reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 62. Public Finance › §62-45.7. Long-range strategic state plan.

A. The Governor and the State Legislature may compile a long-range strategic plan for state government using the state agency plans issued under this act.
B. The long-range strategic state plan shall be sent to the Governor, Lieutenant Governor, State Auditor and Inspector, and each member of the Legislature not later than when the Governor delivers the annual message on the condition of the state pursuant to Section 9 of Article VI of the Constitution of the State of Oklahoma.
Added by Laws 1999, c. 358, § 7, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-45.8. Performance audits and investigations by State Auditor and Inspector and Joint Committee on Accountability in Government.

A. The State Auditor and Inspector when in the conduct of a performance audit of a state agency shall consider in the evaluation of an agency the extent to which the agency conforms to the agency's strategic plan and management and performance report.
B. The Joint Committee on Accountability in Government pursuant to its procedures may conduct a performance investigation of a state agency to consider to what extent an agency has improved performance.
C. The activities of the Joint Committee shall not preclude other oversight activities by other legislative entities.
Added by Laws 1999, c. 358, § 8, eff. July 1, 1999. Amended by Laws 2013, c. 218, § 1, eff. Nov. 1, 2013.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-45.10. Agency performance reporting mechanisms - Development - Procedure.

A. Pursuant to this act, the Director of the Office of State Finance shall develop processes and procedures to guide state agencies in preparation of performance reporting metrics to be published for each cabinet, state agency and statewide and agency-specific initiatives. These metrics shall account for input, output and outcome measures and provide benchmarks to which the performance measures can be compared for evaluation of performance. Metrics shall include not less than three consistent scales demonstrating that a performance expectation or benchmark has been achieved, partially achieved or not achieved. At least one metric shall demonstrate the cost per person served by the agency.
B. State agencies shall provide information as required by the Director to assist in the development of performance reporting metrics and benchmarks.
C. Cabinet secretaries and agencies shall provide appropriate benchmarks against which performance should be compared to determine the agencies’ success or failure to meet established performance reporting benchmarks.
D. Performance metrics showing agency and agency program-level performance shall be published and prominently featured on the state Internet portal and through the direct domain performance.ok.gov. This data shall be updated on a regular basis.
E. Performance metrics and standards shall be reviewed and approved annually.
F. For the purposes of this section, "performance reporting metrics" shall mean a set of criteria which demonstrates the quantity and quality of work.
Added by Laws 2012, c. 303, § 20, eff. Nov. 1, 2012.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-45.11. Program management and performance report.

A. No later than October 1 of each year, each state agency shall submit a program management and performance report to the Chair and Vice Chair of the House Appropriations and Budget Committee, the Chair and Vice Chair of the Senate Appropriations Committee, the Chair and Vice Chair of the Senate Finance Committee, and the Director of the Office of Management and Enterprise Services. The report shall contain, at a minimum, detailed data for each agency program relating to each of the evaluation factors set out in Section 45.9 of Title 62 of the Oklahoma Statutes. It shall also list:
1. Specific cost avoidance and cost containment measures implemented during the previous fiscal year;
2. The agency's methodology for:
a.
determining its fee structure,
b.
calculating fees, and
c.
measuring customer satisfaction;
3. Programs or operations not required for the agency's core function; and
4. Details showing the actual cost of any programs or operations listed under paragraph 3 of this subsection.
B. For purposes of this section:
1. "State agency" means a governmental agency as defined in Section 34.29 of Title 62 of the Oklahoma Statutes that receives an appropriation and is authorized to adopt a fee; and
2. "Program" means a service, contract, operation or procedure of an agency.
Added by Laws 2013, c. 218, § 2, eff. Nov. 1, 2013.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-46.2. Oklahoma Dynamic Economy and Budget Security Fund.

There is hereby created in the State Treasury a fund to be designated the “Oklahoma Dynamic Economy and Budget Security Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies apportioned to such fund pursuant to paragraph 1 of Section 1 of this act. The monies in the Oklahoma Dynamic Economy and Budget Security Fund shall be subject to appropriation by the Legislature for the purposes of promoting research and development of critical sectors of the state’s economy, commercialization of technology, health care, promotion of endowments to nonprofit entities, including private foundations, unmet infrastructure needs and to provide a source of funds for any needed stabilization of the budget for the fiscal year ending June 30, 2006.
Added by Laws 2005, c. 446, § 2, eff. July 1, 2005.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-46.5. State Revenue Apportionment Evaluation Commission.

