Oklahoma § 62-57.304 - Oklahoma Building Bonds of 1992 Sinking Fund - Pledge

§ 62-57.304. Oklahoma Building Bonds of 1992 Sinking Fund - Pledge

of funds - Transmission of taxes and schedule - Deposit of funds Pledges and covenants of state.

A. There is hereby created in the State Treasury a special fund

to be known and designated as the "Oklahoma Building Bonds of 1992

Sinking Fund" which is hereby irrevocably pledged to the payment of

the interest on, and the principal of, the bonds issued pursuant to

this act; the 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 indenture of the Commission authorizing the issuance of such

bonds.

B. The Oklahoma Tax Commission, when transmitting to the State

Treasurer the collection of the tax on cigarettes shall also

transmit to the State Treasurer a schedule showing the net proceeds

of two cents ($0.02) of the tax on each package of cigarettes levied

by Section 302 of Title 68 of the Oklahoma Statutes and the tax levy

on cigarettes pursuant to Sections 302-2 and 302-4 of Title 68 of

the Oklahoma Statutes. It shall be the duty of the State Treasurer,

upon receiving said taxes and schedules from the Oklahoma Tax

Commission, to deposit in said sinking fund such portions of the tax

or taxes hereinabove pledged to the payment of the bonds issued

hereunder as may be necessary to assure prompt payment of the

interest on, and the principal of, said bonds as the same falls due

and to comply with the covenants hereof with respect to reserve

requirements. Any revenue generated as a result of the tax changes

contained in Enrolled Senate Bill No. 759 of the 2nd Session of the

43rd Oklahoma Legislature shall not be deposited in the Oklahoma

Building Bonds of 1992 Sinking Fund.

C. The tax monies hereinabove pledged to the retirement of said

bonds shall constitute the primary revenue dedicated to the payment

of the interest on, and the principal of, the bonds issued

hereunder, but it is further pledged, for the purchasers, owners 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 the principal of said bond, 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 and

interest of 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

Oklahoma Statutes - Title 62. Public Finance

resources of the State of Oklahoma are pledged to their payment.

The Commission is authorized to incorporate in 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 the

constitutional amendment identified as House Joint Resolution No.

1076 of the 2nd Session of the 43rd Oklahoma Legislature, as it

deems to be needful and appropriate to the general purpose of

effectuating this act.

Added by Laws 1992, c. 350, § 5.