US Laws, Codes, Statutes & Cases

OKLAHOMA STATUTES

TITLE 62.

PUBLIC FINANCE

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§622.  Tax accounts with counties  Certification of information by State Board of Equalization  Reports by county clerks  Power and authority of State Auditor and Inspector.

The official tax accounts with the several counties of the state shall be kept by the State Auditor and Inspector, which said accounts shall exhibit the true amount of each class and year's taxes charged to each of the several counties, together with the amounts received from each county, and the balance due therefrom; provided, that all taxes of each of the several counties that shall be delinquent for four (4) or more years may be consolidated by classes into one account.  As a means of accurately establishing the ad valorem tax accounts herein provided for, it is hereby made the duty of the State Board of Equalization to certify annually to the State Auditor and Inspector, within five(5) days after the same shall have been ascertained by such Board for the year, the state equalized value of all property assessed ad valorem in each of the counties of the state, the rate of levy for the year, together with the amount of ad valorem taxes assessed against the property in each of the several counties of the state for the year.  For the purpose of maintaining an accurate check and balance on the accounts between the state and the several counties, it shall be the duty of the county clerk of each county to make and file with the State Auditor and Inspector on or before the third Monday following the close of the semiannual periods ending June 30th, and December 31st, of each year, a certified report and statement in writing showing by years and by classes the amount of all taxes due the state, or its fund or funds under its management at close of such periods, together with the dates and amounts of all payments into the State Treasury during such periods, which said statement when so filed with the State Auditor and Inspector shall become a permanent and official record of his office. It shall be the duty of the State Auditor and Inspector, and he is hereby given full power and authority to reconcile and adjust all tax accounts with the several counties and to require a proper accounting for all revenue laid and levied, or required to be laid and levied, against all properties and subjects selected for taxation by the state in the respective counties, together with the amount thereof collected for or on behalf of the state by any county or any officer thereof.

Laws 1915, c. 159, § 2; Laws 1979, c. 30, § 20, emerg. eff. April 6, 1979.  

§62-7.1.  Agency clearing accounts - Deposits - Transfers - Exemptions.

A.  There is hereby created in the official depository in the State Treasury an agency clearing account for each state officer, department, board, commission, institution or agency of the state, hereinafter referred to collectively as state agencies.  An agency special account established under Section 7.2 of this title may be used for the purposes of an agency clearing account.

B.  It shall be the duty of each state agency, officer or employee, to deposit in the agency clearing account, or agency special account, established under Section 7.2 of this title, all monies of every kind, including, but not limited to:

1.  Tax revenues;

2.  Receipts from licenses, examinations, per diem and all other reimbursements, fees, permits, fines, forfeitures and penalties; and

3.  Income from money and property, grants and contracts, refunds, receipts, reimbursements, judgments, sales of materials and services of employees, and nonrevenue receipts, received by a state agency, officer or employee by reason of the existence of and/or operation of a state agency.

C.  All such monies collected pursuant to this section shall be deposited as follows in the agency clearing account or agency special account established therefor:

1.  Receipts of One Hundred Dollars ($100.00) or more shall be deposited on the same banking day as received.

2.  Receipts of less than One Hundred Dollars ($100.00) may be held until accumulated receipts equal One Hundred Dollars ($100.00) or for five (5) business days, whichever occurs first, and shall then be deposited no later than the next business day.

a. Each state agency that has custody of receipts of less than One Hundred Dollars ($100.00) shall provide adequate safekeeping of such receipts,

b. No disbursements shall be made from such receipts prior to this deposit, and

c. All checks received must be restrictively endorsed immediately upon receipt.

D.  The State Treasurer is authorized to accept deposits directly to State Treasury funds, consisting of cash, bank drafts, bank cashier's checks, federal treasury checks and other forms of remittance which are uniformly honored for payment.  The State Treasurer is further authorized to accept checks deposited directly into State Treasury funds if the depositing state agency maintains sufficient balances in their agency clearing account to cover return items.  Notwithstanding the provisions of subsection E of this section, state agencies are authorized to maintain sufficient balances in their agency clearing account to cover returned checks, credit card adjustments, credit card returns, and other debit items.  Amounts of said balances shall be subject to approval by the State Treasurer.

All checks, drafts, orders and vouchers so deposited shall be credited and cleared at par and should payment be refused on any such check, draft, order or voucher, or should the same prove otherwise worthless, the amount thereof shall be charged by the State Treasurer against the account or fund theretofore credited with the same; and the person issuing the check, draft, order or voucher shall be charged a fee of Twenty-five Dollars ($25.00) to cover the costs of processing each returned check; provided, such charge shall not be made unless efforts have been made to present such check, draft, order or voucher for payment a second time.  Unless otherwise provided by law, such fee shall be deposited to the revolving fund of the state agency to which the check, draft, order or voucher was issued.  If no revolving fund exists for the state agency, then such fee shall be deposited to the General Revenue Fund.  The State Treasurer shall not accept for deposit to any agency clearing account, or any agency special account, created pursuant to the provisions of Section 7.2 of this title, any warrant, check, order or voucher drawn against any state fund or account in favor of any individual or other person except the state officer, department, institution or agency for which account or fund the deposit is made, or a bona fide student enrolled at any of the state institutions of higher learning when such warrant, check, order or voucher is endorsed to the institution as payment of any fees or other accounts due such institution.

E.  At least once each month each state agency shall transfer monies deposited in agency clearing accounts to the various funds or accounts, subdivisions of the state, or functions as may be provided by statute and no money shall ever be disbursed from the agency clearing account for any other purpose, except in refund of erroneous or excessive collections and credits.  Provided, however, that state parks and lodges under the control of the Oklahoma Tourism and Recreation Department and district offices under the control of the Corporation Commission shall be permitted to make deposit of receipts on a monthly basis, provided that such receipts must be deposited within the month received or when such receipts equal or exceed Five Hundred Dollars ($500.00) for state parks and lodges under the control of the Oklahoma Tourism and Recreation Department, or One Hundred Dollars ($100.00) for district offices under the control of the Corporation Commission, whichever first occurs.

F.  Funds and revenues of the Oklahoma Municipal Power Authority, the Grand River Dam Authority, the Oklahoma Ordnance Works Authority and the Midwestern Oklahoma Development Authority are exempt from the requirements of this section.

G.  Monies used for investment purposes by the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Law Enforcement Retirement System, the Oklahoma Public Employees Retirement System, the Teachers' Retirement System of Oklahoma, the Oklahoma State Regents for Higher Education, the State and Education Employees Group Insurance Board and the Commissioners of the Land Office are exempt from the requirements of this section, and shall be placed with the respective custodian bank or trust company.

Added by Laws 1947, p. 364, § 1, emerg. eff. April 16, 1947.  Amended by Laws 1959, p. 246, § 1, emerg. eff. June 16, 1959; Laws 1968, c. 131, § 1, emerg. eff. April 8, 1968; Laws 1973, c. 46, § 10, operative July 1, 1973; Laws 1981, c. 218, § 21, emerg. eff. June 2, 1981; Laws 1985, p. 1684, H.J.R. No. 1039, § 2, eff. Nov. 1, 1985; Laws 1986, c. 245, § 6, emerg. eff. June 12, 1986; Laws 1987, c. 163, § 3, eff. Nov. 1, 1987; Laws 1988, c. 244, § 6, emerg. eff. June 24, 1988; Laws 1988, c. 321, § 43, operative July 1, 1988; Laws 1989, c. 375, § 13, emerg. eff. June 6, 1989; Laws 1990, c. 168, § 1, eff. Sept. 1, 1990; Laws 1990, c. 337, § 12; Laws 1991, c. 335, § 19, emerg. eff. June 15, 1991; Laws 1995, c. 212, § 1, eff. July 1, 1995; Laws 1996, c. 219, § 2, eff. July 1, 1996.

NOTE:  Laws 1981, c. 204, § 1 repealed by Laws 1985, p. 1688, H.J.R. No. 1039, § 8, eff. Nov. 1, 1985.  Laws 1989, c. 284, § 3 and Laws 1989, c. 318, § 1 repealed by Laws 1990, c. 337, § 26.  Laws 1990, c. 264, § 118 repealed by Laws 1991, c. 335, § 36, emerg. eff. June 15, 1991.

§62-7.2.  Special Agency Account Board.

A.  There is hereby re-created, to continue until July 1, 2008, in accordance with the provisions of the Oklahoma Sunset Law, Section 3901 et seq. of Title 74 of the Oklahoma Statutes, a Special Agency Account Board, to consist of the Director of State Finance, the State Treasurer and the Director of the Legislative Service Bureau.  The Board shall have the authority to approve the establishment of agency special accounts in the official depository of the State Treasury.  In the case of institutions of higher education, the Special Agency Account Board, acting in conjunction with the Oklahoma State Regents for Higher Education, shall establish special agency accounts as appropriate which shall be consistent with provisions of the Oklahoma Budget Law of 1947, Section 41.1 et seq. of this title, as it relates to institutions in The Oklahoma State System of Higher Education.

B.  The Board, created by this section, shall adopt procedures including application forms, justification and other pertinent information as to the basis for a state agency application for the establishment of agency special accounts.

C.  The Board may approve agency special accounts for money received by state agencies for the following purposes:

1.  Benefit programs for individuals, including, but not limited to, unemployment compensation, workers' compensation and state retirement programs;

2.  Revenues produced by activities or facilities ancillary to the operation of a state agency which receive no money, directly or indirectly, from or through that state agency, including, but not limited to, revenues from the sales of food at retail level, sales at canteens, sales at student unions, sales at student bookstores, receipts from athletic programs and receipts from housing.  Provided, however, that a state institution of higher learning may purchase necessary equipment and instructional supplies and office supplies from a student bookstore, or, subject to authorization by the Oklahoma State Regents for Higher Education, may rent building space for institutional use in a building operated by an organization or entity whose existence is ancillary to the operation of a state agency, and whose cost was financed in whole or in part with revenue-type bonds; provided, further, that the cost of such office supplies or space rental shall not exceed the cost of similar supplies or rentals available commercially;

3.  Gifts, devises and bequests with an agency as beneficiary, unless otherwise provided by statute;

4.  Evidence funds for law enforcement agencies;

5.  Student loan funds and scholarship funds;

6.  Funds held in escrow;

7.  Land Commission funds;

8.  Funds for which the state agency acts as custodian, including, but not limited to, fees from employee earnings approved by the governing board of the agency, funds of student organizations including student activity fees collected by an educational institution as a separate item in enrollment procedures, professional organizations, patients and inmates;

9.  Funds used by the Oklahoma Tax Commission to pay for the filing of liens with the Federal Aviation Administration;

10.  Temporary accounts for funds arising from new or amended legislation not otherwise provided for in statute or for other emergency situations.  Such accounts are to be utilized only pending legislative action directing custody of such funds;

11.  Payment of liability claims against the state;

12.  Activities of the various Armory Boards of the Oklahoma Military Department to receive and dispense funds derived by the Armory Boards pursuant to Sections 232.6 and 232.7 of Title 44 of the Oklahoma Statutes; and

13.  Payment of expenses incurred in connection with the acceptance of payments made with nationally recognized credit cards.

D.  The State Treasurer is authorized to accept deposit of money made directly to agency special accounts approved by the Board.  All money received by a state agency, as described in Section 7.1 of this title, shall be deposited in State Treasury funds or accounts and no money shall be deposited in banks or other depositories unless the bank accounts are maintained by the State Treasurer or are for the deposit of authorized petty cash funds.

E.  Money deposited in agency special accounts shall be disbursed on vouchers issued by the state agency concerned to accomplish the purpose for which the money was intended.

F.  Funds and revenues of the Grand River Dam Authority are exempt from the requirements of this section.

G.  Funds and revenues of the Oklahoma Municipal Power Authority are exempt from the requirements of this section.

H.  Monies used for investment purposes by the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Law Enforcement Retirement System, the Oklahoma Public Employees Retirement System, the Teachers' Retirement System of Oklahoma, the State Insurance Fund, the State and Education Employees Group Insurance Board, the Commissioners of the Land Office, and the Oklahoma State Regents for Higher Education for its Endowment Trust Fund are exempt from the requirements of this section, and shall be placed with the respective custodian bank or trust company.

Added by Laws 1973, c. 46, § 17, operative July 1, 1973.  Amended by Laws 1978, c. 115, § 1, emerg. eff. March 31, 1978; Laws 1980, c. 145, § 1; Laws 1981, c. 218, § 22, emerg. eff. June 2, 1981; Laws 1981, c. 272, § 13, eff. July 1, 1981; Laws 1984, c. 116, § 1, eff. July 1, 1984; Laws 1984, c. 221, § 3, operative July 1, 1984; Laws 1985, c. 312, § 42, emerg. eff. July 25, 1985; Laws 1988, c. 321, § 44, operative July 1, 1988; Laws 1990, c. 319, § 1, emerg. eff. May 30, 1990; Laws 1991, c. 335, § 20, emerg. eff. June 15, 1991; Laws 1992, c. 176, § 1, emerg. eff. May 6, 1992; Laws 1995, c. 212, § 2, eff. July 1, 1995; Laws 1996, c. 290, § 6, eff. July 1, 1996; Laws 1997, c. 2, § 12, emerg. eff. Feb. 26, 1997; Laws 2002, c. 105, § 1.

NOTE:  Laws 1978, c. 76, § 1 repealed by Laws 1980, c. 145, § 2.  Laws 1981, c. 204, § 2 repealed by Laws 1981, c. 272, § 46, eff. July 1, 1981.  Laws 1985, c. 319, § 12 repealed by Laws 1988, c. 321, § 45, operative July 1, 1988.  Laws 1989, c. 291, § 2, as amended by Laws 1989, c. 318, § 2 repealed by Laws 1990, c. 258, § 40, operative July 1, 1990.  Laws 1989, c. 375, § 14 repealed by Laws 1990, c. 319, § 2, emerg. eff. May 30, 1990.  Laws 1990, c. 258, § 39 repealed by Laws 1991, c. 335, § 36, emerg. eff. June 15, 1991.  Laws 1996, c. 30, § 1 repealed by Laws 1997, c. 2, § 26, emerg. eff. Feb. 26, 1997.

NOTE:  A former § 7.2 of this title, enacted by Laws 1947, p. 365, § 2 and amended by Laws 1959, p. 246, § 1, was repealed by Laws 1973, c. 46, § 19, operative July 1, 1973.

§62-7.3.  Information on income, disbursements and transfers.

A.  Each state agency shall furnish to the Director of State Finance, in such form as the Director shall prescribe, detailed information showing the income, disbursements, and transfers for each agency clearing account and each agency's special account.  Income, disbursements and transfers shall be identified in accordance with code designations as provided in the accounting procedures of the Office of State Finance.

B.  The Director of State Finance may approve any modification in the code designations of income, disbursements and transfers that he or she finds expedient.

C.  The State Treasurer shall not honor vouchers disbursing and transferring monies from agency clearing accounts or special accounts, when he or she has been notified by the Director of State Finance that an agency is not in compliance with the provisions of subsection A of this section.

Added by Laws 1947, p. 365, § 3.  Amended by Laws 1973, c. 46, § 11, operative July 1, 1973; Laws 1996, c. 290, § 7, eff. July 1, 1996.

§627.4.  Withdrawals from agency clearing accounts and special accounts.

All withdrawals of money from agency clearing accounts and agency special accounts shall be made on the voucher of the agency making such deposit and such voucher shall be payable at the State Treasury and when presented for payment shall be charged against the account designated, and shall, when redeemed by the State Treasurer, be delivered monthly to the state agency drawing said vouchers. Laws 1947, p.  365, Section 4; Laws 1973, c.  46, Section 12. Operative July 1, 1973.

Laws 1947, p. 365, § 4; Laws 1973, c. 46, § 12, operative July 1, 1973.  

§627.5.  Classification of funds  Manner of keeping fund accounts.

The Director of State Finance is hereby authorized and directed to classify funds in the State Treasury and to prescribe the manner of issuance of checks or warrants against each class of funds to accomplish the purpose for which each such fund was created; and the State Treasurer shall be, and is, required to keep his fund accounts in accordance with such classification.  The Director of State Finance shall group funds of a similar nature in a series of classes.  Accounting entities otherwise designated as funds, by other provisions of law, may be:  retained, deactivated, merged with other such entities or identified as accounts within funds as the Director of State Finance determines to be appropriate for purposes of the modernization and maintenance of the fund structure of the state.

Amended by Laws 1984, c. 289, § 5, operative July 1, 1984.  

§62-7.5a.  Form and manner of issuing vouchers - Waiver.

The State Treasurer shall prescribe the forms and manner of issuance of vouchers against agency clearing accounts and agency special accounts in the State Treasury.  All vouchers drawn against agency clearing accounts and agency special accounts shall be signed by an authorized person designated by the administrative authority of the agency and countersigned by the principal fiscal officer of the agency or another person specifically designated by the administrative authority.  Provided, the State Treasurer may waive the counter signature requirement if an agency certifies that controls are in place and will be followed to prevent the unauthorized issuance of its vouchers and if the vouchers are generated and signed by automated processes.  Unless such waiver is granted, no voucher shall be paid by the State Treasurer without such signature and countersignature, if required.

Added by Laws 1973, c. 46, § 18, operative July 1, 1973.  Amended by Laws 1997, c. 164, § 2, eff. July 1, 1997; Laws 1999, c. 292, § 2, eff. July 1, 1999.

§627.6.  Payroll fund and payrolls.

There is hereby created in the State Treasury a Payroll Fund which shall be used by the Director of State Finance and State Treasurer to issue a consolidated payroll for each state department, board, commission, institution or agency of the state.  Payrolls of state agencies shall be charged against the Payroll Fund created herein.  Each state agency shall prepare summary distributions of the amounts of payrolls to be charged against each fund within the State Treasury and the Director of State Finance shall transfer monies from each fund in the State Treasury to the Payroll Fund amounts as shown on payroll distribution summaries, and shall charge such amounts to the appropriation allotment account affected thereby.

Amended by Laws 1984, c. 166, § 4, operative July 1, 1984.  

§62-7.10.  Voluntary payroll deductions.

A.  1.  Upon the request of a state employee, a state agency, board, or commission shall make voluntary payroll deductions for the employee to any credit union, bank, or savings association having an office in this state.

2.  If the governing body of any county, municipality, or school district provides for voluntary payroll deductions to a credit union serving the employees of the county, municipality, or school district, it shall provide voluntary payroll deductions to any credit union, bank, or savings association having an office in this state which has a minimum participation of twenty percent (20%) of the employees of the county, municipality, or school district.

B.  Upon the request of a state employee and pursuant to procedures established by the Administrator of the Office of Personnel Management, a state agency, board, or commission shall make payroll deductions for:

1.  The payment of any insurance premiums due a private insurance organization with a minimum participation of five hundred (500) state employees for life, accident, and health insurance which is supplemental to that provided for by the state;

2.  The payment of any insurance premiums due a private insurance organization or service company which is regulated by the State Insurance Commissioner and with a minimum participation of five hundred (500) state employees for legal services;

3.  Premiums or payments for retirement plans with a minimum participation of five hundred (500) state employees for retirement plans which are supplemental to that provided for by the state;

4.  Salary adjustment agreements included in a flexible benefits plan as authorized by the State Employees Flexible Benefits Act;

5.  Membership dues in the Oklahoma Public Employees Association or any other statewide association limited to state employee membership with a minimum membership of one thousand (1,000) dues-paying members.  For purposes of this paragraph, state agencies shall accept online or electronically submitted forms from the Oklahoma Public Employees Association and other state employee associations.  The Office of Personnel Management shall develop and implement a verification process for online or electronically submitted forms which may include the use of electronic signature technology or other process as determined appropriate;

6.  Contributions to its foundation organized pursuant to 26 U.S.C., Section 501(c)(3) in the Oklahoma Public Employees Association or any other statewide association limited to state employee membership with a minimum membership of one thousand (1,000) dues-paying members;

7.  Payments to a college savings account administered under the Oklahoma College Savings Plan Act pursuant to Section 3970.1 et seq. of Title 70 of the Oklahoma Statutes; and

8.  Subscriptions to the Oklahoma Today magazine published by the State of Oklahoma through the Oklahoma Tourism and Recreation Department.

C.  The administrative costs of processing payroll deductions or administering salary adjustment agreements for insurance premiums as provided for in subsection B of this section shall be a charge of two percent (2%) of the gross annual premiums for insurance plans.  The administrative costs of processing payroll deductions or administering salary adjustment agreements for payments for retirement plans as provided for in subsection B of this section shall be one percent (1%) of the gross annual payments for retirement plans.  These charges shall be collected monthly from the private insurance or retirement plan organization by the Office of Personnel Management and shall be deposited to the credit of the General Revenue Fund.  Provided that these costs shall not be collected from state employees or state agencies unless otherwise directed in Section 1 et seq. of this title.

D.  Any statewide association granted a payroll deduction prior to March 23, 1984, shall be exempt from the minimum state employee membership requirement.

E.  Approval of a payroll deduction or salary adjustment agreement for any insurance organization, line of coverage or policy shall not be construed as an assumption of liability, for the term of policy or the performance of the insurance organization, by this state, or any of its agencies, boards, commissions, institutions or any officer or employee thereof.  Contracts for such insurance shall be in all respects subject to the insurance laws of this state, and shall be enforceable solely pursuant to such laws.

F.  The Oklahoma Employment Security Commission is authorized to deduct from the wages or salary of its employees the employees' contribution to the Oklahoma Employment Security Commission Retirement Plan.

G.  Payroll deductions shall be made for premium payments for group insurance for retired members or beneficiaries of any state-supported retirement system upon proper authorization given by the member or beneficiary to the board from which the member or beneficiary is currently receiving retirement benefits.

H.  Upon request of instructional personnel employed at either the Oklahoma School for the Blind or the Oklahoma School for the Deaf and pursuant to procedures established by the Administrator of the Office of Personnel Management, the Commission for Rehabilitation Services shall make payroll deductions for membership dues in any statewide educational employee organization or association.

Added by Laws 1984, c. 28, § 1, emerg. eff. March 23, 1984.  Amended by Laws 1988, c. 248, § 6, operative July 1, 1988; Laws 1989, c. 370, § 11, operative July 1, 1989; Laws 1992, c. 142, § 1, eff. July 1, 1992; Laws 1997, c. 73, § 1, eff. Nov. 1, 1997; Laws 2000, c. 336, § 12, eff. July 1, 2000; Laws 2001, c. 5, § 35, emerg. eff. March 21, 2001; Laws 2002, c. 204, § 1, eff. Nov. 1, 2002; Laws 2003, c. 212, § 4, eff. July 1, 2003; Laws 2004, c. 5, § 52, emerg. eff. March 1, 2004; Laws 2005, c. 49, § 1, eff. July 1, 2005.

NOTE:  Laws 2000, c. 73, § 1 repealed by Laws 2001, c. 5, § 36, emerg. eff. March 21, 2001.  Laws 2003, c. 93, § 3 repealed by Laws 2004, c. 5, § 53, emerg. eff. March 1, 2004.  Laws 2003, c. 114, § 1 repealed by Laws 2004, c. 5, § 54, emerg. eff. March 1, 2004.

§62-7.11.  Renumbered as § 840-4.5 of Title 74 by Laws 1994, c. 242, § 54.

§62-7.12.  Renumbered as § 840-2.16 of Title 74 by Laws 1994, c. 242, § 54.

§62-7.13.  Annual financial report - Accounting procedures and guidelines.

The Director of State Finance shall cause to be prepared a comprehensive annual financial report, in accordance with generally accepted accounting principles for governments, and shall further have the general purpose financial statements included in the comprehensive annual financial report audited in accordance with generally accepted auditing standards.  The Director of State Finance is hereby authorized to establish procedures and guidelines which are consistent with those issued by the Government Accounting Standards Board, and which shall be followed by state agencies, colleges and universities and other entities who are included in the report, for purposes of establishing consistent application of accounting principles and to ensure the timeliness of the report.

Added by Laws 1996, c. 290, § 22, eff. July 1, 1996.

§62-9.1.  Allocation of revenues - Accounts with agencies - Nonfiscal year appropriations - Supplemental appropriations.

A.  Effective February 10, 1947, and thereafter, revenues deposited in the State Treasury to the credit of the General Revenue Fund or of any special fund which derives its revenue in whole or part from state taxes or fees shall be allocated monthly to each department, institution, board, commission or special appropriation on a percentage basis, in that ratio that the total appropriation for each such department, institution, board, commission or special appropriation from each fund for that fiscal year bears to the total of all appropriations from each fund for that fiscal year.  Appropriation allocations to the State Board of Education for the financial support of public schools shall be effective August 1 of the fiscal year in which they apply.

B.  A cash account shall be maintained by the agency of the state charged with the allocation of revenues for each department, board, commission, institution, agency or special appropriation which receives appropriations from the general fund or any special fund, and no check or warrant shall be issued in excess of the unexpended balance of said cash account at the time such check or warrant is issued.

C.  Cash allocations to each cash account shall be cumulative and shall be available for the payment of any claim incurred within the appropriations for which such cash was allocated, including claims incurred against nonfiscal year appropriations which are available for contracts for thirty (30) months from date such acts are passed.

D.  Revenue allocations shall be made to nonfiscal appropriations during the fiscal year such appropriations first become available for expenditure and for that year only.

E.  Appropriation acts passed by the Legislature from the General Revenue Fund, which are supplemental to the original budget in effect on July 1 of any fiscal year, shall be considered supplemental appropriations and shall receive revenue allocations for the first time in the month in which such acts become effective in compliance with Section 23, Article 10, Constitution of the State of Oklahoma. Supplemental appropriations from the General Revenue Fund passed by the Legislature in excess of the Board of Equalization's estimate for that fiscal year shall be null and void.

Added by Laws 1947, p. 367, § 1.  Amended by Laws 1973, c. 46, § 14, operative July 1, 1973; Laws 1995, c. 305, § 2, eff. July 1, 1995.

§62-9.10.  Appropriations to public entity - Reduction.

Except as otherwise specifically provided by law, the total amount of appropriations to a public entity contained in a bill shall be reduced by the amount that any monies designated or limited for a specified purpose have been disapproved by the Governor pursuant to Section 12 of Article 6 of the Oklahoma Constitution.  Any such monies shall remain in the fund from which they were appropriated.

Added by Laws 1990, c. 80, § 1, emerg. eff. April 18, 1990.

§62-9.11.  Full funding for support of common education - Time for presentation to Governor.

The Legislature shall present measures that provide full funding for the support of common education to the Governor pursuant to Section 11 of Article VI of the Oklahoma Constitution for the Governor's consideration at least twenty-five (25) days prior to the date established by subsection E of Section 6-101 of Title 70 of the Oklahoma Statutes, but not later than April 1, in order for the boards of education of the school districts of this state to make decisions on teacher contracts.

Added by Laws 2003, c. 132, § 1 eff. July 1, 2003.

§6210.1.  General Revenue Cashflow Reserve Fund  Transfer of funds.

There is hereby created in the State Treasury a division of the State General Revenue Fund which shall be designated the "General Revenue Cashflow Reserve Fund".  The purpose of the General Revenue Cashflow Reserve Fund is to make cash available for the July cash allocation and so that, insofar as possible, each monthly cash allocation thereafter can equal onetwelfth (1/12) of the annual appropriation from the General Revenue Fund.