A. There is hereby created until July 1, 2023, the "State Revenue Apportionment Evaluation Commission".
B. The Commission shall consist of nine (9) members to be appointed or selected as follows:
1. Two persons appointed by the Governor;
2. Two persons to be appointed by the Speaker of the Oklahoma House of Representatives, one member of the majority party and one member of the minority party;
3. Two persons to be appointed by the President Pro Tempore of the Oklahoma State Senate, one member of the majority party and one member of the minority party;
4. The Executive Director of the Oklahoma Tax Commission or a designee;
5. The Director of the Office of Management and Enterprise Services or a designee; and
6. The State Treasurer or a designee.
C. Any person appointed to the Commission pursuant to subsection B of this section shall serve at the pleasure of the appointing authority and may be removed by such appointing authority without cause.
D. The Commission shall hold an organizational meeting not later than sixty (60) days after the effective date of this act and shall select from among its membership a chair and vice-chair.
E. The Commission shall be subject to the provisions of the Oklahoma Open Meeting Act and the Oklahoma Open Records Act.
F. The Commission shall be authorized to meet as often as required in order to perform the duties imposed upon it by law.
G. Staff assistance to the Commission shall be provided by the Oklahoma House of Representatives, the Oklahoma State Senate, the Office of Management and Enterprise Services and the Oklahoma Tax Commission.
H. The Commission shall analyze the state revenue system with special emphasis on the amount of revenue which is apportioned for purposes other than expenditures from the General Revenue Fund of the State Treasury. The Commission shall prepare a summary, within one hundred twenty (120) days after the end of each fiscal year, of the revenue sources which are apportioned to destinations other than the General Revenue Fund, the amount of revenue apportioned to those sources or purposes and the tax or other revenue system from which the apportionment is derived, the total amount of revenue from the state tax and revenue structure that is apportioned for purposes other than expenditures from the General Revenue Fund, a summary of any changes to apportionments enacted during the immediately preceding regular session of the Legislature and any other information which the Commission determines to be necessary for a complete analysis of the topic of apportioned revenues.
I. The annual report required by subsection H of this section shall be delivered to the Governor, the Speaker of the Oklahoma House of Representatives and the President Pro Tempore of the State Senate by the deadline prescribed in subsection H of this section. The annual report shall also be posted to the Internet website of the Oklahoma Tax Commission.
Added by Laws 2019, c. 300, § 1, eff. July 1, 2019.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-46A. Measurable goal requirement.

All economic incentive provisions enacted after January 1, 2016, shall include a measurable goal or goals. For the purposes of this act, "incentive" shall include any provision available to be used by a business entity in the form of a credit, exemption, deduction or rebate pertaining to a state tax liability of any kind; any grant, loan or financing program offered by the state or a state-beneficiary public trust; or any program for incentive payments from the state.
Added by Laws 2015, c. 190, § 1, eff. Jan. 1, 2016.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-47. Creation of trust fund - Board of Investors abolished.

A. There is hereby created a trust fund for Economic Development Generating Excellence to be known as the "EDGE Fund". The trust fund principal shall consist of all funds appropriated, transferred, donated or otherwise directed to the fund by law.
B. The Board of Investors of the EDGE Fund is hereby abolished and the powers and duties previously conferred upon the Board are hereby transferred to the State Treasurer. The cost of up to two full-time-equivalent employees for the Office of the State Treasurer may be considered an administrative expense of the EDGE Fund until such time as the entire amount of the EDGE Fund has been transferred as provided in subsection C of this section.
C. On and after July 1, 2012, the State Treasurer shall not further invest monies or assets of the EDGE Fund. As funds become available from investments made prior to July 1, 2012, by the Board of Investors of the EDGE Fund, the State Treasurer shall transfer such funds as follows:
1. Interest or other proceeds earned on investments made prior to July 1, 2012, other than such interest or proceeds otherwise encumbered prior to May 25, 2012, shall be deposited to the Oklahoma Quick Action Closing Fund created in Section 48.2 of this title; and
2. The principal of any investments made prior to July 1, 2012, and maturing or otherwise available for expenditure on or after July 1, 2012, shall be deposited to the Oklahoma State Regents Endowment Trust Fund created in Section 3951 of Title 70 of the Oklahoma Statutes.
Added by Laws 2006, 2nd Ex.Sess., c. 85, § 1. Amended by Laws 2007, c. 350, § 1, eff. July 1, 2007; Laws 2012, c. 350, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-48.1. Legislative findings.

