{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-3980.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-3980.2","heading":"Power to issue obligations for capital improvements","body":"A. It is the intent of the Legislature to authorize the Board\n\nof Regents of the University of Oklahoma, acting for the benefit of\n\nthe University of Oklahoma, the Board of Regents for the Oklahoma\n\nAgricultural and Mechanical Colleges, acting for the benefit of\n\nOklahoma State University, the Oklahoma State Regents for Higher\n\nEducation, acting for the benefit of other institutions within The\n\nOklahoma State System of Higher Education, the Board of Regents of\n\nOklahoma Colleges, also known as the Regional University System of\n\nOklahoma (RUSO) pursuant to Section 3507.1 of this title, acting for\n\nthe benefit of the institutions supervised and managed by RUSO, and\n\nthe Oklahoma Capitol Improvement Authority to become issuers of\n\nobligations according to the provisions and for the purposes\n\nauthorized by the Oklahoma Higher Education Promise of Excellence\n\nAct of 2005.\n\nB. Obligations issued by any of the authorized issuers pursuant\n\nto the Oklahoma Higher Education Promise of Excellence Act of 2005\n\nsupported by appropriation of revenues from the Oklahoma Education\n\nLottery Trust Fund pursuant to Section 41 of Article X of the\n\nOklahoma Constitution shall be considered and deemed to have been\n\nauthorized for the purposes of construction or acquisition of\n\neducational facilities or equipment owned by or under the control of\n\nthe Oklahoma State Regents for Higher Education within the meaning\n\nof paragraph 4 of subsection B of Section 41 of Article X of the\n\nOklahoma Constitution and/or capital outlay projects within the\n\nmeaning of paragraph 5 of subsection B of Section 41 of Article X of\n\nthe Oklahoma Constitution.\n\nC. Obligations issued pursuant to the authority of the Oklahoma\n\nHigher Education Promise of Excellence Act of 2005 shall not be\n\ndeemed or considered to be general obligations of this state, but\n\nshall be limited and special obligations of the authorized issuer\n\nfor the benefit of the applicable institutions within The Oklahoma\n\nState System of Higher Education under their respective auspices and\n\ncontrol.\n\nD. Neither the appropriations powers of the Legislature\n\npursuant to Article V of the Oklahoma Constitution nor the powers\n\ndescribed by Section 3 of Article XIII-A of the Oklahoma\n\nConstitution with respect to monies lawfully appropriated to the\n\nOklahoma State Regents for Higher Education nor the power of the\n\nLegislature to impose taxes, generally, shall be pledged to the\n\nrepayment of any obligations issued pursuant to the provisions of\n\nthe Oklahoma Higher Education Promise of Excellence Act of 2005 and\n\nany obligation issued by any authorized issuer hereunder shall\n\naffirmatively state this restriction.\n\nE. It is the intent of the Legislature to improve the ability\n\nof the Oklahoma State Regents for Higher Education and the other\n\nspecifically designated Boards of Regents within The Oklahoma State\n\nSystem of Higher Education to finance capital improvements and to\n\nprovide a method by which the total revenues available to each\n\nrespective authorized issuer of obligations, or revenues available\n\nwithin The Oklahoma State System of Higher Education as prescribed\n\nby the Oklahoma Higher Education Promise of Excellence Act of 2005,\n\nmay be pledged to the repayment of the obligations, resulting in a\n\nhigher credit rating and an interest cost savings to The Oklahoma\n\nState System of Higher Education.","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":"4f9d7276f1a7bab62fa56c51b6fdfcf8291c166fe6ca1be41954f568b2b55956","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-3980.12","next":"us-ok/okla.-stat.-tit.-70-70-3980.3"},"notice":"GroundRules: Original legal text. Not legal advice."}