Oklahoma § 62-753 - Purposes for refunding bonds - Certificate of certified

§ 62-753. Purposes for refunding bonds - Certificate of certified

public accountant - Accomplishment of refunding without election.

A. A refunding of outstanding obligations of a public body

pursuant to the provisions of the General Obligation Public

Securities Refunding Act shall only occur for the following

purposes:

1. Avoiding or terminating any default in the payment of

interest on or principal of, or both, of obligations, provided a

postponement in the maturity date of all or any portion of

obligations shall be approved at an election as provided for in

Section 754 of this title; or

2. Reducing the net effective interest rate of obligations; or

3. Reducing the total interest payable over the life of

obligations; or

4. Reducing the total principal and interest payable on

obligations; or

5. Any combination of the purposes specified in this

subsection.

Provided, no refunding shall be authorized for purposes of

paragraph 2, 3 or 4 of this subsection unless the public body

provides the Attorney General with a certificate of a certified

public accountant that the taxes payable with respect to the

refunding bonds over the life of the refunding bonds has a lesser

present value than the present value of taxes that would have been

payable with respect to the refunded bonds over the life of the

refunded bonds. Such certificate shall assume no other sources of

funding are deposited to the sinking fund with respect to either the

refunding bonds or the refunded bonds and shall be calculated on the

same present value basis.

B. A refunding of outstanding obligations of a public body may

be accomplished pursuant to the provisions of the General Obligation

Public Securities Refunding Act by the issuance, without an election

Oklahoma Statutes - Title 62. Public Finance

except as otherwise provided in the General Obligation Public

Securities Refunding Act, of bonds for refunding, paying, and

discharging all or any part of the outstanding obligations,

including a portion of one or more issues of the obligations and

including any interest thereon in arrears or about to become due.

Added by Laws 1984, c. 255, § 3, emerg. eff. May 30, 1984. Amended

by Laws 2003, c. 333, § 2, eff. July 1, 2003.