A. The Legislature finds the following to be beneficial goals of the state: attracting, retaining and providing favorable conditions for the recruitment and growth of certain high-impact business projects or facilities which provide widespread economic benefits to the public through high-quality employment opportunities or capital investment in such projects or facilities and net economic benefits to the state.
B. The Legislature further finds that there exists serious competition for these projects and facilities, and that without a workable closing fund, Oklahoma continues to be at a competitive disadvantage in vying with states that have such a fund for attracting and/or retaining these business projects.
Added by Laws 2011, c. 301, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-49. Multi-year trend analysis of budget outlook

On or before November 1 of each year, the Office of Management and Enterprise Services shall develop and publish a multi-year trend analysis of the state's budget outlook which includes the current fiscal year, the ensuing fiscal year and the following two (2) fiscal years. The trend analysis shall include projections of revenues and expenditures reflecting the best available information concerning economic activity, population change, policy developments and other factors affecting the state budget. The analysis shall be provided to the President Pro Tempore of the Senate, members of the Senate Appropriations and Finance Committees, the Speaker of the House of Representatives and members of the House Appropriations and Budget Committee.
Added by Laws 2007, c. 335, § 1, eff. Nov. 1, 2007. Amended by Laws 2012, c. 304, § 429; Laws 2016, c. 304, § 5, emerg. eff. May 16, 2016.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-50. Tobacco Settlement Fund - Monies.

A. There is hereby created in the State Treasury a revolving fund to be known and designated as the Tobacco Settlement Fund, into which fund shall be deposited:
1. All monies received by the state or any official, agency or department of the state in settlement of claims by the state against tobacco manufacturers during the month of April 2000;
2. All monies received by the state or any official, agency or department of the state in settlement of claims by the state against tobacco manufacturers during fiscal year 2001;
3. That portion of monies apportioned to the Tobacco Settlement Fund pursuant to the provisions of subsection B of this section; and
4. Such other monies as may be appropriated or otherwise directed thereto by law.
The Tobacco Settlement Fund shall be a continuing fund, not subject to fiscal year limitations. No monies shall be paid out of such fund except pursuant to appropriation by the Legislature.
B. Unless the provisions of subsection C of this section become operative as law, monies received by the state or any official, agency or department of the state in settlement of claims by the state against tobacco manufacturers not otherwise apportioned pursuant to the provisions of Section 40 of Article X of the Oklahoma Constitution shall be apportioned as follows:
1. Seventy-five percent (75%) shall be apportioned to the Tobacco Settlement Fund; and
2. Twenty-five percent (25%) shall be apportioned to the Attorney General's Evidence Fund.
C. Monies received by the state or any official, agency or department of the state in settlement of claims by the state against tobacco manufacturers not otherwise apportioned pursuant to the provisions of Section 40 of Article X of the Oklahoma Constitution, if the provisions of the State Question as contained in Enrolled Senate Joint Resolution No. 27 of the 2nd Session of the 57th Oklahoma Legislature are approved by the people, shall be apportioned as follows:
1. Ninety-one and sixty-seven hundredths percent (91.67%) shall be apportioned to the Tobacco Settlement Fund; and
2. Eight and thirty-three hundredths percent (8.33%) shall be apportioned to the Attorney General's Evidence Fund.
Added by Laws 2000, c. 47, § 2, emerg. eff. April 14, 2000. Amended by Laws 2000, 1st Ex. Sess., c. 8, § 24, eff. July 1, 2000; Laws 2001, c. 66, § 1, emerg. eff. April 10, 2001; Laws 2012, c. 370, § 1, eff. July 1, 2012; Laws 2020, c. 146, § 1, eff. Nov. 1, 2020.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-56. Creation and designation of fund - Deposits.

There is hereby created in the State Treasury a special fund to be known and designated as the Building Bond Fund, into which fund shall be deposited the proceeds received by the State of Oklahoma from the sale of bonds, authorized by Section 31, Article 10, of the Constitution of Oklahoma.
Added by Laws 1949, Ex.Sess., p. 9, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.2. Agency of state - Intent and purpose of act.

The Commission, acting for and on behalf of the State of Oklahoma, shall be the agency by and through which the State of Oklahoma may incur indebtedness to the extent of but not to exceed the sum of Thirty-six Million Dollars ($36,000,000.00), for the purpose of constructing, equipping, remodeling and repairing any and all buildings of the state, including those of its educational, recreational, penal and eleemosynary establishments, pursuant to and by the authority of Section 31, Article X, of the Constitution of Oklahoma and this act. It is declared to be the intent and purpose of this act to vitalize said Section 31, and to invoke and exercise the powers conferred upon the Legislature of Oklahoma thereby.
Laws 1949, Ex.Sess., p. 12, § 2.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.6. Sale of bonds not sold to State Treasurer or Commissioners of Land Office.

