Okla. Stat. tit. 70, § 70-15-106.1: Equipment purchase - Bonds

Any school district may become indebted for the purpose of

purchasing 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 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: library books, textbooks,

school-owned uniforms, computer software, electronic media content,

perpetual or continuous district software license agreements and

web-based software subscriptions with a term of more than one (1)

year but not more than five (5) years, the acquisition of

telecommunications devices and components to be used to enhance

classroom instruction and maintenance/service contracts which are

included as a part of the equipment purchase price and any

associated hardware and software necessary for implementation and

training and any maintenance agreements. This provision shall not

restrict a school district from issuing bonds with a maturity of

greater than five (5) years for the purchase of equipment not listed

in this section. If the maturity of the bond is greater than five

(5) years, the maturity of the bond shall not exceed the effective

life of any equipment purchased with the proceeds.