Oklahoma § 70-3980.2 - Power to issue obligations for capital improvements

§ 70-3980.2. Power to issue obligations for capital improvements

A. It is the intent of the Legislature to authorize the Board

of Regents of the University of Oklahoma, acting for the benefit of

the University of Oklahoma, the Board of Regents for the Oklahoma

Agricultural and Mechanical Colleges, acting for the benefit of

Oklahoma State University, the Oklahoma State Regents for Higher

Education, acting for the benefit of other institutions within The

Oklahoma State System of Higher Education, the Board of Regents of

Oklahoma Colleges, also known as the Regional University System of

Oklahoma (RUSO) pursuant to Section 3507.1 of this title, acting for

the benefit of the institutions supervised and managed by RUSO, and

the Oklahoma Capitol Improvement Authority to become issuers of

obligations according to the provisions and for the purposes

authorized by the Oklahoma Higher Education Promise of Excellence

Act of 2005.

B. Obligations issued by any of the authorized issuers pursuant

to the Oklahoma Higher Education Promise of Excellence Act of 2005

supported by appropriation of revenues from the Oklahoma Education

Lottery Trust Fund pursuant to Section 41 of Article X of the

Oklahoma Constitution shall be considered and deemed to have been

Oklahoma Statutes - Title 70. Schools

authorized for the purposes of construction or acquisition of

educational facilities or equipment owned by or under the control of

the Oklahoma State Regents for Higher Education within the meaning

of paragraph 4 of subsection B of Section 41 of Article X of the

Oklahoma Constitution and/or capital outlay projects within the

meaning of paragraph 5 of subsection B of Section 41 of Article X of

the Oklahoma Constitution.

C. Obligations issued pursuant to the authority of the Oklahoma

Higher Education Promise of Excellence Act of 2005 shall not be

deemed or considered to be general obligations of this state, but

shall be limited and special obligations of the authorized issuer

for the benefit of the applicable institutions within The Oklahoma

State System of Higher Education under their respective auspices and

control.

D. Neither the appropriations powers of the Legislature

pursuant to Article V of the Oklahoma Constitution nor the powers

described by Section 3 of Article XIII-A of the Oklahoma

Constitution with respect to monies lawfully appropriated to the

Oklahoma State Regents for Higher Education nor the power of the

Legislature to impose taxes, generally, shall be pledged to the

repayment of any obligations issued pursuant to the provisions of

the Oklahoma Higher Education Promise of Excellence Act of 2005 and

any obligation issued by any authorized issuer hereunder shall

affirmatively state this restriction.

E. It is the intent of the Legislature to improve the ability

of the Oklahoma State Regents for Higher Education and the other

specifically designated Boards of Regents within The Oklahoma State

System of Higher Education to finance capital improvements and to

provide a method by which the total revenues available to each

respective authorized issuer of obligations, or revenues available

within The Oklahoma State System of Higher Education as prescribed

by the Oklahoma Higher Education Promise of Excellence Act of 2005,

may be pledged to the repayment of the obligations, resulting in a

higher credit rating and an interest cost savings to The Oklahoma

State System of Higher Education.

Added by Laws 2005, c. 2, § 2, emerg. eff. March 31, 2005. Amended

by Laws 2005, c. 218, § 1, emerg. eff. May 24, 2005; Laws 2023, c.

186, § 2.