In the event said bonds, or some portion thereof, are not sold to the State Treasurer or the Commissioners of the Land Office, as authorized in Section 5 hereof, then the Commission is authorized to advertise said bonds or the unsold portion thereof, for sale to other bidders and to sell said bonds, or the unsold portion thereof, in the manner hereinafter provided. Notice of such sale shall be published at least thirty (30) days prior to the date fixed for such sale. Such notice shall be published for at least two (2) consecutive weeks in a newspaper having general circulation in the State of Oklahoma, and at least once in a financial periodical or newspaper known to have general circulation among bond dealers and bond purchasers. Such notice shall state the time and place when and where the Commission will receive written bids for the purchase of the bonds so offered for sale and shall also state that the bonds will be sold to the bidder bidding the lowest interest rate to the State of Oklahoma stating also, however, that the Commission may, in its discretion, reject all bids submitted and readvertise the bonds for sale. Such notice may contain such other conditions, information and details as the Commission deems appropriate and desirable to secure understanding of the offer and to assure maximum competition between bidders. Upon acceptance of the low bid, the bonds shall be issued in accordance therewith and shall be delivered to said purchaser upon payment of the purchase price thereof, which shall be not less than par plus accrued interest to date of delivery. Provided, however, no tender of the bonds shall be valid until after the expiration of the period of contestability, provided for herein. All bidders shall be required to submit with their bids, such good faith deposit as may to the Commission seem appropriate. Upon the acceptance of a bid, the Commission shall return to all of the unsuccessful bidders the deposits so made by them. All such deposits shall be made upon the agreement that the deposit made by the successful bidder shall become the property of the State of Oklahoma, and shall be credited upon the purchase price of the bonds so sold and with the further agreement that if the purchaser shall fail for five (5) days after tender of the bonds, to pay the balance of the purchase price, said sale shall be thereby annulled and the deposit shall in such event be retained by the State of Oklahoma and credited to the General Revenue Fund of the state.
Laws 1949, Ex.Sess., p. 15, § 6.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.7. Interim bonds.

The Commission is authorized to issue one or more interim bonds, representative of the bonds so sold, which said interim bonds may be in any denomination, shall have all of the qualities and be secured by all of the covenants and pledges made to secure the bonds so sold, but said interim bonds shall represent the bonded debt only until such time as the definitive bonds are printed, executed and delivered to the purchaser thereof. No tender of any such interim bonds shall be valid until the expiration of the period of contestability provided in this act. Simultaneously with delivery of the definitive bonds, any such interim bonds shall be surrendered for cancellation and canceled by the State Treasurer of Oklahoma.
Laws 1949, Ex.Sess., p. 16, § 7.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.8. Investments in bonds - Collateral security.

Any bank, trust or insurance company organized under the laws of Oklahoma may invest its capital, surplus and reserve funds and other funds under its control in bonds issued under the provisions of this act. The officers having charge of any fund of the State of Oklahoma, or any department, agency, or institution thereof or any sinking fund of any county, city, town, township, Board of Education or school district may invest such funds in bonds issued under the provisions hereof. Such bonds shall also be approved as collateral security for the deposit of any public funds and for the investment of trust funds.
Laws 1949, Ex.Sess., p. 16, § 8.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.9. Attorney General's certificate of regularity - Signatures and seals - Registration.

Within ten (10) days after the sale or sales of said bonds, the Attorney General of the State of Oklahoma shall examine all of the proceedings of the Commission and all resolutions passed and actions taken by it in connection with the authorization, issuance and sale of such bonds and shall, if he finds such bond proceedings and sale to be constitutional and lawful, execute his certificate and file the same of record in the Office of the Secretary of State of the State of Oklahoma, which said certificate shall read substantially as follows: "I have examined all proceedings had in connection with the issuance of the State of Oklahoma Building Bonds in the aggregate principal amount of $.........., dated .........., authorized and sold pursuant to Section 31, Article X, Constitution of Oklahoma, and laws of the State of Oklahoma enacted pursuant thereto, and find said proceedings and sale to be constitutional, lawful and regular in all particulars and that said bonds will be valid legal general obligations of the State of Oklahoma. Unless suit thereon shall be brought in the Supreme Court of the State of Oklahoma within thirty (30) days from the date of this certificate, said bonds shall be incontestable for all purposes.
.............. .......................
Date Attorney General of the
State of Oklahoma"
Upon the filing of such certificate, bonds issued pursuant to proceedings so examined by the Attorney General, shall be incontestable for all purposes upon the expiration of thirty (30) days from the date of such certificate, unless suit be brought in the Supreme Court of Oklahoma prior to the expiration of said period as provided herein.
A facsimile of such Attorney General's certificate shall appear on each bond so issued. The Supreme Court of Oklahoma is hereby vested with exclusive jurisdiction over any litigation involving the validity of any bonds issued under this act. All bonds shall bear the signature of the Governor and of the Secretary of State and shall bear the certificate required by Section 29, Article X, of the Constitution of Oklahoma. Such bonds shall also be registered by the Treasurer of the State of Oklahoma and a statement of such registration shall appear on the back of each bond. The Commission may, by resolution, prescribe that the seal of the State of Oklahoma, or the seals of any of the officers thereof, and any or all signatures required to appear on the bonds or coupons, with the exception of the Governor's signature on the bonds, may be facsimile seals and signatures.
Laws 1949, Ex.Sess., p. 17, § 9.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.10. Delivery of bonds - Deposit and investment of proceeds.

