{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-3980.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-3980.4","heading":"Authorized revenues for repayment of obligations -","body":"Approval procedures for issuance of obligations - Restrictions on\n\nissuance.\n\nA. The Oklahoma State Regents for Higher Education shall be\n\nauthorized to issue indebtedness for capital projects to benefit\n\neach and every institution within The Oklahoma State System of\n\nHigher Education except the University of Oklahoma and Oklahoma\n\nState University.\n\nB. The Board of Regents of the University of Oklahoma shall be\n\nauthorized to issue indebtedness for capital projects to benefit the\n\nUniversity of Oklahoma as provided by paragraph (n) of Section 3305\n\nof this title. The Board of Regents of the University of Oklahoma,\n\nacting for the benefit of the University of Oklahoma, shall be\n\nauthorized to pledge any lawfully available source of revenue other\n\nthan revenues appropriated by the Legislature from tax receipts, but\n\ninclusive of revenues derived from the Oklahoma Education Lottery\n\nAct accruing to the credit of the University of Oklahoma to the\n\nrepayment of obligations issued pursuant to this subsection and,\n\nwith respect to obligations issued for the purpose specified in\n\nSection 160.1 of Title 62 of the Oklahoma Statutes, inclusive of\n\nmonies accruing to the credit of the Comprehensive Cancer Center\n\nDebt Service Revolving Fund.\n\nC. The Board of Regents for the Oklahoma Agricultural and\n\nMechanical Colleges shall be authorized to issue indebtedness for\n\ncapital projects to benefit Oklahoma State University pursuant to\n\nparagraph 16 of Section 3412 of this title. The Board of Regents\n\nfor the Oklahoma Agricultural and Mechanical Colleges, acting for\n\nthe benefit of Oklahoma State University, shall be authorized to\n\npledge any lawfully available source of revenue, other than revenues\n\nappropriated by the Legislature from tax receipts, but inclusive of\n\nrevenues derived from the Oklahoma Education Lottery Act, accruing\n\nto the credit of Oklahoma State University to the repayment of\n\nobligations issued pursuant to this subsection.\n\nD. The Board of Regents of Oklahoma Colleges, also known as the\n\nRegional University System of Oklahoma (RUSO) pursuant to Section\n\n3507.1 of this title, shall be authorized to issue indebtedness for\n\ncapital projects to benefit the institutions supervised and managed\n\nby RUSO. RUSO shall be authorized to pledge any lawfully available\n\nsource of revenue, other than revenue appropriated by the\n\nLegislature from tax receipts, but inclusive of revenues derived\n\nfrom the Oklahoma Education Lottery Act, accruing to the credit of\n\ninstitutions supervised and managed by RUSO to the repayment of\n\nobligations issued pursuant to this subsection.\n\nE. The Oklahoma State Regents for Higher Education shall be\n\nrequired to affirmatively approve the issuance of obligations\n\npursuant to the provisions of the Oklahoma Higher Education Promise\n\nof Excellence Act of 2005 by either the Board of Regents of the\n\nUniversity of Oklahoma, acting for the benefit of the University of\n\nOklahoma, the Board of Regents for the Oklahoma Agricultural and\n\nMechanical Colleges, acting for the benefit of Oklahoma State\n\nUniversity, or RUSO, acting for the benefit of institutions\n\nsupervised and managed by RUSO. For each of the proposed bond\n\nissues authorized pursuant to the Oklahoma Higher Education Promise\n\nof Excellence Act of 2005, a Statement of Essential Facts shall be\n\nprepared by the issuing Board of Regents for the use and information\n\nof prospective bond purchasers. It shall be the duty of the\n\nOklahoma State Regents for Higher Education to examine such\n\nStatement of Essential Facts and determine that, based upon such\n\nfacts and projections, the projected revenue will satisfy the\n\nfinancial obligation to be incurred under the proposed bond issue.\n\nIf the facts are found by the State Regents to be substantially\n\naccurate and if the State Regents find that, based upon such facts\n\nand projections, the projected revenue will satisfy the financial\nuch\n\nStatement of Essential Facts and determine that, based upon such\n\nfacts and projections, the projected revenue will satisfy the\n\nfinancial obligation to be incurred under the proposed bond issue.\n\nIf the facts are found by the State Regents to be substantially\n\naccurate and if the State Regents find that, based upon such facts\n\nand projections, the projected revenue will satisfy the financial\n\nobligation to be incurred under the proposed bond issue, then the\n\nOklahoma State Regents for Higher Education shall certify such to\n\nthe Governor, the Speaker of the House of Representatives, and the\n\nPresident Pro Tempore of the Senate. The certificate shall be made\n\nin substantially the following form:\n\nThe Oklahoma State Regents for Higher Education do hereby\n\ncertify that the provisions of this section have been complied with\n\nin proper order, for the bond issue mentioned above.