Okla. Stat. tit. 70, § 70-15-106: Transportation equipment - Bonds

Any school district that is authorized by law to provide

transportation for pupils to and from school may become indebted for

the purpose of purchasing transportation equipment and may issue its

bonds, as provided for by law, in any amount not exceeding, with

existing indebtedness, ten percent (10%) of the valuation of the

taxable property within the school district, as shown by the last

preceding assessment for state and county purposes previous to the

incurring of indebtedness. The bonds shall be made to mature within

a period not to exceed five (5) years from their date. It is hereby

declared that the use of the word "equipment" in Section 26, Article

X of the Oklahoma Constitution was intended to include the

"transportation equipment" referred to in this section.