{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-1730","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-1730","heading":"Trust fund - Motor fuel tax revenues subject to","body":"expenditure and pledge.\n\n(a) Motor fuel taxes on fuels consumed on Oklahoma Turnpikes and\n\napportioned to the Authority are declared to be revenues of the\n\nOklahoma Turnpikes, since they are derived directly from the\n\noperation of such turnpikes, and are subject to pledge by the\n\nAuthority in the same manner as tolls and other revenues of the\n\nturnpikes may be pledged, as security for turnpike revenue bonds\n\nhereafter issued. The Authority shall segregate and hold such motor\n\nfuel excise taxes apportioned to it and all funds heretofore or\n\nhereafter accumulated in the trust fund in trust for the uses and\n\npurposes herein provided.\n\n(b) The deposits in such trust fund may be expended or pledged\n\nby the Authority, as it may deem proper, either in whole or in part,\n\nfor making up any deficiency in the monies available to meet\n\ninterest and principal requirements on all turnpike revenue bonds\n\nand turnpike revenue refunding bonds of the Authority issued\n\npursuant to the provisions of this article and then outstanding, and\n\nfor such purpose it may vest in the holders of any such bonds a\n\ncontract right to the continuance of those apportionments to the\n\nAuthority provided in Section 1727 of this Code but subject to the\n\nlimitations therein (provided, that no such pledge or vesting of\n\nsuch contract right shall be deemed to restrict in any way the\n\nstate's power to change the rate of the motor fuel tax levy or to\n\nrepeal such levy) and for the payment of necessary expenses in the\n\nfinancing of additional turnpikes. Any such expenditure or pledge\n\nshall be subject to any prior pledge of any portion of the funds in,\n\nor to be deposited to, the trust fund. Provided, that any funds\n\nexpended as permitted herein shall, upon payment of all interest and\n\nprincipal of all bonds issued hereunder, and before delivery of any\n\nturnpike to the Department, be replaced in the trust fund by the\n\nAuthority, and upon completion of such reimbursement, the trust fund\n\nshall terminate and the balance in the trust fund shall be delivered\n\nto the Department.\n\n(c) The motor fuel tax revenues derived under the provisions of\n\nsubsection (c) of Section 1727 of this Code shall be pledged and\n\nused exclusively to meet and retire interest and principal\n\nrequirements on turnpike bonds issued for the construction of any\n\nturnpike or turnpikes authorized by this article.\n\n(d) (1) Beginning July 1, 1984, and on July 1 of each year\n\nthereafter, any funds in the trust fund not expended or pledged or\n\nto be expended or pledged by the Authority on account of all\n\nturnpike revenue and turnpike revenue refunding bonds of the\n\nAuthority issued pursuant to the provisions of this article prior to\n\nMay 1, 1992, and then outstanding also may be expended or pledged to\n\nany turnpike revenue bonds or turnpike revenue refunding bonds of\n\nthe Authority issued after May 1, 1992. If before July 1, 1988, the\n\nAuthority issues any turnpike revenue refunding bonds and funds are\n\ntransferred to the Department as a result of the issuance of such\n\nrefunding bonds, then the Department shall within ninety (90) days\n\ntransfer an amount equal to the proceeds of such refunding bonds, up\n\nto a maximum of Twenty Million Dollars ($20,000,000.00), to the\n\nPension Systems Reserve Fund for the then current fiscal year.\nuthority issues any turnpike revenue refunding bonds and funds are\n\ntransferred to the Department as a result of the issuance of such\n\nrefunding bonds, then the Department shall within ninety (90) days\n\ntransfer an amount equal to the proceeds of such refunding bonds, up\n\nto a maximum of Twenty Million Dollars ($20,000,000.00), to the\n\nPension Systems Reserve Fund for the then current fiscal year.