{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.33","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.33","heading":"Issuance and sale of bonds - Pledges - Sinking fund","body":"The Commission, acting for and on behalf of the State of\n\nOklahoma, shall issue, sell, and deliver as hereinafter provided,\n\n\"State of Oklahoma Building Bonds of 1961\" in a total principal\n\namount of Thirty-five Million Five Hundred Thousand Dollars\n\n($35,500,000.00). It is hereby expressly provided and pledged for\n\nthe benefit of the purchasers, owners, and holders of said bonds\n\nthat three cents ($0.03) of the five cents ($0.05) of the tax on\n\neach package of cigarettes levied by 68 O.S.1951, Section 586a, as\n\namended, constituting the remainder of revenue available from the\n\nrevenues lawfully levied and collected by the State of Oklahoma on\n\nthe sale of cigarettes not already committed to other obligations of\n\nthe State of Oklahoma, or so much as may be necessary, shall be\n\ndevoted irrevocably to the payment and discharge of the interest on,\n\nand the principal of, the bonds issued hereunder as the same become\n\ndue, and to create an adequate reserve to assure such payments when\n\ndue; and said revenues shall be, and hereby are, irrevocably pledged\n\nfor such purposes. There is hereby created, in the State Treasury, a\n\nfund to be known as the \"State of Oklahoma Building Bonds of 1961\n\nSinking Fund\" which sinking fund is hereby irrevocably pledged to\n\nthe payment of the interest on, and principal of, the bonds issued\n\nhereunder; and monies to the credit thereof shall be paid out only\n\nin the manner and at the time and places provided for in the\n\nresolution or resolutions of the Commission authorizing the issuance\n\nof the bonds. Beginning July 1, 1961, the Oklahoma Tax Commission,\n\nwhen transmitting to the State Treasurer the monthly collection of\n\nthe tax on cigarettes, shall also transmit to the State Treasurer a\n\nschedule showing the net proceeds of three cents ($0.03) of the tax\n\non each package of cigarettes levied by 68 O.S.1951, Section 568a,\n\nas amended. It shall be the duty of the State Treasurer, upon\n\nreceiving said taxes and schedules from the Oklahoma Tax Commission,\n\nto deposit in said sinking fund, such portions of the cigarette 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 convenants hereof with respect to reserve\n\nrequirements. The State Treasurer shall deposit in the above-\n\ncreated sinking fund for the fiscal years 1961-1962 and 1962-1963\n\nonly, the sum of One Million Five Hundred Thousand Dollars\n\n($1,500,000.00) each year. The State Treasurer in each fiscal year\n\ncommencing July 1, 1963, shall deposit in the above-created sinking\n\nfund the sum of One Million Five Hundred Thousand Dollars\n\n($1,500,000.00), each fiscal year, plus the amount necessary to pay\n\ninterest for each fiscal year. In the event that the payments into\n\nthe above-created 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, then it shall be\n\nthe duty of the State Treasurer to pay into said sinking fund from\n\nthe cigarette funds such sum of money as may be necessary to pay\n\nsaid principal and interest. The cigarette tax monies hereinabove\n\npledged to the retirement of said bonds shall constitute the primary\n\nrevenue dedicated to the payment of the interest on, and the\n\nprincipal of, the bonds issued hereunder, but it is further pledged,\n\nfor the purchasers, owners, and owner of said bonds, that the State\n\nof Oklahoma, if and when it shall appear to be necessary, hereby\n\ndevotes irrevocably to the payment of the interest on, and principal\n\nof said bonds, any monies in the General Revenue Fund of the State\n\nof Oklahoma not otherwise obligated, committed or appropriated, and\n\nthe State Treasurer is directed to apply such General Revenue Fund\n\nof the State of Oklahoma for such purpose. The State of Oklahoma\nlahoma, if and when it shall appear to be necessary, hereby\n\ndevotes irrevocably to the payment of the interest on, and principal\n\nof said bonds, any monies in the General Revenue Fund of the State\n\nof Oklahoma not otherwise obligated, committed or appropriated, and\n\nthe State Treasurer is directed to apply such General Revenue Fund\n\nof the State of Oklahoma for such purpose. The State of Oklahoma\n\nfurther pledges to the purchasers, owners, and holders of said bonds\n\nthat it will, if and when it shall appear to be necessary, impose\n\nand collect a tax and devote the proceeds thereof, or so much\n\nthereof as may be necessary, for the purpose of paying the principal\n\nand interest of the bonds issued hereunder as they come due. The\n\nbonds issued 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. The\n\nCommission is authorized to incorporate in the face of each of the\n\nbonds issued under this act, pledges the same or substantially the\n\nsame as those made herein. The pledges and covenants so made by the\n\nCommission shall constitute the commitment of the State of Oklahoma,\n\nmade in full good faith, in its sovereign capacity, and shall be\n\nbinding upon said state and the Legislature, officers,\n\ninstrumentalities, and agents thereof, so long as any of the\n\ninterest on, or principal of, said bonds shall remain outstanding\n\nand unpaid. The Commission is authorized to make such other\n\nequally-binding convenants and agreements, not inconsistent with\n\nthis act or Section 34 of Article X of the Constitution of the State\n\nof Oklahoma, relating to indebtedness for capital improvements to\n\ninstitutions of higher education, adopted July 5, 1960, as it deems\n\nto be needful and appropriate to the general purpose of effectuating\n\nthis act. As used herein, \"68 O.S.1951, Section 586a, as amended,\"\n\nshall be deemed to refer to said Section 586a as amended to the\n\neffective date of House Bill No. 705 Of the Twenty-eighth Oklahoma\n\nLegislature.","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":"0ada3ae5fd43e8848f45736c84d509a995a8ed157b2896d786335efa0aefffb0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.32","next":"us-ok/okla.-stat.-tit.-62-62-57.34"},"notice":"GroundRules: Original legal text. Not legal advice."}