{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-1719","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-1719","heading":"Refunding bonds","body":"(a) The Authority is hereby authorized to provide by resolution\n\nfor the issuance of turnpike revenue refunding bonds of the\n\nAuthority for the purpose of refunding any bonds then outstanding\n\nwhich shall have been issued under the provisions of this article\n\nincluding the payment of any redemption premium thereon and any\n\ninterest accrued or to accrue to the date of redemption of such\n\nbonds, and, if the Authority shall so determine, for the additional\n\npurpose of constructing improvements, extensions, or enlargements of\n\nthe turnpike project or projects in connection with which the bonds\n\nto be refunded shall have been issued. The Authority is further\n\nauthorized to provide for the issuance of its turnpike revenue bonds\n\nfor the combined purpose of (a) refunding any bonds then outstanding\n\nwhich shall have been issued under the provisions of this article,\n\nincluding the payment of any redemption premium thereon and any\n\ninterest accrued, or to accrue to the date of redemption of such\n\nbonds, and (b) paying all or any part of the cost of any additional\n\nturnpike project or projects as authorized by this article. The\n\nissuance of such bonds, the maturities and other details thereof,\n\nthe rights of the holders thereof, and the rights, duties, and\n\nobligations of the Authority in respect of the same, shall be\n\ngoverned by the provisions of this article insofar as the same may\n\nbe applicable.\n\n(b) Bonds may be issued by the Authority under the provisions\n\nof this section at any time prior to the maturity or maturities or\n\nthe date selected for the redemption of the bonds being refunded\n\nthereby. Pending the application of the proceeds of such refunding\n\nbonds, with any other available funds, to the payment of the\n\nprincipal, accrued interest, and any redemption premium of the bonds\n\nbeing refunded, and if so provided or permitted in the resolution\n\nauthorizing the issuance of such refunding bonds or in the trust\n\nagreement securing the same, to the payment of any interest on such\n\nrefunding bonds, and any expenses in connection with such refunding,\n\nsuch proceeds may be invested in direct obligations of, or\n\nobligations the principal of and the interest on which are\n\nunconditionally guaranteed by, the United States of America which\n\nshall mature or which shall be subject to redemption by the holder\n\nthereof at the option of such holder, not later than the respective\n\ndates when the proceeds, together with the interest accruing\n\nthereon, will be required for the purposes intended, or, in lieu of\n\nsuch investments, all or any part of such proceeds may be placed in\n\ninterest bearing time deposits or other similar arrangements may be\n\nmade with regard thereto which will assure that such proceeds,\n\ntogether with the interest accruing thereon, will be available when\n\nrequired for the purposes intended.","path":["OK Code","Title 69"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os69.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ca339c136b370ab8e28ab3bfaf994c1a04a081dc54d6a4d9fc540ae195c980b1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-1718","next":"us-ok/okla.-stat.-tit.-69-69-1720"},"notice":"GroundRules: Original legal text. Not legal advice."}