The bonds and interest coupons attached thereto shall be delivered to the purchaser thereof only upon payment of par and accrued interest to the date of delivery thereof, together with any premium bid, if any. The proceeds of the sale of said bonds shall be deposited in the State Treasury of the State of Oklahoma, in a fund which is hereby created and designated the "Building Bond Fund", where they shall remain subject to disposition to be provided for by the Legislature of Oklahoma, provided that the State Treasurer of the State of Oklahoma shall invest said monies in interest bearing direct obligations of the United States of America, or of the State of Oklahoma, and provided further that, all such investments of said monies must be so made that the same may be liquidated in time to enable the State of Oklahoma to pay, in due course, the valid indebtedness incurred for constructing, equipping, remodeling and repairing buildings of the State of Oklahoma, when said indebtedness has been incurred pursuant to legislative authority.
Laws 1949, Ex.Sess., p. 17, § 10.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.11. Refunding bonds.

The Commission may issue bonds hereunder for the purpose of refunding any obligations issued under the provisions of this act. Such bonds may either be sold or delivered in exchange for outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof. Nothing herein contained shall be construed to authorize the refunding of any outstanding obligations which are not either maturing, callable for redemption under their terms, or voluntarily surrendered by their holders for cancellation, unless the Commission covenants that sufficient funds to pay all remaining interest and principal payments of outstanding obligations when due will be placed in escrow for such purpose in the State Treasury at the time of delivery of and payment for the new bonds issued hereunder. All bonds issued under this section shall in all respects be authorized, issued and secured in the manner provided for other bonds issued under this act, and shall have all the attributes of such bonds. The Commission may provide that any such refunding bonds shall have the same priority of payment and be paid from the same revenues in the manner enjoyed by the obligations refunded thereby.
Laws 1949, Ex.Sess., p. 18, § 11.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.12. Judicial approval of bonds.

The Commission is authorized in its discretion to file an application with the Supreme Court of Oklahoma for the approval of any series of bonds to be issued hereunder, and exclusive original jurisdiction is hereby conferred upon the Supreme Court to hear and determine each such application. It shall be the duty of the court to give such applications precedence over the other business of the court and to consider and pass upon such applications and any protests which may be filed thereto as speedily as possible. Notice of the hearing on each application shall be given by notice published in a newspaper of general circulation in the State that on a day named the Commission will ask the court to hear its application and approve the bonds. Such notice shall inform all persons interested that they may file protests against the issuance of the bonds and be present at the hearing and contest the legality thereof. Such notice shall be published one time not less than ten (10) days prior to the date named for the hearing and the hearing may be adjourned from time to time in the discretion of the court. If the court shall be satisfied that the bonds have been properly authorized in accordance with this act and Section 31, Article X, of the Constitution of Oklahoma, and that when issued they will constitute valid obligations in accordance with their terms, the court shall render its written opinion approving the bonds and shall fix the time within which a petition for rehearing may be filed. The decision of the court shall be a judicial determination of the validity of the bonds, shall be conclusive as to the State of Oklahoma, it officers, agents and instrumentalities, and thereafter the bonds so approved and the revenues pledged to their payment shall be incontestable in any court in the State of Oklahoma.
Laws 1949, Ex.Sess., p. 18, § 12.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.13. Intent as to use of existing resources.

It is hereby declared to be the intent of the Legislature of Oklahoma, in adopting this act, that the State of Oklahoma Building Bonds authorized by this act be financed and purchased with resources possessed by the State of Oklahoma, in the custody of the State Treasurer of the State of Oklahoma and of the Commissioners of the Land Office; and that the resources in the custody of the State Treasurer be used for said purpose to the maximum extent possible before the resources of the Commissioners of the Land Office are used for said purpose.
Laws 1949, Ex.Sess., p. 19, § 13.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.15. Intent and purpose.

