Oklahoma § 62-756 - Bond proceeds and interest - Uses - Escrow and trust
Full text of Oklahoma Oklahoma Statutes § 62-756 — Bond proceeds and interest - Uses - Escrow and trust, with citation guidance and answers to common questions.
§ 62-756. Bond proceeds and interest - Uses - Escrow and trust
accounts.
A. The proceeds derived from the issuance of refunding bonds
pursuant to the provisions of the General Obligation Public
Securities Refunding Act, together with other legally available
funds, if any, of the public body, shall either be immediately
applied to the payment or redemption and retirement of the
obligations to be refunded and the cost and expense incident to such
procedure or shall be placed in escrow or trust to be applied for
the purposes and in the manner required or permitted pursuant to the
provisions of the General Obligation Public Securities Refunding Act
as the governing body may determine.
B. Any accrued interest and any premium appertaining to a sale
of refunding bonds may be:
1. applied to the payment of the interest thereon or the
principal thereof, or to both interest and principal; or
Oklahoma Statutes - Title 62. Public Finance
2. used to pay refunded obligations by deposit in the escrow or
trust account, or otherwise; or
3. used for any combination thereof or any lawful purpose of
the public body, as the governing body may determine.
C. For the purpose of implementing the provisions of the
General Obligation Public Securities Refunding Act, the governing
body shall have the power to enter into escrow agreements and to
establish escrow or trust accounts with any qualified escrow agent
under protective covenants and agreements whereby such accounts
shall be fully secured as provided for in Section 7 of this act.
Added by Laws 1984, c. 255, § 6, emerg. eff. May 30, 1984.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 62-756
What does Oklahoma Statutes § 62-756 cover?
Section 62-756 ("Bond proceeds and interest - Uses - Escrow and trust") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 62-756?
A common citation format is "Oklahoma Statutes § 62-756" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 62-756 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.