SECTION 385:40-1-12. Arbitrage

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(a) In the event of payment from the permanent fund by the CLO on behalf of a school district, the Commissioners will not resort to repayment of the fund by withholding apportionment funds but will promptly seek reimbursement of the amount paid pursuant to the provision of Section 365.5 of Title 62 of the Oklahoma Statutes.
(b) The school district shall certify that it will take no action that will result in the bonds becoming arbitrage bonds.

[Source: Added at 13 Ok Reg 641, eff 11-29-95 (emergency); Added at 13 Ok Reg 1373, eff 5-13-96]

                    
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