reglab/housing_qa huggingface dataset:
62 OK Stat § 62-753 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§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; or2. Reducing the net effective interest rate of obligations; or3. Reducing the total interest payable over the life of obligations; or4. Reducing the total principal and interest payable on obligations; or5. 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 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.
62 OK Stat § 62-753.1 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-753.1. Issuance of general obligation refunding bonds not to have certain effects.

|The issuance of general obligation refunding bonds pursuant to the General Obligation Public Securities Refunding Act, to refund all or any portion of outstanding general obligation bonds shall not have the effect of extinguishing the requirements of either Section 26 or Section 27 of Article X of the Oklahoma Constitution that the proceeds of such bonds to be refunded shall be expended only for the purposes or projects for which such bonds were approved. The issuance of general obligation refunding bonds to refund all or any portion of outstanding general obligation bonds issued under and pursuant to Section 27 of Article X of the Oklahoma Constitution shall not have the effect of extinguishing the requirement that public utilities purchased, constructed, or repaired with the proceeds of such bonds shall be owned exclusively by the city or town which issued such bonds. |Added by Laws 1987, c. 94, § 2, emerg. eff. May 18, 1987.
62 OK Stat § 62-754.1 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-754.1. Public hearing on voting on refunding or altering terms of bond issue - Notice.

|Prior to voting on refunding or altering the original terms of the bond issue involved, the entity involved must hold a public hearing to advise the public of the terms, conditions, fees and expenses involved. Notice of such hearing must be given at least ten (10) days prior thereto. |Added by Laws 1987, c. 94, § 3, emerg. eff. May 18, 1987.
62 OK Stat § 62-755 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-755. Principal amount of refunding bond - Requisites of bonds - Redemption - Recitals.

|A. The principal amount of the refunding bonds may be less than, more than, or the same as the principal amount of the obligations being refunded, if there is a provision for the payment in full and discharge of such refunded obligations. The principal amount of the refunding bonds may be greater than the principal amount of the bonds being refunded only if the total principal and interest of the refunding bonds is less than the total principal and interest of the bonds being refunded. |B. Refunding bonds issued pursuant to the provisions of the General Obligation Public Securities Refunding Act shall:1. Be of a convenient denomination;2. Mature at such time not exceeding twenty-five (25) years from the date of the refunding bonds as determined by the governing body, with municipal levies to begin as determined by the governing body, but in not more than five (5) years of the date of the refunding bonds;3. Be in coupon or registered form;4. Bear interest at a specified rate determined by the governing body, but not exceeding any applicable statutory rate, payable annually or semiannually, but the first interest payment may be for interest accruing for any other period not to exceed three (3) years;5. Be made payable, both principal and interest, in legal tender of the United States, at such place as determined by the governing body;6. Be legal tender and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians, and for the State of Oklahoma and any of its political subdivisions, departments, institutions and agencies. Coupon bonds, when accompanied by all unmatured coupons appurtenant thereto, and registered bonds are approved as collateral security for all deposits of state funds or any other public funds. Provided, the bonds being refunded shall still be approved as collateral security for all deposits of state funds or any other public funds.C. The right to redeem all or part of the refunding bonds prior to their maturity, and the order of any said redemption, may be reserved in the ordinance or resolution of the governing body authorizing the issuance of the bonds and, if so reserved, shall be set forth in the text of such refunding bonds.D. Any ordinance or resolution authorizing, or any escrow agreement or trust indenture or other instrument appertaining to, any refunding bonds issued pursuant to the provisions of the General Obligation Public Securities Refunding Act may provide that each refunding bond shall recite that it is issued pursuant to the authority of the General Obligation Public Securities Refunding Act. The recital shall conclusively impart full compliance with all of the provisions and limitations of the General Obligation Public Securities Refunding Act. All refunding bonds issued containing the recital shall be incontestable for any cause whatsoever after their delivery for value.Added by Laws 1984, c. 255, § 5, emerg. eff. May 30, 1984.
62 OK Stat § 62-756 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§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; or2. used to pay refunded obligations by deposit in the escrow or trust account, or otherwise; or3. 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.
62 OK Stat § 62-757 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-757. Moneys in escrow or trust account - Investment - Security - Sufficiency.