\n\nF. All obligations except refunding or defeasance obligations\n\nproposed to be issued by an authorized issuer pursuant to the\n\nOklahoma Higher Education Promise of Excellence Act of 2005 shall be\n\nsubject to final approval by the Legislature as provided by this\n\nsubsection. The authorized issuer shall communicate the proposed\n\nprojects and the terms of the financing to the Governor, the Speaker\n\nof the House of Representatives, and the President Pro Tempore of\n\nthe Senate prior to the time any such obligations are sold. The\n\ncommunication required by this subsection shall be made not later\n\nthan April 1 each year. The communication to such elected officials\n\nshall occur upon the same date for purposes of computing the time\n\nwithin which action must be taken as further prescribed by this\n\nsubsection. The Legislature shall have a period of forty-five\n\ncalendar days from the date as of which the information is\n\ncommunicated to the presiding officers of both chambers in order to\n\npass a Concurrent Resolution disapproving the proposed issuance. If\n\nthe Concurrent Resolution has not received a majority of votes of\n\nthose elected to and constituting both the House of Representatives\n\nand the Senate by the end of the forty-fifth day following the date\n\nupon which the proposed issuance is communicated to the presiding\n\nofficers of both chambers, the proposed issuance shall be deemed to\n\nhave been approved by the Legislature.\n\nG. With the approval of the Oklahoma State Regents for Higher\n\nEducation, the total revenues described by subsection B and\n\nsubsection C of this section may be pledged to the repayment of\n\nobligations issued by either the Board of Regents of the University\n\nof Oklahoma or obligations issued by the Board of Regents for the\n\nOklahoma Agricultural and Mechanical Colleges in order to obtain the\n\nhighest possible credit rating. If the Board of Regents of the\n\nUniversity of Oklahoma and the Board of Regents for the Oklahoma\n\nAgricultural and Mechanical Colleges agree to the use of the total\n\nrevenues available to each such Board of Regents pursuant to this\n\nsubsection for a project that benefits either the University of\n\nOklahoma or Oklahoma State University or both such comprehensive\n\nuniversities, there shall be an agreement executed by both such\n\nBoards of Regents describing the project, the principal amount of\n\nthe indebtedness, the terms of the financing, and such other matters\n\nas the two Boards of Regents may mutually agree. Such agreement\n\nshall be executed prior to the sale of any obligations by either\n\nBoard of Regents with respect to the proposed project or projects.\n\nThe agreement shall provide for one or the other Board of Regents to\n\nbe the authorized issuer with respect to the project or projects.\n\nThe agreement shall also provide for the ownership or control of any\n\nreal or personal property to be improved or acquired with the\n\nproceeds from the sale of any such obligations including any\nroject or projects.\n\nThe agreement shall provide for one or the other Board of Regents to\n\nbe the authorized issuer with respect to the project or projects.\n\nThe agreement shall also provide for the ownership or control of any\n\nreal or personal property to be improved or acquired with the\n\nproceeds from the sale of any such obligations including any\n\nrequirements for the transfer of real or personal property from one\n\ncomprehensive university to the other comprehensive university if\n\nsuch transfer is required in order to promote or ensure the\n\nmarketability of any obligations sold by either Board of Regents.\n\nH. The Oklahoma State Regents for Higher Education may pledge\n\nall lawfully available revenues, other than revenues appropriated by\n\nthe Legislature from tax receipts, but inclusive of revenues derived\n\nfrom the Oklahoma Education Lottery Act, and other than the revenues\n\ndescribed by subsection B, C, or D of this section, to the repayment\n\nof obligations issued by the State Regents.\n\nI. The authorized issuers shall be subject to the following\n\nrestrictions governing the issuance of the obligations authorized by\n\nthe Oklahoma Higher Education Promise of Excellence Act of 2005:\n\n1. Obligations used to pay for the following assets shall be\n\nrepaid in a period not to exceed five (5) years:\n\na. computers,\n\nb. portable telecommunications equipment costing less\n\nthan Fifty Thousand Dollars ($50,000.00),\n\nc. motor vehicles, and\n\nd. any other item of tangible personal property with an\n\noriginal useful life of six (6) years or less;\n\n2. Obligations used to pay for the following assets shall be\n\nrepaid in a period not to exceed ten (10) years:\n\na. equipment with an original cost of less than One\n\nHundred Thousand Dollars ($100,000.00) per item, and\n\nb. renovation of existing structures, unless the cost of\n\nthe renovation exceeds the fair market value of the\n\nexisting structure or unless the improvement extends\n\nthe useful life of the existing structure, but in no\n\ncase shall the maturity period exceed the period by\n\nwhich the life of the existing structure is extended;\n\nand\n\n3. Obligations used to pay for all other assets shall be repaid\n\nin a period not to exceed thirty (30) years and in no case shall the\n\nlatest maturity date of an obligation exceed the expected useful\n\nlife of the asset.","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":"0acc9d6709311e7b0c008f39cc03287596077f3d3b1b2a7c1bd9ae7d300e3370","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-3980.3","next":"us-ok/okla.-stat.-tit.-70-70-3980.6"},"notice":"GroundRules: Original legal text. Not legal advice."}