Oklahoma § 62-752 - Definitions

§ 62-752. Definitions

As used in the General Obligation Public Securities Refunding

Act:

1. "Escrow supplement" means any legally available funds or

moneys, other than bond proceeds, of a public body, which are placed

in an escrow or trust account established pursuant to the provisions

of the General Obligation Public Securities Refunding Act to be used

and expended, together with the proceeds of refunding bonds, to

accomplish the purposes of the escrow or trust account;

2. "Federal securities" means United States Government or

agency bills, certificates of indebtedness, notes, bonds or other

obligations which are direct obligations of, or the principal of and

interest on which obligations are unconditionally guaranteed by or

secured by an unconditional obligation of, the United States of

America;

3. "General obligation" means general obligation bonds or any

other general obligation of a public body constituting a debt or

indebtedness of the public body;

4. "Governing body" means a city council, town council, board,

commission, board of commissioners, board of trustees, board of

directors or other legislative body of a public body in which the

legislative powers of the public body are vested;

5. "Net effective interest rate" means the net interest cost of

such obligations to be refunded divided by the product of the

principal amounts expressed in one-thousand-dollar units of such

obligations to be refunded maturing on each maturity date and ten

times the number of years from the date of the proposed refunding

bonds to the respective maturities of the obligations to be

refunded. The net effective interest rate shall be computed without

regard to any option of redemption prior to the designated maturity

dates of the obligations;

6. "Net interest cost" of outstanding obligations to be

refunded means the total amount of interest which would accrue on

the outstanding obligations from the date of the proposed refunding

bonds to the respective maturity dates of the outstanding

obligations to be refunded. The net interest cost shall be computed

Oklahoma Statutes - Title 62. Public Finance

without regard to any option of redemption prior to the designated

maturity dates of the obligations to be refunded;

7. "Public body" means any county, city, town, school district,

or other political subdivision of the state;

8. "State" means the State of Oklahoma;

9. "Qualified escrow agent" means any commercial bank with full

corporate trust powers located within the state whose accounts are

insured by the Federal Deposit Insurance Corporation; and

10. "Escrow account" means an escrow or trust account

established with a qualified escrow agent pursuant to the provisions

of the General Obligation Public Securities Refunding Act. The

escrow account shall be deemed a part of the sinking fund of the

issuer of the refunded bonds.

Added by Laws 1984, c. 255, § 2, emerg. eff. May 30, 1984.