|A. Moneys placed in any escrow or trust account shall not necessarily be limited to proceeds of refunding bonds but may include other moneys legally available for that purpose. |B. Any moneys in an escrow or trust account, pending use for their intended purpose, may be invested or reinvested only in federal securities.C. The escrow agent shall continuously secure any moneys placed in an escrow or trust account and not so invested or reinvested in federal securities by a pledge of federal securities with a market value determined on a daily basis at least equal to the total uninvested moneys held in such escrow or trust account in strict accordance with the provisions of the escrow agreement. The requirements of this subsection shall not apply to any said uninvested moneys insured by the Federal Deposit Insurance Corporation.D. Such moneys and investments in the escrow or trust account, together with the interest or other gain to be derived from any such investments, shall at all times be at least sufficient to make all of the payments required to be made pursuant to the escrow agreement in the manner and at the times specified in the escrow agreement. The computations made in determining such sufficiency shall be verified by a certified public accountant. Said computations shall be certified within five (5) days prior to the delivery of and payment for the refunded bonds.Added by Laws 1984, c. 255, § 7, emerg. eff. May 30, 1984.
62 OK Stat § 62-758 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-758. Issuance of combination of bonds.

|Any refunding bonds and bonds for any other purpose authorized by law may, in the discretion of the governing body, be issued separately or in combination in one or more series by the public body, subject to the same limitations provided for in subsection C of Section 4 of this act for combined refunding of two or more outstanding obligations. |Added by Laws 1984, c. 255, § 8, emerg. eff. May 30, 1984.
62 OK Stat § 62-759 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-759. Conclusive determination that applicable laws have been complied with.

|The determination of the governing body that the provisions and limitations contained in the General Obligation Public Securities Refunding Act and in any other applicable law and imposed upon the issuance of any bonds pursuant to the provisions of the General Obligation Public Securities Refunding Act have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion. |Added by Laws 1984, c. 255, § 9, emerg. eff. May 30, 1984.
62 OK Stat § 62-760 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-760. Examination of bonds by Attorney General.

|All general obligation refunding bonds issued pursuant to the provisions of the General Obligation Public Securities Refunding Act shall be examined by the Attorney General as ex officio Bond Commissioner in the manner provided for by law for general obligation bonds. |Added by Laws 1984, c. 255, § 10, emerg. eff. May 30, 1984.
62 OK Stat § 62-761 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-761. Impairment of other bonds, obligations or refunding transactions prohibited.

|Nothing in the General Obligation Public Securities Refunding Act shall be construed so as to impair the obligations of any refunding bonds issued or any refunding transaction consummated by a public body prior to the effective date of this act, or otherwise to invalidate any such bond, obligation, or refunding transaction. |Added by Laws 1984, c. 255, § 11, emerg. eff. May 30, 1984.
62 OK Stat § 62-762 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-762. Interpretation and construction of act.

|The powers conferred by the General Obligation Public Securities Refunding Act are in addition to and supplemental to and are not in substitution for the powers conferred by any other law. Bonds may be issued pursuant to the provisions of the General Obligation Public Securities Refunding Act without regard to the provisions of any other law unless otherwise provided for in the General Obligation Public Securities Refunding Act, and if so issued, insofar as the provisions of the General Obligation Public Securities Refunding Act are inconsistent with the provisions of any other law, the provisions of the General Obligation Public Securities Refunding Act are controlling. |Added by Laws 1984, c. 255, § 12, emerg. eff. May 30, 1984.
62 OK Stat § 62-800 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-800. Short title.

|This act shall be known and may be cited as the "Municipal and County Economic and Community Development Bonds Act". |Added by Laws 1991, c. 142, § 1, emerg. eff. May 1, 1991. Amended by Laws 2003, c. 433, § 1, eff. July 1, 2003.
62 OK Stat § 62-801 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-801. Legislative finding and declaration.