1.  Each year the Director of State Finance may transfer monies from the then current fiscal year General Revenue Fund to the General Revenue Cashflow Reserve Fund for the succeeding fiscal year when the apportionment to the General Revenue Fund is in excess of amounts required for the allocations necessary to fund appropriations made by the Legislature for the then current fiscal year.  The amount to be transferred shall not exceed ten percent (10%) of the amount certified by the State Board of Equalization as available for appropriation from the General Revenue Fund for the next succeeding fiscal year.

2.  Any monies transferred to the General Revenue Cashflow Reserve Fund pursuant to paragraph 1 of this section, shall be transferred by the Director of State Finance as nonrevenue receipts to the State General Revenue Fund in the amounts necessary to make cash available for the July cash allocation and so that, insofar as possible, each monthly cash allocation thereafter can equal onetwelfth (1/12) of the annual appropriation.

3.  On the second Monday of June of each year, the Director of State Finance shall close the preceding fiscal year General Revenue Cashflow Reserve Fund by transfer to the then current fiscal year General Revenue Fund.

4.  Any monies in the prior year General Revenue Cashflow Reserve Fund which are not necessary for the current year cashflow needs shall be subject to legislative appropriation.

Added by Laws 1983, c. 183, § 1, emerg. eff. June 9, 1983. Amended by Laws 1984, c. 224, § 1, emerg. eff. May 23, 1984; Laws 1987, c. 5, § 145, emerg. eff. March 11, 1987; Laws 1988, c. 119, § 16, emerg. eff. April 7, 1988.  

§6210.3.  Transfer of treasury funds to General Revenue Cashflow Reserve Fund.

A.  The Director of State Finance may transfer monies from any treasury fund to the General Revenue Cashflow Reserve Fund as required to satisfy monthly allocations scheduled from the General Revenue Fund for the then current fiscal year.  Funds from which any monies are so transferred shall be repaid before any transfers are made from the General Revenue Fund to the General Revenue Cashflow Reserve Fund for the subsequent fiscal year.

B.  The Director of State Finance may transfer monies to any treasury fund from the General Revenue Cash-flow Reserve Fund as required to satisfy cash-flow requirements of Public Law 101-453, the Cash Management Improvement Act, as amended, 31 U.S.C., Sections 3335, 6501 and 6503.  Funds to which any monies are so transferred shall be repaid within the same month.  If insufficient funds exist in the General Revenue Cash-flow Reserve Fund for this purpose, the General Revenue Fund for the then current fiscal year may be used with the same repayment stipulations.

Added by Laws 1987, c. 203, § 106, operative July 1, 1987.  Amended by Laws 1993, c. 291, § 2, eff. July 1, 1993.

§6211.  Bond Commissioner.

The Attorney General is hereby made ex officio Bond Commissioner of the State of Oklahoma.

R.L.1910, § 376.  

§6213.  Duties of Bond Commissioner  Certificate  Bonds incontestable after 30 days.

It shall be the duty of the Bond Commissioner to prepare uniform forms and prescribe a method of procedure under the laws of the state in all cases where it is desired to issue public securities or bonds, in any county, township, municipality or political or other subdivisions thereof of the State of Oklahoma; and it shall be the further duty of said Bond Commissioner to examine into and pass upon any security so issued, and such security, when declared by the certificate of said Bond Commissioner to be issued in accordance with the forms of procedure so provided shall be incontestable in any court in the State of Oklahoma unless suit thereon shall be brought in a court having jurisdiction of the same within thirty (30) days from the date of the approval thereof by the Bond Commissioner.

R.L.1910, § 377.  

§6214.  Bond invalid without certificate.

No bond hereafter issued by any political or municipal subdivision of this state shall be valid without the certificate of said Bond Commissioner.

R.L.1910, § 378.  

§6215.  Issuance and sale of general obligation bonds  Duty of Attorney General  Private attorney employed in issuance and sale of revenue bonds  Exceptions.

(a) In all stages of proceedings leading to the issuance and sale of general obligation bonds pledging the full faith and credit of the state, it shall be a duty of the Attorney General to perform all necessary legal work incident thereto.  Neither the Attorney General nor any other officer of the state may use any public funds to pay for the services of a private attorney or consulting fee in connection with such work.  Neither the Attorney General nor Assistant Attorney General shall receive any remuneration, other than his salary, for legal services performed in proceedings leading to the issuance and sale of bonds as provided in this act. If a "marketing" opinion is desired, the bond buyers shall pay for its procurement.

(b) In all proceedings leading to the issuance and sale of revenue bonds by any state agency acting pursuant to a specific legislative validating act, a private attorney or attorneys may be employed when the legislative validating act does not prohibit such employment.  The employment contract with said private attorney or attorneys shall be filed of record with the Attorney General.  In no case shall the employed private attorney be paid a fee in excess of that authorized in the validating act.  If a "marketing" opinion is desired, the bond buyers shall pay for its procurement.

(c) In all proceedings leading to the issuance and sale of general obligation bonds or revenue bonds by any state agency acting pursuant to a specific legislative validating act, any financial or marketing consultant employed by the state for services relative to the marketing of such bonds shall not be paid a fee in excess of that authorized in the validating act.

(d) Nothing herein shall apply to legal proceedings leading to the issuance or sale of bonds pursuant to Article 10, Sections 26, 27 and 35 of Oklahoma Constitution or to any obligation issued by public trusts under the Public Trust Act (except those trusts created by the state as contrasted to its subdivisions or other governmental entities), the Interlocal Cooperation Act and the Local Industrial and Development Act.  Laws 1973, c. 129, Section 1. Emerg. eff. May 10, 1973.

Laws 1973, c. 129, § 1, emerg. eff. May 10, 1973.  

§6216.  Bond counsel.

In each instance of the issuance of general obligation or revenue bonds by the State of Oklahoma or any political subdivision thereof, or by any trust or other agency on behalf of any such entity, the issuer may be represented by bond counsel.  Such bond counsel is prohibited from representing or receiving compensation from underwriters or the purchasers of the bonds for the same issuance.  However, said opinions by bond counsel may be addressed to and furnished to the underwriters and purchasers as long as no additional compensation is paid.

Added by Laws 1988, c. 319, § 12, eff. Nov. 1, 1988.  

§6241.1.  Title and purpose of act.

This act shall be known as the Oklahoma Budget Law of 1947.

Laws 1947, p. 370, § 1; Laws 1979, c. 47, § 45, emerg. eff. April 9, 1979.

§6241.2.  Director of State Finance  Appointment.

The Governor shall appoint a Director of State Finance, by and with the consent of the Senate, who shall hold office at the pleasure of the Governor and shall continue to serve until his successor is duly appointed and is qualified.

§6241.3.  Office of State Finance  Creation  Divisions.

There is hereby created in the Executive Department, the Office of State Finance which shall consist of a Division of the Budget, a Division of Central Accounting and Reporting, an Information Services Division, and an Oklahoma Financial Information System Management Division under the administrative control of the Director of State Finance and directly responsible to him.

The terms "State Budget Director" or "Budget Director" appearing in the Oklahoma Statutes shall mean "Director of State Finance".

The terms "State Budget Office", "Division of the Budget", "Division of Central Accounting and Reporting", "Information Services Division", or "Oklahoma Financial Information System Management Division" appearing in the Oklahoma Statutes shall mean the Office of State Finance or the divisions thereof.

Laws 1947, p. 370, § 3, emerg. eff. Feb. 25, 1947; Laws 1965, c. 2, § 2, emerg. eff. Jan. 29, 1965; Laws 1968, c. 6, § 1, emerg. eff. Jan. 26, 1968; Laws 1983, c. 334, § 3, emerg. eff. June 30, 1983; Laws 1984, c. 290, § 1, operative July 1, 1984.

§6241.4.  General powers and duties of Director.

The Director of State Finance shall have the power, and it shall be his duty under the direction of the Governor:  (1) to prepare the budget document and assist in the drafting of legislation to make it effective, (2) to make field surveys and studies of governmental agencies, looking toward economy and greater efficiency, (3) to make allotments to control expenditures, (4) to authorize transfers of appropriation authorized by law, (5) to study accounting and other reports rendered by the Central Accounting and Reporting Division, (6) to enter into agreements with the United States Secretary of the Treasury for the purpose of implementing the Cash Management Improvement Act of 1990 (Public Law 101-453), and (7) to aid the Governor in the economical management of state affairs.  In addition to his other duties the Director of State Finance shall, upon request, advise and consult with members of the Legislature and legislative committees concerning income and expenditures of state agencies.

Laws 1947, p. 370, § 4, emerg. eff. Feb. 25, 1947; Laws 1965, c. 2, § 3, emerg. eff. Jan. 29, 1965; Laws 1981, c. 255, § 1; Laws 1991, c. 254, § 16, eff. July 1, 1991.

§62-41.4a.  Procedure to expedite payment for goods and services.

By November 1, 1983, the Director of State Finance shall establish a procedure to expedite payment for a proper invoice for goods or services not later than forty-five (45) days from the date on which the invoice is received in the appropriate office designated by the agency to which the goods or services were sold and delivered.

Added by Laws 1983, p. 1168, H.J.R. No. 1010, § 1, emerg. eff. May 24, 1983.

§62-41.4b.  Procedure for payment of interest.

The Director of State Finance shall also establish a procedure whereby interest shall be paid from the thirtieth day after receipt by the designated office of a proper invoice for which payment has not been mailed, transmitted, or delivered to a vendor by the close of business on the forty-fifth day.  Such interest shall be at an annualized rate as reported by the State Treasurer based on an average of the interest rate for thirty-day time deposits of state funds during the last calendar quarter of the last preceding fiscal year.

Added by Laws 1983, p. 1168, H.J.R. No. 1010, § 1, emerg. eff. May 24, 1983.

§62-41.4c.  Definition.

For the purposes described in this joint resolution, a "proper invoice" means one which is complete in all requirements for processing for payment in accordance with the terms of appropriate contracts and applicable state or federal statutes, including but not limited to such documentation as may be required.

Added by Laws 1983, p. 1168, H.J.R. No. 1010, § 1, emerg. eff. May 24, 1983.

§62-41.4d.  Grievance - Remedy.

Any vendor of goods or services purchased by or delivered to an agency of the state who is aggrieved by delay in payment beyond the forty-five-day limit and/or not compensated by payment of interest as provided for in this joint resolution may file such grievance with the Office of the Governor, by whom it shall be transmitted to the Director of State Finance.  Upon receipt of such grievance, the Director of State Finance shall act, within fifteen (15) days, to remedy such grievance by payment with interest as provided for in this joint resolution, or shall report to the Governor and the aggrieved vendor why such payment may not be paid.

Added by Laws 1983, p. 1168, H.J.R. No. 1010, § 1, emerg. eff. May 24, 1983.

§6241.5.  Duties and functions of Division of Central Accounting and Reporting.

On July 1, 1947, the Division of Central Accounting and Reporting shall take over the accounting and auditing duties now performed by the claim auditing and bookkeeping sections of the Office of Public Affairs, and the auditing and settlement of purchase orders, contracts, claims, payrolls, and other obligations now performed by the PreAudit Division and the Bookkeeping and Accounting Division of the present State Auditor and Inspector.

By July 1, 1947, the Division of Central Accounting and Reporting shall prepare uniform budget and accounting classifications for all state departments, boards, commissions, institutions, and agencies now delegated to the Governor and there shall also be transferred to this division the work of installing modern accounting methods in the state departments and institutions now delegated to the State Auditor and Inspector.  The positions now authorized for this work in the several offices and the equipment now used by the personnel of these offices, on July 1, 1947, shall be transferred to the Division of Central Accounting and Reporting within the Executive Department.  The Division of Central Accounting and Reporting shall:

1.  Settle all claims payable by this state; and

2.  Verify distribution of all taxes and other dues collected for local governments; and

3.  Superintend the recovery of all debts due state government; and

4.  Keep the central budget and proprietary accounts of the state government; and

5.  Prepare and issue financial and accounting reports, at least quarterly; and

6.  Prescribe all forms, systems, and procedure for administering accounting for the several departments and establishments; and

7.  Certify to the Director of State Finance for his approval, each and every requisition by a duly accredited disbursing officer for an advance of funds from the State Treasury; and

8.  Establish a preaudit system of settling claims, either for the entire government of this state, or for any bureaus or departments thereof, according to which system vouchers supporting proposed payments shall be submitted to the Director of State Finance for audit and settlement.

Laws 1947, p. 370, § 5, emerg. eff. Feb. 25, 1947; Laws 1979, c. 30, § 95, emerg. eff. April 6, 1979; Laws 1983, c. 304, § 54, eff. July 1, 1983.

§62-41.5a.  Information Services Division - Powers and duties.

A.  The Information Services Division shall:

1.  Coordinate data processing planning through analysis of each agency's long-term data processing plans;

2.  Develop a statewide data processing plan with annual modifications to include as a minimum:

a. individual agency plans and information systems plans for the statewide electronic data processing function,

b. major development projects proposed for the current year and the next three (3) years, and

c. an explanation of revisions to previous plans;

3.  Establish minimum mandatory standards for:

a. information systems planning,

b. systems development methodology,

c. documentation,

d. hardware requirements and compatibility,

e. operating systems compatibility,

f. software and hardware acquisition,

g. data security and internal controls,

h. data base compatibility, and

i. contingency planning and disaster recovery.

Such standards shall, upon adoption, be the minimum requirements applicable to all agencies.  These standards shall be compatible with the standards established for the Oklahoma Government Telecommunications Network created in Section 41.5m of this title.  Individual agency standards may be more specific than statewide requirements but shall in no case be less than the minimum mandatory standards.  Where standards required of an individual agency of the state by agencies of the federal government are more strict than the state minimum standards, such federal requirements shall be applicable;

4.  Develop and maintain applications for agencies not having the capacity to do so;

5.  Operate a data processing service center to provide operations and hardware support for agencies requiring such services and for statewide systems;

6.  Maintain a directory of application systems, systems software, hardware, internal and external data processing studies and training courses in use by all agencies of the state; and facilitate the utilization of such resources by any agency having requirements which are found to be available within any agency of the state;

7.  Assist agencies in the acquisition and utilization of data processing systems and hardware to effectuate the maximum benefit for the provision of services and accomplishment of the duties and responsibilities of agencies of the state;

8.  In conjunction with the Office of Personnel Management, establish training guidelines for electronic data processing personnel, assist agencies in placing personnel in appropriate courses offered by other agencies of the state, and sponsor training courses for attendance by data processing personnel of all agencies;

9.  Coordinate for the executive branch of state government agency data processing activities, encourage joint projects and common systems, and linking of agency systems through the review of agency plans, development of a statewide plan and its integration with the budget process to ensure that developments and/or acquisitions are consistent with statewide objectives and that proposed systems are justified and cost effective;

10.  Develop performance reporting guidelines for data processing facilities and conduct an annual review to compare agency plans and budgets with results and expenditures;

11.  Establish operations review procedures for data processing installations operated by agencies of the state for independent assessment of productivity, efficiency, and cost effectiveness;

12.  Establish service center user charges for billing costs to agencies based on the use of all resources; and

13.  Provide system development and consultant support to state agencies on a contractual, cost reimbursement basis.

B.  No agency of the executive branch of the state shall use state funds for or enter into any agreement for the acquisition of computer hardware or software exceeding Twenty-five Thousand Dollars ($25,000.00) in value without written authorization of the Director of State Finance.  The provisions of this subsection shall not be applicable to any member of The Oklahoma State System of Higher Education, any public elementary or secondary schools of the state, or any technology center school district as defined in Section 14-108 of Title 70 of the Oklahoma Statutes.

C.  The provisions of this act shall not require the disclosure, directly or indirectly, of any information of a state agency which is declared to be confidential or privileged by state or federal statute or the disclosure of which is restricted by agreement with the United States or one of its agencies, nor the disclosure of data processing system details that may permit the access to confidential information.

Added by Laws 1984, c. 290, § 2, operative July 1, 1984.  Amended by Laws 1992, c. 268, § 5, eff. Sept. 1, 1992; Laws 2001, c. 33, § 51, eff. July 1, 2001; Laws 2005, c. 391, § 1, eff. July 1, 2005.

§6241.5a1.  Statement of charges  Amount collected  Disposition.

A.  The Information Services Division shall, at the end of each month, render a statement of charges to all state agencies to which it has furnished processing services for the direct costs of the Division's Data Service Center.  In total, such charges shall not exceed the direct costs of the Division's Data Service Center. Systems analysts and programming services costs shall be recovered directly from the agency for which the service was rendered, as agreed to by that agency, and shall not be prorated to agencies not receiving such services.  All amounts so collected shall be deposited in the State Treasury to the credit of the General Revenue Fund.

B.  Any unobligated balance in the Department of Transportation Data Processing Planning Revolving Fund at the close of the fiscal year ending June 30, 1985, shall be transferred by the Director of State Finance to the General Revenue Fund.  Any obligated balance in the Department of Transportation Data Processing Planning Revolving Fund shall be transferred to the Office of State Finance as the Data Service Center Temporary Revolving Fund effective July 1, 1985, and monies in said fund shall lapse November 15, 1985.

Added by Laws 1985, c. 203, § 49, operative July 1, 1985. Amended by Laws 1985, c. 344, § 4, emerg. eff. July 30, 1985.  

§62-41.5a-2.  Task Force for the Study of Computer Information Officers.

A.  There is hereby created the "Task Force for the Study of Computer Information Officers".

B.  The Task Force shall consist of the following members:

1.  Two appointees by the Governor;

2.  Two appointees by the Speaker of the Oklahoma House of Representatives;

3.  Two appointees by the President Pro Tempore of the State Senate;

4.  One Director of Information Technology or Data Processing, or equivalent positions, from each of the following agencies:

a. the Department of Human Services,

b. the State Department of Education,

c. the Oklahoma Tax Commission,

d. the State Department of Transportation,

e. the Oklahoma Corporation Commission,

f. the Oklahoma State Regents for Higher Education,

g. the Chairman of the Task Force on Electronic Commerce created by Section 8121 of Title 74 of the Oklahoma Statutes serving in such capacity on the effective date of this act, and

h. the Office of State Finance;

5.  A representative of the Office of State Finance;

6.  A representative of the OneNet communication and data transfer network to be selected by the Oklahoma State Regents for Higher Education; and

7.  A representative of a private company with a statewide telecommunications contract with the Office of State Finance to be selected by the Director of State Finance.

C.  The chairman and vice-chairman shall be elected at the first meeting by a majority of those present.  A quorum shall be required to hold the election and a quorum shall be a majority of those appointed to the Task Force.

D.  The Task Force shall conduct an organizational meeting not later than ninety (90) days after the effective date of this act by the Office of State Finance.  A simple majority of those members present at a meeting of the Task Force shall constitute a quorum for the purpose of any action taken by the Task Force, including any action related to the Final Report of the Task Force.  The Task Force shall be authorized to meet as often as required in order to perform the duties imposed upon the Task Force by law.

E.  The Task Force shall be subject to the Oklahoma Open Meeting Act.  The Task Force shall be subject to the Oklahoma Open Records Act.

F.  The Task Force shall analyze the role of information technology within state agencies, boards, commissions, departments and other entities of state government.  The Task Force shall examine the need for a computer information officer for the state and a centralized agency for the state's information technology and telecommunications services and infrastructure.

G.  Staffing assistance for the Task Force shall be provided by the Oklahoma House of Representatives and the Oklahoma State Senate.

H.  The Task Force shall make findings and recommendations in a report which shall be submitted to the Governor, the Speaker of the Oklahoma House of Representatives and the President Pro Tempore of the State Senate not later than January 31, 2006.  The findings and recommendations may include specific recommendations related to the creation of positions such as computer information officer for the state and a centralized agency for the state's information technology and telecommunications services and infrastructure.

I.  Travel reimbursement for the members of the Task Force shall be the responsibility of the appointing authority and, if applicable, the reimbursement shall be made pursuant to the State Travel Reimbursement Act.  Any legislative member appointed to the Task Force shall be reimbursed pursuant to the provisions of Section 456 of Title 74 of the Oklahoma Statutes.

J.  The authority for the Task Force shall terminate effective January 31, 2006, and the Task Force shall not be authorized to conduct meetings or to take any action after the submission of the Final Report required by this section.

Added by Laws 2005, c. 391, § 5, eff. July 1, 2005.

§62-41.5b.  Repealed by Laws 1995, c. 246, § 8, eff. Nov. 1, 1995.

§62-41.5c.  Repealed by Laws 1995, c. 246, § 8, eff. Nov. 1, 1995.

§62-41.5d.  Repealed by Laws 1992, c. 268, § 12, eff. Sept. 1, 1992.

§62-41.5e.  State agencies to submit long-range electronic data processing plan.

A.  All agencies of the executive branch of this state presently using or contemplating the use of electronic data processing applications, including but not limited to, the use of mainframe computers, minicomputers or microcomputers, word processing equipment, or office automation systems, shall annually submit to the Information Services Division a long-range plan, summarizing the agency's detailed plan, for not less than the ensuing three (3) fiscal years, which shall include as a minimum:

1.  An overview of major projects and objectives;

2.  Estimated resource requirements including personnel, hardware, and software;

3.  Key project dates;

4.  Project priorities;

5.  Estimated project costs and benefits;

6.  Revisions to previous plans;

7.  Specific segments which will be included in the agency budget request for the next ensuing fiscal year;  

8.  An assurance of compliance with state standards on accessibility of information technology for individuals with disabilities developed in accordance with Section 2 of this act; and

9.  Such other information as the Information Services Division may require for analysis and consolidation into a statewide plan for electronic data processing.

B.  No agency of the executive branch of this state shall enter into any agreement for the acquisition, development, or enhancement of application systems software or for the acquisition of electronic data processing equipment, peripheral devices whether or not connected to such equipment, unless the cost of such acquisition, development, or enhancement has been included in said agency's plan.  The Information Services Division upon review of an agency's data processing and telecommunication plan shall submit in writing to the Governor, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate its findings and recommendations on all proposed new and expanded programs and expenditures for personnel and the purchase or acquisition of equipment, hardware and software or accessories thereto, including but not limited to leases, rentals or lease-purchase, indicating that the associated cost meet or comply with Section 41.5a of this title.

C.  The provisions of this section shall not apply to the telecommunications network known as OneNet whether said network is governed or operated by the Oklahoma State Regents for Higher Education or any other state entity assigned responsibility for OneNet.

Added by Laws 1984, c. 290, § 6, operative July 1, 1984.  Amended by Laws 1985, c. 344, § 6, emerg. eff. July 30, 1985; Laws 1996, c. 214, § 6, emerg. eff. May 21, 1996; Laws 1998, c. 45, § 1, emerg. eff. April 2, 1998; Laws 2004, c. 128, § 1, eff. July 1, 2004.

§6241.5f.  Oklahoma Integrated Central Systems Management Division  Responsibilities  Duties of Director of State Finance.

A.  The Oklahoma Integrated Central Systems Management Division shall:

1.  Develop and/or acquire application software, including such modifications as may be required, to implement modern automated systems in the Office of Public Affairs, the Office of Personnel Management, and the Office of State Finance. Such systems may include applications for accounting, budgeting, payroll/personnel, and purchasing;

2.  Coordinate the phased implementation of the application systems with the three central service agencies of the state;

3.  Develop procedures manuals and the related training necessary to implement the application systems;

4.  Maintain and enhance, as necessary, the application systems of the Oklahoma Integrated Central Systems; and

5.  Ensure the integrity of information in the Oklahoma Integrated Central Systems through data security measures, internal controls, and appropriate data base management.

B.  The Director of State Finance shall make all policy decisions required to implement the Oklahoma Integrated Central Systems in accordance with this section after consultation with other affected agencies.

C.  The Director of State Finance may enter into contracts for services, equipment, software, or supplies needed to carry out the provisions of this section.

D.  The Director of State Finance shall submit a quarterly report to the Joint Committee on Fiscal Operations.  The report shall include a schedule for completion of the project, a description of activities currently under way and work completed in the previous quarter, and an account of expenditures in the previous quarter.  The first such report shall be submitted on or before October 1, 1987.

Added by Laws 1984, c. 290, § 7, operative July 1, 1984. Amended by Laws 1985, c. 344, § 7, emerg. eff. July 30, 1985; Laws 1987, c. 203, § 109, operative July 1, 1987.  

§6241.5g.  Utilization of Oklahoma Financial Information System.

The Director of State Finance shall, by appropriate notification, advise agencies of the state when applications of the Oklahoma Financial Information System are available for their use. Thereafter, each agency of the state shall submit transactions to the Office of State Finance, the Office of Personnel Management, and the Office of Public Affairs in the manner and format required to effectuate the utilization of the Oklahoma Financial Information System for all transactions for which an application is available.

Provided that nothing in this section shall be construed as to administratively place agencies currently exempt from any provisions of the Budget Act of 1947, the Central Purchasing Act, or the Oklahoma Personnel Act under the purview of such provisions.

Added by Laws 1984, c. 290, § 8, operative July 1, 1984. Amended by Laws 1985, c. 344, § 8, emerg. eff. July 30, 1985.  

§6241.5h.  Information Services Division of Office of State Finance  Creation and maintenance of state central communication or intercommunication system.

A.  The Information Services Division of the Office of State Finance is directed, authorized and empowered to establish criteria for and manage the installation, maintenance and administration of a central communication or intercommunication system for and upon behalf of this state, the installation shall fulfill communication or intercommunications requirements of this state and its agencies located in the Capitol and those buildings situated on the Capitol grounds, known as the "Capitol Complex" in Oklahoma City, Oklahoma, and the state owned building known as the "Tulsa Capitol Building" in Tulsa, Oklahoma.

B.  The Division shall render a statement of charges at the end of each month to all state agencies to which it has furnished communications services for the direct cost sustained, provided that:

1.  A prorata formula is to be established in writing after giving consideration to the type of service furnished, the number and kinds of instruments used, the cost of operation and special installations required in each such agency in relation to the total cost of local service.  The formula, once determined, is not to be redetermined more often than once every six (6) months nor to be changed after any such redetermination before the expiration of six (6) months; and

2.  The Division is to be reimbursed by the state or any of its agencies for actual cost incurred for equipment installation or modification or for toll charges for use of telephone, telegraph, teletype, data communications or other form or forms of communication or intercommunication incurred by the state or by any agency.

C.  No telephone, teletype, switchboard, line, cable system, data communication system or systems of communication or intercommunication are to be installed in any building or buildings owned, rented, leased or otherwise held by this state or its agencies at locations described in subsection A of this section without written order of the Director of State Finance.  Provided, however, that acquisition and installation of such equipment in the House of Representatives shall be subject to the final approval of the Speaker of the House of Representatives.

D.  The employees of the Centrex Unit of the Communications Division of the Office of Public Affairs, and the funds, records, equipment, furniture and fixtures, files and supplies, of whatsoever kind and character now utilized by the Centrex Unit shall be and are ordered transferred to the Information Services Division of the Office of State Finance.

E.  No employee transferred pursuant to subsection D of this section shall be required to accept a lesser grade of salary than presently received plus any salary adjustments provided by the Legislature for state employees, and no entrance examination shall be required for continued employment in the same or similar positions with the Office of State Finance.

Added by Laws 1985, c. 48, § 4, eff. July 1, 1985.  

§62-41.5i.  Information Services Division of Office of State Finance - Additional powers and duties relating to communications and telecommunications.

