{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-756","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-756","heading":"Bond proceeds and interest - Uses - Escrow and trust","body":"accounts.\n\nA. The proceeds derived from the issuance of refunding bonds\n\npursuant to the provisions of the General Obligation Public\n\nSecurities Refunding Act, together with other legally available\n\nfunds, if any, of the public body, shall either be immediately\n\napplied to the payment or redemption and retirement of the\n\nobligations to be refunded and the cost and expense incident to such\n\nprocedure or shall be placed in escrow or trust to be applied for\n\nthe purposes and in the manner required or permitted pursuant to the\n\nprovisions of the General Obligation Public Securities Refunding Act\n\nas the governing body may determine.\n\nB. Any accrued interest and any premium appertaining to a sale\n\nof refunding bonds may be:\n\n1. applied to the payment of the interest thereon or the\n\nprincipal thereof, or to both interest and principal; or\n\n2. used to pay refunded obligations by deposit in the escrow or\n\ntrust account, or otherwise; or\n\n3. used for any combination thereof or any lawful purpose of\n\nthe public body, as the governing body may determine.\n\nC. For the purpose of implementing the provisions of the\n\nGeneral Obligation Public Securities Refunding Act, the governing\n\nbody shall have the power to enter into escrow agreements and to\n\nestablish escrow or trust accounts with any qualified escrow agent\n\nunder protective covenants and agreements whereby such accounts\n\nshall be fully secured as provided for in Section 7 of this act.","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":"71a9b96144dfe8215694eace1f5b7cd17320ad9e68de1f33eb63ff4ef195a57d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-755","next":"us-ok/okla.-stat.-tit.-62-62-757"},"notice":"GroundRules: Original legal text. Not legal advice."}