Okla. Stat. tit. 62 § 57.303

Current through Laws 2024, c. 453.

Section 57.303 - Amount and purpose of indebtedness - Unused funds - Issuance of bonds - Revenue sources for payment of bonds

A. The Commission acting for and on behalf of the State of Oklahoma shall be the agency by and through which the State of Oklahoma shall incur indebtedness in the sum of Three Hundred Fifty Million Dollars ($350,000,000.00) as principal for the purpose of restoring and modernizing the state's infrastructure, for constructing new buildings and other capital improvements, and for equipping, remodeling, modernizing and repairing any and all existing buildings and capital improvements, and purchase of land, equipment and furnishings necessary for such new construction or remodeling, including any costs associated with the issuance of the indebtedness, as follows:

1. Oklahoma State Regents for Higher Education for expenditure as follows:
a. University of Oklahoma - Norman Campus	$22,731,000.00
b. University of Oklahoma - Health Sciences Center	$22,400,000.00
c. Oklahoma State University - Stillwater Campus	$22,328,000.00
d. Oklahoma State University - Agriculture Experiment Station	$4,000,000.00
e. Oklahoma State University - Veterinary Medicine	$5,075,000.00
f. Oklahoma State University - Technical Branch - Okmulgee	$4,118,000.00
g. Oklahoma State University - Technical Branch - Oklahoma City	$3,868,000.00
h. Oklahoma State University - College of Osteopathic Medicine	$3,750,400.00
i. University of Central Oklahoma	$7,765,106.00
j. East Central University	$5,869,000.00
k. Northeastern State University	$8,813,400.00
l. Northwestern Oklahoma State University	$2,860,000.00
m. Southeastern Oklahoma State University	$5,586,900.00
n. Southwestern Oklahoma State University - Weatherford Campus	$6,297,500.00
o. Southwestern Oklahoma State University - Sayre Campus	$300,000.00
p. Cameron University	$10,200,000.00
q. Langston University	$2,842,500.00
r. Oklahoma Panhandle State University	$2,016,500.00
s. University of Science and Arts of Oklahoma	$3,104,376.00
t. University Center at Tulsa	$15,000,000.00
u. Carl Albert State College	$3,021,000.00
v. Connors State College	$2,055,100.00
w. Eastern Oklahoma State College	$2,007,600.00
x. Murray State College	$2,045,000.00
y. Northeastern Oklahoma Agricultural and Mechanical College	$2,410,400.00
z. Northern Oklahoma College	$1,206,500.00
aa. Oklahoma City Community College	$6,152,100.00
bb. Redlands Community College	$2,003,900.00
cc. Rogers State College	$5,035,100.00
dd. Rose State College	$6,158,600.00
ee. Seminole Junior College	$2,125,924.00
ff. Tulsa Junior College	$22,333,800.00
gg. Western Oklahoma State College	$2,500,000.00
hh. Enid Higher Education Program	$619,123.00
ii. Enid Higher Education Program - this allocation is contingent upon a $2,200,000.00 match by the local community	$1,980,877.00
jj. University Center of Southern Oklahoma	$619,123.00
kk. Muskogee Higher Education Program	$619,123.00
ll. Idabel Higher Education Program	$619,123.00
mm. Tulsa Medical Center debt retirement	$6,600,000.00
nn. Food Processing Research Center - Stillwater	$14,000,000.00
oo. Natural History Museum - Norman	$15,000,000.00
2. Oklahoma Department of Career and Technology Education for expenditure as follows:
a. Instructional equipment for technology center schools, including inmate training facilities	$2,300,000.00
b. Mid-Del Technology Center	$200,000.00
c. Okmulgee County Technology Center	$3,200,000.00
d. Southwest Technology Center	$1,500,000.00
e. Wes Watkins Technology Center	$1,000,000.00
f. Western Oklahoma Technology Center	$2,000,000.00
3. Oklahoma Water Resources Board	$5,700,000.00
4. Oklahoma Tourism and Recreation Department for the following purposes: roads, park improvements, sewage treatment, facility rehab, equipment, trails, park visitor centers, welcome centers, Will Rogers Museum and other museums, Oklahoma Jazz Hall of Fame and Quartz Mountain Arts and Conference Center	$18,000,000.00
5. Oklahoma Historical Society	$1,700,000.00
6. Department of Human Services	$5,300,000.00
7. Department of Corrections for the following purposes: drug offender work camps and meat processing facility at Jackie Brannon	$6,500,000.00
8. State Department of Health	$7,500,000.00
9. State Department of Agriculture for purposes of dry fire hydrants and rural fire equipment	$1,000,000.00
10. Office of Management and Enterprise Services	$4,300,000.00
11. Oklahoma Military Department	$800,000.00
12. Oklahoma School of Science and Mathematics. Said amount shall not be used for purposes of subsection D of Section 168.3 of Title 73 of the Oklahoma Statutes	$4,500,000.00
13. Office of Management and Enterprise Services for expenditure for telecommunications as recommended by the State Data Processing and Telecommunications Advisory Committee	$14,000,000.00
14. Oklahoma Department of Libraries for expenditure for matching grant program for handicapped access	$500,000.00
15. Oklahoma Department of Veterans Affairs for the following purposes: New facility at Norman, computer programming-mapper system, and improvements at the facilities at Ardmore, Sulphur, Talihina, Clinton, Claremore and Okmulgee	$16,432,500.00
16. Department of Mental Health and Substance Abuse Services	$6,400,000.00

If the full amount of funding for any project specified in this subsection is not necessary for provision of such project, any remaining available funds shall be allocated by the Commission to the full funding of other projects listed in this subsection or to the Oklahoma Building Bonds of 1992 Fund for appropriation by the Legislature for other capital projects.

B. The Commission, acting for and on behalf of the State of Oklahoma, shall issue, sell and deliver as hereinafter provided "Oklahoma Building Bonds of 1992" in a total principal amount of Three Hundred Fifty Million Dollars ($350,000,000.00). It is hereby expressly provided and pledged for the benefit of the purchasers, owners and holders of said bonds that the tax on each package of cigarettes levied by Section 302 of Title 68 of the Oklahoma Statutes, constituting the remainder of revenue available from the revenues lawfully levied and collected by the State of Oklahoma on the sale of cigarettes not already committed to other obligations of the State of Oklahoma, and the tax levy on cigarettes pursuant to Sections 302-2 and 302-4 of Title 68 of the Oklahoma Statutes, or so much as may be necessary, shall be devoted irrevocably to the payment and discharge of the interest on, and the principal of, the bonds issued hereunder as the same become due, and to create an adequate reserve to assure such payments when due; and said revenues shall be, and hereby are, irrevocably pledged for such purposes.

Okla. Stat. tit. 62, § 57.303

Added by Laws 1992, c. 350, § 4; Amended by Laws 1995, c. 84, § 1, eff. 11/1/1995; Amended by Laws 2001 , HB 1214, c. 33, §55, emerg. eff. 7/1/2001; Amended by Laws 2012 , SB 1111, c. 252, §5, eff. 7/1/2012; Amended by Laws 2012 , HB 3079, c. 304, §435.