In addition to the powers and duties as defined elsewhere in this title, the Information Services Division of the Office of State Finance shall:

1.  Coordinate statewide planning for communication and telecommunications needs of state government, including, but not limited to, voice, data, radio, video and facsimile transmissions through analysis of each agency's long-term communication and telecommunications plans;

2.  Develop and integrate a statewide communications plan to address the design requirements and networks necessary to serve agency needs, which will consist of as a minimum:

a. an inventory of communication or telecommunication equipment owned, leased or rented for use in communication services for state government, including communication services provided as part of any other total system to be used by the state or any of its agencies,

b. current budget plans, expenditures and resources necessary to operate any and all systems included in the above inventory,

c. major development projects proposed for the current fiscal year and the next three (3) fiscal years and the anticipated results and benefits to be achieved, and

d. an explanation of revisions to previous plans;

3.  Establish minimum mandatory standards and protocols for:

a. communication networks and equipment,

b. wide area and local area systems,

c. integration of equipment, systems and joint usage,

d. operating systems or methods to be used to meet communications requirements efficiently and effectively,

e. rendering of aid between state government and its political subdivisions with respect to organizing of communications systems, and

f. an economical and costeffective utilization of communication services.

Such standards and protocols shall be compatible with the standards and protocols established for the Oklahoma Government Telecommunications Network created in Section 41.5m of this title;

4.  Serve as a focal point for all statewide projects involving current communications vendors where the focus of such authority can substantially enhance the state communications plan or the savings which can be achieved thereunder;

5.  Provide, when requested by political subdivisions of the state, for the organizing of communications or telecommunications systems and service between the state and its political subdivisions and enter into agreements to effect the purposes of this section;

6.  Cooperate with any federal, state or local emergency management agency in providing for emergency communications and telecommunication services;

7.  Apply for, receive, and hold, or assist agencies in applying for, receiving or holding such authorizations, licenses and allocations of channels and frequencies to carry out the purposes of this section;

8.  Accomplish such other purposes as may be necessary or incidental to the administration of its authority or functions pursuant to law; and

9.  Provide support for telecommunication networks of state agencies through analysis of each agency's telecommunications needs and requirements and promotion of the use of the Oklahoma Government Telecommunications Network created in Section 41.5m of this title.

Added by Laws 1985, c. 48, § 5, eff. July 1, 1985.  Amended by Laws 1992, c. 268, § 6, eff. Sept. 1, 1992; Laws 2005, c. 391, § 2, eff. July 1, 2005.

§62-41.5j.  Authorization for communication or telecommunication system - Long-range plan - Cost - Interagency contracts - Inapplicability to OneNet.

A.  No agency of the executive branch of the state shall use state funds for or enter into any agreement for the acquisition, development or enhancement of a communication or telecommunication system including voice, data, radio, video and facsimile systems, without written authorization of the Director of State Finance.  The Director of State Finance shall verify that any such acquisition, development or enhancement is compatible with the operation of the Oklahoma Government Telecommunications Network created in Section 41.5m of this title.

B.  Not later than September 1 of each year, all agencies of the state presently using or contemplating the use of voice, data, radio, video and facsimile communication or telecommunication systems shall submit to the Information Services Division of the Office of State Finance a long-range plan summarizing the agency's detailed plan, for not less than the current fiscal year and the ensuing three (3) fiscal years.  Agencies may submit to the Information Services Division of the Office of State Finance revisions or amendments to its long-range plan as deemed necessary by the agencies.  The plan shall include at a minimum:

1.  An inventory of communication or telecommunication equipment owned, leased or rented for use in all communication services for state government, including communication services provided as part of any other total system to be used by the state or any of its agencies;

2.  Current budget plans, expenditures and resources necessary to operate any and all systems included in the above inventory;

3.  Major development projects proposed for the current fiscal year and the next three (3) fiscal years and the anticipated results and benefits to be achieved;

4.  An explanation of revisions to previous plans;

5.  Key project dates; and

6.  Specific segments which will be included in the agency budget request for the ensuing fiscal year.

C.  No agency of the executive branch of the state shall enter into any agreement for the acquisition, development or enhancement of a communication or telecommunication system or service including voice, data, radio, video and facsimile systems, unless the cost of such addition, change, improvement or development has been included in the statewide communications plan of the Information Services Division, as said plan may have been amended or revised.

D.  State agencies may enter into interagency contracts to share communications and telecommunications resources for mutually beneficial purposes.  The contract shall clearly state how its purpose contributes to the development or enhancement or cost reduction of a state network which includes voice, data, radio, video or facsimile systems.  The contract shall be approved by the Information Services Division before any payments are made.

E.  The provisions of this section shall not apply to the telecommunications network known as OneNet whether said network is governed or operated by the Oklahoma State Regents for Higher Education or any other state entity assigned responsibility for OneNet.

Added by Laws 1985, c. 48, § 6, eff. July 1, 1985.  Amended by Laws 1992, c. 268, § 7, eff. Sept. 1, 1992; Laws 1996, c. 214, § 7, emerg. eff. May 21, 1996.

§62-41.5k.  Joint Legislative Committee on Data Processing and Telecommunication - Creation - Meetings.

A.  There is hereby established the Joint Legislative Committee on Data Processing and Telecommunication.  Such committee shall be composed of three members of the Senate and three members of the House of Representatives, who shall be appointed every two (2) years by the President Pro Tempore of the Senate and the Speaker of the House of Representatives, respectively. The chairmanship of the committee shall alternate every two (2) years between the Senate and House of Representatives at the beginning of each odd-numbered year.

B.  The committee shall meet at least quarterly and at such other times as called by the chairman thereof for the purposes of:

1.  Reviewing and making recommendations regarding state plans, standards and rules developed under the administrative control of the Director of State Finance as prescribed in Sections 41.5a through 41.5g of this title;

2.  Providing a forum for the Office of State Finance and state agencies, as necessary to accomplish the legislative intent of this legislation;

3.  Coordinating and reporting to the Legislature the development and progress of the long-range plans, proposed systems and joint projects required to accomplish the statewide objectives; and

4.  Reviewing agency budget requests for new and expanded programs in the areas of data processing and telecommunications and making such recommendations as it deems necessary to the appropriations committees of the Legislature.

Added by Laws 1985, c. 344, § 9, emerg. eff. July 30, 1985.  Amended by Laws 1992, c. 268, § 8, eff. Sept. 1, 1992; Laws 1995, c. 246, § 3, eff. Nov. 1, 1995; Laws 1998, c. 45, § 2, emerg. eff. April 2, 1998.

§62-41.5m.  Oklahoma Government Telecommunications Network.

A.  There is hereby created a wide area telecommunications network to be known and referred to as the "Oklahoma Government Telecommunications Network (OGTN)".  The OGTN shall consist of the telecommunications systems and networks of educational entities and agencies of state government.

B.  Notwithstanding the provisions of subsection A of this section:

1.  The Oklahoma State Regents for Higher Education may continue to operate, maintain and enhance the State Regents Educational Telecommunications Network; provided, however, the Oklahoma State Regents for Higher Education shall submit all plans for the enhancement of the State Regents Educational Telecommunications Network to the Office of State Finance for review and approval within the context of the statewide telecommunications network provided for in subsection C of this section and shall participate with the Office of State Finance in joint efforts to provide services for the OGTN; and

2.  The Department of Public Safety may continue to operate, maintain and enhance the statewide law enforcement data communications network provided for in Section 2-124 of Title 47 of the Oklahoma Statutes; provided, however, the Department of Public Safety shall submit all plans for the enhancement of the statewide law enforcement data communications network to the Office of State Finance for review and approval and shall participate with the Office of State Finance in joint efforts to provide services for the OGTN.

C.  The Office of State Finance shall be responsible for developing, operating and maintaining the OGTN.  The purposes of the OGTN shall include the following:

1.  Development of a comprehensive, unified statewide telecommunications network to effectively and efficiently meet the communication needs of educational entities and agencies of state government;

2.  Effective and efficient utilization of existing telecommunications systems operated by educational entities and agencies of state government; and

3.  Elimination and prevention of unnecessarily duplicative telecommunications systems operated by educational entities and agencies of state government.

D.  In developing, operating and maintaining the OGTN, the Office of State Finance shall:

1.  Develop a statewide master plan for meeting the communications needs of educational entities and of agencies of state government.  To facilitate the development of a statewide master plan as provided for in this paragraph:

a. the Oklahoma State Regents for Higher Education shall submit a report annually to the Director of State Finance identifying the telecommunications plans of each member of The Oklahoma State System of Higher Education.  For purposes of developing such report, each member shall cooperate with and submit to the State Regents a plan of its telecommunications needs, including, but not limited to, any interactive video plans, the purchase of informational data bases, software for manipulation of bibliographic records, and the use of telecommunications equipment or services,

b. the State Superintendent of Public Instruction shall submit a report annually to the Director of State Finance identifying the telecommunications plans of the public common school system of the state.  For purposes of developing such report, the respective public elementary and secondary schools shall cooperate with and submit to the State Superintendent a plan of their telecommunications needs, including, but not limited to, any interactive video plans, the purchase of informational data bases, software for manipulation of bibliographic records, and the use of telecommunications equipment or services,

c. the State Director of the Oklahoma Department of Career and Technology Education shall submit a report annually to the Director of State Finance identifying the telecommunications plans of technology center school districts.  For purposes of developing such report, each technology center school district as defined in Section 14-108 of Title 70 of the Oklahoma Statutes shall cooperate with and submit to the State Director of the Oklahoma Department of Career and Technology Education a plan of its telecommunications needs, including, but not limited to, any interactive video plans, the purchase of informational data bases, software for manipulation of bibliographic records, and the use of telecommunications equipment or services,

d. the chief administrative officer of each state agency of the executive branch shall submit a plan annually to the Director of State Finance identifying the telecommunications needs of the state agency, including, but not limited to, any interactive video plans, the purchase of informational data bases, software for manipulation of bibliographic records, and the use of telecommunications equipment or services, and

e. the Director of the Oklahoma Department of Libraries shall submit a report annually to the Director of State Finance identifying the telecommunications plans of public libraries and public library systems.  For purposes of developing such report, the chief administrative officer of any public library or public library system not otherwise required to submit a plan of its telecommunications needs pursuant to the provisions of this paragraph shall cooperate with and submit annually to the Director of the Oklahoma Department of Libraries a plan of its telecommunications needs, including, but not limited to, any interactive video plans, the purchase of informational data bases, software for manipulation of bibliographic records and the use of telecommunications equipment or services.  To assure inclusion in the report of the plans of the telecommunications needs of any library that is a part of any member of The Oklahoma State System of Higher Education, a public elementary or secondary school, or technology center school district, all such plans relating to libraries received by the Oklahoma State Regents for Higher Education, the State Superintendent of Higher Education, and the State Director of the Oklahoma Department of Career and Technology Education shall be submitted to the Director of the Oklahoma Department of Libraries by the respective recipients thereof as soon as practicable after receipt.  The Director of the Oklahoma Department of Libraries shall certify to the Office of State Finance that such plans are consistent with the plan developed by the Oklahoma Library Technology Network or explain any inconsistencies therewith;

2.  Identify the most cost-effective means of meeting the telecommunications needs of educational entities and of agencies of state government;

3.  Develop minimum mandatory standards and protocols for equipment, facilities and services of the OGTN;

4.  Evaluate the advantages and disadvantages of utilizing equipment, facilities, and services of both private entities and those owned and operated by the state; and

5.  Recommend a fee structure to provide for the operation and maintenance of the OGTN.

Added by Laws 1992, c. 268, § 1, eff. Sept. 1, 1992.  Amended by Laws 1995, c. 246, § 4, eff. Nov. 1, 1995; Laws 1998, c. 45, § 3, emerg. eff. April 2, 1998; Laws 2001, c. 33, § 52, eff. July 1, 2001.

§62-41.5n.  Repealed by Laws 1998, c. 45, § 4, emerg. eff. April 2, 1998.

§62-41.5o.  Converting computer systems for the millennium.

A.  All agencies of the executive branch of this state presently using date-dependent computer systems, including but not limited to legacy systems, programs, databases and security systems, shall have completed work on converting the systems for the millennium, the year 2000, by January 1, 1999.

B.  On or before July 1, 1999, each agency which has converted the computer systems used by the agency for the millennium shall file a report with the Information Services Division of the Office of State Finance reporting on operations of the system after the conversion and outlining any system problems which the agency may still be experiencing and plans the agency has to address any continuing problems.

C.  No agency shall purchase additional hardware or software or add additional personnel to address the issue of converting and preparing computer systems for the millennium unless the purchase has been included in the long-range plan of the agency submitted to the Information Services Division of the Office of State Finance as required in Section 41.5j of Title 62 of the Oklahoma Statutes.

Added by Laws 1997, c. 370, § 1, eff. Nov. 1, 1997.

§62-41.5p.  State portal system.

A.  In order to be at the forefront of electronic commerce and provide constituents, agencies and out-of-state users with state-of-the-art electronic commerce and Internet tools, the State of Oklahoma recognizes the need for a state portal system connecting state agency websites and information systems.

B.  For purposes of this section and Section 4 of this act, a "portal system" shall mean a system that hosts and connects to a collection of on-line government and public services and serves as the single point of access to state government services, information, and transaction processing with a common enterprise wide user interface allowing navigation among the services.  

Added by Laws 2001, c. 375, § 1, emerg. eff. June 4, 2001.

§62-41.5q.  Convenience fee - Electronic/on-line transaction.

A.  Subject to review and adoption as outlined in Section 4 of this act, a state agency, board, commission, or authority is hereby authorized to charge a convenience fee for any electronic/on-line transaction.  A convenience fee shall apply to electronic/on-line transactions only and shall not apply when accessing information provided through state government websites.  If a state entity sets a convenience fee for electronic/on-line transactions, the fee shall be reviewed by the State Governmental Internet Applications Review Board as provided for in Section 4 of this act.  Each state entity shall keep a record of how the convenience fee has been determined.  A state agency, board, commission, or authority may periodically adjust a convenience fee as needed upon review and adoption as provided for in Section 4 of this act.

B.  For purposes of this section, "convenience fee" shall mean any charge that is necessary to process an electronic/on-line transaction with a state agency, board, commission or authority.  The fee may be in excess of any fee charged for the service or product being provided by such state entity.  This may include reasonable charges for the cost of the electronic/on-line service including recovery of costs incurred in the development and implementation of the service or system, cost of sustaining and upgrading the electronic/on-line service, and future expansion of the electronic/on-line services.

Added by Laws 2001, c. 375, § 2, emerg. eff. June 4, 2001.

§62-41.5r.  Open-systems concept.

A.  Any state agency, board, commission, or authority which establishes an electronic portal system shall use an open-systems concept for the portal system which has been approved by the Information Service Division of the Office of State Finance.

B.  For purposes of this section, an "open-systems concept" shall mean a system that implements sufficient open specifications for interfaces, services, and supporting formats to enable properly engineered components to be utilized across a wide range of systems with minimal changes, to interoperate with other components on local and remote systems, and to interact with users in a style that facilitates portability.  An open-systems concept is characterized by the following:

1.  Well-defined, widely used, and nonproprietary interfaces or protocols;

2.  Use of standards which are developed and adopted by industry recognized standards-making bodies;

3.  A definition of all aspects of system interfaces to facilitate new or additional system capabilities for a wide range of applications; and

4.  An explicit provision for expansion or upgrading through the incorporation of additional or higher performance elements with minimal impact on the system.

Added by Laws 2001, c. 375, § 3, emerg. eff. June 4, 2001.

§62-41.5s.  State Governmental Internet Applications Review Board.

A.  There is hereby established the State Governmental Internet Applications Review Board.  The Board shall review and make recommendations to the Office of State Finance concerning state governmental Internet-based electronic/on-line transactions or applications being provided by state agencies, boards, commissions, or authorities for use by the public.

B.  The State Governmental Internet Applications Review Board shall be composed of the following members:

1.  The Director of the Office of State Finance or a designee;

2.  Four representatives from different state agencies, boards, commissions, or authorities to be appointed by the Governor;

3.  One member who is not a member of the Legislature or a state government employee to be appointed by the Speaker of the House of Representatives; and

4.  One member who is not a member of the Legislature or a state government employee to be appointed by the President Pro Tempore of the Senate.

C.  Members of the Board shall serve for terms of two (2) years.  The Board shall select a chair from among its members.

D.  Members of the Board shall not receive compensation for serving on the Board, but shall be reimbursed for travel expenses incurred in the performance of their duties by their respective agencies or appointing authority in accordance with the State Travel Reimbursement Act.

E.  The Board shall have the duty and responsibility of:

1.  Reviewing all forms created by state agencies, boards, commissions, or authorities which are to be used by the public for state governmental Internet-based electronic/on-line transactions or applications;

2.  Reviewing a schedule of convenience fees, as is defined in Section 2 of this act, and all convenience fees and changes in fees charged by state agencies, boards, commissions, or authorities for electronic/on-line transactions, and making recommendations pertaining to convenience fees to the Office of State Finance prior to its adoption by rule of such fees, changes to fees, or fee schedule; and

3.  Monitoring all portal systems and applications for portal systems created by state agencies, boards, commissions, or authorities, reviewing portal systems applications approved or denied by the Information Service Division of the Office of State Finance, and making recommendations to the Legislature and Governor to encourage greater use of the open-systems concept as is defined in Section 3 of this act.

Added by Laws 2001, c. 375, § 4, emerg. eff. June 4, 2001.

§62-41.5t.  Accessibility of information technology for individuals with disabilities - Undue burden - Rules.

A.  The Information Services Division of the Office of State Finance shall work in conjunction with the Department of Central Services to assure state compliance regarding accessibility of information technology for individuals with disabilities based on the provisions of Section 508 of the Workforce Investment Act of 1998.

B.  When developing, procuring, maintaining or using information technology, or when administering contracts or grants that include the procurement, development, upgrading, or replacement of information technology each state agency shall ensure, unless an undue burden would be imposed on the agency, that the information technology allows employees, program participants, and members of the general public access to use of information and data that is comparable to the access by individuals without disabilities.

C.  To assure accessibility, the Information Services Division and the Department of Central Services shall:

1.  Adopt accessibility standards that address all technical standard categories of Section 508 of the Workforce Investment Act of 1998 to be used by each state agency in the procurement of information technology, and in the development and implementation of custom-designed information technology systems, Web sites, and other emerging information technology systems;

2.  Establish and implement a review procedure to be used to evaluate the accessibility of custom-designed information technology systems proposed by a state agency prior to expenditure of state funds;

3.  Review and evaluate accessibility of information technology commonly purchased by state agencies, and provide accessibility reports on such products to those responsible for purchasing decisions;

4.  Provide in partnership with Oklahoma Able Tech, the state assistive technology project located at Oklahoma State University, training and technical assistance for state agencies to assure procurement of information technology that meets adopted accessibility standards;

5.  Consult with the Oklahoma Department of Rehabilitation Services and individuals with disabilities in accessibility reviews of information technology and in the delivery of training and technical assistance;

6.  Establish complaint procedures, consistent with Section 508 of the Workforce Development Act of 1998, to be used by an individual who alleges that a state agency fails to comply with the provisions of this section;

7.  Work with and seek advice from the Electronic and Information Technology Accessibility Advisory Council, created in Section 41.5t.2 of this title in developing accessibility standards and complaint procedures as required in this section; and

8.  Require state agencies to submit evidence of assurance of compliance with state standards on accessibility of information technology for individuals with disabilities developed in accordance with this section.  For executive branch state agencies that are required to submit an annual long-range plan pursuant to Section 41.5e of this title evidence of compliance shall be included in that report.

D.  The Director of State Finance and the Director of the Department of Central Services shall promulgate rules, as necessary, to implement the provisions of this section.

Added by Laws 2004, c. 128, § 2, eff. July 1, 2004.  Amended by Laws 2005, c. 391, § 3, eff. July 1, 2005.

§62-41.5t.1.  Definitions.

As used in Section 2 through 5 of this act:

1.  "Accessibility" means compliance with nationally accepted accessibility and usability standards, such as those established in Section 508 of the Workforce Investment Act of 1998;

2.  "Individual with disabilities" means any individual who is considered to have a disability or handicap for the purposes of any federal or Oklahoma law;

3.  "Information technology" means any electronic information equipment or interconnected system that is used in the acquisition, storage, manipulation, management, movement, control, display, switching, interchange, transmission, or reception of data or information, including audio, graphic, and text;

4.  "State agency" means any office, officer, bureau, board, counsel, court, commission, institution, unit, division, body or house of the executive or judicial branches of the state government, whether elected or appointed, excluding political subdivisions of the state.  State agency shall include the Oklahoma State Regents for Higher Education, the institutions, centers, or other constituent agencies of The Oklahoma State System of Higher Education, the State Board of Career and Technology Education and Technology Center school districts; and

5.  "Undue burden" means significant difficulty or expense, including, but not limited to, difficulty or expense associated with technical feasibility.

Added by Laws 2004, c. 128, § 3, eff. July 1, 2004.

§62-41.5t.2.  Electronic and Information Technology Accessibility Advisory Council - Creation and composition.

A.  There is hereby created, to continue until July 1, 2006, the Electronic and Information Technology Accessibility Advisory Council.  The Advisory Council shall study and make recommendations concerning the accessibility for the disabled to publicly produced and provided electronic and information technology and to provide advice and assistance to the Information Services Division of the Office of State Finance on the development of accessibility standards and complaint procedures as provided for in Section 2 of this act.

B.  The Advisory Council shall be composed of the following members:

1.  One member of the House of Representatives, appointed by the Speaker of the House of Representatives;

2.  One member of the Senate, appointed by the President Pro Tempore of the Senate;

3.  The chair of the Science and Technology Committee of the House of Representatives;

4.  The chair of the Aerospace and Technology Committee of the State Senate;

5.  The Director of the Office of State Finance, or a designee;

6.  The Director of the Department of Central Services, or a designee;

7.  The Director of the Oklahoma Department of Rehabilitation Services, or a designee;

8.  The Superintendent of Public Instruction, or a designee;

9.  The State Director of the Oklahoma State Department of Career and Technology Education, or a designee;

10.  The Director of the Library for the Blind and Physically Handicapped with the Oklahoma Department of Rehabilitation, or a designee;

11.  The Director of the Office of Handicapped Concerns, or a designee;

12.  A representative of OneNet, the state telecommunications network within the Oklahoma State Regents for Higher Education;

13.  The Project Manager for Oklahoma Able Tech, the state assistive technology project located at Oklahoma State University;

14.  A representative of state agency web managers appointed by the Governor from a list submitted by a state agency web manager group;

15.  A representative of an association representing education technology administrators appointed by the Speaker of the House of Representatives;

16.  A representative of an association of distance learning education professionals appointed by the President Pro Tempore of the Senate;

17.  Two representatives of corporations or vendors of information or electronic technology hardware or software who are knowledgeable or have experience in the field of assistive technology appointed by the Governor;

18.  A representative of a corporation or vendor specializing in assistive technology appointed by the Governor; and

19.  Four representatives who are individuals with a disability, one who is blind or visually impaired, one who is deaf or hard of hearing, one with a mobility disability, and one with a cognitive disability and all of whom are users of information or electronic technology appointed by the Governor.  

C.  Members who were serving on the Electronic and Information Technology Accessibility Task Force as of July 1, 2004, shall automatically be appointed to serve on the Electronic and Information Technology Accessibility Advisory Council after July 1, 2004.

D.  The Advisory Council shall:

1.  Make recommendation on action, including legislative action, needed to ensure that all electronic and information technology produced, procured, or developed by state agencies are accessible to the disabled;

2.  Identify disability accessibility standards that are emerging or fully adopted by national standard organizations;

3.  Review and make recommendations on disability accessibility initiatives and legislation undertaken in other states; and  

4.  Provide advice and assistance to the Information Services Division of the Office of State Finance and the Department of Central Services on the development of accessibility standards and complaint procedures as provided for in Section 2 of this act.

E.  The Speaker of the House of Representatives and the President Pro Tempore of the Senate shall each designate a cochair from among the members of the Advisory Council.

F.  A majority of the members of the Advisory Council shall constitute a quorum.  A majority of the members present at a meeting may act for the Advisory Council.

G.  Meetings of the Advisory Council shall be called by either cochair.

H.  Proceedings of all meetings of the Advisory Council shall comply with the provisions of the Oklahoma Open Meeting Act.

I.  The Advisory Council may divide into subcommittees in furtherance of its purpose.

J.  Staff of the Oklahoma Able Tech, the state assistive technology project located at Oklahoma State University, shall serve as primary staff for the Advisory Council.  Appropriate personnel from the Office of State Finance and the Department of Central Services shall also assist with the work of the Advisory Council.

K.  The Advisory Council may use the expertise and services of the staffs of the Oklahoma House of Representatives and State Senate and may, as necessary, seek the advice and services of experts in the field as well as other necessary professional and clerical staff.

L.  All departments, officers, agencies, and employees of this state shall cooperate with the Advisory Council in fulfilling its duties and responsibilities including, but not limited to, providing any information, records, or reports requested by the Advisory Council.

M.  Members of the Advisory Council shall receive no compensation for their service, but shall receive travel reimbursement as follows:

1.  Legislative members of the Advisory Council shall be reimbursed for necessary travel expenses incurred in the performance of their duties in accordance with the provisions of Section 456 of Title 74 of the Oklahoma Statutes; and

2.  Nonlegislative members of the Advisory Council shall be reimbursed by their appointing authorities or respective agencies for necessary travel expenses incurred in the performance of their duties in accordance with the State Travel Reimbursement Act.

Added by Laws 2004, c. 128, § 4, eff. July 1, 2004.

§62-41.5u.  Provision of source code required for acquisition of customized computer software.

A.  No state agency, as defined by Section 250.3 of Title 75 of the Oklahoma Statutes, nor the Purchasing Division of the Department of Central Services, unless otherwise provided by federal law, shall enter into a contract for the acquisition of customized computer software developed or modified exclusively for the agency or the state, unless the vendor agrees to provide to the agency or the state the source code for the software and/or modifications.

B.  The State Purchasing Director or the procurement officers of the state agencies not subject to the Central Purchasing Act shall not process any state agency request for the custom modernization or development of computer software unless the proposed vendor provides documentation that complies with subsection A of this section.

C.  The State Purchasing Director shall provide advice and assistance, as may be required, in order for state agencies to comply with the provisions of this section.

D.  As used in this section:

1.  "State agency" shall include all state agencies, whether subject to the Central Purchasing Act or not, except the Oklahoma Lottery Commission; and

2.  "Source code" means the programming instruction for a computer program in its original form, created by a programmer with a text editor or a visual programming tool and saved in a file.

Added by Laws 2005, c. 391, § 4, eff. July 1, 2005.

§6241.6.  Availability of appropriations  Conditioned on budget resources being sufficient.

Appropriations made by the Legislature for the fiscal year beginning July 1, 1947 and thereafter, shall not be available for contractual or expenditure purposes until allotted as provided in this act.  Appropriations made by the Legislature to each state department, board, commission, institution or agency, are hereby declared to be maximum, conditional and proportionate appropriations, the purpose being to make appropriations payable in full in the amounts named only in the event that the estimated budget resources within each state fund during each fiscal year are sufficient to pay all of the appropriations for such fiscal year in full.  The purpose of this provision is to insure that there shall be no overdraft or deficit in the several funds of the state at the end of any fiscal year, and the Budget Director is directed and required so to administer this act to prevent such overdraft or deficit.

Laws 1947, p. 371, § 6.  

§62-41.7.  Repealed by Laws 1995, c. 292, § 12, eff. July 1, 1995.

§62-41.7a.  Repealed by Laws 1986, c. 223, § 59, operative July 1, 1986.