|The Legislature hereby finds and declares that there is a need to establish terms regarding the purposes for which bonds may be issued under Section 35 of Article X of the Oklahoma Constitution and terms under which such bonds may be sold and issued by municipalities and counties for economic and community development, which are hereby declared to be essential to the economic well-being of the state. |Added by Laws 1991, c. 142, § 2, emerg. eff. May 1, 1991. Amended by Laws 2003, c. 433, § 2, eff. July 1, 2003.
62 OK Stat § 62-803 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-803. Issuance of bonds - Requirements - Verification of registration of advisers and brokers.

|Whenever any municipality or county of this state votes any bonds or refunding bonds pursuant to Section 35 of Article X of the Oklahoma Constitution, such bonds shall be subject to the following requirements: |1. At least ninety percent (90%) of the proceeds from the bonds must be used for a qualified economic development or community development purpose, or to refund bonds issued for a purpose, which, on the date originally issued, was a qualified economic development or community development purpose; provided, however, that for purposes of determining such use, proceeds used to fund a debt service reserve shall be considered to be for a qualifying economic development or community development purpose;2. The bonds must be issued in denominations of One Hundred Dollars ($100.00) or multiples thereof, except that the first numbered bond may be for such odd amount as will complete the full issue of the bonds;3. The average coupon rate of the bonds shall not exceed fourteen percent (14%) per annum;4. The principal shall begin to mature not less than one (1) year or more than five (5) years after the dated date of the issue;5. The bonds must have a final maturity no later than thirty (30) years after their date of issuance; and6. A verification from the Administrator of the Oklahoma Department of Securities that all persons receiving compensation, directly or indirectly, for providing advice to a municipality or county with regard to the Municipal and County Economic and Community Development Bonds Act are appropriately registered with the Oklahoma Department of Securities as investment advisers or investment adviser representatives, as applicable, and that all persons receiving compensation, directly or indirectly, for the placement of the bonds are registered as broker-dealers or agents, as applicable.Added by Laws 1991, c. 142, § 4, emerg. eff. May 1, 1991. Amended by Laws 2003, c. 433, § 4, eff. July 1, 2003.
62 OK Stat § 62-821 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-821. Short title.

|This act shall be known and may be cited as the “Regional Economic Development District Act”. |Added by Laws 2001, c. 318, § 1, eff. Nov. 8, 2002.
62 OK Stat § 62-822 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-822. Purpose – Contingent on approval of proposed constitutional amendment.

|The Regional Economic Development District Act is intended to implement and execute paragraph (h) of Section 35 of Article X of the Constitution of the State of Oklahoma as amended pursuant to the provisions of Enrolled House Bill No. 1198 of the 1st Session of the 48th Oklahoma Legislature by providing for the issuance of bonds by municipalities and counties located within regional economic development districts. None of the provisions of the Regional Economic Development District Act shall be effective until the amendment to Section 35 of Article X of the Constitution of the State of Oklahoma as proposed by Enrolled House Bill No. 1198 of the 1st Session of the 48th Oklahoma Legislature is approved by the people. |Added by Laws 2001, c. 318, § 2, eff. Nov. 8, 2002.
62 OK Stat § 62-823 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-823. Definitions.

|As used in the Regional Economic Development District Act: |1. “Bonds” means any bonds, notes, certificates of participation or other evidences of indebtedness issued pursuant to Section 35 of Article X of the Oklahoma Constitution;2. “Department” means the Oklahoma Department of Commerce established pursuant to Section 5001 et seq. of Title 74 of the Oklahoma Statutes and any successor agency;3. “Governing body” means the city council, city commission, board of trustees of a municipality or the board of commissioners of a county;4. “Participating Entity” means any municipality or county comprising an established Regional District;5. “Project” means the acquisition or construction of real or personal property, or both, by or for the use of public or private entities as may be authorized for economic development purposes by the Legislature pursuant to the provisions of Section 35 of Article X of the Oklahoma Constitution; and6. “Regional District” means a regional economic development district, as designated by the Governor pursuant to Section 7 of this act.Added by Laws 2001, c. 318, § 3, eff. Nov. 8, 2002.
62 OK Stat § 62-824 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-824. Creation of regional districts – Issuance of bonds – Governmental entities of which comprised.

