{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.103","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.103","heading":"Institutional Building Bonds of 1965 Series D - Pledges","body":"of cigarette tax and sinking fund - General obligation.\n\nThe Commission, acting for and on behalf of the State of\n\nOklahoma, shall issue, sell and deliver, as hereinafter provided, a\n\nseries of bonds designated \"State of Oklahoma Institutional Building\n\nBonds of 1965\" (herein called the \"Series D Bonds\"), in the\n\nprincipal sum of Sixteen Million Five Hundred Twenty-five Thousand\n\nDollars ($16,525,000.00). It is hereby expressly provided and\n\npledged for the benefit of the purchasers, owners and holders of\n\nsaid bonds that seven cents ($0.07) of the tax on each package of\n\ncigarettes levied by Section 302 of House Bill No. 511, enacted by\n\nthe Thirtieth Oklahoma Legislature, constituting the remainder of\n\nrevenue available for the revenues lawfully levied and collected by\n\nthe State of Oklahoma on the sale of cigarettes not already\n\ncommitted to other obligations of the State of Oklahoma, or so much\n\nas may be necessary, shall be devoted irrevocably to the payment and\n\ndischarge of the interest on, and the principal of, the bonds issued\n\nhereunder as the same become due, and to create an adequate reserve\n\nto assure such payments when due; and said revenues shall be, and\n\nhereby are, irrevocably pledged for such purposes. There is in the\n\nState Treasury a fund known as the \"State of Oklahoma Institutional\n\nBuilding Bonds of 1965 Sinking Fund\" (herein called the \"sinking\n\nfund\"), established by said House Bill No. 1122, which is hereby\n\nirrevocably pledged to the payment of the interest on, and principal\n\nof, the Series D Bonds, in addition to other State of Oklahoma\n\nInstitutional Building Bonds of 1965, and monies to the credit\n\nthereof shall be paid out only in the manner and at the time and\n\nplaces provided for in the resolution or resolutions of the\n\nCommission authorizing the issuance of such bonds. Beginning on the\n\nfirst day of the month following the adoption of said constitutional\n\namendment, the Oklahoma Tax Commission, when transmitting to the\n\nState Treasurer the monthly collection of the tax on cigarettes,\n\nshall also transmit to the State Treasurer a schedule showing the\n\nnet proceeds of seven cents ($0.07) of the tax on each package of\n\ncigarettes levied by Section 302 of House Bill No. 511, enacted by\n\nthe Thirtieth Oklahoma Legislature. It shall be the duty of the\n\nState Treasurer, upon receiving said taxes and schedules from the\n\nOklahoma Tax Commission, to deposit in the sinking fund such\n\nportions of the cigarette tax or taxes hereinabove pledged to the\n\npayment of the bonds issued hereunder as may be necessary to assure\n\nprompt payment of the interest on, and the principal of, the\n\noutstanding State of Oklahoma Institutional Building Bonds of 1965\n\nas the same fall due. The State Treasurer shall deposit in the\n\nsinking fund, in addition to all other amounts required to be\n\ndeposited therein, the following sums for the following fiscal years\n\nfor the payment of the principal upon the Series D Bonds:\n\nFor the fiscal years commencing July 1, 1971, 1972 and 1973, the\n\nsum of Two Hundred Thousand Dollars ($200,000.00) each year; for the\n\nfiscal years commencing July 1, 1974, 1975, and 1976, the sum of\n\nFour Hundred Thousand Dollars ($400,000.00) each year; for the\n\nfiscal years commencing July 1, 1977, to and including the fiscal\n\nyear commencing July 1, 1982, the sum of Seven Hundred Thousand\n\nDollars ($700,000.00) each year; for the fiscal years commencing\n\nJuly 1, 1983, to and including the fiscal year commencing July 1,\n\n1991, the sum of One Million Dollars ($1,000,000.00) each year; for\n\nthe fiscal year commencing July 1, 1992, the sum of One Million Five\n\nHundred Twenty-five Thousand Dollars ($1,525,000.00) and, in\n\naddition thereto, in each of said fiscal years the amount necessary\n\nfor the payment of interest on the Series D Bonds. In the event\n\nthat the payments into the sinking fund in any fiscal year plus the\n91, the sum of One Million Dollars ($1,000,000.00) each year; for\n\nthe fiscal year commencing July 1, 1992, the sum of One Million Five\n\nHundred Twenty-five Thousand Dollars ($1,525,000.00) and, in\n\naddition thereto, in each of said fiscal years the amount necessary\n\nfor the payment of interest on the Series D Bonds. In the event\n\nthat the payments into the sinking fund in any fiscal year plus the\n\naccumulation in such sinking fund is not sufficient to pay the\n\nprincipal and interest due the following July 15 on the State of\n\nOklahoma Institutional Building Bonds of 1965, then it shall be the\n\nduty of the State Treasurer to pay into said sinking fund from the\n\ncigarette funds such sum of money as may be necessary to pay said\n\nprincipal and interest. The cigarette tax monies hereinabove\n\npledged to the retirement of the Series D Bonds shall constitute the\n\nprimary revenue dedicated to the payment of the interest on, and the\n\nprincipal of, said bonds issued hereunder, but it is further\n\npledged, for the purchasers, owners and holders of said bonds, that\n\nthe State of Oklahoma, if and when it shall appear to be necessary,\n\nhereby devotes irrevocably to the payment of the interest on, and\n\nprincipal of said bonds, any monies in the General Revenue Fund of\n\nthe State of Oklahoma not otherwise obligated, committed or\n\nappropriated, and the State Treasurer is directed to apply such\n\nGeneral Revenue Fund of the State of Oklahoma for such purpose. The\n\nState of Oklahoma further pledges to the purchasers, owners and\n\nholders of said bonds that it will, if and when it shall appear to\n\nbe necessary, impose and collect a tax and devote the proceeds\n\nthereof, or so much thereof as may be necessary, for the purpose of\n\npaying the principal of and interest on the Series D Bonds issued\n\nhereunder as they come due. The Series D Bonds issued hereunder, and\n\nthe interest thereon, shall be general obligations of the State of\n\nOklahoma, and the full faith, credit and resources of the State of\n\nOklahoma are pledged to their payment. The Commission is authorized\n\nto incorporate on the face of each of the bonds issued under this\n\nact, pledges the same or substantially the same as those made\n\nherein. The pledges and covenants so made by the Commission shall\n\nconstitute the commitment of the State of Oklahoma, made in full\n\ngood faith, in its sovereign capacity, and shall be binding upon\n\nsaid state and the Legislature, officers, instrumentalities and\n\nagents thereof, so long as any of the interest on, or principal of,\n\nsaid bonds shall remain outstanding and unpaid. The Commission is\n\nauthorized to make such other equally binding covenants and\n\nagreements, not inconsistent with this act or House Joint Resolution\n\nNo. 522 (552) of the Thirtieth Oklahoma Legislature, as it deems to\n\nbe needful and appropriate to the general purpose of effectuating\n\nthis act.","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":"80593d033a41c3ec14cfabf3037ad4c31192b10e1f97023b580a41c1f9afc910","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.102","next":"us-ok/okla.-stat.-tit.-62-62-57.104"},"notice":"GroundRules: Original legal text. Not legal advice."}