§ 62-285 — Carrying out plan of municipal debt readjustment.

Any municipal corporation or political subdivision of this state shall carry out the plan or plans of municipal debt readjustment when and if authorized and approved by said Bankruptcy Court by refunding the same in the amounts and under the terms of said plan or plans so approved. Provided, however, that said plan or plans does not authorize any greater interest than now provided for municipal securities under the laws of this state, and Provided further, that any and all issues of bonds, securities or warrants authorized under any such plan or plans shall be conducted in conformity with and under the provisions of the laws of Oklahoma relating to refunding of municipal indebtedness, and Provided further, that all creditor municipal corporations, as well as debtor municipal corporations of this state, shall be bound by the final decree of said Bankruptcy Court confirming the plan of readjustment of the debtor corporation.

Legislative History

Laws 1935, p. 123, § 4.