|Regional Districts may be created pursuant to the provisions of this act, to assist in financing economic development projects which have a substantial regional economic impact, by allowing municipalities and counties comprising such districts to issue bonds in accordance with Section 35 of Article X of the Oklahoma Constitution. Such districts may be comprised of: |1. Two or more municipalities;2. Two or more counties; or3. One or more municipalities and one or more counties.Added by Laws 2001, c. 318, § 4, eff. Nov. 8, 2002.
62 OK Stat § 62-826 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-826. Approval or rejection by Governor of Final Project Plan – Election proclamation.

|A. After receipt and review of the Final Project Plan, the Governor shall either approve the Final Project Plan and the terms and conditions contained therein, or the Governor shall reject the plan and return it to the Oklahoma Department of Commerce along with any revisions which the Governor may deem appropriate. If returned to the Department, the Department will revise the plan and resubmit the plan to the Governor. |B. Once the Final Project Plan is approved by the Governor, the Governor shall then issue an election proclamation calling for an election to be held within each of the municipalities and counties listed in the Final Project Plan. The election proclamation shall set a date on which elections shall be held within each of the listed municipalities and counties. The elections shall be conducted by the appropriate county election board or boards pursuant to the general election laws of the state, but shall be coordinated by the State Election Board under such procedures as it may, by rule, prescribe. Notice of the election shall be given by the mayor of each municipality or by the county commissioners of each county, by advertisement weekly for at least four times in a newspaper of general circulation in said municipality or county, with the last publication to be not less than ten (10) days prior to the date of the elections. All costs associated with the holding of such elections shall be paid for by the Department, and no municipal or county funds shall be used; provided, however, that the Governor is authorized to accept donations from private parties for the purpose of defraying all or a portion of the costs associated with the holding of such elections.C. The State Election Board shall certify the results of such elections and shall forward the same to the Governor.Added by Laws 2001, c. 318, § 6, eff. Nov. 8, 2002.
62 OK Stat § 62-827 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-827. Voter approval of bond authorization – Determination of sufficient financial resources.

|If the voters of one or more of the municipalities or counties listed in the Final Project Plan approve the authorization of bonds issued pursuant to this act, the Governor shall determine, with the assistance of the Department, whether the bonds authorized by such entity or entities will provide sufficient financial resources to allow for the project to be undertaken. If the Governor determines that sufficient financial resources are available and that the project is feasible, then the Governor shall, by executive order, establish a Regional District comprised of those municipalities and counties whose voters approved the issuance of bonds pursuant to this act. No municipality or county whose voters failed to authorize the issuance of bonds shall be a part of the Regional District established by the Governor. |Added by Laws 2001, c. 318, § 7, eff. Nov. 8, 2002.
62 OK Stat § 62-828 (2021)
2021 Oklahoma Statutes|Title 62. Public Finance|§62-828. Issuance of bonds by participating entities – Examination by Attorney General.

|Once a Regional District has been established by the Governor, the governing bodies of each of the Participating Entities comprising such district shall take all actions required by law for the issuance of the type of bonds described in the Final Project Plan. A transcript of proceedings for each of the Participating Entities shall thereafter be prepared and submitted to the Attorney General of Oklahoma for examination. Such bonds, having been examined and certified as legal obligations by the Attorney General in accordance with such requirements as the Attorney General may make, shall be incontestable in any court of the State of Oklahoma unless suit thereon shall be brought in a court having jurisdiction thereof within thirty (30) days from the date of such approval. Bonds so approved by the Attorney General shall be prima facie valid and binding obligations according to their terms. The only objection which may be offered thereto in any suit instituted after such thirty-day period shall have expired shall be a violation of provisions of either the United States Constitution or the Oklahoma Constitution. |Added by Laws 2001, c. 318, § 8, eff. Nov. 8, 2002.