Okla. Stat. tit. 70, § 70-14-109: Technology center school districts - Special building

project account.

A. If required to do so as a prerequisite to the receipt of

federal funds for a building project, the board of education of a

technology center school district may establish a special account to

be used for payment of the cost of the building project. Federal

and state funds received for the building project may be deposited

in the special account. Monies from the following sources, if

available for the payment of the cost of the building project, may

also be deposited in the special account: bond issues, levies for a

building fund under Section 10 of Article X, Oklahoma Constitution

and appropriations for capital outlay in the general fund of the

district.

B. The board of education shall estimate the total amount to be

deposited in or transferred to the aforesaid building project

account, and may issue warrants against the account for the payment

of the cost of the building project. The total amount of such

warrants shall not exceed the estimate of the board of education of

the total amount to be deposited in or transferred to the account.

If there shall be an insufficient amount in the building project

account to pay a warrant, the warrant shall bear interest at a rate

to be fixed by the board of education, not to exceed six percent

(6%) per annum, from the date of issuance until paid.

C. For the purposes of this section, the cost of a building

project shall include expenditures for sites, for the construction

of buildings, and for equipment, furniture and fixtures.

D. The State Board of Career and Technology Education shall

adopt such rules as it deems necessary to make the provisions of

this section effective.