{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-15-106.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-15-106.1","heading":"Equipment purchase - Bonds","body":"Any school district may become indebted for the purpose of\n\npurchasing equipment and may issue its bonds, as provided for by\n\nlaw, in any amount not exceeding, with existing indebtedness, ten\n\npercent (10%) of the valuation of the taxable property within the\n\nschool district, as shown by the last incurring of indebtedness.\n\nThe bonds shall be made to mature within a period not to exceed five\n\n(5) years from their date. It is hereby declared that the use of\n\nthe word \"equipment\" in Section 26, Article X of the Oklahoma\n\nConstitution was intended to include: library books, textbooks,\n\nschool-owned uniforms, computer software, electronic media content,\n\nperpetual or continuous district software license agreements and\n\nweb-based software subscriptions with a term of more than one (1)\n\nyear but not more than five (5) years, the acquisition of\n\ntelecommunications devices and components to be used to enhance\n\nclassroom instruction and maintenance/service contracts which are\n\nincluded as a part of the equipment purchase price and any\n\nassociated hardware and software necessary for implementation and\n\ntraining and any maintenance agreements. This provision shall not\n\nrestrict a school district from issuing bonds with a maturity of\n\ngreater than five (5) years for the purchase of equipment not listed\n\nin this section. If the maturity of the bond is greater than five\n\n(5) years, the maturity of the bond shall not exceed the effective\n\nlife of any equipment purchased with the proceeds.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2eb610f784a14f510234a542ee16a1ef77a29a2892f86fda56e1eac24796e352","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-15-106","next":"us-ok/okla.-stat.-tit.-70-70-15-107"},"notice":"GroundRules: Original legal text. Not legal advice."}