It is the intent and purpose of this act to vitalize Section 33 of Article X of the Constitution of the State of Oklahoma, adopted at the special election held for such purpose on the 5th day of April, 1955, and to invoke and exercise the powers conferred upon the Legislature thereby.
Laws 1955, p. 338, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.16. Building Bonds Commission as agency - Indebtedness - Purposes and limitation.

The State of Oklahoma Building Bonds Commission, created by Section 1 of House Bill No. 4 of the Extraordinary Session of the Twenty-second (1949) Oklahoma Legislature (Chapter 4 of the Session Laws of said session), acting for and on behalf of the State of Oklahoma, shall be the agency by and through which the state of Oklahoma may incur indebtedness to the extent of, but not to exceed the sum of Fifteen Million Dollars ($15,000,000.00) as principal, for the purpose of constructing new buildings and other capital improvements, and for equipping, remodeling, modernizing, and repairing any and all existing buildings and capital improvements, at the constituent institutions of The Oklahoma State System of Higher Education and other state institutions, pursuant to, and under authority of, Section 33 of Article X of the Constitution of the State of Oklahoma, and this act.
Laws 1955, p. 338, § 2.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.18. Form and terms - Call and redemption - Negotiability - Tax exempt.

Bonds issued under this act shall be serial coupon bonds and shall be issued to mature One Million Five Hundred Thousand Dollars ($1,500,000.00) in each of the calendar years 1973 through 1982, both inclusive, or if issued in series in proportionate amount thereof. Said bonds and the interest thereon shall be payable at the office of the State Treasurer of the State of Oklahoma, and, if the bonds shall be sold to private purchasers, at a fiscal agency in Oklahoma and/or New York City to be designated by the State of Oklahoma Building Bonds Commission. Said bonds may be executed in such manner, may be issued in one or more series, may bear such date or dates, may be in such denomination or denominations, may provide for a reserve to assure prompt payment of the principal and interest of the bonds, may be in such form either coupon or registered, may be payable in such medium of payment at such times, as may be provided by resolution or resolutions to be adopted by the State of Oklahoma Building Bonds Commission. Provided, that all such bonds maturing after ten (10) years from their dates may be subject to call and redemption, in inverse order of bond numbers, at par and accrued interest, with the detailed provisions for such calling and redemption thereof to be fixed by the Commission in the resolution or resolutions for the issuance of such bonds. Until such time as the State of Oklahoma Building Bonds of 1955 Sinking Fund shall be sufficient to retire all outstanding bonds and interest coupons, there shall be paid into said sinking fund during each fiscal year, from the sources hereinabove pledged such amounts as may be necessary to pay the interest and principal payable during the next succeeding fiscal year, and an amount sufficient to satisfy the reserve requirements as fixed and provided by the State of Oklahoma Building Bonds Commission in its resolution authorizing the issuance of said bonds. In the event the bonds herein authorized to be issued and sold are sold to the State Treasurer or to the Commissioners of the Land Office of the State of Oklahoma, then, and in that event, all money in the State of Oklahoma Building Bonds of 1955 Sinking Fund at the close of any fiscal year, in excess of a sum equal to all principal and interest coming due on said bonds in the next succeeding fiscal year, shall be transferred by the State Treasurer to the General Revenue Fund of the state to be used as other monies accruing to said fund. All bonds issued pursuant to this act shall have all the qualities and incidents of negotiable paper, and neither said bonds nor the interest earned thereon shall be subject to taxation by the State of Oklahoma or any county, municipality or political subdivision thereof.
Laws 1955, p. 339, § 4.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.20. Sales to others than Treasurer or Commissioners.

In the event said bonds, or some portion thereof, are not sold to the State Treasurer or the Commissioners of the Land Office, as authorized in Section 5 hereof, then the Commissioner is authorized to advertise said bonds or the unsold portion thereof, for sale to other bidders and to sell said bonds, or the unsold portion thereof, in the manner hereinafter provided. Notice of such sale shall be published at least thirty (30) days prior to the date fixed for such sale. Such notice shall be published for at least two (2) consecutive weeks in a newspaper having general circulation in the State of Oklahoma, and at least once in a financial periodical or newspaper known to have general circulation among bond dealers and bond purchasers. Such notice shall state the time and place when and where the Commission will receive written bids for the purchase of the bonds so offered for sale and shall also state that the bonds will be sold to the bidder bidding the lowest interest rate to the State of Oklahoma stating also, however, that the Commission may, in its discretion, reject all bids submitted and readvertise the bonds for sale. Such notice may contain such other conditions, information and details as the Commission deems appropriate and desirable to secure understanding of the offer and to assure maximum competition between bidders. Upon acceptance of the low bid (which shall not exceed an average rate of interest exceeding three percent (3%) per annum), the bonds shall be issued in accordance therewith and shall be delivered to said purchaser upon payment of the purchase price thereof, which shall be not less than par plus accrued interest to date of delivery. Provided, however, no tender of the bonds shall be valid until after the expiration of the period of contestability, provided for herein. All bidders shall be required to submit with their bids, such good faith deposit as may to the Commission seem appropriate. Upon the acceptance of a bid, the Commission shall return to all of the unsuccessful bidders the deposits so made by them. All such deposits shall become the property of the State of Oklahoma, and shall be credited upon the purchase price of the bonds so sold and with the further agreement that if the purchaser shall fail for five (5) days after the tender of the bonds, to pay the balance of the purchase price, said sale shall be thereby annulled and the deposit shall in such event be retained by the State of Oklahoma and credited to the General Revenue Fund of the state.
Laws 1955, p. 341, § 6.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.21. Interim bonds.