\n\n(2) Beginning the later of July 1, 1992, or upon the issuance\n\nof turnpike revenue refunding bonds by the Authority, and in each\n\nfiscal year thereafter, on the first day of each calendar month,\n\nfrom the amounts apportioned and to be apportioned to the trust fund\n\npursuant to Section 1727 of this Code, so long as bonds issued prior\n\nto May 1, 1992, are outstanding, the first Three Million Dollars\n\n($3,000,000.00) of such amounts apportioned will be used, if\n\nnecessary, to maintain a balance of one and one-half (1 1/2) times\n\nthe maximum amount of principal, including any sinking fund or\n\namortization requirements, and interest payable in any fiscal year\n\nfor bonds issued prior to May 1, 1992. All motor fuel excise taxes\n\napportioned to the trust fund not used to maintain the balance of\n\none and one-half (1 1/2) times the maximum amount of principal,\n\nincluding any sinking fund or amortization requirements, and\n\ninterest payable in any fiscal year, if any, for bonds issued prior\n\nto May 1, 1992, shall be available to pay principal, including any\n\nsinking fund or amortization requirements, and interest payable in\n\nany fiscal year on bonds of the Authority issued after May 1, 1992,\n\nto the extent monies are not otherwise available to the Authority\n\nfor such purpose. If such motor fuel excise taxes apportioned to\n\nthe trust fund are not necessary in such month to meet the pro rata\n\nmonthly requirements for payment of principal, including any sinking\n\nfund or amortization requirements, and interest for that month for\n\nbonds issued after May 1, 1992, such motor fuel excise taxes shall\n\nbe paid over to the Department. The monies in such fund may be\n\nexpended or pledged by the Authority, as it may deem proper, either\n\nin whole or in part, for making up any deficiency in the monies\n\navailable to meet interest and principal requirements on all\n\nturnpike revenue bonds and turnpike revenue refunding bonds of the\n\nAuthority issued pursuant to the provisions of this article after\n\nMay 1, 1992, and then outstanding, and for such purpose it may vest\n\nin the holders of any such bonds a contract right to the continuance\n\nof those apportionments to the Authority provided in Section 1727 of\n\nthis Code but subject to the limitations therein (provided, that no\n\nsuch pledge or vesting of such contract right shall be deemed to\n\nrestrict in any way the state's power to change the rate of the\n\nmotor fuel tax levy or to repeal such levy). Any such expenditure\n\nor pledge shall be subject to any prior pledge of any portion of the\n\nfunds in, or to be deposited to, the trust fund. Provided, that any\n\nfunds expended as permitted herein shall, upon payment of all\n\ninterest and principal of all bonds issued hereunder, and before\n\ndelivery of any turnpike to the Department, be replaced in the trust\n\nfund by the Authority, and upon completion of such reimbursement,\n\nthe trust fund shall terminate and the balance in the trust fund\n\nshall be delivered to the Department. The indenture, trust\n\nagreement or supplemental trust agreement pursuant to which any\n\nturnpike revenue bonds or turnpike revenue refunding bonds are\n\nissued after May 1, 1992, shall provide that the Authority utilize\n\nall available revenues, operating reserves, Turnpike trust fund\n\nbalances, and provide revenues from all other sources available to\n\nthe Authority for the payment of principal, including any sinking\n\nfund or amortization requirements and interest on such bonds, as\nny\n\nturnpike revenue bonds or turnpike revenue refunding bonds are\n\nissued after May 1, 1992, shall provide that the Authority utilize\n\nall available revenues, operating reserves, Turnpike trust fund\n\nbalances, and provide revenues from all other sources available to\n\nthe Authority for the payment of principal, including any sinking\n\nfund or amortization requirements and interest on such bonds, as\n\nprovided in any supplemental trust agreement executed prior to\n\nDecember 1, 1992, before using motor fuel excise taxes apportioned\n\nto the trust fund under this subsection.\n\n(e) The Authority is hereby authorized to invest all or part of\n\nsuch trust fund in:\n\n(1) Any bonds or other obligations which as to principal and\n\ninterest constitute direct obligations of, or are unconditionally\n\nguaranteed by, the United States of America, including obligations\n\nof any of the federal agencies set forth in paragraph 2 of this\n\nsubsection to the extent unconditionally guaranteed by the United\n\nStates of America; and\n\n(2) Bonds, debentures, or other evidences of indebtedness\n\nissued or guaranteed by any agency or corporation which has been or\n\nmay hereafter be created pursuant to an Act of Congress as an agency\n\nor instrumentality of the United States of America.","path":["OK Code","Title 69"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os69.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9250abedc2d11d4078de9e8ef4210e1aad5b2cdcc401de7dd03accf027f2b64c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-1729","next":"us-ok/okla.-stat.-tit.-69-69-1731"},"notice":"GroundRules: Original legal text. Not legal advice."}