{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-34.200","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-34.200","heading":"Debt limit","body":"\n\nA. The State of Oklahoma shall not become indebted in an amount\n\nthat causes total annual debt service payments from the General\n\nRevenue Fund to exceed five percent (5%) of the average of the\n\ngeneral fund revenue, as certified by the State Board of\n\nEqualization in December of each calendar year, for the preceding\n\nfive (5) fiscal years. The Legislature, upon an affirmative vote of\n\ntwo-thirds of the members of both houses, may declare an emergency\n\nand permit the total annual debt service payments of the state to\n\nexceed the amount provided in this section.\n\nB. The state shall not be in violation of the provisions of\n\nthis section if a decline in the average of the general fund\n\nrevenue, as certified by the State Board of Equalization in December\n\nof each calendar year, for the preceding five (5) fiscal years,\n\nresults in annual debt service payments exceeding the limit provided\n\nin subsection A of this section; provided that, the state shall not\n\nincur any additional debt service payments so long as the amount of\n\ndebt service payments, as defined in this section, continue to\n\nexceed five percent (5%) of the average of the general fund revenue,\n\nas certified by the State Board of Equalization in December of each\n\ncalendar year, for the preceding five (5) fiscal years.\n\nC. For purposes of calculating the total amount of indebtedness\n\nas provided in subsection A of this section, annual debt service\n\npayments shall not include any indebtedness incurred through the\n\nmaster lease program as provided in Sections 3206.6 and 3206.6a of\n\nTitle 70 of the Oklahoma Statutes, pursuant to a declaration of an\n\nemergency as provided in subsection A of this section or any general\n\nobligation bonds issued pursuant to Section 39A of Article X of the\n\nOklahoma Constitution.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6d3dc2eec94f9ea50e9dcf11a83147a4c5cec6e467b36600fcd2cc211493b5f3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-34.20.1","next":"us-ok/okla.-stat.-tit.-62-62-34.200-1"},"notice":"GroundRules: Original legal text. Not legal advice."}