The Commission is authorized to issue one or more interim bonds, representative of the bonds so sold, which said interim bonds may be in any denomination, shall have all the qualities and be secured by all of the covenants and pledges made to secure the bonds so sold, but said interim bonds shall represent the bonded debt only until such time as the definitive bonds are printed, executed and delivered to the purchaser thereof. No tender of any such interim bonds shall be valid until the expiration of the period of contestability provided in this Act. Simultaneously with delivery of the definitive bonds, any such interim bonds shall be surrendered for cancellation and canceled by the state Treasurer of Oklahoma.
Laws 1955, p. 342, § 7.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.22. Investment - Approval as collateral security.

Any bank, trust or insurance company organized under the laws of Oklahoma may invest its capital, surplus and reserve funds and other funds under its control in bonds issued under the provisions of this act. The officers having charge of any fund of the State of Oklahoma, or any department, agency, or institution thereof or any sinking fund of any county, city, town, township, board of education or school district may invest such funds in bonds issued under the provisions hereof. Such bonds shall also be approved as collateral security for the deposit of any public funds and for the investment of trust funds.
Laws 1955, p. 342, § 8.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.23. Attorney General's certificate - Registration - Signatures and seals.

Within ten (10) days after the sale or sales of said bonds, the Attorney General of the State of Oklahoma shall examine all of the proceedings of the Commission and all resolutions passed and actions taken by it in connection with the authorization, issuance and sale of such bonds and shall, if he finds such bond proceedings and sale to be constitutional and lawful, execute his certificate and file the same of record in the office of the Secretary of State of the State of Oklahoma, which said certificate shall read substantially as follows: "I have examined all proceedings had in connection with the issuance of the State of Oklahoma Building Bonds of 1955 in the aggregate principal amount of $... Dated ......., authorized and sold pursuant to Section 33, Article X, Constitution of Oklahoma, and laws of the State of Oklahoma enacted pursuant thereto, and find said proceedings and sale to be constitutional, lawful and regular in all particulars and that said bonds will be valid legal general obligations of the State of Oklahoma. Unless suit thereon shall be brought in the Supreme Court of the State of Oklahoma within thirty (30) days from the date of this certificate, said bonds shall be incontestable for all purposes. Date ....... Attorney General of the State of Oklahoma". Upon the filing of such certificate, bonds issued pursuant to proceedings so examined by the Attorney General, shall be incontestable for all purposes upon the expiration of thirty (30) days from the date of such certificate, unless suit be brought in the Supreme Court of Oklahoma prior to the expiration of said period as provided herein.
A facsimile of such Attorney General's certificate shall appear on each bond so issued. The Supreme Court of Oklahoma is hereby vested with exclusive jurisdiction over any litigation involving the validity of any bonds issued under this Act. All bonds shall bear the signature of the Governor and of the Secretary of State and shall bear the certificate required by Section 29, Article X, of the Constitution of Oklahoma. Such bonds shall also be registered by the Treasurer of the State of Oklahoma and a statement of such registration shall appear on the back of each bond. The Commission may, by resolution, prescribe that the seal of the State of Oklahoma, or the seals of any of the officers thereof, and any or all signatures required to appear on the bonds or coupons, with the exception of the Governor's signature on the bonds, may be facsimile seals and signatures.
Laws 1955, p. 342, § 9.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.24. Delivery of bonds upon payment - Deposit and investment of proceeds.

