{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.53","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.53","heading":"Issuance and sale of bonds - Pledges and covenants -","body":"Sinking fund.\n\nThe Commission, acting for and on behalf of of the State of\n\nOklahoma, shall issue, sell and deliver as hereinafter provided,\n\n\"State of Oklahoma Building Bonds of 1965\" in a total principal\n\namount of Seven Million Dollars ($7,000,000.00). It is hereby\n\nexpressly provided and pledged for the benefit of the purchasers,\n\nowners and holders of said bonds that three cents ($0.03) of the\n\nfive cents ($0.05) of the tax on each package of cigarettes levied\n\nby 68 O.S.1961, as amended, Section 586a constituting the remainder\n\nof revenue available from the revenues lawfully levied and collected\n\nby the 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 hereby\n\ncreated in the State Treasury, a fund to be known as the \"State of\n\nOklahoma Building Bonds of 1965 Sinking Fund\" which sinking fund is\n\nhereby irrevocably pledged to the payment of the interest on, and\n\nprincipal of, the bonds issued hereunder; 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 the bonds. Beginning July 1,\n\n1965, the Oklahoma Tax Commission, when transmitting to the State\n\nTreasurer the monthly collection of the tax on cigarettes, shall\n\nalso transmit to the State Treasurer a schedule showing the net\n\nproceeds of three cents ($0.03) of the tax on each package of\n\ncigarettes levied by 68 O.S.1961, Section 586a, as amended. It\n\nshall be the duty of the State Treasurer, upon receiving said taxes\n\nand schedules from the Oklahoma Tax Commission, to deposit in said\n\nsinking fund, such portions of the cigarette tax or taxes\n\nhereinabove pledged to the payment of the bonds issued hereunder as\n\nmay be necessary to assure prompt payment of the interest on, and\n\nthe principal of, said bonds as the same falls due and to comply\n\nwith the covenants hereof with respect to reserve requirements. The\n\nState Treasurer in each fiscal year commencing July 1, 1967, to and\n\nincluding the fiscal year commencing July 1, 1988, shall deposit in\n\nthe above-created sinking fund, the sum of Three Hundred Thousand\n\nDollars ($300,000.00), plus interest for each fiscal year, and in\n\nthe fiscal year commencing July 1, 1989, the sum of Four Hundred\n\nThousand Dollars ($400,000.00). 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 holders 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 bond, any monies in the General Revenue Fund of the State of\n\nOklahoma not otherwise obligated, committed or appropriated, and the\n\nState Treasurer is directed to apply such General Revenue Fund of\n\nthe State of Oklahoma for such purpose. The State of Oklahoma\nOklahoma, 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 bond, any monies in the General Revenue Fund of the State of\n\nOklahoma not otherwise obligated, committed or appropriated, and the\n\nState Treasurer is directed to apply such General Revenue Fund of\n\nthe 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 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. 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 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 Section\n\n36 of Article X of the Constitution of the State of Oklahoma adopted\n\nDecember 3, 1963, as it deems to be needful and appropriate to the\n\ngeneral 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":"8f11b46eb8771c40fc297ade54357a7fdb2f1b2738700494c1194d48f9d622ba","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.52","next":"us-ok/okla.-stat.-tit.-62-62-57.54"},"notice":"GroundRules: Original legal text. Not legal advice."}