{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-755","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-755","heading":"Principal amount of refunding bond - Requisites of bonds -","body":"Redemption - Recitals.\n\nA. The principal amount of the refunding bonds may be less\n\nthan, more than, or the same as the principal amount of the\n\nobligations being refunded, if there is a provision for the payment\n\nin full and discharge of such refunded obligations. The principal\n\namount of the refunding bonds may be greater than the principal\n\namount of the bonds being refunded only if the total principal and\n\ninterest of the refunding bonds is less than the total principal and\n\ninterest of the bonds being refunded.\n\nB. Refunding bonds issued pursuant to the provisions of the\n\nGeneral Obligation Public Securities Refunding Act shall:\n\n1. Be of a convenient denomination;\n\n2. Mature at such time not exceeding twenty-five (25) years\n\nfrom the date of the refunding bonds as determined by the governing\n\nbody, with municipal levies to begin as determined by the governing\n\nbody, but in not more than five (5) years of the date of the\n\nrefunding bonds;\n\n3. Be in coupon or registered form;\n\n4. Bear interest at a specified rate determined by the\n\ngoverning body, but not exceeding any applicable statutory rate,\n\npayable annually or semiannually, but the first interest payment may\n\nbe for interest accruing for any other period not to exceed three\n\n(3) years;\n\n5. Be made payable, both principal and interest, in legal\n\ntender of the United States, at such place as determined by the\n\ngoverning body;\n\n6. Be legal tender and authorized investments for banks,\n\nsavings banks, trust companies, savings and loan associations,\n\ninsurance companies, fiduciaries, trustees and guardians, and for\n\nthe State of Oklahoma and any of its political subdivisions,\n\ndepartments, institutions and agencies. Coupon bonds, when\n\naccompanied by all unmatured coupons appurtenant thereto, and\n\nregistered bonds are approved as collateral security for all\n\ndeposits of state funds or any other public funds. Provided, the\n\nbonds being refunded shall still be approved as collateral security\n\nfor all deposits of state funds or any other public funds.\n\nC. The right to redeem all or part of the refunding bonds prior\n\nto their maturity, and the order of any said redemption, may be\n\nreserved in the ordinance or resolution of the governing body\n\nauthorizing the issuance of the bonds and, if so reserved, shall be\n\nset forth in the text of such refunding bonds.\n\nD. Any ordinance or resolution authorizing, or any escrow\n\nagreement or trust indenture or other instrument appertaining to,\n\nany refunding bonds issued pursuant to the provisions of the General\n\nObligation Public Securities Refunding Act may provide that each\n\nrefunding bond shall recite that it is issued pursuant to the\n\nauthority of the General Obligation Public Securities Refunding Act.\n\nThe recital shall conclusively impart full compliance with all of\n\nthe provisions and limitations of the General Obligation Public\n\nSecurities Refunding Act. All refunding bonds issued containing the\n\nrecital shall be incontestable for any cause whatsoever after their\n\ndelivery for value.","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":"47f91b946f17cecb10a1863d18db7fc9eab97ff1cd6c2841b6062311ca4919cf","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-754.1","next":"us-ok/okla.-stat.-tit.-62-62-756"},"notice":"GroundRules: Original legal text. Not legal advice."}