Oklahoma § 62-57.127 - Pledges and covenants

§ 62-57.127. Pledges and covenants

In the event that the payments into the sinking fund in any

fiscal year plus the accumulation in such sinking fund are not

sufficient to pay the principal and interest due the following July

15 on the State of Oklahoma Building Bonds of 1968, then it shall be

the duty of the State Treasurer to pay into said sinking fund from

the State of Oklahoma Building Bonds of 1968 Reserve Fund such sum

of money as may be necessary to pay said principal and interest. The

cigarette tax monies hereinabove pledged to the retirement of the

bonds issued hereunder shall constitute the primary revenue

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

said bonds, but it is further pledged, for the purchasers, owners

Oklahoma Statutes - Title 62. Public Finance

and holders of said bonds, that the State of Oklahoma, if and when

it shall appear to be necessary, hereby devotes irrevocably to the

payment of the interest on, and principal of, said bonds, any monies

in the General Revenue Fund of the State of Oklahoma not otherwise

obligated, committed or appropriated, and the State Treasurer is

directed to apply such General Revenue Fund of the State of Oklahoma

for such purpose. The State of Oklahoma further pledges to the

purchasers, owners and holders of said bonds that it will, if and

when it shall appear to be necessary, impose and collect a tax and

devote the proceeds thereof, or so much thereof as may be necessary,

for the purpose of paying the principal of and interest on the bonds

issued hereunder as they come due. The bonds issued hereunder, and

the interest thereon, shall be general obligations of the State of

Oklahoma, and the full faith, credit and resources of the State of

Oklahoma are pledged to their payment. The Commission is authorized

to incorporate on the face of each of the bonds issued under this

act pledges, the same or substantially the same as those made

herein. The pledges and covenants so made by the Commission shall

constitute the commitment of the State of Oklahoma, made in full

good faith, in its sovereign capacity, and shall be binding upon

said state and the Legislature, officers, instrumentalities and

agents thereof, so long as any of the interest on, or principal of,

said bonds shall remain outstanding and unpaid. The Commission is

authorized to make such other equally-binding covenants and

agreements, not inconsistent with this act or Section 38 of Article

X of the Oklahoma Constitution, as it deems to be needful and

appropriate to the general purpose of effectuating this act.

Laws 1969, c. 339, § 7, emerg. eff. May 8, 1969.