How to get the value of select statement in out parameter?

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PostgreSQL

CREATE OR REPLACE FUNCTION mhrorlat_udg.update_the_db(IN para_table_catalog text, IN para_table_schema text,IN para_table_name text, OUT para_id text)
RETURNS text AS
$BODY$
declare
str text;
BEGIN

str:= 'select true FROM information_schema.tables WHERE table_catalog='''|| $1 ||''' and table_schema=''' || $2 ||'''and table_name='''||$3||'''';
EXECUTE (str);


END;
$BODY$
LANGUAGE 'plpgsql' VOLATILE
COST 100;
ALTER FUNCTION mhrorlat_udg.update_the_db(text, text,text) OWNER TO postgres;

select mhrorlat_udg.update_the_db('mhrorlat','mhrorlat_udg','mut_kharedi_old');
drop function mhrorlat_udg.update_the_db(text, text,text);