{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.127","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.127","heading":"Pledges and covenants","body":"In the event that the payments into the sinking fund in any\n\nfiscal year plus the accumulation in such sinking fund are not\n\nsufficient to pay the principal and interest due the following July\n\n15 on the State of Oklahoma Building Bonds of 1968, then it shall be\n\nthe duty of the State Treasurer to pay into said sinking fund from\n\nthe State of Oklahoma Building Bonds of 1968 Reserve Fund such sum\n\nof money as may be necessary to pay said principal and interest. The\n\ncigarette tax monies hereinabove pledged to the retirement of the\n\nbonds issued hereunder shall constitute the primary revenue\n\ndedicated to the payment of the interest on, and the principal of,\n\nsaid bonds, but it is further pledged, for the purchasers, owners\n\nand holders of said bonds, that the State of Oklahoma, if and when\n\nit shall appear to be necessary, hereby devotes irrevocably to the\n\npayment of the interest on, and principal of, said bonds, any monies\n\nin the General Revenue Fund of the State of Oklahoma not otherwise\n\nobligated, committed or appropriated, and the State Treasurer is\n\ndirected to apply such General Revenue Fund of the State of Oklahoma\n\nfor such purpose. The State of Oklahoma further pledges to the\n\npurchasers, owners and holders of said bonds that it will, if and\n\nwhen it shall appear to be necessary, impose and collect a tax and\n\ndevote the proceeds thereof, or so much thereof as may be necessary,\n\nfor the purpose of paying the principal of and interest on the bonds\n\nissued hereunder as they come due. The 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 Section 38 of Article\n\nX of the Oklahoma Constitution, as it deems to be needful and\n\nappropriate to the general purpose of effectuating this 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":"d436640ccfd3ca81a5063674f445057129b28fe14012dac645685e455a0f256f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.126","next":"us-ok/okla.-stat.-tit.-62-62-57.128"},"notice":"GroundRules: Original legal text. Not legal advice."}