{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.304","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.304","heading":"Oklahoma Building Bonds of 1992 Sinking Fund - Pledge","body":"of funds - Transmission of taxes and schedule - Deposit of funds -\n\nPledges and covenants of state.\n\nA. There is hereby created in the State Treasury a special fund\n\nto be known and designated as the \"Oklahoma Building Bonds of 1992\n\nSinking Fund\" which is hereby irrevocably pledged to the payment of\n\nthe interest on, and the principal of, the bonds issued pursuant to\n\nthis act; the monies to the credit thereof shall be paid out only in\n\nthe manner and at the time and places provided for in the resolution\n\nor indenture of the Commission authorizing the issuance of such\n\nbonds.\n\nB. The Oklahoma Tax Commission, when transmitting to the State\n\nTreasurer the collection of the tax on cigarettes shall also\n\ntransmit to the State Treasurer a schedule showing the net proceeds\n\nof two cents ($0.02) of the tax on each package of cigarettes levied\n\nby Section 302 of Title 68 of the Oklahoma Statutes and the tax levy\n\non cigarettes pursuant to Sections 302-2 and 302-4 of Title 68 of\n\nthe Oklahoma Statutes. It shall be the duty of the State Treasurer,\n\nupon receiving said taxes and schedules from the Oklahoma Tax\n\nCommission, to deposit in said sinking fund such portions of the tax\n\nor taxes hereinabove pledged to the payment of the bonds issued\n\nhereunder as may be necessary to assure prompt payment of the\n\ninterest on, and the principal of, said bonds as the same falls due\n\nand to comply with the covenants hereof with respect to reserve\n\nrequirements. Any revenue generated as a result of the tax changes\n\ncontained in Enrolled Senate Bill No. 759 of the 2nd Session of the\n\n43rd Oklahoma Legislature shall not be deposited in the Oklahoma\n\nBuilding Bonds of 1992 Sinking Fund.\n\nC. The tax monies hereinabove pledged to the retirement of said\n\nbonds shall constitute the primary revenue dedicated to the payment\n\nof the interest on, and the principal of, the bonds issued\n\nhereunder, but it is further pledged, for the purchasers, owners and\n\nholders of said bonds, that the State of Oklahoma, if and when it\n\nshall appear to be necessary hereby devotes irrevocably to the\n\npayment of the interest on and the principal of said bond, any\n\nmonies in the General Revenue Fund of the State of Oklahoma not\n\notherwise obligated, committed or appropriated, and the State\n\nTreasurer is directed to apply such General Revenue Fund of the\n\nState of Oklahoma for such purpose. The State of Oklahoma further\n\npledges to the purchasers, owners and holders of said bonds that it\n\nwill, if and when it shall appear to be necessary, impose and\n\ncollect a tax and devote the proceeds thereof, or so much thereof as\n\nmay be necessary for the purpose of paying the principal and\n\ninterest of the bonds issued hereunder as they come due. The bonds\n\nissued hereunder, and the interest thereon, shall be general\n\nobligations of the State of Oklahoma, and the full faith, credit and\n\nresources of the State of Oklahoma are pledged to their payment.\n\nThe Commission is authorized to incorporate in the face of each of\n\nthe bonds issued under this act, pledges the same or substantially\n\nthe same as those made herein. The pledges and covenants so made\n\nby the Commission shall constitute the commitment of the State of\n\nOklahoma, made in full good faith, in its sovereign capacity, and\n\nshall be binding upon said state and the Legislature, officers,\n\ninstrumentalities and agents thereof, so long as any of the interest\n\non, or principal of, said bonds shall remain outstanding and unpaid.\n\nThe Commission is authorized to make such other equally binding\n\ncovenants and agreements, not inconsistent with this act or the\n\nconstitutional amendment identified as House Joint Resolution No.\n\n1076 of the 2nd Session of the 43rd Oklahoma Legislature, as it\n\ndeems to be needful and appropriate to the general purpose of\n\neffectuating 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":"469f8cdcd9ee95484897644f75977919cece6f27b48cbdb0533ba7a489ba2fa2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.303","next":"us-ok/okla.-stat.-tit.-62-62-57.305"},"notice":"GroundRules: Original legal text. Not legal advice."}