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.
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