§ 753. Purposes for refunding bonds--Certificate of certified public accountant--Accomplishment...
Oklahoma Statutes AnnotatedTitle 62. Public Finance
62 Okl.St.Ann. § 753
§ 753. Purposes for refunding bonds--Certificate of certified public accountant--Accomplishment of refunding without election
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 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.
Credits
Laws 1984, c. 255, § 3, emerg. eff. May 30, 1984; Laws 2003, c. 333, § 2, eff. July 1, 2003.
62 Okl. St. Ann. § 753, OK ST T. 62 § 753
Current with emergency effective legislation through Chapter 90 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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