Okla. Stat. tit. 62, § 62-34.200: Debt limit

A. The State of Oklahoma shall not become indebted in an amount

that causes total annual debt service payments from the General

Revenue Fund to exceed five percent (5%) of the average of the

general fund revenue, as certified by the State Board of

Equalization in December of each calendar year, for the preceding

five (5) fiscal years. The Legislature, upon an affirmative vote of

two-thirds of the members of both houses, may declare an emergency

and permit the total annual debt service payments of the state to

exceed the amount provided in this section.

B. The state shall not be in violation of the provisions of

this section if a decline in the average of the general fund

revenue, as certified by the State Board of Equalization in December

of each calendar year, for the preceding five (5) fiscal years,

results in annual debt service payments exceeding the limit provided

in subsection A of this section; provided that, the state shall not

incur any additional debt service payments so long as the amount of

debt service payments, as defined in this section, continue to

exceed five percent (5%) of the average of the general fund revenue,

as certified by the State Board of Equalization in December of each

calendar year, for the preceding five (5) fiscal years.

C. For purposes of calculating the total amount of indebtedness

as provided in subsection A of this section, annual debt service

payments shall not include any indebtedness incurred through the

master lease program as provided in Sections 3206.6 and 3206.6a of

Title 70 of the Oklahoma Statutes, pursuant to a declaration of an

emergency as provided in subsection A of this section or any general

obligation bonds issued pursuant to Section 39A of Article X of the

Oklahoma Constitution.