Okla. Stat. tit. 72, § 72-63.16: Public trusts - Issuance of evidence of indebtedness -

Department of Veterans Affairs Trust Fund.

A. The Oklahoma Department of Veterans Affairs shall not,

either in conjunction with the Oklahoma Veterans Commission or any

other state agency, board or commission or in conjunction with any

public trust, issue or cause to be issued by a public trust any bond

or other evidence of indebtedness after July 1, 2008.

B. Except as required for purposes of refinancing or refunding

an existing issue of indebtedness, from and after July 1, 2008,

neither the Oklahoma Department of Veterans Affairs nor the Oklahoma

Veterans Commission shall be authorized to enter into agreements

with public trusts in connection with an issuance of evidence of

indebtedness by such public trusts.

C. No provision of this section shall affect the obligations

incurred or agreements entered into by the Oklahoma Department of

Veterans Affairs or the Oklahoma Veterans Commission with any public

trust if such obligations were incurred or agreements were entered

into or are year to year continuations of agreements or leases

entered into prior to June 25, 1986. No provision of this section

shall be construed as a limitation on the authority of the Oklahoma

Department of Veterans Affairs or the Oklahoma Veterans Commission

to enter into other agreements not prohibited by this section.

D. There is hereby created in the State Treasury a trust fund

for the Oklahoma Department of Veterans Affairs to be designated the

"Department of Veterans Affairs Trust Fund". The fund shall be a

continuing fund, not subject to fiscal year limitations, and shall

consist of all monies authorized for expenditure as provided by this

section. All monies accruing to the credit of said fund are hereby

appropriated and may be budgeted and expended by the Oklahoma

Department of Veterans Affairs for the purpose of retiring

indebtedness evidenced by bonds, whether such bonds are part of an

original issue or part of a refunding issue, in the manner

prescribed by this section. Expenditures from said fund shall be

made upon warrants issued by the State Treasurer against claims

filed as prescribed by law with the Director of the Office of

Management and Enterprise Services for approval and payment.

E. The Oklahoma Department of Veterans Affairs shall make

deposits into the Department of Veterans Affairs Trust Fund

established by this section from the Department of Veterans Affairs

Revolving Fund, and from such other monies as may be lawfully

expended for the purposes specified by this section.

F. For all fiscal years in which an outstanding balance of

bonded indebtedness exists which the Oklahoma Department of Veterans

Affairs has caused to be issued through agreements with public

trusts, the Oklahoma Department of Veterans Affairs shall at or

prior to the end of each fiscal year quarter make money deposits in

the Department of Veterans Affairs Trust Fund in amounts sufficient

to meet three (3) months' debt service on any public trust bonded

indebtedness which the Department has caused to be issued. The

Department of Veterans Affairs Trust Fund deposits required by this

subsection shall be from any funds available to the Oklahoma

Department of Veterans Affairs which may be legally expended for the

purposes specified by this section. However, a minimum of an amount

equal to one percent (1%) of the Department of Veterans Affairs

Budget Work Program for the applicable fiscal year must be

transferred from the Oklahoma Department of Veterans Affairs

Revolving Fund and included in the total deposits required in each

fiscal year.

G. Payments from the fund established pursuant to subsection D

of this section shall be made by the Oklahoma Department of Veterans

Affairs only upon the authorization of the Director of the Office of

Management and Enterprise Services and the Oklahoma Veterans

Commission.

Oklahoma Department of Veterans Affairs

Revolving Fund and included in the total deposits required in each

fiscal year.

G. Payments from the fund established pursuant to subsection D

of this section shall be made by the Oklahoma Department of Veterans

Affairs only upon the authorization of the Director of the Office of

Management and Enterprise Services and the Oklahoma Veterans

Commission.

H. The Oklahoma Department of Veterans Affairs is hereby

authorized to deposit in the fund created in subsection D of this

section all federal grant monies which it receives in conjunction

with projects which it has caused to be financed through revenue

bonds issued by public trusts.