§62-41.7b.  Estimate of funds expected to accrue to General Revenue Fund and Special Revenue Funds - Comprehensive economic report.

A.  In accordance with duties assigned to the State Board of Equalization in Section 23 of Article X of the Constitution of the State of Oklahoma, agencies responsible for the collection of monies deposited to the credit of the General Revenue Fund and each of the Special Revenue Funds shall, upon request of the Director of State Finance, provide the Director in the manner and form established by the Director, an itemized estimate of funds expected to accrue to the General Revenue Fund and each of the Special Revenue Funds for the ensuing fiscal year.  Each of these agencies must also provide to the Director of State Finance, as requested, a written explanation of the methodology and relevant assumptions used in developing the revenue estimates submitted in compliance with this section, a statement of prior year actual revenue collections and a projection of current year revenue collections.

B.  In addition to providing the information listed above, the Oklahoma Tax Commission shall also provide to the Director of State Finance a comprehensive economic report no later than two weeks prior to each of the meetings of the State Board of Equalization pursuant to paragraphs 1 and 3 of Section 23 of Article X of the Constitution of the State of Oklahoma.  The report shall include a summary of recent national and state economic performance and a forecast of national and state economic performance for both the current and the upcoming fiscal year.  This report shall be considered a basis upon which the itemized revenue estimates of the Commission are developed.  The report shall include an analysis of the relative accuracy of the economic forecast on which the previous and current fiscal years' revenue estimates were based.

C.  The Tax Commission shall also provide all estimates, explanations, statements, projections, reports and other documents required by this section to the President Pro Tempore of the Senate and the Speaker of the House of Representatives at the same time that such documents are provided to the Director of State Finance.

Added by Laws 1995, c. 325, § 3, eff. July 1, 1995.

§62-41.7c.  Budget work programs.

A.  On or before the first day of June in each year, or as soon thereafter as possible, all agencies shall be required to file budget work programs with the Director of the Office of State Finance.  Copies of all agency budget work programs shall also be made available electronically to the staff of the Joint Legislative Committee on Budget and Program Oversight.

B.  The required instructions, content and format of budget work programs shall be developed by the staff of the Budget Division of the Office of State Finance.  The work programs shall include a description of all funds available to the agency for expenditure and setting out allotments requested by the agency by quarter and the entire fiscal year.  The work program shall be accompanied by an organizational chart of the agency, a statement of agency mission and program objectives.  The work program shall show budgeted spending by major program category at the activity level and may identify budgeted spending by subprogram category at the subactivity level.  Major program categories identified in the budget work program shall conform to the major program categories as provided by law.  Budget work programs shall be signed by the executive officer of each agency.  Such program and allotment requests may be made by the "request officer" who shall be designated by each agency for that purpose.  Executive officers of agencies shall cooperate with the Office of State Finance staff and Joint Committee staff in developing program budgeting categories.  All funds available or expected to be made available to any agency, including nonfiscal appropriations, shall not be available for expenditure until the request officer of the agency has complied with the applicable provisions of Sections 41.1 through 41.41 of this title and has received approval of such request for funds from the Director of State Finance.

Added by Laws 1994, c. 279, § 5, eff. July 1, 1994.  Amended by Laws 1995, c. 292, § 5, eff. July 1, 1995.

§6241.8.  Federal funds  Deposit and disbursement.

Federal funds received by any agency of the state shall be deposited in the State Treasury and disbursed upon warrants issued by the State Treasurer and shall be subject to the other fiscal controls imposed by this act, except where federal laws and/or regulations of the federal agency which makes such funds available to the State requires federal funds to be granted, deposited, allocated or expended through channels other than those required by the provisions of this act.

Laws 1947, p. 372, § 8; Laws 1979, c. 47, § 46, emerg. eff. April 9, 1979.  

§6241.9.  Allotment of appropriations  Exemption of Legislature.

Effective July 1, 1947, and thereafter, appropriations and/or federal funds, shall be allotted for each spending agency by the use of a method which shall be known as the line item method of allotting appropriations whereby items requested may be allotted on either a monthly, quarterly, semiannual or annual basis upon the written request of the agency concerned and the approval of the Budget Director.  The request officer for each spending agency shall show on the forms provided, the proposed classification of the expenditures for that spending agency.  Each agency shall be required to identify those items that are for capital purposes in keeping with the definition of capital projects promulgated by the Long-Range Capital Planning Commission.  Requests for capital appropriations and an agency's original budget request shall be for capital projects that have been submitted to the Long-Range Capital Planning Commission for review.  The Budget Director shall review the requested allotments with respect to the work program with each spending agency and shall, if the Director deems it necessary, require said spending agency to revise, alter or change such allotments before approving the same, reserving a sufficient balance in the appropriation to finance the operations of the spending agency for the remainder of any fiscal year.  At the end of any fiscal year, the entire amount appropriated to any spending agency must be allotted by the Budget Director, except where the estimated budget resources during any fiscal year are insufficient to pay all of the appropriations for such year in full.  The Budget Director shall not allot to any spending agency during any fiscal year, an amount which will be in excess of the amount of revenue collected and allocated to appropriations made to such spending agency.  In the event of a failure of revenue, the Budget Director shall control the allotment authorizations to prevent obligations being incurred in excess of the revenue to be collected.  However, the Budget Director shall make all reductions within each state fund where a revenue failure occurs apply to each department, institution, board, commission or special appropriation made by the State Legislature, in the ratio that its total appropriation for that fiscal year bears to the total of all appropriations for that fiscal year, as provided in Section 23, Article 10, of the Constitution of Oklahoma.  Appropriation allotment may be approved for any item for the entire year or may be approved on a monthly, quarterly, or semiannual basis, but in no case shall the aggregate of such allotments for any spending agency exceed the total appropriation made available to such spending agency for the fiscal year to which they apply.  Each spending agency's request for appropriation allotments shall show the amount required to finance each item of the request for the entire year and for each quarter beginning July 1st, October 1st, January 1st and April 1st, within each fiscal year.  The Budget Director shall consider the allotment request for the purpose of making a determination of:  (1) That such itemized requests are in accordance with the budget plan approved by the Legislature; (2) that the accounting classification is sufficient to reflect the purposes for which expenditures are to be made; (3) that the current financial requirements of the spending agency concerned, justifies the allotment to be made for each quarter, reserving a sufficient balance in the appropriation to finance the remaining quarters; (4) that the realization of the estimated revenues is sufficient to allow the commitments to be made.  The Legislature shall be exempt from submitting any program of work or quarterly allotment request.

Added by Laws 1947, p. 372, § 9, emerg. eff. Feb. 25, 1947.  Amended by Laws 1995, c. 123, § 1, eff. July 1, 1995.

§6241.10.  Approval of requested allotments  Records  Claims for payment  New and increased allotments  Expenditure in subsequent period.

The Budget Director shall, if he approves the requested allotments, transmit a copy as approved to the request officer of the spending agency concerned and also a copy to the Division of Central Accounting and Reporting.  Legislative appropriations which serve as the legal basis for expending the state's monies, and against which allotments shall be made, shall be set up on the records of the Division of Central Accounting and Reporting.  The allotments approved by the Budget Director against such appropriations, shall be the portion of the appropriation set aside to cover encumbrances and expenditures for a designated purpose during a monthly, quarterly, semiannual or annual period.  The allotments authorized by the Budget Director shall be filed with the Division of Central Accounting and Reporting and shall be set up on the records of the Division of Central Accounting and Reporting in such accounts as may be required by the Budget Director.  The Division of Central Accounting and Reporting shall not approve claims for payment in excess of the amount allotted for each account approved by the Budget Director.  After the first allotments have been authorized by the Budget Director for each agency of the state, subsequent allotments may be authorized upon the request of the agency concerned and with the approval of the Budget Director.  The Budget Director may authorize new accounts in addition to those requested in the the original allotment request, or may increase the amount allotted for a monthly, quarterly, semiannual or annual period.  A balance remaining in any of the allotment accounts at the end of any monthly, quarterly, or semiannual period, shall be available for expenditure the subsequent period; however, subsequent allotment requests and the Budget Director's approval should take into consideration any unencumbered or unexpended balance remaining at the time such subsequent requests are approved.

Laws 1947, p. 373, § 10.  

§6241.11.  Segregation of lump sum appropriations.

When, in any act, lump sum appropriations are made for personal service, or for maintenance and operation, or for maintenance and operation including personal service, other than such appropriations for the Legislature, judiciary, or for expenses of holding elections, no monies so appropriated shall be available for payments for personal service, or maintenance and operation, or maintenance and operation including personal service, except specified appropriations for temporary services or day labor until a schedule of positions and salaries and the amounts to be available for the expenses of maintenance and operation shall have been approved by the Director of the Budget and a certificate of such approval filed with the request officer of the spending agency concerned and the Division of Central Accounting and Reporting.  Any such approved schedule may be amended, however, with the approval of the Director of the Budget and the filing of a certificate thereof as provided above.  The request officer for each spending agency shall show on the forms provided, how he proposes to classify the expenditures for that spending agency, and such classification shall follow, (except for items peculiar to certain departments or institutions), the uniform budget and accounting classifications adopted for similar spending agencies. The Budget Director shall not have authority to fix the amount of salary or eliminate any position listed on such schedule.  However, he shall not approve said segregation schedule in the event the total requested to be allotted fails to reserve a sufficient balance of the lump sum appropriation to finance the operations of the spending agency concerned for the remainder of that fiscal year, considering any possible failure in the revenue estimated to be collected for that fiscal year.  The Budget Director shall not have the authority to curtail the operation of any particular part of the program, but shall order a reduction in the total program only where insufficient revenues are anticipated to carry on the program for the period concerned.

Laws 1947, p. 373, § 11.  

§62-41.12.  Repealed by Laws 1995, c. 292, § 12, eff. July 1, 1995.

§62-41.13.  Revenues not derived from legislative appropriations.

All departments, institutions, or agencies of the state which are operating either partially or entirely from revenues derived from sources other than legislative appropriations, shall file requests for allotments under the same provisions herein stated as are required for direct legislative appropriations which distinctly specify the amount appropriated.  The Budget Director shall approve such requests for allotments on a line item basis, if the estimated revenues accruing to such fund are sufficient to finance such allotments within the period for which the items are approved, and if the account classification is sufficient to show the purposes for which the money is to be expended, except that obligations as they are incurred may not exceed the unencumbered balance of surplus cash on hand in accordance with Section 23, Article 10, Constitution of the State of Oklahoma.  The Budget Director may require a more detailed breakdown of accounts before he approves such requests if the request fails to show sufficient information for the Division of Central Accounting and Reporting.  This section shall apply to such spending agencies as the State Highway Department, Fish and Game Department, Oklahoma Employment Security Commission and other spending agencies operating under similar financial arrangements, including federal funds received by any spending agency of the state, but shall not apply to donated funds, trust funds or funds of an agency relationship.

Laws 1947, p. 374, § 13, emerg. eff. Feb. 25, 1947.

§62-41.13a.  Commitment or expenditure of federal block grant funds - Preconditions.

No state agency or entity shall commit or expend any funds from federal block grant funds created after the effective date of this act, including, but not limited to, employment, job training, vocational education, vocational rehabilitation, adult education or literacy programs without:

1.  Prior authorization;

2.  Appropriation of the funds by the Legislature as provided in Section 23 of Article 10 of the Oklahoma Constitution; or

3.  Other formal expression of legislative intent.

Added by Laws 1995, c. 340, § 24, emerg. eff. June 9, 1995.

§62-41.13b.  Repealed by Laws 1999, c. 358, § 12, eff. July 1, 1999.

§62-41.14.  State system of higher education, and institutions of higher education.

A.  The Oklahoma State System of Higher Education, established by Article XIII-A of the Constitution of this state, shall operate an allotment system similar to the procedure set out in this act for other agencies of the state except that the Oklahoma State Regents for Higher Education shall be substituted for the State Budget Director in connection with approving allotment requests of the constituent institutions comprising The Oklahoma State System of Higher Education.  The account classification for the State System of Higher Education shall conform as nearly as possible with the classification of accounts recommended by the National Committee on Standard Reports for Institutions of Higher Education.  The Board of Regents shall allocate to each institution under its control from the consolidated, or lump sum appropriation made by the Legislature, an amount sufficient to meet the needs and functions of each institution for the entire year as is now provided by law, or may hereafter be provided by law.  The amount allocated to each institution for each fiscal year in accordance with Article XIII-A, Oklahoma Constitution, shall be made in a lump sum without regard to uniform budget or accounting classifications, but shall not be available for expenditure until subsequently allotted by the Regents in accordance with the uniform budget and accounting classifications recommended by the National Committee on Standard Reports.

B.  The Oklahoma State Regents for Higher Education may reduce the allocation of funds which could otherwise be made to an institution within The Oklahoma State System of Higher Education in order to make payments for leases within the lease financing program authorized by Section 4 of this act.

C.  The Regents, with the approval of the Budget Director, may allot money to any constituent institution under said Regents to set up and operate a petty cash fund at said institution, said fund to be reimbursed upon the filing of claims showing the purposes for which the funds were expended.  The Division of Central Accounting and Reporting shall make cash allocations of revenue in accordance with Section 23, Article 10, Constitution of Oklahoma, to each of the constituent institutions, considering the total allocation made by the Regents from the lump sum legislative appropriations as the total appropriation for each institution, in lieu of legislative appropriations.  All institutional income available for educational and general purposes, as defined in the uniform budget and accounting classifications recommended by the National Committee on Standard Reports, and including income defined by law as revolving fund income, shall operate as a continuing nonfiscal appropriation which may be spent for any educational and general purposes for which appropriated funds may be spent, if allocated and allotted as provided in this section; provided that the obligations as they are incurred may not exceed the unencumbered balance of cash on hand in accordance with Section 23, Article 10, Constitution of the State of Oklahoma.

D.  At least thirty (30) days prior to the beginning of each fiscal year, each of the constituent institutions shall file with the Regents its request for appropriation allotments for each of the purposes for which expenditures are to be made.  Such requests shall be broken down to conform to the uniform budget or accounting classifications recommended by the National Committee on Standard Reports.  Each institution's request for appropriation allotments shall show the amount required to finance each item of the request for the entire year and for each quarter or each sixmonths period within the fiscal year, as required by the Budget Director.

E.  The Regents, or their designated official or employee who has been authorized to approve itemize allotment requests, shall consider the allotment requests for the purpose of making a determination of: (1) that the current financial requirements of the institution concerned justify the allotment to be made; (2) that the accounting classification is sufficient to reflect the purpose for which expenditures are to be made and that such classification is in accordance with the budget classifications adopted by the Budget Director and the Regents, which shall conform as nearly as possible to the account classification recommended by the National Committee on Standard Reports for Institutions of Higher Education; (3) that the realization of estimated revenues determined by the Budget Director is sufficient to allow the commitments to be made.

F.  In allotting appropriations and other funds, and approving subsequent allotments which may be required by each institution, the Regents shall follow the same general procedure set forth in this act for other agencies of the state not under the control of said Regents, except as otherwise provided in this section.  All forms and account classifications shall be mutually agreed upon by the Budget Director and the State Regents.  The Regents shall file approved requests of constituent institutions with the Division of Central Accounting and Reporting and such approved requests shall be entered on the records of the state in the same manner as is provided in this act for other agencies of the state.  The State Regents and the Budget Director shall approve any request from the administrative head of a constituent institution for amendment of the approved schedule of positions and salaries, or transfers between items, so long as the currently approved allotment for such purposes is not exceeded; and each such amendment shall be filed with the Budget Director, in such detail as he may require, prior to the date on which the first payroll or other disbursement affected by such amendment is submitted for payment.

G.  In the event that the realization of estimated revenues at any time during the fiscal year indicates that the total revenue for that fiscal year to any state fund will be insufficient at the end of the fiscal year to meet the total appropriations from that fund, the State Budget Director shall notify the Oklahoma State Regents of Higher Education as to the amount of reduction necessary against the consolidated, or lump sum appropriations, made to the Regents.  The Regents in making itemized allotments during the fiscal year, may reserve an amount sufficient to meet a reasonable failure of revenue until receipt of notice from the Budget Director that the realization of estimated revenues indicates that the total appropriation may be allotted for expenditure.  Upon receipt of notice from the Budget Director of a necessary reduction in the consolidated, or lump sum appropriation, to meet a failure in revenue, the Regents of Higher Education shall immediately take action to control the approval of subsequent allotment requests sufficient to make the aggregate reduction in allotments of all constituent institutions under their control equal the amount of reduction ordered against the lump sum appropriation made by the Legislature.  Such reductions against the lump sum appropriation shall not exceed the percentage reduction ordered against other agencies of the state in accordance with Section 23, Article 10, Oklahoma Constitution.

Added by Laws 1947, p. 374, § 14.  Amended by Laws 1999, c. 371, § 5, eff. July 1, 1999.

§6241.15.  Allocation of revenues  Capital outlays  Nonfiscal appropriations  Public Building Fund.

Effective July 1, 1947 and thereafter, the Division of Central Accounting and Reporting shall allocate all revenues thereafter deposited to the credit of any fund in the State Treasury except the Public Building Fund, in accordance with the provisions of Section 23, Article 10, of the Constitution of Oklahoma, as amended on March 11, 1941, and House Bill No. 30, Regular Session of the TwentyFirst Legislature.

The Budget Director may require that appropriations for capital outlay be financed by a separate cash account so that allocations of cash to any agency for purposes of constructing buildings, making improvements, purchasing equipment, etc., may not be used to finance the current operations of the institution, department, or agency.

Appropriations which are nonfiscal for contractual and expenditure purposes, shall be considered fiscal for revenue purposes, but may be allotted for expenditure at any time within thirty (30) months from date such acts are passed.  Revenue which accrues to the credit of the Public Building Fund in the State Treasury which derives its revenue under the provisions of Title 74, Section 98, O.S.1951, shall be allocated to the appropriations from the Public Building Fund in consecutive order.  The Governor shall designate the order of payment of the appropriations from the Public Building Fund.  The Budget Director shall allocate the collections sufficient to pay the first appropriation designated by the Governor, before he allocates any amount to the second and so on, until all appropriations are provided for.  The contracting agency receiving such appropriation shall not contract the same until revenue has been allocated as provided in this act.

Laws 1947, p. 376, § 15.  

§62-41.16.  Encumbrance requirements for payment of state funds.

Encumbrance requirements for payments from funds of the state shall include the following:

A.  Whenever departments, institutions, boards, commissions or agencies of this state enter into contracts for, or on behalf of the state for the purchase of goods, wares or merchandise, or for construction of buildings, roads, bridges or any other thing for which labor and materials must be furnished by outside vendors, such agreement shall be evidenced by written contracts or purchase orders, and must be transmitted to the Director of State Finance within a reasonable time as determined by the Director of State Finance from the date of awarding of such contract or purchase order.

B.  The Director of State Finance shall charge such contracts, purchase orders or agreements, against the proper appropriation allotment account as an outstanding order until it is liquidated by payment of a claim, or claims, against said contracts or purchase orders, or by cancellation.

C.  The Director of State Finance shall have the authority, and is hereby given the power to authorize departments, institutions, boards, commissions or agencies of the state to make purchases not requiring the submission of competitive bids pursuant to Section 85.7 of Title 74 of the Oklahoma Statutes, or excluded from the purview of the Central Purchasing Act pursuant to Section 85.12 of Title 74 of the Oklahoma Statutes, for or on behalf of the state whenever the Director of State Finance determines that the best interests of the state are served thereby.  The administrative head of any agency shall be personally liable for obligations incurred in excess of the authorization granted by the Director of State Finance.

D.  The Director of State Finance shall never authorize payment of claims for the purchase of goods, wares and merchandise, or claims for contractual services, for any agency of the state unless it is supported by (1) contracts or purchase orders of the State Board of Public Affairs, or (2) institutional purchase orders or contracts, or (3) departmental purchase orders or contracts, or (4) authorizations for purchases granted by the Director of State Finance as provided by subsection C of this section.  Any invoice or claim dated prior to the date of any of the above-mentioned encumbrance documents shall be rejected by the Director of State Finance.  Any encumbrance document that is outstanding on the records in the Office of State Finance for a period of one (1) year shall be canceled, encumbrances for capital outlay excepted.

The Commissioners of the Land Office shall be authorized to make payment of fees to its custodial bank and investment managers from the proceeds of total realized investment gains and such payments may be made from a special fund hereby created in the State Treasury for this purpose.  Total payments for this purpose in a fiscal year shall not exceed one-half percent (0.5%) of the market value of the funds under the Commissioners' management on June 30 of the previous fiscal year.

Added by Laws 1947, p. 376, § 16, emerg. eff. Feb. 25, 1947.  Amended by Laws 1949, p. 416, § 1, emerg. eff. May 10, 1949; Laws 1955, p. 335, § 1, emerg. eff. June 6, 1955; Laws 1975, c. 269, § 1, emerg. eff. June 5, 1975; Laws 1983, c. 334, § 4, emerg. eff. June 30, 1983; Laws 1984, c. 166, § 5, operative July 1, 1984; Laws 1990, c. 264, § 60, operative July 1, 1990; Laws 1997, c. 301, § 1, eff. Sept. 1, 1997; Laws 1998, c. 85, § 6, eff. July 1, 1998.

§62-41.16a.  WIC Supplemental Nutrition Program - Establishment of system for processing of claims - Procedures for payment of gross vouchers - Transfer of certain funds.

A.  The State Department of Health is authorized to enter into contracts with third party administrators to establish a system for processing claims for payment pursuant to the United States Department of Agriculture Women, Infants and Children Supplemental Nutrition Program.

B.  The State Board of Health shall promulgate rules and develop procedures necessary for implementation and administration of the system.  The State Department of Health shall implement the system by January 1, 1993.

C.  The State Board of Health is authorized to develop procedures that allow for the payment of gross vouchers received by a third party administrator adjusted by returned items or any other disallowances.

D.  The State Department of Health is authorized to transfer funds from any revolving or federal funds available to their WIC Disbursing Fund as needed for the purpose of providing cash flow until federal funds are received.  Any such funds transferred into the WIC Disbursing Fund shall be transferred back to the original fund source before the end of the fiscal year in which the transfer was made.

Added by Laws 1992, c. 32, § 1, eff. July 1, 1992.  Amended by Laws 1993, c. 269, § 8, eff. Sept. 1, 1993.

§6241.17.  Claims and payrolls.

The State Budget Director is hereby authorized to revise and prescribe the blank claim forms and payroll forms to be used by the various agencies of the state.  Any agency of the state may file a claim against more than one item of the current appropriation allotments within the same fund by indicating on the claim or payroll in the space provided, the allotment account, or accounts to be charged and the State Budget Director shall charge the same to the account, or accounts, indicated after proper audit and approval. Payroll forms are hereby authorized for use in claiming amounts due individually to all employees within a department, board, commission, institution or agency of the state when the bonded executive head or bonded employee of such spending agency certifies on the payroll form that the amount shown after each named employee is the amount due for the period of time shown on the payroll form. Each payroll form shall show in separate columns the total earnings, the amount of each type of withholding and the net amount due each employee. Withholdings may be reserved by the Budget Director to be paid to the proper governmental agency by subsequent lump sum payments.

Laws 1947, p. 377, § 17.  

§6241.18.  Disbursements.

The State Treasurer shall be the disbursing agency of the state and shall draw either checks or warrants payable at the State Treasury, in payment of all claims, including payrolls, against the state which shall be by law directed to be paid out of the treasury. Each check or warrant shall specify the date of its issue and the name of the person to whom payable.  Each check, or warrant, issued by the State Treasurer, shall specify on its face the gross amount, the amount of withholding if any, and net amount payable to the payee.  At the end of each month the State Treasurer shall report to the Director of State Finance in such form as the Director of State Finance shall prescribe, all checks or warrants issued during the month.  Effective July 1, 1947, and thereafter, checks or warrants issued by the State Treasurer shall be registered on the records of the State Treasurer in such manner as shall be prescribed by the Budget Director of State Finance; provided, that each check or warrant shall indicate thereon the fund against which the same shall be charged.  The purpose of this section is to permit checks or warrants to be registered in the order in which they are drawn upon the State Treasury; provided, such checks or warrants indicate the treasury fund against which the same is charged.

Laws 1947, p. 378, § 18; Laws 1947, p. 383, § 1; Laws 1979, c. 47, § 47, emerg. eff. April 9, 1979.  

§6241.19.  Record of redemptions and receipts by State Treasury  Nonpayable warrants  Custody of claims  Revocation and cancellation of unpaid obligations  Reissuance  Canceled Warrant Fund.

A.  All bonds and interest coupons redeemed by the State Treasurer and a duplicate of each and every receipt issued for monies received into the State Treasury, shall be delivered immediately to, and receipted for, by the Director of State Finance who shall maintain such documents as a permanent record of his or her office.  It shall be the duty of the Director of State Finance to audit such redeemed documents and to apportion and distribute the collections as indicated by the State Treasury receipts to the respective funds and account to which the same shall have accrued, or may belong.  All warrants and checks redeemed by the State Treasurer shall be maintained by the State Treasurer in accordance with the provisions of Sections 305 through 317 of Title 67 of the Oklahoma Statutes.  In the event that nonpayable warrants are issued pursuant to the provisions of Section 23 of Article X of the Constitution of the State of Oklahoma, it shall be the duty of the Director of State Finance to issue and publish the official call for payment for any warrants that may be outstanding and registered as "nonpayable".  Notice of such call shall be published in some newspaper of general circulation, published at the seat of government, and interest on all warrants so called for payment shall cease on or after ten (10) days from the date of the first publication of such notice.  The Director of State Finance shall be responsible for the custody of claims certified for payment which call for the disbursement of money from the Treasury.  Such claims shall be maintained in files accessible to the Division of Central Accounting and Reporting and the employees of the Division of Central Accounting and Reporting shall have authority to inspect such claims for the purpose of making accounting adjustments on the records maintained by the Director of State Finance.

B.  All warrants, checks or orders issued by the State Treasurer against claims submitted through the Director of State Finance in payment of obligations of the state which shall for any cause remain outstanding or unpaid for a period of ninety (90) days after funds are available for their payment shall be revoked and canceled.  The Director of State Finance shall forthwith make proper entry thereof on the records of his or her office and shall notify both the State Treasurer and the administrative head of the agency certifying the claim for payment of the fact of such entry of cancellation.  Thereafter, no such warrants shall be paid except that the holder of any warrant that may be canceled pursuant to the provisions of this section, may, within thirty-six (36) months following the month in which the warrant was canceled, present the warrant or an affidavit of loss or destruction, and a request for reissue to the Director of State Finance who shall on the third Monday of each month certify a claim for payment of those verified unpaid requests presented during months past.  If, for any reason, a warrant should not be issued to replace a warrant canceled pursuant to the provisions of this section, the administrative head of the agency originally certifying the claim for payment shall, within seven (7) days after notification of the cancellation, advise the Director of State Finance that a reissue should not be made.  Warrants issued or caused to be issued by the Department of Human Services for public assistance or medical assistance may be reissued at any time within three (3) years after cancellation upon submission of the canceled warrants to the Department, provided the three-year limitation shall not apply to warrants issued prior to May 1, 1992.

