Oklahoma § 62-57.125 - Sinking fund

§ 62-57.125. Sinking fund

There is hereby created in the State Treasury a fund to be known

as the "State of Oklahoma Building Bonds of 1968 Sinking Fund"

(herein called the "sinking fund"), which is hereby irrevocably

pledged to the payment of the interest on, and principal of, the

bonds issued hereunder, and monies to the credit thereof shall be

paid out only in the manner and at the time and places provided for

in the resolution or resolutions of the Commission authorizing the

issuance of such bonds. Beginning on the first day of the month

following the adoption of said constitutional amendment, the

Oklahoma Tax Commission, when transmitting to the State Treasurer

the monthly collection of the tax on cigarettes, shall also transmit

to the State Treasurer a schedule showing the net proceeds of the

tax on each package of cigarettes levied by Section 1, Chapter 47,

1968 Oklahoma Session Laws. It shall be the duty of the State

Treasurer, upon receiving said taxes and schedules from the Oklahoma

Tax Commission, to deposit in the Sinking Fund such portions of the

cigarette tax or taxes hereinabove pledged to the payment of the

bonds issued hereunder as may be necessary to assure prompt payment

Oklahoma Statutes - Title 62. Public Finance

of the interest on, and the principal of, the outstanding State of

Oklahoma Building Bonds of 1968 as the same fall due.

Laws 1969, c. 339, § 5, emerg. eff. May 8, 1969.