. \"Net interest cost\" of outstanding obligations to be\n\nrefunded means the total amount of interest which would accrue on\n\nthe outstanding obligations from the date of the proposed refunding\n\nbonds to the respective maturity dates of the outstanding\n\nobligations to be refunded. The net interest cost shall be computed\n\nwithout regard to any option of redemption prior to the designated\n\nmaturity dates of the obligations to be refunded;\n\n7. \"Public body\" means any county, city, town, school district,\n\nor other political subdivision of the state;\n\n8. \"State\" means the State of Oklahoma;\n\n9. \"Qualified escrow agent\" means any commercial bank with full\n\ncorporate trust powers located within the state whose accounts are\n\ninsured by the Federal Deposit Insurance Corporation; and\n\n10. \"Escrow account\" means an escrow or trust account\n\nestablished with a qualified escrow agent pursuant to the provisions\n\nof the General Obligation Public Securities Refunding Act. The\n\nescrow account shall be deemed a part of the sinking fund of the\n\nissuer of the refunded bonds.","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":"5efaf18f2e8dbca18fd1f81a5cd19ee3f3638b8a343dc1c305bf2cc055aa3572","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-751","next":"us-ok/okla.-stat.-tit.-62-62-753"},"notice":"GroundRules: Original legal text. Not legal advice."}