C.  There is hereby created in the State Treasury a fund to be known as the Canceled Warrant Fund.  The Director of State Finance shall transfer to the Canceled Warrant Fund the total of the payable amounts of the warrants canceled pursuant to the provisions of this section from the funds and accounts against which the canceled warrants had been drawn, and shall disburse from the fund such amounts as necessary to pay warrants reissued as provided in this section.  The expenditure shall be recorded in the fund and account against which the original canceled warrant was issued and disbursements from the Canceled Warrant Fund shall not be considered expenses of the state nor shall receipts to the fund be considered revenue to the state.  Claims drawn against the Canceled Warrant Fund shall identify the current holder of record and the warrant number of the canceled warrant.

D.  The Director of State Finance shall determine the minimum necessary balance to be maintained in the Canceled Warrant Fund and on the third Monday of October shall transfer the amount in excess of the required minimum balance to the General Revenue Fund of the current year.  The minimum balance retained shall be not less than the total amount of the warrants canceled by statute within the past thirty-six (36) months preceding October 1 of each year and which remain eligible for replacement according to the records of the Office of State Finance.

Added by Laws 1947, p. 378, § 19, emerg. eff. Feb. 25, 1947.  Amended by Laws 1979, c. 47, § 48, emerg. eff. April 9, 1979; Laws 1980, c. 105, § 1, eff. July 1, 1980; Laws 1982, c. 39, § 1, emerg. eff. March 26, 1982; Laws 1988, c. 277, § 6, operative July 1, 1988; Laws 1989, c. 367, § 1, operative July 1, 1989; Laws 1992, c. 152, § 1, emerg. eff. May 1, 1992; Laws 1996, c. 290, § 8, eff. July 1, 1996.

NOTE:  Laws 1989, c. 171, § 1 repealed by Laws 1990, c. 337, § 26.

§62-41.20.  Repealed by Laws 1979, c. 30, § 164, emerg. eff. April 6, 1979.

§62-41.21.  Payment of claims or payrolls.

A.  Except as otherwise provided by subsections B, C, D, E, F, G, H, K and L of this section, procedures for effecting payment of claims or payrolls shall include the following:

1.  All miscellaneous claims and payroll claims which are to be used to authorize the payment of money from the State Treasury, shall be filed with the Director of State Finance for audit and settlement prior to being filed for payment with the State Treasurer; provided, the Director of State Finance may establish alternative procedures for the settlement of claims through the Office of State Finance whenever such procedures are deemed more advantageous and consistent with the requirements of Section 41.1 et seq. of this title.  Such procedures may include, but are not limited to, at the discretion of the Director of State Finance:

a. a procedure to permit consolidated payment to vendors for claims involving more than one agency of the state when audit and settlement of such claims, as hereinafter provided, can in all respects be accomplished,

b. procedures based upon valid statistical sampling models for preaudit of claims, except for payroll claims and travel claims, against contracts, purchase orders and other commitments before entering such claims against the appropriation allotment accounts, and

c. policies, procedures and performance criteria for the participation of agencies or departments, not authorized in subsections B through H of this section, to engage in an alternative system for the settlement of claims through the Office of State Finance; and

2.  After claims or payrolls or both have been properly audited and recorded against the respective contracts, purchase orders, other commitments and appropriation allotment accounts, the Division of Central Accounting and Reporting shall certify such claims or payrolls to the State Treasurer for payment.  It shall be the responsibility of the Division of Central Accounting and Reporting to determine:

a. that all material legal requirements concerning the expenditure of monies involved in each claim or payroll have been complied with, and

b. that funds have been properly and legally allotted for the payment of the claim or payroll and that a sufficient balance exists for the payment of same.

Sufficient space shall be provided on each claim and payroll for the Director of State Finance to indicate that the claim or payroll has been approved for payment by the Division of Central Accounting and Reporting.  The Director of State Finance shall authorize bonded employees in the Division of Central Accounting and Reporting to execute the signed approval of each claim or payroll which shall be certified to the State Treasurer for payment.

B.  The Department of Human Services is authorized to establish an encumbrance and preaudit system for settlement of claims relating to public assistance, social service benefits and medical benefits to or for persons eligible under applicable federal laws and rules, Oklahoma Statutes, and policies established by the Oklahoma Commission for Human Services.  The following programs shall be eligible for this procedure:

1.  Aid to Families with Dependent Children;

2.  Aid to Aged, Blind and Disabled;

3.  Medical Assistance;

4.  Day Care;

5.  Refugee Resettlement;

6.  Low Income Heating and Energy Assistance;

7.  General Assistance;

8.  Crippled Children;

9.  Social Services under Title XX of the U.S. Social Security Act, 42 U.S.C., Section 301 et seq.;

10.  Adoption Subsidies;

11.  Foster Care;

12.  Medical Examination;

13.  Area Agencies on Aging;

14.  Any contract for service for which the Department of Central Services has approved as qualifying for a fixed and uniform rate pursuant to Section 85.7 of Title 74 of the Oklahoma Statutes;

15.  Sheltered Workshops;

16.  Contracted Group Homes;

17.  Rehabilitative Client Interpreters;

18.  Rehabilitative Client Drivers; and

19.  Maternal and Child Health Services Block Grant.

The Department of Human Services shall provide to the Director of State Finance, for approval prior to inclusion in this procedure, detailed listings of the type of payments to be made for each of these programs.  The Department of Human Services shall provide the Director of State Finance a daily report of the dollar amount of claims settled and checks or warrants written, the dollar amount of checks or warrants canceled, and the dollar amount of checks or warrants canceled by statutes.

C.  The State Department of Rehabilitation Services is authorized to establish an encumbrance and preaudit system for settlement of claims relating to social service benefits and medical benefits to or for persons eligible under applicable federal laws and regulations, Oklahoma Statutes, and policies established by the Commission for Rehabilitation Services for the following programs:

1.  Vocational and other rehabilitation;

2.  Educational services;

3.  Disability Determination Services; and

4.  Visual Services.

The State Department of Rehabilitation Services shall provide to the Director of State Finance, for approval prior to inclusion in this procedure, detailed listings of the type of payments to be made for each of these programs.  The State Department of Rehabilitation Services shall provide the Director of State Finance a daily report of the dollar amount of claims settled and checks or warrants written, the dollar amount of checks or warrants canceled, and the dollar amount of checks or warrants canceled by statutes.

D.  The Oklahoma State Regents for Higher Education and the Director of State Finance shall jointly establish a system for the settlement of claims, except for payroll, by entities of The Oklahoma State System of Higher Education.  The settlement system shall include policy, procedures, and performance criteria for participation.  The State Regents are authorized to approve or disapprove the participation of any institution or other entity of the State System in the claims settlement system.

E.  The Director of State Finance shall be authorized to establish necessary agency disbursing funds to efficiently accommodate the cash flow requirements of applicable federal regulations, bond indebtedness and other directives deemed appropriate by the Director of State Finance.  Agencies operating such disbursing funds are authorized to establish a preaudit and settlement system for claims or payments or both relating to the purposes of the stated directives.  The State Treasurer shall establish procedures for the state in accordance with Federal Banking and National Automated Clearing House Association standards and agencies shall be required to utilize automated clearing house procedures established by the State Treasurer provided that no individual or entity shall be required to have a bank account unless required by federal law or federal regulation.  Agencies shall be further required to present these transactions to the Office of State Finance in a summarized format and shall include any accounting information necessary as determined by the Director of State Finance including, but not limited to, information related to Public Law 101-453 the Cash Management Improvement Act, 31 U.S.C., Sections 3335, 6501 and 6503.  Administrative expenditures shall not be eligible for these procedures.

The efficiency of the payment system shall be considered when the interest earnings of the state are not diminished.

F.  The Director of State Finance shall be authorized to process payments for federal tax withholding without claim forms.  The Director of State Finance shall establish a separate fund for the purpose of accumulating federal income tax withholding from payrolls and remitting same to the United States Treasury.

G.  The Department of Education and the Oklahoma Department of Career and Technology Education are authorized to establish a preaudit and settlement system for claims and/or payments of state funded assistance to school districts and institutions within The Oklahoma State System of Higher Education.  The payment system shall be neutral as to interest income to the state and the school districts.

H.  The Director of State Finance shall be authorized to process, without claim forms, interest payments to the U.S. Treasury as required by Public Law 101-453, the Cash Management Improvement Act, 31 U.S.C., Sections 3335, 6501 and 6503.  Agencies are responsible for the accrual of such interest liability of the state and shall provide payment to the Office of State Finance in the amount and method prescribed by the Office of State Finance.  Any liability of the U.S. Treasury as determined by Public Law 101-453, the Cash Management Improvement Act, 31 U.S.C., Sections 3335, 6501 and 6503 shall be deposited in the State Treasury and transferred by the Director of State Finance to the General Revenue Fund of the state subsequent to final determination and necessary audit resolution.

I.  The State Treasurer shall write checks or warrants in payment of claims and payrolls certified to the State Treasurer for payment by the Division of Central Accounting and Reporting or the Department of Human Services or institutions within The Oklahoma State System of Higher Education.  The State Treasurer, within such limitations as the State Treasurer may prescribe, may authorize the Director of State Finance, the Department of Human Services, or an institution within The Oklahoma State System of Higher Education to write the checks or warrants for payment of claims and payrolls that have been certified by the respective agency.  The Director of State Finance, the Department of Human Services, and The Oklahoma State System of Higher Education institutions shall provide the State Treasurer a register of each payment for each check or warrant written.  Provided, in lieu of checks or warrants:

1.  The Director of State Finance may, with the concurrence of the State Treasurer, establish a procedure to effect the settlement of interagency claims by transfer entry; and

2.  At the discretion of the State Treasurer, payment of claims and payrolls may be made by the electronic transfer of funds.

Such optional settlement modes may be implemented when the authorized officer or officers of the state are satisfied such modes will substantially operate to the benefit of the state and without sacrifice to the security and integrity of the monies and records of the state.

J.  The Director of State Finance is authorized to use a numeric or alphanumeric designation to cross-reference claims or payrolls to check warrant numbers, transfer entry or optional settlement mode used in the payment thereof.

K.  The Department of Human Services and the Director of State Finance shall jointly establish a system for the settlement of claims, except for payroll, by the Department of Human Services.  The settlement system shall include policy, procedures and performance criteria for participation.

L.  The Department of Transportation may establish a preaudit and settlement system for claims and payments of state-funded contractor estimates and right-of-way payments.  Provided, however, that nothing herein shall modify or alter condemnation proceedings as provided by law.

Added by Laws 1947, p. 379, § 21, emerg. eff. Feb. 25, 1947.  Amended by Laws 1979, c. 47, § 49, emerg. eff. April 9, 1979; Laws 1983, c. 334, § 5, emerg. eff. June 30, 1983; Laws 1986, c. 247, § 17, operative July 1, 1986; Laws 1990, c. 265, § 15, operative July 1, 1990; Laws 1991, c. 24, § 1, emerg. eff. March 29, 1991; Laws 1991, c. 330, § 4; Laws 1992, c. 358, § 1, eff. July 1, 1992; Laws 1993, c. 328, § 31, operative July 1, 1993; Laws 1993, c. 364, § 18, emerg. eff. June 11, 1993; Laws 1994, c. 2, § 21, emerg. eff. March 2, 1994; Laws 1994, c. 277, § 4; Laws 1995, c. 292, § 6, eff. July 1, 1995; Laws 1996, c. 290, § 9, eff. July 1, 1996; Laws 1997, c. 2, § 13, emerg. eff. Feb. 26, 1997; Laws 1997, c. 164, § 3, eff. July 1, 1997; Laws 1998, c. 392, § 4, eff. Sept. 1, 1998; Laws 2000, c. 347, § 3, emerg. eff. June 6, 2000; Laws 2001, c. 33, § 53, eff. July 1, 2001; Laws 2002, c. 150, § 1, eff. July 1, 2002.

NOTE:  Laws 1992, c. 326, § 8 repealed by Laws 1993, c. 10, § 16, emerg. eff. March 21, 1993.  Laws 1993, c. 10, § 6 repealed by Laws 1994, c. 277, § 18.  Laws 1993, c. 291, § 1 repealed by Laws 1994, c. 2, § 34, emerg. eff. March 2, 1994.  Laws 1994, c. 78, § 1 repealed by Laws 1994, c. 277, § 18.  Laws 1996, c. 204, § 1 repealed by Laws 1997, c. 2, § 26, emerg. eff. Feb. 26, 1997.

§62-41.22.  Repealed by Laws 1979, c. 30, § 164, emerg. eff. April 6, 1979.

§6241.23.  Experts and assistants of Budget Director.

The Budget Director, with the approval of the Governor, shall employ and make the appointment of such experts and assistants as may be necessary to execute the purposes of this act.  No appointments to positions shall be made in excess of the position authorized by act of Legislature for the Division of the Budget and the Division of Central Accounting and Reporting.

Laws 1947, p. 380, § 23.  

§6241.24.  Assistants of State Auditor and Inspector.

The State Auditor and Inspector shall employ, and make the appointment of such assistants as may be necessary to fulfill his duties.  No appointments to positions shall be made in excess of the positions authorized by act of the Legislature for the State Auditor and Inspector's office.

Laws 1947, p. 380, § 24; Laws 1979, c. 30, § 21, emerg. eff. April 6, 1979.  

§62-41.25.  Repealed by Laws 1980, c. 68, § 1, emerg. eff. April 10, 1980.

§6241.26.  Approval of claims and payrolls.

Individual claims and/or payrolls listing amounts claimed by more than one person which are used as the basis for the payment of money from the State Treasury from any fund shall be approved only by the elected or appointed head of any state department, board, commission, institution or agency, or their designated administrative employees.  Provided, the number of persons authorized to make such approval shall not exceed two people for any one state department, board, commission, institution or agency without the special approval of the Director of State Finance, and in no case shall the number of such persons exceed five.  All officials and employees authorized to approve claims or payrolls, if not already under bond for such purpose, shall execute a bond payable to the state in the amount required by the Director of State Finance but not to exceed Twentyfive Thousand Dollars ($25,000.00), unless otherwise provided by law, conditioned for the faithful performance of their duties, with some surety company authorized to do business in this state, as surety, which bond shall be approved by the Director of State Finance and filed in the office of the Secretary of State.  After state claims and/or payrolls have been approved by the above officials and employees, they shall be filed with the Director of State Finance for auditing and settlement. Laws 1947, p. 380, Section 26; Laws 1968, c. 52, Section 1; Laws 1971, c. 329, Section 1; Laws 1973, c. 46, Section 15.  Operative July 1, 1973.

Laws 1947, p. 380, § 26; Laws 1968, c. 52, § 1; Laws 1971, c. 329, § 1, emerg. eff. June 25, 1971; Laws 1973, c. 46, § 15, operative July 1, 1973.  

§6241.27.  Deficiency certificates.

The Governor may, in his discretion, issue a deficiency certificate or certificates, for the benefit of any department, institution, or agency of the state, if the amount of such deficiency certificate, or certificates, be within the limit of the current appropriation for that department, institution, or agency, whereupon the State Treasurer shall issue warrants to the extent of such certificate or certificates for the payment of such claims as may be authorized by the Governor, and such warrants shall become a part of the public debt and shall be paid out of any money appropriated by the Legislature and made lawfully available therefor; provided further, that in no event shall said deficiency certificate, or certificates, exceed in the aggregate the sum of Five Hundred Thousand Dollars ($500,000.00), in any fiscal year.

Laws 1947, p. 380, § 27; Laws 1979, c. 47, § 50, emerg. eff. April 9, 1979.  

§6241.28.  Interest on warrants issued under deficiency certificates.

The warrants issued under the authority of any deficiency certificate shall bear interest at a rate to be fixed by the State Treasurer not to exceed four percent (4%) per annum.

Laws 1947, p. 381, § 28.  

§6241.29.  Estimate of funds needed.

A.  Except as provided for in subsection B of this section, on the first day of October preceding each regular session of the Legislature, each of the several state departments, bureaus, divisions, officers, commissions, and institutions, including those created or established pursuant to constitutional provisions, and other spending agencies shall report to the Director of State Finance and the Chair and Vice Chair of the Legislative Oversight Committee on State Budget Performance, on official forms furnished for such purpose an itemized request showing the amount needed for the ensuing fiscal year beginning with the first day of July.  The official forms which must be used in making these reports shall be approved and furnished by the Director of State Finance and the Legislative Oversight Committee on State Budget Performance, shall be uniform, and shall clearly designate the kind of information to be given on the reports.  Information provided shall include, but not be limited to:

1.  A budget analysis of existing and proposed programs utilizing zero-based budgeting techniques.  Such analysis shall be included as a part of the estimate of funds needed;

2.  A statement listing any other state, federal or local agencies which administer a similar or cooperating program and an outline of the interaction among such agencies;

3.  A statement of the statutory authority for the missions and quantified objectives of each program;

4.  A description of the groups of people served by each program in the agency;

5.  A quantification of the need for the program;

6.  A description of the tactics which are intended to accomplish each objective;

7.  A list of quantifiable program outcomes which measure the efficiency and effectiveness of each program;

8.  A ranking of these programs by priority;

9.  Actual program expenditures for the current fiscal year and prior fiscal years and the number of personnel required to accomplish each program; and

10.  Revenues expected to be generated by each program, if any.

Spending agencies shall make an itemized estimate of needs and request for funds for the ensuing fiscal year and an estimate of the revenues from all sources to be received by the agency during the ensuing fiscal year.  The Director of State Finance shall submit to the Governor and the Legislative Oversight Committee on State Budget Performance no later than the fifth day of October a complete list of all spending agencies which fail to submit budgets by October 1, pursuant to the provisions of this section.

B.  1.  The reports required by this section shall include an itemized listing of outstanding capital lease debt and estimated capital lease needs for the ensuing fiscal year, and shall be provided on official forms furnished by the Director of State Finance for this purpose.

2.  For the purposes of this section "capital lease" means a leasepurchase agreement which provides an option for the State of Oklahoma or its agencies to purchase property, including personal and real property, which is the subject thereof and/or a lease agreement that provides an option for the State of Oklahoma or its agencies to lease such property, which is the subject thereof, at a nominal annual amount, after a period in which leased property is rented at fair market value.

Added by Laws 1947, p. 381, § 29, emerg. eff. Feb. 25, 1947.  Amended by Laws 1981, c. 255, § 4; Laws 1983, c. 334, § 6, emerg. eff. June 30, 1983; Laws 1985, c. 319, § 16, operative Oct. 1, 1985; Laws 1986, c. 105, § 3, emerg. eff. April 5, 1986; Laws 1987, c. 203, § 112, operative July 1, 1987; Laws 1989, c. 300, § 15, operative July 1, 1989; Laws 1994, c. 279, § 8, eff. July 1, 1994; Laws 2003, c. 301, § 1, eff. July 1, 2003.

§62-41.29-1.  Utilization of information collected by Office of State Finance - Evaluation reports by House appropriations and budget and Senate appropriations committees.

A.  The Appropriations and Budget Committee of the Oklahoma House of Representatives and the Appropriations Committee of the State Senate shall:

1.  Utilize information collected by the Office of State Finance pursuant to Section 41.29 of Title 62 of the Oklahoma Statutes and any reports issued by the Legislative Oversight Committee on State Budget Performance to evaluate management programs, operations and fiscal needs of state agencies, boards, commissions, departments, divisions, offices, bureaus, institutions and other spending agencies, including those created or established pursuant to constitutional provisions; and

2.  File an evaluation report no later than March 1 of each fiscal year with the Chief Clerk of the Oklahoma House of Representatives and the Clerk of the State Senate which shall include, but not be limited to, the following information:

a. a review of the agency's programs, performance and management,

b. whether the agency has demonstrated a public need for the services and programs justifying the agency's continued existence, and

c. whether the agency is the most appropriate provider of the programs and services furnished by the agency.

B.  The Appropriations and Budget Committee of the Oklahoma House of Representatives and the Appropriations Committee of the State Senate shall utilize information contained in the evaluation report in determining final appropriations for state agencies and in any future adjustments in funding levels.

C.  No action shall be taken on a measure making an appropriation unless the evaluation report described by paragraph 2 of subsection A of this section with respect to the entity to which the appropriation is made has first been filed with the applicable clerk.

Added by Laws 2003, c. 301, § 2, eff. July 1, 2003.

§62-41.29a.  Education Reform Revolving Fund - Separate accounting for revenues - Use of funds - Tracking apportionment of revenue.

A.  The Office of Accountability shall separately account for and report monthly revenues which it determines accrued to the Education Reform Revolving Fund which were attributable to the tax increases contained in Enrolled House Bill No. 1017 of the 1st Extraordinary Session of the 42nd Oklahoma Legislature.

B.  Funds separately accounted for herein shall be used only to fund the reforms provided for in Enrolled House Bill No. 1017 of the 1st Extraordinary Session of the 42nd Oklahoma Legislature and for no other purpose.  Any appropriation or expenditure of any of such funds for any other purpose shall be null and void and of no effect.

C.  The Office of Accountability shall track apportionment of revenues which are deposited to the credit of the Education Reform Revolving Fund of the State Treasury which are attributable to the changes contained in Enrolled House Bill No. 1017 of the 1st Extraordinary Session of the 42nd Oklahoma Legislature on a fiscal year basis and shall provide an accounting to the Governor, Speaker of the House of Representatives and President Pro Tempore of the Senate, within thirty (30) days after the end of the fiscal year.

Added by Laws 1989, 1st Ex. Sess., c. 2, § 98, emerg. eff. April 25, 1990.  Amended by Laws 1990, c. 126, § 8, emerg. eff. April 25, 1990; Laws 1990, c. 263, § 72, operative July 1, 1990; Laws 1995, c. 111, § 1, eff. July 1, 1995; Laws 1996, c. 269, § 1, eff. June 1, 1996.

§62-41.29b.  Education Reform Revolving Fund.

There is hereby created in the State Treasury a revolving fund for the State Department of Education to be designated the "Education Reform Revolving Fund".  The said Education Reform Revolving Fund shall consist of any monies as apportioned by Sections 1353, 1403 and 2352 of Title 68 of the Oklahoma Statutes, such revenue as is apportioned pursuant to the provisions of Section 312.1 of Title 36 of the Oklahoma Statutes and any other funds designated by law for deposit thereto.  The Education Reform Revolving Fund herein created may be expended for the purposes stated in Enrolled House Bill No. 1017 of the 1st Extraordinary Session of the 42nd Oklahoma Legislature, and in the same manner as appropriated funds.

Added by Laws 1996, c. 269, § 2, eff. June 1, 1996.  Amended by Laws 2003, c. 315, § 2, eff. July 1, 2003; Laws 2004, c. 322, § 16, eff. Dec. 1, 2004 (State Question No. 713, Legislative Referendum No. 336, adopted at election held Nov. 2, 2004).

NOTE:  Laws 2004, c. 8, § 22 repealed by Laws 2005, c. 1, § 91, emerg. eff. March 15, 2005.

§62-41.29c.  Common Education Technology Revolving Fund.

There is hereby created in the State Treasury a revolving fund for the State Department of Education to be designated the "Common Education Technology Revolving Fund".  The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of monies received pursuant to the provisions of subparagraph a of paragraph 2 and subparagraph a of paragraph 3 of Section 1004 of Title 68 of the Oklahoma Statutes and any funds previously deposited in the Common Education Technology Fund.  All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the State Department of Education as authorized by the Oklahoma Legislature.  Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of State Finance for approval and payment.

Added by Laws 1999, 1st Ex.Sess., c. 1, § 4, emerg. eff. Feb. 5, 1999.  Amended by Laws 2000, c. 419, § 1, emerg. eff. June 9, 2000.

§62-41.29d.  Higher Education Capital Revolving Fund.

There is hereby created in the State Treasury a revolving fund for the Oklahoma State Regents for Higher Education to be designated the "Higher Education Capital Revolving Fund".  The fund shall be a continuing fund not subject to fiscal year limitations, and shall consist of monies received pursuant to the provisions of subparagraph b of paragraph 2 and subparagraph b of paragraph 3 of Section 1004 of Title 68 of the Oklahoma Statutes and any funds previously deposited in the Higher Education Capital Fund.  All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Oklahoma State Regents for Higher Education as authorized by the Oklahoma Legislature.  Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of State Finance for approval and payment.

Added by Laws 1999, 1st Ex.Sess., c. 1, § 5, emerg. eff. Feb. 5, 1999.  Amended by Laws 2000, c. 419, § 2, emerg. eff. June 9, 2000.

§62-41.29e.  Oklahoma Student Aid Revolving Fund.

A.  There is hereby created in the State Treasury a revolving fund for the Oklahoma State Regents for Higher Education to be designated the "Oklahoma Student Aid Revolving Fund".  The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of monies received pursuant to the provisions of subparagraph c of paragraph 2 and subparagraph c of paragraph 3 of Section 1004 of Title 68 of the Oklahoma Statutes and any funds previously deposited in the Oklahoma Tuition Scholarship Fund.  All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Oklahoma State Regents for Higher Education as authorized by the Oklahoma Legislature.  Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of State Finance for approval and payment.

B.  Beginning with fiscal year 2003, monies accruing to the credit of the Oklahoma Student Aid Revolving Fund shall be appropriated for and budgeted and expended for providing student aid in the form of state tuition aid grants awarded pursuant to the Higher Education Tuition Aid Act and scholarships awarded pursuant to the Oklahoma State Regents' Academic Scholars Program and the Oklahoma Higher Learning Access Program.

Added by Laws 1999, 1st Ex. Sess., c. 1, § 6, emerg. eff. Feb. 5, 1999.  Amended by Laws 2000, c. 419, § 3, emerg. eff. June 9, 2000; Laws 2002, c. 99, § 1, eff. July 1, 2002.

§62-41.29f.  Teachers' Retirement System Dedicated Revenue Revolving Fund - Separate accounting of revenues - Permitted expenditures.

A.  The Office of State Finance shall separately account for revenues which are deposited to the credit of the Teachers' Retirement System Dedicated Revenue Revolving Fund of the State Treasury pursuant to the provisions of Sections 1353, 1403 and 2352 of Title 68 of the Oklahoma Statutes on a fiscal year basis and shall provide an accounting to the Governor, President Pro Tempore of the Senate, and the Speaker of the House of Representatives within thirty (30) days after the end of the fiscal year.

B.  Funds separately accounted for herein shall be used only to fund the currently unfunded liability of the Teachers' Retirement System and for no other purpose.  Any appropriation or expenditure of any of such funds for any other purpose shall be null and void and of no effect.

C.  There is hereby created in the State Treasury a revolving fund for the Oklahoma Teachers' Retirement System to be designated the "Teachers' Retirement System Dedicated Revenue Revolving Fund".  The fund shall consist of any monies as apportioned to the fund by Sections 1353, 1403 and 2352 of Title 68 of the Oklahoma Statutes.  The fund herein created may be expended for the purpose set forth in subsection B of this section and in the same manner as appropriated funds.

Added by Laws 1999, c. 254, § 7, eff. June 30, 1999.

NOTE:  Renumbered from § 41.29c of this title to avoid a duplication in numbering.

§62-41.29g.  Separate accounting of revenues attributable to fees collected by Oklahoma Board of Private Vocational Schools.

The Office of State Finance shall separately account for and report monthly revenues which it determines are attributable to fees collected by the Oklahoma Board of Private Vocational Schools pursuant to Section 21-106 of Title 70 of the Oklahoma Statutes.  The Office of State Finance shall track the fee revenue deposited by the Board on a fiscal year basis and shall provide an accounting to the Governor, the Speaker of the House of Representatives and the President Pro Tempore of the Senate within thirty (30) days after the end of the fiscal year.

Added by Laws 2002, c. 301, § 6, eff. July 1, 2002.