The bonds and interest coupons attached thereto shall be delivered to the purchaser thereof only upon payment of par and accrued interest to the date of delivery thereof, together with any premium bid, if any. The proceeds of the sale of said bonds shall be deposited in the State Treasury of the State of Oklahoma, in a fund which is hereby created and designated the "1955 Building Bond Fund", where they shall remain subject to disposition to be provided for by Legislature of Oklahoma, provided that the State Treasurer of the State of Oklahoma shall invest said monies in interest-bearing direct obligations of the United States of America, or of the State of Oklahoma, and provided further that, all such investments of said monies must be so made that the same may be liquidated in time to enable the State of Oklahoma to pay, in due course, the valid indebtedness incurred for the purpose for which said bonds are issued, when the said indebtedness has been incurred pursuant to legislative authority.
Laws 1955, p. 343, § 10.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.25. Refunding bonds.

The Commission may issue bonds hereunder for the purpose of refunding any obligations issued under the provisions of this act. Such bonds may either be sold or delivered in exchange for outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof. Nothing herein shall be construed to authorize the refunding of any outstanding obligations which are not either maturing, or callable for redemption under their terms, or voluntarily surrendered by their holders for cancellation, unless the Commission covenants that sufficient funds to pay all remaining interest and principal payments of outstanding obligations when due will be placed in escrow for such purpose in the State Treasury at the time of delivery of and payment for the new bonds issued hereunder. All bonds issued under this section shall in all respects be authorized, issued and secured in the manner provided for other bonds issued under this act, and shall have all the attributes of such bonds. The Commission may provide that any such refunding bonds shall have the same priority of payment and be paid from the same revenues in the manner enjoyed by the obligations refunded thereby.
Laws 1955, p. 343, § 11.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.26. Approval of bonds by Supreme Court.

The Commission is authorized in its discretion to file an application with the Supreme Court of Oklahoma for the approval of any series of bonds to be issued hereunder, and exclusive original jurisdiction is hereby conferred upon the Supreme Court to hear and determine each such application. It shall be the duty of the court to give such applications precedence over the other business of the court and to consider and pass upon such applications and any protests which may be filed thereto as speedily as possible. Notice of the hearing on each application shall be given by notice published in a newspaper of general circulation in the state that on a day named the Commission will ask the court to hear its application and approve the bonds. Such notice shall inform all persons interested that they may file protests against the issuance of the bonds and be present at the hearing and contest the legality thereof. Such notice shall be published one time not less than ten (10) days prior to the date named for the hearing and the hearing may be adjourned from time to time in the discretion of the court. If the court shall be satisfied that the bonds have been properly authorized in accordance with this act and Section 33, Article X, of the Constitution of Oklahoma, and that when issued they will constitute valid obligations in accordance with their terms, the court shall render its written opinion approving the bonds and shall fix the time within which a petition for rehearing may be filed. The decision of the court shall be a judicial determination of the validity of the bonds, shall be conclusive as to the State of Oklahoma, its officers, agents and instrumentalities, and thereafter the bonds so approved and the revenues pledged to their payment shall be incontestable in any court in the State of Oklahoma.
Laws 1955, p. 343, § 12.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.27. Intent as to resources of state.

It is hereby declared to be the intent of the Legislature of Oklahoma, in adopting this act, that the State of Oklahoma Building Bonds of 1955 authorized by this act be financed and purchased with resources possessed by the State of Oklahoma, in the custody of the State Treasurer of the State of Oklahoma and of the Commissioners of the Land Office; and that the resources in the custody of the State Treasurer be used for said purpose to the maximum extent possible before the resources of the Commissioners of the Land Office are used for said purpose.
Laws 1955, p. 343, § 13.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.31. Intent and purpose.

It is the intent and purpose of this act to vitalize Section 34 of Article X of the Constitution of the State of Oklahoma, adopted at the special election held for such purpose on the 5th day of July, 1960, and to invoke and exercise the powers conferred upon the Legislature thereby.
Laws 1961, p. 462, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-57.32. Building Bonds Commission - Indebtedness - Purposes.

The State of Oklahoma Building Bonds Commission, created by Section 57.302 of Title 62 of the Oklahoma Statutes, 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 to the extent of the sum of Thirty-five Million Five Hundred Thousand Dollars ($35,500,000.00) as principal, for the purpose of constructing new buildings and other capital improvements, and for equipping, remodeling, modernizing and repairing any and all existing buildings and capital improvements, at the constituent institutions of The Oklahoma State System of Higher Education provided that Five Million Dollars ($5,000,000.00) thereof shall be used to construct and equip a school and hospital for children with intellectual disabilities in Northeastern Oklahoma pursuant to, and under authority of, Section 34 of Article X of the Constitution of the State of Oklahoma and Section 57.15 et seq. of this title.
Added by Laws 1961, p. 462, § 2, emerg. eff. May 11, 1961. Amended by Laws 2019, c. 475, § 47, eff. Nov. 1, 2019.