{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-1226.13","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-1226.13","heading":"Issuance of revenue refunding bonds - Use of proceeds","body":"A. The Authority is hereby authorized to provide by resolution\n\nfor the issuance of revenue refunding bonds of the Authority for the\n\npurpose of refunding any bonds then outstanding which shall have\n\nbeen issued under the provisions of this act including the payment\n\nof any redemption premium thereon and any interest accrued or to\n\naccrue to the date of redemption of such bonds, and, if the\n\nAuthority shall so determine, for the additional purpose of\n\nconstructing improvements, extensions, or enlargements of the\n\nproject or projects in connection with which the bonds to be\n\nrefunded shall have been issued. The Authority is further\n\nauthorized to provide for the issuance of its revenue bonds for the\n\ncombined purpose of:\n\n1. Refunding any bonds then outstanding which shall have been\n\nissued under the provisions of this act, including the payment of\n\nany redemption premium thereon and any interest accrued, or to\n\naccrue to the date of redemption of such bonds; and\n\n2. Paying all or any part of the cost of any additional project\n\nor projects as authorized by this act.\n\nThe issuance of such bonds, the maturities and other details\n\nthereof, the rights of the holders thereof, and the rights, duties,\n\nand obligations of the Authority in respect of the same, shall be\n\ngoverned by the provisions of this act insofar as the same may be\n\napplicable.\n\nB. Bonds may be issued by the Authority under the provisions of\n\nthis section at any time prior to the maturity or maturities of the\n\ndate 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 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"434b3b939a40db8ceaffc3d74b021c0cb53ad670431abeb8e21d900b6a13c81b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-1226.12","next":"us-ok/okla.-stat.-tit.-74-74-1226.14"},"notice":"GroundRules: Original legal text. Not legal advice."}