{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.63","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.63","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 Institutional Building Bonds of 1965\" in a total\n\nprincipal amount of Fifty-four Million Seven Hundred Fifty Thousand\n\nDollars ($54,750,000.00). Said Commission shall issue and deliver\n\nsaid bonds as follows:\n\nSeries A, in the principal sum of Fifteen Million Four Hundred\n\nTwenty-five Thousand Dollars ($15,425,000.00), following the\n\napproval by the people of the State of Oklahoma of House Joint\n\nResolution No. 552; Series B, in the sum of Twelve Million Dollars\n\n($12,000,000.00), on or about June 25, 1966, and the remaining\n\nportion of said bonds as provided by the 31st Oklahoma Legislature.\n\nIt is hereby expressly provided and pledged for the benefit of the\n\npurchasers, owners and holders of said bonds that the portion of\n\nseven cents ($0.07) of the tax on each package of cigarettes levied\n\nby Section 302 of House Bill No. 511, enacted by the 30th Oklahoma\n\nLegislature 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 Institutional Building\n\nBonds of 1965 Sinking Fund\" which sinking fund is hereby irrevocably\n\npledged to the payment of the interest on, and principal of, the\n\nbonds issued hereunder; and monies to the credit thereof shall be\n\npaid out only in the manner and at the time and places provided for\n\nin the resolution or resolutions of the Commission authorizing the\n\nissuance of the bonds. Beginning on the first day of the month\n\nfollowing the adoption of said constitutional amendment, the\n\nOklahoma Tax Commission, when transmitting to the State Treasurer\n\nthe monthly collection of the tax on cigarettes, shall also transmit\n\nto the State Treasurer a schedule showing the net proceeds of seven\n\ncents ($0.07) of the tax on each package of cigarettes levied by\n\nSection 302 of House Bill No. 511 enacted by the 30th Oklahoma\n\nLegislature. 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 covenants hereof with respect to reserve\n\nrequirements. The State Treasurer shall deposit in the above-\n\ncreated sinking fund for the fiscal years 1965-1966 and 1966-1967,\n\nthe amount necessary to pay the interest upon the outstanding bonds.\n\nThe State Treasurer shall deposit in the above-created sinking fund\n\nthe following sums for the following fiscal years for the payment of\n\nthe principal upon Series A Bonds:\n\nCommencing July 1, 1967, the sum of Two Hundred Twenty-five\n\nThousand Dollars ($225,000.00); commencing July 1, 1968 and 1969,\n\nthe sum of Three Hundred Thousand Dollars ($300,000.00) each year;\n\nfor the fiscal years commencing July 1, 1970, to and including the\n\nfiscal year commencing July 1, 1976, the sum of Five Hundred\n\nThousand Dollars ($500,000.00) each year; for the fiscal years\n\ncommencing July 1, 1977, to and including the fiscal year commencing\n\nJuly 1, 1988, the sum of Eight Hundred Thousand Dollars\n\n($800,000.00) each year; for the fiscal year commencing July 1,\n00) each year;\n\nfor the fiscal years commencing July 1, 1970, to and including the\n\nfiscal year commencing July 1, 1976, the sum of Five Hundred\n\nThousand Dollars ($500,000.00) each year; for the fiscal years\n\ncommencing July 1, 1977, to and including the fiscal year commencing\n\nJuly 1, 1988, the sum of Eight Hundred Thousand Dollars\n\n($800,000.00) each year; for the fiscal year commencing July 1,\n\n1989, the sum of One Million Five Hundred Thousand Dollars\n\n($1,500,000.00) and for the payment of the principal on the Series B\n\nBonds, in the fiscal years July 1, 1968, to and including July 1,\n\n1973, the sum of Two Hundred Thousand Dollars ($200,000.00) each\n\nyear; for the fiscal year commencing July 1, 1974, to and including\n\nJuly 1, 1978, the sum of Five Hundred Thousand Dollars ($500,000.00)\n\neach year; for the fiscal years commencing July 1, 1979 to and\n\nincluding July 1, 1988, the sum of Seven Hundred Thousand Dollars\n\n($700,000.00) each year and for the fiscal year commencing July 1,\n\n1989, the sum of One Million Three Hundred Thousand Dollars\n\n($1,300,000.00), and in addition thereto, the amounts necessary for\n\nthe payment of interest. In the event that the payments into the\n\nabove-created sinking fund in any fiscal year plus the accumulation\n\nin such sinking fund is not sufficient to pay the principal and\n\ninterest due the following July 15 then it shall be the duty of the\n\nState Treasurer to pay into said Sinking Fund from the cigarette\n\nfunds such sum of money as may be necessary to pay said principal\n\nand interest. The cigarette tax monies hereinabove pledged to the\n\nretirement of said bonds shall constitute the primary revenue\n\ndedicated to the payment of the interest on, and the principal of,\n\nthe bonds issued hereunder, but it is further pledged, for the\n\npurchasers, owners and owner of said bonds, that the State of\n\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\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 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 House\n\nJoint Resolution No. 552 Of the 30th 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":"2e6992e853e9ac4b781dd41c747f99d610f9948cd06eea6564d0ea25d73f9a93","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.62","next":"us-ok/okla.-stat.-tit.-62-62-57.64"},"notice":"GroundRules: Original legal text. Not legal advice."}