{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-753","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-753","heading":"Purposes for refunding bonds - Certificate of certified","body":"public accountant - Accomplishment of refunding without election.\n\nA. A refunding of outstanding obligations of a public body\n\npursuant to the provisions of the General Obligation Public\n\nSecurities Refunding Act shall only occur for the following\n\npurposes:\n\n1. Avoiding or terminating any default in the payment of\n\ninterest on or principal of, or both, of obligations, provided a\n\npostponement in the maturity date of all or any portion of\n\nobligations shall be approved at an election as provided for in\n\nSection 754 of this title; or\n\n2. Reducing the net effective interest rate of obligations; or\n\n3. Reducing the total interest payable over the life of\n\nobligations; or\n\n4. Reducing the total principal and interest payable on\n\nobligations; or\n\n5. Any combination of the purposes specified in this\n\nsubsection.\n\nProvided, no refunding shall be authorized for purposes of\n\nparagraph 2, 3 or 4 of this subsection unless the public body\n\nprovides the Attorney General with a certificate of a certified\n\npublic accountant that the taxes payable with respect to the\n\nrefunding bonds over the life of the refunding bonds has a lesser\n\npresent value than the present value of taxes that would have been\n\npayable with respect to the refunded bonds over the life of the\n\nrefunded bonds. Such certificate shall assume no other sources of\n\nfunding are deposited to the sinking fund with respect to either the\n\nrefunding bonds or the refunded bonds and shall be calculated on the\n\nsame present value basis.\n\nB. A refunding of outstanding obligations of a public body may\n\nbe accomplished pursuant to the provisions of the General Obligation\n\nPublic Securities Refunding Act by the issuance, without an election\n\nexcept as otherwise provided in the General Obligation Public\n\nSecurities Refunding Act, of bonds for refunding, paying, and\n\ndischarging all or any part of the outstanding obligations,\n\nincluding a portion of one or more issues of the obligations and\n\nincluding any interest thereon in arrears or about to become due.","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":"2374286f67266c4805715ef2d21acf01dcdb0cbd4486b8b8b4bd99692835ba8e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-752","next":"us-ok/okla.-stat.-tit.-62-62-753.1"},"notice":"GroundRules: Original legal text. Not legal advice."}