§6241.30.  Information furnished Budget Director by departments, etc.

The departments, institutions, boards, commissions and agencies of the state, upon request shall immediately furnish the Budget Director in such form as he may require, any information desired by him in his relation with their respective affairs or activities.

Laws 1947, p. 381, § 30.  

§6241.31.  Preparation of budget by Budget Director.

It shall be the duty of the Budget Director after making a complete detailed study of each department, institution, board, commission and agency, to prepare the budget under the supervision and direction of the Governor.

Laws 1947, p. 381, § 31.  

§6241.32.  Budget in year in which Governorelect assumes office.

In any year in which a Governorelect assumes office, the budget shall be the budget of the new Governor and shall be submitted to the Legislature by him.  The Division of the Budget shall render to the Governorelect all possible assistance in the preparation of the budget.  The Governor and the departments, institutions or agencies of the state shall furnish the Governorelect estimates and other budget information, in order that the Governorelect may discharge effectively his budget responsibilities upon assuming office.

Laws 1947, p. 381, § 32.  

§6241.33.  Form of budget  Budget message  Budget estimates.

The budget shall be submitted to the Legislature in printed form. Such budget shall be in two parts:  (1) a budget message outlining the fiscal policy of the state for the biennium and describing the important features of the budget plan; giving a summary of the budget setting forth aggregate figures of proposed revenues and expenditures and the balanced relations between the proposed revenues and expenditures and the total expected income and other means of financing the budget compared with the corresponding figures for the preceding biennium; including explanatory schedules classifying proposed expenditures by organization units, objects and funds; giving estimated statements of assets and liabilities as of the close of the preceding biennium and of the budget biennium; explaining any proposed major increases in revenue from any existing source or any new source of revenue proposed and giving any further information or making any suggestions; (2) the detailed budget estimates of revenues and expenditures for each fund as provided for in this act showing the recommendations of the Governor on each, compared with the figures for each of the fiscal years of the preceding biennium and giving an explanation of each major change in the recommendations from the revenues and expenditures in the previous biennium.

Laws 1947, p. 381, § 33.  

§6241.34.  Submission of budget  Plan of expenditures  Proposed revenues.

Immediately after the beginning of each regular session of the Legislature, the Governor shall submit to the presiding officer of each house, printed copies of the budget based upon the investigations and conclusions of the Division of the Budget.  Such budget document shall contain a complete and itemized plan of all proposed expenditures for each agency or undertaking classified according to the various cabinet areas designated by the Governor or otherwise created by law.  Such expenditures shall be further classified by function, character and object, and in the event such proposed expenditures exceed the estimate made by the State Board of Equalization, the Governor shall accompany the budget document with a proposal of new revenue raising measures sufficient to effect a balanced budget for each year in the ensuing fiscal year.

Amended by Laws 1986, c. 207, § 6, operative July 1, 1986.  

§62-41.35.  Repealed by Laws 1994, c. 279, § 10, eff. July 1, 1994.

§62-41.36.  Repealed by Laws 1969, c. 35, § 1, eff. Feb. 20, 1969.

§6241.37.  Powers of Legislature respecting budget.

The Legislature may increase or decrease items in the budget bill or bills, as it may deem to be in the interest of greater economy and efficiency in any department, institution, board or Commission and may appropriate for any additional special state function not set out in the budget bill or bills, as shall seem proper to the Legislature. Such appropriation specifically designated by the Legislature as a special state function, shall be exempt from the allotment provisions of this act under the control of the Budget Director, when the act appropriating money for such special State function specifically provides that the appropriation is exempt from allotment procedure under the control of the Budget Director.

Laws 1947, p. 382, § 37.  

§62-41.38.  Repealed by Laws 1980, c. 68, § 1, emerg. eff. April 10, 1980.

§6241.39.  Governorelect and Lieutenant Governorelect  Expenses prior to assuming office.

The Division of the Budget is hereby authorized to provide the Governorelect and Lieutenant Governorelect with such reasonable and necessary services as the Governorelect or Lieutenant Governorelect may request in the performance of his duties prior to taking office and in preparation for assuming the duties of office. The Division of the Budget is further authorized to allocate from the funds appropriated to said Division the sum of Thirty Thousand Dollars ($30,000.00), or so much thereof as may be necessary for use by the Governorelect, if not incumbent, and the sum of Ten Thousand Dollars ($10,000.00), or so much thereof as may be necessary for use by the Lieutenant Governorelect, if not incumbent, for expenses of personal services, office expense, supplies, materials, travel and other necessary expenses incurred by such Governorelect or Lieutenant Governorelect in the performance of his duties prior to taking office and in preparation for assuming the duties of office.

Amended by Laws 1982, c. 348, § 7, emerg. eff. June 2, 1982.  

§6241.40.  Revolving Fund for State Budget Office.

There is hereby created in the State Treasury a Revolving Fund for the State Budget Office.  The said Revolving Fund shall consist of any monies received for rental of machine metered time, sale of scrap cards and paper, and any other miscellaneous receipts.  The Revolving Fund herein created may be expended for the same purposes and in the same manner as appropriated funds.

Laws 1967, c. 311, § 2, emerg. eff. May 16, 1967.  

§6241.41.  Itemization of data processing expenses  Budgeting and disbursement.

All departments, institutions, boards, commissions and agencies of the state shall submit to the State Director of Finance in all budget and work program reports, in addition to other required information, whether such reports relate to past, present or future expenditures, an itemization of the amount attributable to each of the following expenses:

1.  The number of persons, total amount of all salaries, the total amount of travel and subsistence expense and the total amount of personnel expense for:

a.  data processing directors,

b.  systems analysts,

c.  programmers,

d.  electronic data processing operators,

e.  punch card machine operators,

f.  data processing control personnel,

g.  data processing clerical personnel, and

h.  other data processing personnel;

2.  Rental of data processing equipment;

3.  Purchase of data processing equipment;

4.  Maintenance of data processing equipment, if not included in  rental expense;

5.  Data processing supplies;

6.  Data processing planning;

7.  Data processing conversion from one system to another;

8.  Rental and purchase of nondata processing equipment and supplies utilized in a data processing operation;

9.  Shipment of data processing equipment;

10.  Rental of communication lines for transmission of data processing information;

11.  Data processing education;

12.  Rental of software packages;

13.  Contracting for development of systems; and

14.  Other data processing expense.

All disbursements made from treasury funds by any state department, institution, board, commission or agency for the abovenamed expenses shall be budgeted to and disbursed from a special allotment account to be created by the State Director of Finance.

This section shall not preclude agencies from programming and expending intraagency data processing costs for cost allocation purposes.

Amended by Laws 1985, c. 326, § 13, emerg. eff. July 29, 1985.  

§6241.42.  Public Information Officer subject to provisions of Merit System.

Effective July 1, 1986, the position of Public Information Officer within the Office of State Finance shall become subject to the provisions of the Merit System of Personnel Administration prescribed by the Oklahoma Personnel Act, Section 840.1 et seq. of Title 74 of the Oklahoma Statutes, and the rules promulgated thereunder.  The incumbent employee shall be granted permanent status

in the classified service without regard to qualifications or examinations, in the class to which the position is allocated by the Office of Personnel Management.

Added by Laws 1986, c. 267, § 12, operative July 1, 1986.  

§62-41.43.  Repealed by Laws 1991, c. 254, § 17, eff. July 1, 1991.

§62-41.44.  Repealed by Laws 1999, c. 358, § 11, eff. July 1, 1999.

§62-41.45.  Repealed by Laws 1995, c. 292, § 12, eff. July 1, 1995.

§62-41.46.  Requests for program transfer.

The administrative head of any agency or the request officer as defined in Section 41.7c of this title, may request that any current item of appropriation, appropriation allotment, program category or work program be transferred to any other program category within the same agency.  The administrative head shall make a request for program transfer to the Director of State Finance in writing and file a revised budget work program. Copies of the request for program transfer and budget work program revisions shall also be filed with the Joint Legislative Committee on Budget and Program Oversight as created by Section 41.47 of this title.  The Director of State Finance shall approve the request for transfer unless both the Chair and Vice Chair of the Joint Legislative Committee on Budget and Program Oversight provide written notification to the Director of State Finance within twelve (12) calendar days of receipt of transfer request that the transfer subverts the intention and objectives of the Legislature in establishing the original appropriation, or unless the transfer does not meet the requirements of this section or Section 41.9 of this title.  Notification of noncompliance with legislative intent shall be transmitted to the Director of State Finance within twelve (12) calendar days of receipt of the transfer request.  The Director of State Finance shall give written notice of approval or disapproval of each program transfer to the agency, the Governor and the Chair and Vice Chair of the Joint Legislative Committee on Budget and Program Oversight within eighteen (18) calendar days of receiving the request.

Transfers shall be subject to the following limitations:

1.  The amount to be transferred, together with all previous transfers, shall not exceed twenty-five percent (25%) of the total appropriation of the least of the items of appropriation, appropriation allotment or work program involved in the transfer; and

2.  If the amount to be transferred, and all previous transfers, is greater than twenty-five percent (25%) of the least items of appropriation, appropriation allotment or work program involved in the transfer request, upon written application to the Director of State Finance, and the Chair and Vice Chair of the Joint Legislative Committee on Budget and Program Oversight and with written approval by the Contingency Review Board an additional fifteen percent (15%) may be transferred.

Added by Laws 1994, c. 279, § 3, eff. July 1, 1994.  Amended by Laws 1995, c. 292, § 3, eff. July 1, 1995.

§62-41.47.  Legislative Oversight Committee on State Budget Performance.

A.  There is hereby established the Legislative Oversight Committee on State Budget Performance.  The purposes of this committee shall include oversight of the implementation of a system of program performance-based budgeting for implementation by state agencies.

B.  The Committee's duties shall also include:

1.  Development of agency budget request forms and instructions in conjunction with the Office of State Finance;

2.  Directing studies to aid in the development of legislative and procedural changes to further improve the budgetary, financial, accounting, reporting, personnel, and purchasing processes and systems of the state;

3.  Direction of program evaluation and management studies;

4.  Oversight and reporting on executive branch compliance with the legislative intent of appropriation measures.  Such oversight and reporting duties may include:

a. agency reorganization actions,

b. executive orders calling for reduction of full-time-equivalents or hiring freezes, and

c. transfer of funds by the executive branch;

5.  The development of revenue and expenditure estimates and analyses;  

6.  Study of the management, operations, programs and fiscal needs of the agencies and institutions of Oklahoma state government pursuant to the Oklahoma Program Performance Budgeting and Accountability Act;

7.  Review of the executive budget, agency strategic plans and the estimate of needs of each state agency and institution.  Reports may be issued by the Committee as it deems appropriate; and

8.  Implementation of an ongoing evaluation review procedure of existing programs based on zero-base budgeting techniques pursuant to the Oklahoma Program Performance Budgeting and Accountability Act.  The committee in cooperation with the Office of State Finance shall establish a schedule to review strategic plans and existing programs for each agency a minimum of once every four (4) years.  The committee shall issue an evaluation report for each agency once every four (4) years which will include but not be limited to the following information:

a. a review of the agency's programs, performance and management,

b. whether the agency has demonstrated that there is a need for the services and programs which justifies the agency's continued existence,

c. whether the agency is the most appropriate provider of the programs and services furnished by the agency.

C.  Any reference in the Oklahoma Statutes to the Joint Legislative Committee on Budget and Program Oversight shall be a reference to the Legislative Oversight Committee on State Budget Performance.

D.  The Committee shall be composed of three members appointed by the President Pro Tempore of the Senate, three members appointed by the Speaker of the House of Representatives, two members by the minority leader of the Senate and two members appointed by the minority leader of the House of Representatives.  The Chair and Vice Chair of the Committee shall rotate every two (2) years between the Senate and the House of Representatives beginning with a Senate member serving as Chair in 2003.  The Committee shall meet at least four (4) times per year and at other times as called by the Chair.  The Legislative Oversight Committee on State Budget Performance shall function as a committee of the Legislature when the Legislature is in session and is not in session.  Each member of the Committee shall serve until a successor is appointed.

E.  The Committee shall be staffed jointly by the staff of the fiscal divisions of the Senate and the House of Representatives.

F.  The Committee may make use of all available teleconferencing technology to facilitate meetings of the Committee when the Legislature is not in session.  The Committee shall take any appropriate action to make such teleconferenced meetings comply with the provisions of the Oklahoma Open Meeting Act, Section 301 et seq. of Title 25 of the Oklahoma Statutes.

G.  The Committee shall periodically meet in different geographical regions of the state to enhance the Committee's understanding of local conditions and to help educate the public as to the fiscal condition of the state.

Added by Laws 1994, c. 279, § 4, emerg. eff. May 26, 1994.  Amended by Laws 1995, c. 292, § 4, eff. July 1, 1995; Laws 1999, c. 358, § 10, eff. July 1, 1999; Laws 2003, c. 301, § 3, eff. July 1, 2003.

§62-41.5 l.  Centrex Revolving Fund.

There is hereby created in the State Treasury a revolving fund for the Office of State Finance to be designated the "Centrex Revolving Fund".  The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of appropriations made by the Legislature and reimbursements for providing telecommunications services.  All monies accruing to such fund are hereby appropriated and may be budgeted and expended by the Office of State Finance for the purpose of providing telecommunications services.  Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of State Finance for approval and payment.

Added by Laws 1987, c. 203, § 105, operative July 1, 1987.

§6242.13.  Revenues not derived from legislative appropriations.

All departments, institutions, or agencies of the state which are operating either partially or entirely from revenues derived from sources other than legislative appropriations, shall file requests for allotments under the same provisions herein stated as are required for direct legislative appropriations which distinctly specify the amount appropriated.  The Budget Director shall approve such requests for allotments on a line item basis, if the estimated revenues accruing to such fund are sufficient to finance such allotments within the period for which the items are approved, and if the account classification is sufficient to show the purposes for which the money is to be expended, except that obligations as they are incurred may not exceed the unencumbered balance of surplus cash on hand in accordance with Section 23, Article 10, Constitution of the State of Oklahoma.  The Budget Director may require a more detailed breakdown of accounts before he approves such requests if the request fails to show sufficient information for the Division of Central Accounting and Reporting.  This section shall apply to such spending agencies as the State Highway Department, Fish and Game Department, Oklahoma Employment Security Commission and other spending agencies operating under similar financial arrangements, including federal funds received by any spending agency of the state, but shall not apply to donated funds, trust funds or funds of an agency relationship.

Laws 1947 p. 374, Sec. 13.

§62-45.1.  Short title - Duties of all state agencies.

Sections 45.1 through 45.10 of this title shall be known and may be cited as the "Oklahoma Program Performance Budgeting and Accountability Act".  All state agencies are to prepare and submit their budgetary systems in a program format.  In addition, all state agencies are to collect and identify data to measure performance of their programs.

Implementation of this act shall be designed to better prioritize state funding needs, reduce program duplication, enhance budgeting information necessary to improve the efficiency of state operations and improve state services to the public.

Added by Laws 1999, c. 358, § 1, eff. July 1, 1999.  Amended by Laws 2003, c. 301, § 4, eff. July 1, 2003.

§62-45.2.  Definitions.

In this act, "state agency" means a department, board, commission, or other entity of state government within the Executive Department of the State of Oklahoma, including institutions of higher education, that:

1.  Was created by the Constitution or a state statute with an ongoing mission and responsibilities;

2.  Is not the Office of the Governor or Lieutenant Governor; and

3.  Is not a committee created under state law whose primary function is to advise an agency.

Added by Laws 1999, c. 358, § 2, eff. July 1, 1999.

§62-45.3.  Agency strategic plan - Elements required - "Capital improvement" defined.

A.  Each state agency shall make a strategic plan for its operations.  The first strategic plans will be due October 1, 2001, and in each subsequent even-numbered year.  Each state agency plan shall cover five (5) fiscal years beginning with the next odd-numbered fiscal year.

B.  The Office of State Finance shall determine the elements required to be included in each agency's strategic plan.  Unless modified by the Office of State Finance, and except as provided by subsection C of this section, a plan must include, but is not limited to, the following items:

1.  A statement of the mission and goals of the state agency;

2.  A description of the indicators developed under this act and used to measure the output and outcome of the agency and its programs;

3.  Identification of the groups of people served by the agency, including those having service priorities, or other service measures established by law, and estimates of changes in those groups expected during the term of the plan;

4.  An analysis of the use of the agency's resources to meet the agency's mission, including future needs, and an estimate of additional resources that may be necessary to achieve said mission;

5.  An analysis of expected changes in the services provided by the agency because of changes in state or federal law;

6.  A description of the means and strategies, including cost-containment strategies and efficiency proposals, for meeting the agency's needs, including future needs, and achieving the goals for each area of state government for which the agency provides services;

7.  A summary of the capital improvement needs of the agency which were provided to the Long-Range Capital Planning Commission as required by Section 901 of this title; and

8.  Other information that may be required.

C.  A state agency's plan that does not include an item described by subsection B of this section must include the reason the item does not apply to the agency.

D.  Each state agency's plan shall be submitted at the same time as the estimate of funds needed developed pursuant to Section 41.29 of this title.

E.  A state agency shall send one copy of the plan each to:

1.  The Governor;

2.  The President Pro Tempore of the State Senate;

3.  The Speaker of the House of Representatives;

4.  The Legislative Oversight Committee on State Budget Performance;

5.  The Chair and Vice Chair of the Joint Committee on Accountability in Government;

6.  The Director of the Office of State Finance; and

7.  The State Auditor and Inspector.

F.  In this section, "capital improvement" means any building or infrastructure project that will be owned by the state and built with direct appropriations or with the proceeds of state-issued bonds or paid from revenue sources other than general revenue at a cost of at least Twenty-five Thousand Dollars ($25,000.00) and has a useful life of at least five (5) years.

Added by Laws 1999, c. 358, § 3, eff. July 1, 1999.  Amended by Laws 2003, c. 301, § 5, eff. July 1, 2003.

§62-45.4.  Official forms.

The official forms which must be used in making those plans shall be approved or furnished by the Director of State Finance.

Added by Laws 1999, c. 358, § 4, eff. July 1, 1999.

§62-45.5.  Determination of acceptable measures - Training and other services to be provided by Office of Personnel Management.

A.  The Office of State Finance and the Joint Legislative Committee on Budget and Program Oversight shall work with each state agency to determine acceptable measures of output, outcome, unit cost, and cost-effectiveness for use in the agency's plan.

B.  The Office of Personnel Management is authorized to provide training or other services to state agencies pursuant to this act.

Added by Laws 1999, c. 358, § 5, eff. July 1, 1999.

§62-45.6.  Hearings.

The Office of State Finance or the Joint Legislative Committee on Budget and Program Oversight, jointly or separately, may hold hearings on any matter required by the Oklahoma Program Performance Budgeting and Accountability Act.

Added by Laws 1999, c. 358, § 6, eff. July 1, 1999.  Amended by Laws 2001, c. 277, § 1, eff. July 1, 2001.

§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.

§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.

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.

§62-45.9.  Schedule of program evaluation and performance review of state agencies - Duties of Joint Legislative Committee on Budget and Program Oversight - Required elements of review - Reports.

A.  The Joint Legislative Committee on Budget and Program Oversight shall annually establish a schedule of program evaluation and performance review for state agencies.  In establishing this schedule the Joint Legislative Committee on Budget and Program Oversight shall take into consideration the work plan of studies, program evaluations and other related performance reviews developed by the Joint Committee on Accountability in Government.  Where appropriate, the Joint Legislative Committee on Budget and Program Oversight shall coordinate its schedule with related work plan items of the Joint Accountability in Government Committee.

The Joint Legislative Committee on Budget and Program Oversight may request the Joint Committee on Accountability in Government to include additional evaluations or reviews to their schedule or expand any scheduled evaluation or review to include issues of interest to the Joint Legislative Committee on Budget and Program Oversight.

The Joint Legislative Committee on Budget and Program Oversight may request any assistance necessary from the Office of the State Auditor and Inspector in regard to program evaluations or performance reviews scheduled by the Committee.

B.  The program evaluation and justification review shall be conducted on major programs, but may include other programs.  The review shall be comprehensive in its scope but, at a minimum, must be conducted in such a manner as to specifically determine the following, and to consider and determine what changes, if any, are needed with respect thereto:

1.  The specific purpose of each program, as well as the specific public benefit derived therefrom;

2.  The progress toward achieving the outputs and outcomes associated with each program;

3.  An explanation of circumstances contributing to the state agency's ability to achieve, not achieve, or exceed its projected outputs and outcomes associated with each program;

4.  The identifiable cost of each program;

5.  Alternate courses of action that would result in administration of the same program in a more efficient or effective manner.  The courses of action to be considered must include, but are not limited to:

a. whether the program could be organized in a more efficient and effective manner, whether the program's mission, goals, or objectives should be redefined, or, when the state agency cannot demonstrate that its efforts have had a positive effect, whether the program should be reduced in size or eliminated,

b. whether the program could be administered more efficiently or effectively to avoid duplication of activities and ensure that activities are adequately coordinated,

c. whether the program could be performed more efficiently or more effectively by another unit of government, including political subdivisions of the state, or a private entity, or whether a program performed by a private entity could be performed more efficiently and effectively by a state agency,

d. when compared to costs, whether effectiveness warrants elimination of the program or, if the program serves a limited interest, whether it should be redesigned to require users to finance program costs,

e. whether the cost to administer the program exceeds license and other fee revenues paid by those being regulated, and

f. whether other changes could improve the efficiency and effectiveness of the program;

6.  The consequences of discontinuing such program.  If any discontinuation is recommended, such recommendation must be accompanied by a description of alternatives to implement such recommendation, including an implementation schedule for discontinuation and recommended procedures for assisting state agency employees affected by the discontinuation;

7.  Determination as to public policy, which may include recommendations as to whether it would be sound public policy to continue or discontinue funding the program, either in whole or in part, in the existing manner; and

8.  Whether state agency management has established control systems sufficient to ensure that performance data are maintained and supported by state agency records and accurately presented in state agency performance reports.

C.  Evaluations and reviews may include consideration of programs provided by other agencies which are integrally related to the programs administered by the state agency.

D.  Reports issued upon the completion of any performance evaluations and program reviews by the Joint Legislative Committee on Budget and Program Oversight shall be submitted to the Governor, the Speaker of the House of Representatives and the President Pro Tempore of the State Senate.  All reports issued shall be available to the public once they have been submitted to the parties listed in this section.

Added by Laws 1999, c. 358, § 9, eff. July 1, 1999.

§62-46.1.  Transfer of surplus funds accruing to General Revenue Fund to certain funds.

On July 1, 2005, or as soon thereafter as feasible, the Office of State Finance shall transfer any surplus funds which accrue to the General Revenue Fund of the State of Oklahoma for the fiscal year ending June 30, 2005, over and above that which is placed in the Constitutional Reserve Fund pursuant to Section 23 of Article X of the Constitution of the State of Oklahoma for the fiscal year ending June 30, 2005, to the following funds and in the specified amounts:

1.  Fifty percent (50%) to the Oklahoma Dynamic Economy and Budget Security Fund established in Section 2 of this act; and

2.  Fifty percent (50%) to the Oklahoma Taxpayer Relief Revolving Fund established in Section 3 of this act.

Added by Laws 2005, c. 446, § 1, eff. July 1, 2005.

§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.

§62-50.  Tobacco Settlement Fund.

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.  Except as provided in Section 19 of Title 74 of the Oklahoma Statutes, that portion of monies received by the state or any official, agency or department of the state in settlement of claims by the state against tobacco manufacturers which is not otherwise apportioned pursuant to the provisions of Section 40 of Article X of the Oklahoma Constitution during fiscal year 2002 and subsequent fiscal years; 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.

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 4, 2001.

§62-50.1.  Renumbered as § 2304 of this title by Laws 2001, c. 274, § 12, emerg. eff. May 31, 2001.

§6256.  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.  Laws 1949, Ex.Sess., p. 9, Sec. 1.

Laws 1949, Ex.Sess., p. 9, § 1.  

§6257.2.  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 Thirtysix 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.  

§6257.3.  Authority to issue and sell bonds  Pledges and covenants  Sinking fund.

The Commission, acting for and on behalf of the State of Oklahoma, is hereby authorized and empowered to issue, sell and deliver to the State Treasurer, the Commissioners of the Land Office of the State of Oklahoma, or other purchasers, "State of Oklahoma Building Bonds" in a total principal amount not to exceed Thirtysix Million Dollars ($36,000,000.00).  It is hereby expressly provided and pledged for the benefit of the purchasers, owners and holders of said bonds, that two cents ($0.02) of the tax on each package of cigarettes authorized and levied by 68 O.S. 1951, Sections 586 to 586p, as amended and supplemented to the effective date of Section 31, Article X, of the Constitution of Oklahoma, or so much of said tax as may be necessary to pay and discharge the principal of and interest on said bonds as the same become due, and to create an adequate reserve to assure such payments when due, shall be and the same is hereby irrevocably pledged to the sole and exclusive use and purpose of paying and discharging the principal of and interest on said bonds.  There is hereby created in the State Treasury, a fund to be known as the "State of Oklahoma Building Bonds Sinking Fund", which sinking fund is irrevocably pledged to the payment of the bonds issued hereunder, together with the interest thereon, and shall be paid out only in the manner and at the times and places provided for in the resolution or resolutions of the Commission authorizing the issuance of the bonds. Beginning July 1, 1950, all cigarette taxes collected shall be paid monthly by the Oklahoma Tax Commission to the State Treasurer of the State of Oklahoma.  Upon receiving from the Oklahoma Tax Commission the cigarette tax money hereinabove mentioned, accompanied by a schedule showing the net proceeds of the two cents ($0.02) tax upon each package of cigarettes, it shall be the duty of the State Treasurer to place in said sinking fund the net proceeds of two cents ($0.02[) of the tax on each package of cigarettes, or so much of said cigarette tax as may be necessary to assure prompt payment of the principal of and interest on the bonds as they fall due and to carry out the covenants with respect to reserve requirements.  The cigarette tax herein referred to shall constitute the primary revenue dedicated to the payment of the principal and interest of said bonds but it is further pledged for the benefit of the purchasers, owners and holders of said bonds that the State of Oklahoma will, if necessary, impose and collect an additional tax, other than an ad valorem tax, and devote the same irrevocably to the payment of the principal and interest of said bonds, and that should said cigarette tax, herein referred to, ever fail to produce sufficient revenue to pay said principal and interest as they fall due, such cigarette tax, together with such additional tax, shall always be sufficient to pay and discharge said principal and interest when 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 is pledged for 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 said 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 principal or interest of the bonds are outstanding and unpaid.  The Commission is authorized to make such other equally binding covenants and agreements, not inconsistent with this act, or with Section 31, Article X, Oklahoma Constitution, as it deems to be needful and appropriate to the general purpose of effectuating this act.

Laws 1949, Ex.Sess., p. 12, § 3.  

§6257.4.  Form and terms of bonds  Payments into sinking fund  Call and redemption  Negotiability  Exemption from taxation.

