{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.83","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.83","heading":"Institutional Bonds of 1965 Series C - Pledges of","body":"cigarette tax and sinking fund - General obligation.\n\nThe 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 Series C\",\n\nin the principal sum of Ten Million Eight Hundred Thousand Dollars\n\n($10,800,000.00), and the remaining portion of said \"State of\n\nOklahoma Institutional Building Bonds of 1965\" shall be sold as\n\nprovided by subsequent acts of the Oklahoma Legislature. It is\n\nhereby expressly provided and pledged for the benefit of the\n\npurchasers, owners and holders of said bonds that seven cents\n\n($0.07) of the tax on each package of cigarettes levied by Section\n\n302 of the 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 in the State Treasury, a fund known as\n\nthe \"State of Oklahoma Institutional Building Bonds of 1965 Sinking\n\nFund\" to which Series C shall be added, said sinking fund is hereby\n\nirrevocably pledged to the payment of the interest on, and principal\n\nof, the bonds issued hereunder; and monies to the credit thereof\n\nshall be paid out only in the manner and at the time and places\n\nprovided for in the resolution or resolutions of the Commission\n\nauthorizing the issuance of the bonds. Beginning on the first day\n\nof the month following the adoption of said constitutional\n\namendment, the Oklahoma Tax Commission, when transmitting to the\n\nState Treasurer the monthly collection of the tax on cigarettes,\n\nshall also transmit to the State Treasurer a schedule showing the\n\nnet proceeds of seven cents ($0.07) of the tax on each package of\n\ncigarettes levied by Section 302 of House Bill No. 511 enacted by\n\nthe 30th Oklahoma Legislature. It shall be the duty of the State\n\nTreasurer, upon receiving said taxes and schedules from the Oklahoma\n\nTax Commission, to deposit in said sinking fund, such portions of\n\nthe cigarette tax or taxes hereinabove pledged to the payment of the\n\nbonds issued hereunder as may be necessary to assure prompt payment\n\nof the interest on, and the principal of, said bonds as the same\n\nfalls due. The State Treasurer shall deposit in the above-created\n\nsinking fund for the fiscal years 1966-1967, 1967-1968, 1968-1969,\n\nand 1969-1970, the amount necessary to pay the interest upon the\n\noutstanding bonds. The State Treasurer shall deposit in the above-\n\ncreated sinking fund the following sums for the following fiscal\n\nyears for the payment of the principal upon Series C Bonds:\n\nCommencing July 1, 1970, 1971, 1972 and 1973, the sum of Two\n\nHundred Thousand Dollars ($200,000.00) each year; commencing July 1,\n\n1974, 1975 and 1976, the sum of Three Hundred Thousand Dollars\n\n($300,000.00) each year; for the fiscal years commencing July 1,\n\n1977, to and including the fiscal year commencing July 1, 1982, the\n\nsum of Five Hundred Thousand Dollars ($500,000.00) each year; for\n\nthe fiscal years commencing July 1, 1983, to and including the\n\nfiscal year commencing July 1, 1990, the sum of Seven Hundred\n\nThousand Dollars ($700,000.00) each year; for the fiscal year\n\ncommencing July 1, 1991, the sum of Five Hundred Thousand Dollars\n\n($500,000.00), 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\ng the\n\nfiscal year commencing July 1, 1990, the sum of Seven Hundred\n\nThousand Dollars ($700,000.00) each year; for the fiscal year\n\ncommencing July 1, 1991, the sum of Five Hundred Thousand Dollars\n\n($500,000.00), 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 holders of said bonds, that the State of\n\nOklahoma, if and when it shall appear to be necessary hereby devotes\n\nirrevocably to the payment of the interest on, and principal of said\n\nbonds, 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. 522 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":"945c7ff73b29a568ed985d88824bbf23b8a83cef8fd18cc0774db7248608ea2e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.82","next":"us-ok/okla.-stat.-tit.-62-62-57.84"},"notice":"GroundRules: Original legal text. Not legal advice."}