The bonds so authorized shall be serial coupon bonds and shall be issued to mature One Million Five Hundred Thousand Dollars ($1,500,000.00) on the fifteenth day of July in each of the calendar years 1951 to 1974, both inclusive.  Said bonds and the interest thereon shall be payable at the Office of the State Treasurer of the State of Oklahoma.  Said bonds may be executed in such manner, may be payable in such medium of payment and may bear interest at such rate or rates, not in excess of two and onehalf percent (2 1/2%) per annum, and payable at specified times, all as may be provided by resolution or resolutions to be adopted by the Commission; provided, all bonds maturing after ten (10) years from their dates shall be subject to call and redemption, in inverse order of maturity and bond numbers, at par and accrued interest, the detailed provisions for such call and redemption to be fixed by the Commission in the resolution or resolutions authorizing the issuance of said bonds. All money in said sinking fund at the end of any fiscal year in excess of a sum equal to all principal and interest coming due in the next succeeding fiscal year shall be used to call and redeem such bonds as may be redeemed prior to maturity.  All bonds issued pursuant to this act shall have all the qualities and incidents of negotiable paper, and said bonds and interest thereon shall not be subject to taxation by the State of Oklahoma or any county, municipality or political subdivision therein.

(a) Prior to June 30, 1953, the State of Oklahoma Building Bonds Commission shall meet at the call of the Secretary of said Commission; and the said Commission hereby is directed and required to adopt such resolution or resolutions as shall be necessary, amending and supplanting any resolution or resolutions, covenants or agreements to the contrary theretofore adopted or made by said Commission, to provide that only such revenue as is specified in Section 31, Article X, of the Constitution of Oklahoma, and as provided in this act, as amended, shall be pledged to be paid into the State of Oklahoma Building Bonds Sinking Fund, and that any pledge, commitment, covenant or agreement to pay any greater sum into said sinking fund be rescinded and revoked immediately upon the written consent and agreement of the owner of all of the State of Oklahoma Public Building Bonds.

(b) Immediately following the adoption of said resolution or resolutions by the State of Oklahoma Building Bonds Commission as hereinabove directed, the State Treasurer, for and on behalf of the State of Oklahoma as the sole owner of all outstanding State of Oklahoma Public Building Bonds, hereby is directed and required to execute to the State of Oklahoma Building Bonds Commission his consent and agreement, in writing, to the terms and provisions of the said resolution or resolutions of said Commission herein directed and required to be adopted.

(c) Immediately after delivery of said fully executed consent and agreement, the State Treasurer shall endorse upon each State of Oklahoma Public Building Bond, in such form as shall be approved by the Attorney General, a certificate that the obligation of the State of Oklahoma in respect of payments into the State of Oklahoma Building Bonds Sinking Fund shall be as hereinabove provided, and not otherwise; and said certificate shall be full notice, and shall prescribe the maximum of the obligation of the State of Oklahoma to any subsequent purchaser of any of said bonds.

Laws 1959, p. 247, § 1.  

§6257.5.  Sale of bonds to State Treasurer and Commissioners of Land Office.

(a) The State Treasurer of the State of Oklahoma is hereby authorized and required to purchase from the Commission at private sale, all or any part of said bonds, or interim bonds, as an investment of the public monies in his possession.  In the event of such sale or sales, the Commission shall determine and fix the rate of interest the bonds so sold shall bear, such rate of interest not to exceed the maximum hereinbefore authorized.  All interest earned by such bonds as are held by the State Treasurer pursuant to such investment shall, as collected, be paid into the General Revenue Fund in the State Treasury.

(b) If the State Treasurer is unable to purchase all of the bonds at the original sale thereof as provided in subsection (a) hereof, then it shall be the mandatory duty of the Commissioners of the Land Office to purchase, at private sale, the bonds which the State Treasurer is unable to purchase.  In such event, the Commissioners of the Land Office shall, to the extent necessary to carry out the provisions of this subsection, sell and liquidate such of their investments as they may constitutionally sell and liquidate, and shall purchase such bonds with the proceeds thereof. All State of Oklahoma Building Bonds purchased by the Commissioners of the Land Office under the provisions of this subsection shall provide for a rate of interest equal to the average interest yield of the securities sold and liquidated to make such purchase, but in no event more than two and onehalf percent (2 1/2%) per annum.

(c) In the event any or all of the bonds are sold to the State Treasurer under the provisions of subsection (a) hereof and thereafter the uninvested cash on hand and in solvent banks should fall short of demand orders on the State Treasury, it shall be the duty of the State Treasurer to sell such part or all of the bonds as are necessary to be converted into cash to meet such demands, and, if confirmed and authorized as aforesaid, such bonds shall be sold to the Commissioners of the Land Office at par and accrued interest for either permanent or temporary investment.  It shall be the mandatory duty of the Commissioners of the Land Office to purchase such of said bonds as it is necessary for the State Treasurer to sell and, to the extent necessary to carry out the provisions of this subsection, the Commissioners of the Land Office shall sell and liquidate such of their investments as they may constitutionally sell and liquidate and shall purchase such bonds with the proceeds thereof.

(d) If the Commissioners of the Land Office cannot purchase said bonds as offered by the State Treasurer as provided in subsection (c) hereof, it shall be the further duty of the State Treasurer to publish, advertise and, on the date given in the notice, sell at not less than par and accrued interest, to the highest and best bidder for cash, only so many of the bonds as will enable the state to meet such demand orders, provided, however, in lieu of so selling such bonds at the market, the State Treasurer and the Commission may agree to the refunding of part or all of such bonds, in accordance with the method and procedure for refunding provided in this act.

Laws 1949, Ex.Sess., p. 14, § 5; Laws 1953, p. 282, § 2; Laws 1959, p. 248, § 2.  

§6257.7.  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.  

§6257.8.  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.  

§6257.9.  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.  

§6257.10.  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.  

§6257.11.  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.  

§6257.12.  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.  

§6257.13.  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.  

§6257.15.  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.  

§6257.16.  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 Twentysecond (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.  

§6257.17.  Issuance and sale of bonds  Pledges and covenants  Sinking fund.

The Commission, acting for and on behalf of the State of Oklahoma, is hereby authorized and empowered to issue, sell and deliver to the State Treasurer, or to the Commissioners of the Land Office of the State of Oklahoma, or to other purchasers, as hereinafter provided for, "State of Oklahoma Buildings Bonds of 1955", in a total principal amount not to exceed Fifteen Million Dollars ($15,000,000.00).  It is hereby expressly provided and pledged for the benefit of the purchasers, owners and holders of said bonds that any remainder available from the two cents ($0.02) of the tax on each package of cigarettes authorized and levied by 68 O.S.1941, Sections 538 and 586p, as amended and supplemented to the effective date of Section 31 of Article X of the Constitution of the State of Oklahoma, after the annual requirements for the payment of the interest on, and principal of, the Thirtysix Million Dollars ($36,000,000.00) of "State of Oklahoma Building Bonds" authorized by Section 31 of Article X of the Constitution of the State of Oklahoma and Chapter 4 of House Bill No. 4 of the Extraordinary Session of the Twentysecond (1949) Oklahoma Legislature have been fully met and said Thirtysix Million Dollars ($36,000,000.00) bond issue fully retired as to both principal and interest or so much of said remainder as shall be necessary, and, thereafter, the full amount of said two cents ($0.02) of said tax on each package of cigarettes, or so much thereof as may be necessary, and if, at any time, said remainder of said two cents ($0.02) of the tax on each package of cigarettes, or said two cents ($0.02) of the tax on each package of cigarettes, as the case might be, shall not be sufficient for said purpose, three cents ($0.03) of the tax now imposed, or which may hereafter be imposed, on each package of cigarettes containing more than twenty cigarettes, or so much of said three cents ($0.03) of said tax 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. There is hereby created, in the State Treasury, a fund to be known as the "State of Oklahoma Building Bonds of 1955 Sinking Fund," which sinking fund is hereby irrevocably pledged to the payment of the interest on, and principal of, the bonds issued hereunder; and 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 resolutions of the Commission authorizing the issuance of the bonds. Beginning July 1, 1955, the Oklahoma Tax Commission, when transmitting to the State Treasurer the monthly collection of the tax on cigarettes, hereinabove mentioned, 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 twenty cigarettes or less, and the net proceeds of three cents ($0.03) of the tax on each package of more than twenty cigarettes.  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 cigarette 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.  The cigarette 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 will, if and when it shall appear to be necessary, devote, irrevocably, to the payment of the interest on, and principal of, said bonds, any funds available in any fund or funds of the state not created or realized from ad valorem tax sources or so much thereof as may be necessary for such purpose, and, if the funds hereinabove mentioned are not sufficient for such purpose, will impose and collect a tax, other than an ad valorem tax, and devote the same, or so much thereof as may be necessary, to the payment of the interest on, and principal of, the bonds issued hereunder.  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 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 equallybinding covenants and agreements, not inconsistent with this act or Section 33 of Article X of the Constitution of the State of Oklahoma, as it deems to be needful and appropriate to the general purpose of effectuating this act.

Laws 1955, p. 338, § 3.  

§6257.18.  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.  

§6257.19.  Sales to State Treasurer and Commissioners of Land Office.

(a) The State Treasurer of the State of Oklahoma,  is hereby authorized and required to purchase from the Commission at private sale, all or any part of said bonds, or interim bonds, as an investment of the public monies in his possession.  It shall be the responsibility of the State Treasurer to invest only that portion of such public monies as the State Treasurer deems to be more than sufficient to meet current expenditures payable from public monies. The State Treasurer is authorized and required to buy, and the Commission is authorized and required to sell to the State Treasurer at private sale as provided in this section so many of the bonds authorized by this act, as may be safely purchased for investment of public monies by the State Treasurer, without handicapping the State of Oklahoma in promptly meeting its obligations.  In event of such sale or sales, the Commission shall determine and fix the rate of interest the bonds so sold shall bear, such rate of interest not to exceed two and onehalf percent (2 1/2%) per annum.  All interest earned by such bonds as are held by the State Treasurer pursuant to such investment shall, as collected, be paid into the State of Oklahoma Building Bonds of 1955 Sinking Fund.

(b) If the State Treasurer is unable to purchase all of the bonds at the original sale thereof as provided in subsection (a) hereof, then it shall be the mandatory duty of the Commissioners of the Land Office to purchase, at private sale, the bonds which the State Treasurer is unable to purchase.  In such event, the Commissioners of the Land Office shall, to the extent necessary to carry out the provisions of this subsection, sell and liquidate such of their investments as they may constitutionally sell and liquidate, and shall purchase such bonds with the proceeds thereof. All State of Oklahoma Building Bonds of 1955 purchased by the Commissioners of the Land Office under the provisions of this subsection shall provide for a rate of interest equal to the average interest yield of the securities sold and liquidated to make such purchase, but in no event more than two and onehalf percent (2 1/2%) per annum.

(c) In the event any or all of the bonds are sold to the State Treasurer under the provisions of subsection (a) hereof and thereafter the uninvested cash on hand and in solvent banks should fall short of demand orders on the State Treasury, it shall be the duty of the State Treasurer to sell such part or all of the bonds as are necessary to be converted into cash to meet such demands, and, if confirmed and authorized as aforesaid, such bonds shall be sold to the Commissioners of the Land Office at par and accrued interest for either permanent or temporary investment.  It shall be the mandatory duty of the Commissioners of the Land Office to purchase such of said bonds as it is necessary for the State Treasurer to sell and, to the extent necessary to carry out the provisions of this subsection, the Commissioners of the Land Office shall sell and liquidate such of their investments as they may constitutionally sell and liquidate and shall purchase such bonds with the proceeds thereof.

(d) If the Commissioners of the Land Office cannot purchase said bonds as offered by the State Treasurer as provided in subsection (c) hereof, it shall be the further duty of the State Treasurer to publish, advertise and, on the date given in the notice, sell at not less than par and accrued interest, to the highest and best bidder for cash, only so many of the bonds as will enable the state to meet such demand orders, provided, however, in lieu of so selling such bonds at the market, the State Treasurer and the Commission may agree to the refunding of part or all of such bonds, in accordance with the method and procedure for refunding provided in this act.

Laws 1955, p. 340, § 5.  

§6257.20.  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.  

§6257.21.  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.  

§6257.22.  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.  

§6257.23.  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.  

§6257.24.  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 interestbearing 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.  

§6257.25.  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.  

§6257.26.  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.  

§6257.27.  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.  

§6257.31.  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.  

§6257.32.  Building Bonds Commission  Indebtedness  Purposes.

The State of Oklahoma Building Bonds Commission, created by Title 62, Oklahoma Statutes 1951, Section 57.1 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 Thirtyfive 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 mentally retarded children in Northeastern Oklahoma pursuant to, and under authority of, Section 34 of Article X of the Constitution of the State of Oklahoma, and this act.

Laws 1961, p. 462, § 2.  

§6257.33.  Issuance and sale of bonds  Pledges  Sinking fund.

The Commission, acting for and on behalf of the State of Oklahoma, shall issue, sell, and deliver as hereinafter provided, "State of Oklahoma Building Bonds of 1961" in a total principal amount of Thirtyfive Million Five Hundred Thousand Dollars ($35,500,000.00). It is hereby expressly provided and pledged for the benefit of the purchasers, owners, and holders of said bonds that three cents ($0.03) of the five cents ($0.05) of the tax on each package of cigarettes levied by 68 O.S.1951, Section 586a, as amended, 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, 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. There is hereby created, in the State Treasury, a fund to be known as the "State of Oklahoma Building Bonds of 1961 Sinking Fund" which sinking fund is hereby irrevocably pledged to the payment of the interest on, and principal of, the bonds issued hereunder; and 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 resolutions of the Commission authorizing the issuance of the bonds.  Beginning July 1, 1961, the Oklahoma Tax Commission, when transmitting to the State Treasurer the monthly collection of the tax on cigarettes, shall also transmit to the State Treasurer a schedule showing the net proceeds of three cents ($0.03) of the tax on each package of cigarettes levied by 68 O.S.1951, Section 568a, as amended.  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 cigarette 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 convenants hereof with respect to reserve requirements.  The State Treasurer shall deposit in the abovecreated sinking fund for the fiscal years 19611962 and 19621963 only, the sum of One Million Five Hundred Thousand Dollars ($1,500,000.00) each year.  The State Treasurer in each fiscal year commencing July 1, 1963, shall deposit in the abovecreated sinking fund the sum of One Million Five Hundred Thousand Dollars ($1,500,000.00), each fiscal year, plus the amount necessary to pay interest for each fiscal year.  In the event that the payments into the abovecreated sinking fund in any fiscal year plus the accumulation in such sinking fund is not sufficient to pay the principal and interest due the following July 15, then it shall be the duty of the State Treasurer to pay into said sinking fund from the cigarette funds such sum of money as may be necessary to pay said principal and interest.  The cigarette 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 owner 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 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 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 equallybinding convenants and agreements, not inconsistent with this act or Section 34 of Article X of the Constitution of the State of Oklahoma, relating to indebtedness for capital improvements to institutions of higher education, adopted July 5, 1960, as it deems to be needful and appropriate to the general purpose of effectuating this act.  As used herein, "68 O.S.1951, Section 586a, as amended," shall be deemed to refer to said Section 586a as amended to the effective date of House Bill No. 705 Of the Twentyeighth Oklahoma Legislature.

Laws 1961, p. 462, § 3; Laws 1961, p. 467, § 1; Laws 1965, c. 503, § 1, emerg. eff. July 19, 1965.  

§6257.34.  Form and terms  Call and redemption  Negotiability  Tax exemption.

Bonds issued under this act shall be serial coupon bonds.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  Said bonds may be issued in one or more series, may bear such date or dates, not earlier than July 15, 1961, shall mature as follows:  One Million Five Hundred Thousand Dollars ($1,500,000.00) on July 15, 1964, One Million Five Hundred Thousand Dollars ($1,500,000.00) on the 15th day of July of each year thereafter to and including July 15, 1985, and Two Million Five Hundred Thousand Dollars ($2,500,000.00) on July 15, 1986 with interest payable semiannually on January 15 and July 15 of each year, 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 carry such registration or conversion privileges, may be executed in such manner, may be payable in such medium or payment at such place or places, 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 on and 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 1961 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. 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 1961, p. 464, § 4.  

§6257.35.  Advertisement and sale of bonds.

The Commission shall advertise said bonds for sale in the manner hereinafter provided.  Notice of such sale shall be published at least twenty (20) 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 and sixtenths percent (3 6/10%) 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 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 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 1961, p. 464, § 5.  

§6257.36.  Interim bonds.

The Commission is authorized to issue one or more interim bonds representative of the bonds so sold, which interim bonds may be in any denomination, shall have all the qualities and be secured by all 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 cancelled by the State Treasurer of Oklahoma.

Laws 1961, p. 465, § 6.  

§6257.37.  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 1961, p. 465, § 7.  

§6257.38.  Certificate of Attorney General  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 and 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 1961 in the aggregate principal amount of Thirtyfive Million Five Hundred Thousand Dollars ($35,500,000.00) dated  , authorized and sold pursuant to Section 34, 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 1961, p. 465, § 8. Laws 1961, p. 465, § 8.  

§6257.39.  Delivery of bonds upon payment  Deposit and investment of proceeds  Interest.

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.  The proceeds of the sale of said bonds shall be deposited in the State Treasury of this state, in a fund which is hereby created and designated the "1961 Building Bond Fund", where they shall remain subject to disposition to be provided for by the Legislature of this state, provided that the State Treasurer, when so directed by the Director of Public Affairs and the Oklahoma State Regents for Higher Education acting on behalf of the governing boards, according to the funds allocated, as to the amounts available for investment shall invest said designated amounts of the 1961 Building Bond Fund in direct obligations of the United States of America or in certificates of deposits from banks in this state acceptable as depositories by the State Treasurer when such certificates of deposits are secured by acceptable collateral and yield as much as or more than direct obligations of the United States of America.  All such investments of said monies must be so made that the same shall mature in time to enable this state to issue warrants for payment of the valid indebtedness incurred for the purpose for which said bonds are issued, when the said indebtedness has been incurred pursuant to legislative authority. The Director of Public Affairs and the Oklahoma State Regents for Higher Education shall promptly certify to the State Treasurer the amount of all sums not needed for payment of construction and other legal expenditures payable from the 1961 Building Bond Fund to meet the construction payment schedule, and upon receipt of such certification the State Treasurer shall forthwith make the investment specified in this section.  All interest received by the State Treasurer upon the securities referred to in this section shall be deposited in the 1961 Building Bond Fund.

Amended by Laws 1983, c. 304, § 55, eff. July 1, 1983; Laws 1989, c. 343, § 7, operative July 1, 1989.  

§6257.40.  Investment of sinking fund monies.

The State Treasurer shall invest all sinking fund monies in direct obligations of the United States of America or in certificates of deposits from banks in the State of Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposits are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, to mature in time to meet the principal and interest payments on the 1961 Building Bonds, which earnings shall be deposited in the sinking fund.

Laws 1961, p. 466, § 10.  

§6257.41.  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 1961, p. 466, § 11.  

§6257.42.  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 an 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 34, 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 1961, p. 467, § 12.  

§6257.43.  Attorney General as representative of Commission.

It is provided that the Attorney General of the State of Oklahoma shall represent the said Building Bonds Commission in the discharge of its functions provided by this act, and said Building Bonds Commission shall not employ a private attorney or attorneys.

Laws 1961, p. 467, § 13.  

§6257.51.  Intent and purpose.

It is the intent and purpose of this act to vitalize Section 36 of Article X of the Constitution of the State of Oklahoma, adopted at the special election held for such purpose on the 3rd day of December 1963, and to invoke and exercise the powers conferred upon the Legislature thereby.  Laws 1965, c. 293, Sec. 1.  Emerg. eff. June 24, 1965.

Laws 1965, c. 293, § 1, emerg. eff. June 24, 1965.  

§6257.52.  Building Bonds Commission as agency  Indebtedness  Purposes.

The State of Oklahoma Building Bonds 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 to the extent of the sum of Seven Million Dollars ($7,000,000.00) as principal, for the purpose of constructing, equipping and furnishing new buildings and other capital improvements, and for equipping, remodeling, modernizing and repairing any and all existing buildings and capital improvements at the University of Oklahoma Medical Center.  Laws 1965, c. 293, Sec. 2.  Emerg. eff. June 24, 1965.

Laws 1965, c. 293, § 2, emerg. eff. June 24, 1965.  

§6257.53.  Issuance and sale of bonds  Pledges and covenants  Sinking fund.

The Commission, acting for and on behalf of of the State of Oklahoma, shall issue, sell and deliver as hereinafter provided, "State of Oklahoma Building Bonds of 1965" in a total principal amount of Seven Million Dollars ($7,000,000.00).  It is hereby expressly provided and pledged for the benefit of the purchasers, owners and holders of said bonds that three cents ($0.03) of the five cents ($0.05) of the tax on each package of cigarettes levied by 68 O.S.1961, as amended, Section 586a 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, 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.  There is hereby created in the State Treasury, a fund to be known as the "State of Oklahoma Building Bonds of 1965 Sinking Fund" which sinking fund is hereby irrevocably pledged to the payment of the interest on, and principal of, the bonds issued hereunder; and 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 resolutions of the Commission authorizing the issuance of the bonds.  Beginning July 1, 1965, the Oklahoma Tax Commission, when transmitting to the State Treasurer the monthly collection of the tax on cigarettes, shall also transmit to the State Treasurer a schedule showing the net proceeds of three cents ($0.03) of the tax on each package of cigarettes levied by 68 O.S.1961, Section 586a, as amended.  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 cigarette 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.  The State Treasurer in each fiscal year commencing July 1, 1967, to and including the fiscal year commencing July 1, 1988, shall deposit in the abovecreated sinking fund, the sum of Three Hundred Thousand Dollars ($300,000.00), plus interest for each fiscal year, and in the fiscal year commencing July 1, 1989, the sum of Four Hundred Thousand Dollars ($400,000.00).  In the event that the payments into the abovecreated sinking fund in any fiscal year plus the accumulation in such sinking fund is not sufficient to pay the principal and interest due the following July 15 then it shall be the duty of the State Treasurer to pay into said sinking fund from the cigarette funds such sum of money as may be necessary to pay said principal and interest.  The cigarette 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 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 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 equallybinding covenants and agreements, not inconsistent with this act or Section 36 of Article X of the Constitution of the State of Oklahoma adopted December 3, 1963, as it deems to be needful and appropriate to the general purpose of effectuating this act.

Laws 1965, c. 293, § 3, emerg. eff. June 24, 1965.  

§6257.54.  Form and terms  Call and redemption  Negotiability  Tax exemption.

Bonds issued under this act shall be serial coupon bonds and shall bear a rate of interest three and onehalf percent (3 1/2%) per annum.  Said bonds and the interest thereon shall be payable at the Office of the State Treasurer.  Said bonds may be issued in one or more series, may bear such date or dates, not earlier than July 15, 1965, shall mature as follows:  Three Hundred Thousand Dollars ($300,000.00) on July 15, 1968, and Three Hundred Thousand Dollars ($300,000.00) on the 15th day of July of each year thereafter to and including July 15, 1989, and Four Hundred Thousand Dollars ($400,000.00) July 15, 1990, with interest payable semiannually on January 15 and July 15 of each year, 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 carry such registration or conversion privileges, may be executed in such manner, may be payable in such medium or payment at such place or places, 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 on and 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 1965 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.  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 1965, c. 293, § 4, emerg. eff. June 24, 1965.  

§6257.55.  Sale of bonds to State Treasurer.

The State Treasurer of the State of Oklahoma shall purchase from the commission at a private sale all of said bonds at par as an investment of the public monies in his possession.  The State Treasurer shall buy, and the commission is authorized and directed to, sell to the State Treasurer at private sale, as provided in this section, all of the bonds authorized by this act.  All interest earned by such bonds as are held by the State Treasurer pursuant to such investment shall, as collected, be paid into the State of Oklahoma General Fund.

Laws 1965, c. 293, § 5, emerg. eff. June 24, 1965.  

§6257.56.  Certificate of Attorney General  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 and 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 1965 in the aggregate principal amount of Seven Million Dollars ($7,000,000.00) dated ____, authorized and sold pursuant to Section 36, 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 1965, c. 293, § 6, emerg. eff. June 24, 1965.  

§6257.57.  Delivery of bonds upon payment  Deposit and investment of proceeds  Interest.

The bonds and interest coupons attached thereto shall be delivered to the State Treasurer upon payment of par and accrued interest to the date of delivery thereof.  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 "1965 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, when so directed by the Oklahoma State Regents for Higher Education acting on behalf of the governing board, as to the amounts available for investment shall invest said designated amounts of the 1965 Building Bond Fund in direct obligations of the United States of America or in certificates of deposits from banks in the State of Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposits are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, and provided further that, all such investments of said monies must be so made that the same shall mature in time to enable the State of Oklahoma to issue warrants for payment of the valid indebtedness incurred for the purpose for which said bonds are issued, when the said indebtedness has been incurred pursuant to legislative authority.  It shall be the duty of the Oklahoma State Regents for Higher Education to promptly certify to the State Treasurer the amount of all sums not needed for payment of construction and other legal expenditures payable from the 1965 Building Bond Fund to meet the construction payment schedule, and upon receipt of such certification the State Treasurer shall forthwith make the aforementioned investment.  All interest received by the State Treasurer upon the abovementioned securities shall be deposited in the said sinking fund.

Laws 1965, c. 293, § 7, emerg. eff. June 24, 1965.  

§6257.58.  Investment of sinking fund monies.

The State Treasurer shall invest all sinking fund monies in direct obligations of the United States of America or in certificates of deposits from banks in the State of Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposits are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, to mature in time to meet the principal and interest payments on the 1965 Building Bonds, which earnings shall be deposited in the General Fund.

Laws 1965, c. 293, § 8, emerg. eff. June 24, 1965.  

§6257.59.  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 34, 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 1965, c. 293, § 9, emerg. eff. June 24, 1965.  

§6257.60.  Attorney General as representative of Commission.

It is provided that the Attorney General of the State of Oklahoma shall represent the said Building Bonds Commission in the discharge of its functions provided by this act, and said Building Bonds Commission shall not employ or pay any private attorney or attorneys directly or indirectly.  Laws 1965, c. 293, Sec. 10.  Emerg. eff. June 24, 1965.

Laws 1965, c. 293, § 10, emerg. eff. June 24, 1965.  

§6257.61.  Purpose.

It is hereby declared to be the purpose of this act to vitalize the constitutional amendment indentified as House Joint Resolution No. 552 of the 30th Oklahoma Legislature, if, as and when the same shall be approved by the people of the State of Oklahoma.

Laws 1965, c. 515, § 1.  

§6257.62.  Building Bonds Commission as agency  Indebtedness  Purposes.

The State of Oklahoma Building Bonds Commission, created by Title 62, Oklahoma Statutes 1961, Section 57.1 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 Fiftyfour Million Seven Hundred Fifty Thousand Dollars ($54,750,000.00) 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, and purchase of land, equipment and furnishings necessary for such new construction or remodeling, as follows:

At the constituent institutions   of The Oklahoma State System of   Higher Education in the sum of....... $38,500,000.00

At the institutions under the Department   of Mental Health and Substance Abuse   Services in the sum of............... 6,500,000.00

The Southern Oklahoma Resource Center of Pauls Valley, the Northern Oklahoma Resource Center of Enid and The Hissom Memorial Center..................... 1,000,000.00

State Department of Health............ 2,275,000.00

Oklahoma State Library................ 2,150,000.00

Oklahoma State Penitentiary........... 150,000.00

Oklahoma State Reformatory............ 150,000.00

Oklahoma School for the Blind......... 550,000.00

Oklahoma School for the Deaf.......... 550,000.00

Oklahoma Educational Television

  Authority........................... 250,000.00

Oklahoma Historical Society........... 125,000.00

Western Oklahoma Tuberculosis   Sanatorium.......................... 150,000.00

Eastern Oklahoma Tuberculosis   Sanatorium.......................... 150,000.00

Department of Public Health for the   Building of Community Social Service Centers 1,500,000.00

Purchase of Land in and about the Capital Improvement and Zoning District and Medical Center Improvement Zoning District and for Public Parks, Veterans Memorial Area and Landscaping 750,000.00

Laws 1965, c. 515, § 2, emerg. eff. July 21, 1965; Amended by Laws 1990, c. 51, § 124, emerg. eff. April 9, 1990; Laws 1992, c. 307, § 8, eff. July 1, 1992.

§6257.63.  Issuance and sale of bonds  Pledges  Sinking fund.

The Commission, acting for and on behalf of the State of Oklahoma, shall issue, sell and deliver as hereinafter provided, "State of Oklahoma Institutional Building Bonds of 1965" in a total principal amount of Fiftyfour Million Seven Hundred Fifty Thousand Dollars ($54,750,000.00).  Said Commission shall issue and deliver said bonds as follows:

Series A, in the principal sum of Fifteen Million Four Hundred Twentyfive Thousand Dollars ($15,425,000.00), following the approval by the people of the State of Oklahoma of House Joint Resolution No. 552; Series B, in the sum of Twelve Million Dollars ($12,000,000.00), on or about June 25, 1966, and the remaining portion of said bonds as provided by the 31st Oklahoma Legislature. It is hereby expressly provided and pledged for the benefit of the purchasers, owners and holders of said bonds that the portion of seven cents ($0.07) of the tax on each package of cigarettes levied by Section 302 of House Bill No. 511, enacted by the 30th Oklahoma Legislature 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, 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. There is hereby created, in the State Treasury, a fund to be known as the "State of Oklahoma Institutional Building Bonds of 1965 Sinking Fund" which sinking fund is hereby irrevocably pledged to the payment of the interest on, and principal of, the bonds issued hereunder; and 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 resolutions of the Commission authorizing the issuance of the bonds.  Beginning on the first day of the month following the adoption of said constitutional amendment, the Oklahoma Tax Commission, when transmitting to the State Treasurer the monthly collection of the tax on cigarettes, shall also transmit to the State Treasurer a schedule showing the net proceeds of seven cents ($0.07) of the tax on each package of cigarettes levied by Section 302 of House Bill No. 511 enacted by the 30th Oklahoma Legislature.  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 cigarette 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.  The State Treasurer shall deposit in the abovecreated sinking fund for the fiscal years 19651966 and 19661967, the amount necessary to pay the interest upon the outstanding bonds.  The State Treasurer shall deposit in the abovecreated sinking fund the following sums for the following fiscal years for the payment of the principal upon Series A Bonds:

Commencing July 1, 1967, the sum of Two Hundred Twentyfive Thousand Dollars ($225,000.00); commencing July 1, 1968 and 1969, the sum of Three Hundred Thousand Dollars ($300,000.00) each year; for the fiscal years commencing July 1, 1970, to and including the fiscal year commencing July 1, 1976, the sum of Five Hundred Thousand Dollars ($500,000.00) each year; for the fiscal years commencing July 1, 1977, to and including the fiscal year commencing July 1, 1988, the sum of Eight Hundred Thousand Dollars ($800,000.00) each year; for the fiscal year commencing July 1, 1989, the sum of One Million Five Hundred Thousand Dollars ($1,500,000.00) and for the payment of the principal on the Series B Bonds, in the fiscal years July 1, 1968, to and including July 1, 1973, the sum of Two Hundred Thousand Dollars ($200,000.00) each year; for the fiscal year commencing July 1, 1974, to and including July 1, 1978, the sum of Five Hundred Thousand Dollars ($500,000.00) each year; for the fiscal years commencing July 1, 1979 to and including July 1, 1988, the sum of Seven Hundred Thousand Dollars ($700,000.00) each year and for the fiscal year commencing July 1, 1989, the sum of One Million Three Hundred Thousand Dollars ($1,300,000.00), and in addition thereto, the amounts necessary for the payment of interest.  In the event that the payments into the abovecreated sinking fund in any fiscal year plus the accumulation in such sinking fund is not sufficient to pay the principal and interest due the following July 15 then it shall be the duty of the State Treasurer to pay into said Sinking Fund from the cigarette funds such sum of money as may be necessary to pay said principal and interest.  The cigarette 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 owner 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 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 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 equallybinding covenants and agreements, not inconsistent with this act or House Joint Resolution No. 552 Of the 30th Oklahoma Legislature, as it deems to be needful and appropriate to the general purpose of effectuating this act.

Laws 1965, c. 515, § 3.  

§6257.64.  Form and terms  Call and redemption  Negotiability  Tax exemption.

Bonds issued under this act shall be serial coupon bonds.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  Said bonds shall be issued in series bearing such date or dates, as set forth in Section 3 herein, and shall mature as follows:

SERIES A SERIES B

7/15/68 $225,000.00

7/15/69 $300,000.00 $200,000.00

7/15/70 $300,000.00 $200,000.00

7/15/71 $500,000.00 $200,000.00

7/15/72 $500,000.00 $200,000.00

7/15/73 $500,000.00 $200,000.00

7/15/74 $500,000.00 $200,000.00

7/15/75 $500,000.00 $500,000.00

7/15/76 $500,000.00 $500,000.00

7/15/77 $500,000.00 $500,000.00

7/15/78 $800,000.00 $500,000.00

7/15/79 $800,000.00 $500,000.00

7/15/80 $800,000.00 $700,000.00

7/15/81 $800,000.00 $700,000.00

7/15/82 $800,000.00 $700,000.00

7/15/83 $800,000.00 $700,000.00

7/15/84 $800,000.00 $700,000.00

7/15/85 $800,000.00 $700,000.00

7/15/86 $800,000.00 $700,000.00

7/15/87 $800,000.00 $700,000.00

7/15/88 $800,000.00 $700,000.00

7/15/89 $800,000.00 $700,000.00

7/15/90   $1,500,000.00   $1,300,000.00

Said bonds shall have interest payable semiannually on January 15 and July 15 of each year, 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 carry such registration or conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, 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 on and 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 for the issuance of such bonds.  Until such time as the State of Oklahoma Institutional Building Bonds of 1965 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.  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 1965, c. 515, § 4.  

§6257.65.  Advertisement and sale of bonds.

The Commission shall advertise said bonds for sale in the manner hereinafter provided.  Notice of such sale shall be published at least twenty (20) 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 four percent (4%) 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 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 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 1965, c. 515, § 5.  

§6257.66.  Interim bonds.

The Commission is authorized to issue one or more interim bonds representative of the bonds so sold, which interim bonds may be in any denomination, shall have all the qualities and be secured by all 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 definite 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 1965, c. 515, § 6.  

§6257.67.  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 1965, c. 515, § 7.  

§6257.68.  Certificate of Attorney General  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 and 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 Institutional Building Bonds of 1965, Series A, in the aggregate principal amount of Fifteen Million Four Hundred Twentyfive Thousand Dollars ($15,425,000.00) dated _____, authorized and sold pursuant to Section 37, 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".  The procedure above enacted shall be followed after the sale of the Series B Bonds, and the above certificate shall be executed by the Attorney General in the same form and manner, except as to the amount which shall specify Series B in the sum of Twelve Million Dollars ($12,000,000.00).  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 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 1965, c. 515, § 8.  

§6257.69.  Delivery of bonds upon payment  Deposit and investment of proceeds  Interest.

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.  The proceeds of the sale of said bonds shall be deposited in the State Treasury to a fund which is hereby created and designated the "State of Oklahoma Institutional Building Bonds of 1965 Fund", where they shall remain subject to disposition to be provided for by the Legislature of this state, provided that the State Treasurer, when so directed by the Director of Public Affairs and the Oklahoma State Regents for Higher Education acting on behalf of the governing boards, according to the funds allocated, as to the amounts available for investment shall invest said designated amounts of the State of Oklahoma Institutional Building Bonds of 1965 Fund in direct obligations of the United States of America or in certificates of deposits from banks in this state acceptable as depositories by the State Treasurer when such certificates of deposits are secured by the acceptable collateral and yield as much as or more than direct obligations of the United States of America. All such investments of said monies must be made so that the same shall mature in time to enable this state to issue warrants for payment of the valid indebtedness incurred for the purpose for which said bonds are issued, when the said indebtedness has been incurred pursuant to legislative authority.  The Director of Public Affairs and the Oklahoma State Regents for Higher Education shall promptly certify to the State Treasurer the amount of all sums not needed for payment of construction and other legal expenditures payable from the State of Oklahoma Institutional Building Bonds of 1965 Fund to meet the construction payment schedule, and upon receipt of such certification the State Treasurer shall make the investment specified in this section.  All interest received by the State Treasurer upon the securities referred to in this section shall be deposited in the State of Oklahoma Institutional Building Bonds of 1965 Fund.

Amended by Laws 1983, c. 304, § 56, eff. July 1, 1983; Laws 1989, c. 343, § 12, operative July 1, 1989.  

§6257.70.  Investment of sinking fund monies.

The State Treasurer shall invest all sinking fund monies in direct obligations of the United States of America or in certificates of deposits from banks in the State of Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposits are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, to mature in time to meet the principal and interest payments on the State of Oklahoma Institutional Building Bonds of 1965, which earnings shall be deposited in the sinking fund.

Laws 1965, c. 515, § 10.  

§6257.71.  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 1965, c. 515, § 11.  

§6257.72.  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 37, 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 1965, c. 515, § 12.  

§6257.73.  Attorney General as representative of Commission.

It is provided that the Attorney General of the State of Oklahoma shall represent the said Building Bonds Commission in the discharge of its functions provided by this act, and said Building Bonds Commission shall not employ a private attorney or attorneys.

Laws 1965, c. 515, Sec. 13.

§6257.75.  Building Bonds of 1950  Cancellation of interest.

That all interest provided by 62 O.S.1961, section 57.1, on "State of Oklahoma Building Bonds 1950" issue, and refunded in the sum of Seventeen Million Three Hundred Thousand Dollars ($17,300,000.00) by O.S.L.1961, page 460, enacted by the Twentyeighth Session of the Oklahoma Legislature, be and the same is hereby canceled effective June 30, 1967, and no sums shall thereafter be transmitted by the Oklahoma Tax Commission out of the cigarette tax collections for interest on said bonds.

Laws 1967, c. 217, § 1, emerg. eff. May 1, 1967.  

§6257.76.  Building Bonds of 1955  Cancellation of interest.

That all interest provided by 62 O.S.1961, Section 57.17, on "State of Oklahoma Building Bonds of 1955" issue, be and the same is hereby canceled June 30, 1967, and no sums of money shall thereafter be transmitted by the Oklahoma Tax Commission out of the cigarette tax collections for interest on said bonds.

Laws 1967, c. 217, § 2, emerg. eff. May 1, 1967.  

§6257.77.  Building Bonds of 1965  Cancellation of interest.

That all interest provided by House Bill No. 1010, O.S.L.1965, page 521, enacted by the Thirtieth Session of the Oklahoma Legislature on "State of Oklahoma Building Bonds 1965" issue, be and the same is hereby canceled effective June 30, 1967, and no sums of money shall thereafter be transmitted by the Oklahoma Tax Commission out of the cigarette tax collections for interest on said bonds.

Laws 1967, c. 217, § 3, emerg. eff. May 1, 1967.  

§6257.78.  Reserve fund of 1965  Cancellation.

That the reserve fund created and established in the office of the State Treasurer of Oklahoma by House Bill No. 1010, O.S.L.1965, page 521, enacted by the Thirtieth Session of the Oklahoma Legislature for payment of principal and interest on "State of Oklahoma Building Bonds 1965", be and the same is hereby canceled effective June 30, 1967, and no sums of money shall thereafter be transmitted by the Oklahoma Tax Commission out of the cigarette tax collections for such purpose, and provided this shall not affect the payment of the principal sums provided in said House Bill.

Laws 1967, c. 217, § 4, emerg. eff. May 1, 1967.  

§6257.79.  Transfer of funds.

That on June 30, 1967, the State Treasurer of the State of Oklahoma shall transfer to the general fund of the State of Oklahoma all sums of money accrued and paid into the sinking funds and the reserve fund of the aforementioned bond issues for the purpose of paying interest thereon and creating a reserve fund.  Laws 1967, c. 217, Sec. 5.  Emerg. eff. May 1, 1967.

Laws 1967, c. 217, § 5, emerg. eff. May 1, 1967.  

§6257.81.  Purpose.

It is hereby declared to be the purpose of this act to further vitalize Section 37, Article X, of the Oklahoma Constitution heretofore vitalized by House Bill No. 1122, enacted by the 30th Oklahoma Legislature, and to direct the issuance and sale of general obligation bonds authorized by said Constitutional Amendment and vitalizing act.

Laws 1967, c. 289, § 1, emerg. eff. May 8, 1967.  

§6257.82.  Agency for issue and sale  Institutional bonds of 1965.

That the State of Oklahoma Building Bonds Commission, created by Title 62, Oklahoma Statutes 1961, Section 57.1, acting for and on behalf of the State of Oklahoma shall be the agency by and through which the State of Oklahoma shall issue and sell a portion of the "State of Oklahoma Institutional Bonds of 1965" authorized and directed by said House Bill No. 1122.  Laws 1967, c.  289, Sec. 2. Emerg. eff. May 8, 1967.

Laws 1967, c. 289, § 2, emerg. eff. May 8, 1967.  

§6257.83.  Institutional Bonds of 1965 Series C  Pledges of cigarette tax and sinking fund  General obligation.

The Commission, acting for and on behalf of the State of Oklahoma, shall issue, sell and deliver as hereinafter provided, "State of Oklahoma Institutional Building Bonds of 1965 Series C", in the principal sum of Ten Million Eight Hundred Thousand Dollars ($10,800,000.00), and the remaining portion of said "State of Oklahoma Institutional Building Bonds of 1965" shall be sold as provided by subsequent acts of the Oklahoma Legislature.  It is hereby expressly provided and pledged for the benefit of the purchasers, owners and holders of said bonds that seven cents ($0.07) of the tax on each package of cigarettes levied by Section 302 of the House Bill No. 511, enacted by the 30th Oklahoma Legislature 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, 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.  There is in the State Treasury, a fund known as the "State of Oklahoma Institutional Building Bonds of 1965 Sinking Fund" to which Series C shall be added, said sinking fund is hereby irrevocably pledged to the payment of the interest on, and principal of, the bonds issued hereunder; and 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 resolutions of the Commission authorizing the issuance of the bonds.  Beginning on the first day of the month following the adoption of said constitutional amendment, the Oklahoma Tax Commission, when transmitting to the State Treasurer the monthly collection of the tax on cigarettes, shall also transmit to the State Treasurer a schedule showing the net proceeds of seven cents ($0.07) of the tax on each package of cigarettes levied by Section 302 of House Bill No. 511 enacted by the 30th Oklahoma Legislature. 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 cigarette 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.  The State Treasurer shall deposit in the abovecreated sinking fund for the fiscal years 19661967, 19671968, 19681969, and 19691970, the amount necessary to pay the interest upon the outstanding bonds.  The State Treasurer shall deposit in the abovecreated sinking fund the following sums for the following fiscal years for the payment of the principal upon Series C Bonds:

Commencing July 1, 1970, 1971, 1972 and 1973, the sum of Two Hundred Thousand Dollars ($200,000.00) each year; commencing July 1, 1974, 1975 and 1976, the sum of Three Hundred Thousand Dollars ($300,000.00) each year; for the fiscal years commencing July 1, 1977, to and including the fiscal year commencing July 1, 1982, the sum of Five Hundred Thousand Dollars ($500,000.00) each year; for the fiscal years commencing July 1, 1983, to and including the fiscal year commencing July 1, 1990, the sum of Seven Hundred Thousand Dollars ($700,000.00) each year; for the fiscal year commencing July 1, 1991, the sum of Five Hundred Thousand Dollars ($500,000.00), and in addition thereto, the amounts necessary for the payment of interest.  In the event that the payments into the abovecreated sinking fund in any fiscal year plus the accumulation in such sinking fund is not sufficient to pay the principal and interest due the following July 15 then it shall be the duty of the State Treasurer to pay into said sinking fund from the cigarette funds such sum of money as may be necessary to pay said principal and interest.  The cigarette 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 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 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 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 equallybinding covenants and agreements, not inconsistent with this act or House Joint Resolution No. 522 of the 30th Oklahoma Legislature, as it deems to be needful and appropriate to the general purpose of effectuating this act.

Laws 1967, c. 289, § 3, emerg. eff. May 8, 1967.  

§6257.84.  Serial coupon bonds  Maturities  Interest payment dates  Call.

Bonds issued under this act shall be serial coupon bonds.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  Said bonds shall be issued in series bearing such date or dates as set forth in Section 3 herein, and shall mature as follows:

  SERIES C

7/15/71 $200,000.00

7/15/72 $200,000.00

7/15/73 $200,000.00

7/15/74 $200,000.00

7/15/75 $300,000.00

7/15/76 $300,000.00

7/15/77 $300,000.00

7/15/78 $500,000.00

7/15/79 $500,000.00

7/15/80 $500,000.00

7/15/81 $500,000.00

7/15/82 $500,000.00

7/15/83 $500,000.00

7/15/84 $700,000.00

7/15/85 $700,000.00

7/15/86 $700,000.00

7/15/87 $700,000.00

7/15/88 $700,000.00

7/15/89 $700,000.00

7/15/90 $700,000.00

7/15/91 $700,000.00

7/15/92 $500,000.00

Said bonds shall have interest payable semiannually on January 15 and July 15 of each year, 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 carry such registration or conversion privileges, may be executed in such manner, may be payable in such medium or payment at such place or places, 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 on and 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 for the issuance of such bonds.  Until such time as the State of Oklahoma Institutional Building Bonds of 1965 Sinking Fund Series C 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.  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 1967, c. 289, § 4, emerg. eff. May 8, 1967.  

§6257.85.  Advertisement for bids  Interest  Deposit.

The Commission shall advertise said bonds for sale in the manner hereinafter provided.  Notice of such sale shall be published at least twenty (20) 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 four and onehalf percent (4 1/2%) 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 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 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 1967, c. 289, § 5, emerg. eff. May 8, 1967.  

§6257.86.  Interim bonds.

The Commission is authorized to issue one or more interim bonds representative of the bonds so sold, which interim bonds may be in any denomination, shall have all the qualities and be secured by all 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 definite 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 1967, c. 289, § 6, emerg. eff. May 8, 1967.  

§6257.87.  Legal investments.

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 1967, c. 289, § 7, emerg. eff. May 8, 1967.  

§6257.88.  Legal opinion  Period of contestability  Jurisdiction of contest  Formalities of execution.

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 and 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 Institutional Building Bonds of 1965, Series C, in the aggregate principal amount of Ten Million Eight Hundred Thousand Dollars ($10,800,000.00) dated _________, authorized and sold pursuant to Section 37, 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".

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 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 1967, c. 289, § 8, emerg. eff. May 8, 1967.  

§6257.89.  Delivery  Deposit of proceeds  Investment of surplus.

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.  The proceeds of the sale of said bonds shall be deposited in the State Treasury, in a fund which is hereby created and designated the "1965 Institutional Building Bond Fund Series C", where they shall remain subject to disposition to be provided for by the Legislature of this state, provided that the State Treasurer, when so directed by the Director of Public Affairs and the Oklahoma State Regents for Higher Education acting on behalf of the governing boards, according to the funds allocated, as to the amounts available for investment shall invest said designated amounts of the 1965 Institutional Building Bond Fund Series C in direct obligations of the United States of America or in certificates of deposits from banks in this state acceptable as depositories by the State Treasurer when such certificates of deposits are secured by the acceptable collateral and yield as much as or more than direct obligations of the United States of America.  All such investments of said monies must be made so that the same shall mature in time to enable this state to issue warrants for payment of the valid indebtedness incurred for the purpose for which said bonds are issued, when the said indebtedness has been incurred pursuant to legislative authority.  The Director of Public Affairs and the Oklahoma State Regents for Higher Education shall promptly certify to the State Treasurer the amount of all sums not needed for payment of construction and other legal expenditures payable from the 1965 Institutional Building Bond Fund Series C to meet the construction payment schedule, and upon receipt of such certification the State Treasurer shall make the investment specified in this section.  All interest received by the State Treasurer upon the securities referred to in this section shall be deposited in the 1965 Institutional Building Bond Fund Series C.

Amended by Laws 1983, c. 304, § 57, eff. July 1, 1983; Laws 1989, c. 343, § 14, operative July 1, 1989.  

§6257.90.  Investment of sinking fund.

The State Treasurer shall invest all sinking fund monies in direct obligations of the United States of America or in certificates of deposits from banks in the State of Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposits are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, to mature in time to meet the principal and interest payments on the 1965 Institutional Building Bonds Series C, which earnings shall be deposited in the sinking fund.

Laws 1967, c. 289, § 10, emerg. eff. May 8, 1967.  

§6257.91.  Judicial approval of series.

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 37, 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 1967, c. 289, § 11, emerg. eff. May 8, 1967.  

§6257.92.  Attorney General.

It is provided that the Attorney General of the State of Oklahoma shall represent the said Building Bonds Commission in the discharge of its functions provided by this act, and said Building Bonds Commission shall not employ a private attorney or attorneys.

Laws 1967, c. 289, § 12, emerg. eff. May 8, 1967.  

§6257.101.  Purpose.

It is hereby declared to be the purpose of this act to further vitalize Section 37, Article X, of the Oklahoma Constitution heretofore vitalized by House Bill No. 1122, enacted by the Thirtieth Oklahoma Legislature, and to direct the issuance and sale of general obligation bonds authorized by said constitutional amendment and vitalizing act.

Laws 1968, c. 265, § 1, emerg. eff. April 29, 1968.  

§6257.102.  Agency for issue and sale.

That the State of Oklahoma Building Bonds Commission, created by Title 62, Oklahoma Statutes 1961, Section 57.1, acting for and on behalf of the State of Oklahoma, shall be the agency by and through which the State of Oklahoma shall issue and sell a portion of the "State of Oklahoma Institutional Bonds of 1965" authorized and directed by said House Bill No. 1122.  Laws 1968, c. 265, Sec. 2. Emerg. eff. April 29, 1968.

Laws 1968, c. 265, § 2, emerg. eff. April 29, 1968.  

§6257.103.  Institutional Building Bonds of 1965 Series D  Pledges of cigarette tax and sinking fund  General obligation.

The Commission, acting for and on behalf of the State of Oklahoma, shall issue, sell and deliver, as hereinafter provided, a series of bonds designated "State of Oklahoma Institutional Building Bonds of 1965" (herein called the "Series D Bonds"), in the principal sum of Sixteen Million Five Hundred Twentyfive Thousand Dollars ($16,525,000.00).  It is hereby expressly provided and pledged for the benefit of the purchasers, owners and holders of said bonds that seven cents ($0.07) of the tax on each package of cigarettes levied by Section 302 of House Bill No. 511, enacted by the Thirtieth Oklahoma Legislature, constituting the remainder of revenue available for 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, 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.  There is in the State Treasury a fund known as the "State of Oklahoma Institutional Building Bonds of 1965 Sinking Fund" (herein called the "sinking fund"), established by said House Bill No. 1122, which is hereby irrevocably pledged to the payment of the interest on, and principal of, the Series D Bonds, in addition to other State of Oklahoma Institutional Building Bonds of 1965, and 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 resolutions of the Commission authorizing the issuance of such bonds.  Beginning on the first day of the month following the adoption of said constitutional amendment, the Oklahoma Tax Commission, when transmitting to the State Treasurer the monthly collection of the tax on cigarettes, shall also transmit to the State Treasurer a schedule showing the net proceeds of seven cents ($0.07) of the tax on each package of cigarettes levied by Section 302 of House Bill No. 511, enacted by the Thirtieth Oklahoma Legislature.  It shall be the duty of the State Treasurer, upon receiving said taxes and schedules from the Oklahoma Tax Commission, to deposit in the sinking fund such portions of the cigarette 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, the outstanding State of Oklahoma Institutional Building Bonds of 1965 as the same fall due. The State Treasurer shall deposit in the sinking fund, in addition to all other amounts required to be deposited therein, the following sums for the following fiscal years for the payment of the principal upon the Series D Bonds:

For the fiscal years commencing July 1, 1971, 1972 and 1973, the sum of Two Hundred Thousand Dollars ($200,000.00) each year; for the fiscal years commencing July 1, 1974, 1975, and 1976, the sum of Four Hundred Thousand Dollars ($400,000.00) each year; for the fiscal years commencing July 1, 1977, to and including the fiscal year commencing July 1, 1982, the sum of Seven Hundred Thousand Dollars ($700,000.00) each year; for the fiscal years commencing July 1, 1983, to and including the fiscal year commencing July 1, 1991, the sum of One Million Dollars ($1,000,000.00) each year; for the fiscal year commencing July 1, 1992, the sum of One Million Five Hundred Twentyfive Thousand Dollars ($1,525,000.00) and, in addition thereto, in each of said fiscal years the amount necessary for the payment of interest on the Series D Bonds.  In the event that the payments into the sinking fund in any fiscal year plus the accumulation in such sinking fund is not sufficient to pay the principal and interest due the following July 15 on the State of Oklahoma Institutional Building Bonds of 1965, then it shall be the duty of the State Treasurer to pay into said sinking fund from the cigarette funds 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 Series D Bonds shall constitute the primary revenue dedicated to the payment of the interest on, and the principal of, said 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 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 Series D Bonds issued hereunder as they come due. The Series D 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 House Joint Resolution No. 522 (552) of the Thirtieth Oklahoma Legislature, as it deems to be needful and appropriate to the general purpose of effectuating this act.

Laws 1968, c. 265, § 3, emerg. eff. April 29, 1968.  

§6257.104.  Serial coupon bonds  Maturities  Interest payment dates  Call and redemption.

The Series D Bonds shall be serial coupon bonds.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  The Series D Bonds shall mature on July 15 in the years and amounts, respectively, as follows:

Years Amounts

1972   $  200,000.00

1973   $  200,000.00

1974   $  200,000.00

1975   $  400,000.00

1976   $  400,000.00

1977   $  400,000.00

1978   $  700,000.00

1979   $  700,000.00

1980   $  700,000.00

1981   $  700,000.00

1982   $  700,000.00

1983   $  700,000.00

1984   $1,000,000.00

1985   $1,000,000.00

1986   $1,000,000.00

1987   $1,000,000.00

1988   $1,000,000.00

1989   $1,000,000.00

1990   $1,000,000.00

1991   $1,000,000.00

1992   $1,000,000.00

1993   $1,525,000.00

The Series D Bonds shall bear interest, payable semiannually on January 15 and July 15 of each year, may be in such denomination or denominations, may be secured by a reserve to assure prompt payment of the principal and interest, may be in such form either coupon or registered, may carry such registration or conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, 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 on and 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 sinking fund shall be sufficient to retire all outstanding State of Oklahoma Institutional Building Bonds of 1965, including interest thereon, there shall be paid into the 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 or resolutions authorizing the issuance of said bonds.  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 1968, c. 265, § 4, emerg. eff. April 29, 1968.  

§6257.105.  Advertisement for bids  Interest  Deposit.

The Commission shall advertise the Series D Bonds for sale in the manner hereinafter provided.  Notice of such sale shall be published at least once in each of two (2) consecutive weeks prior to the date fixed for such sale in a newspaper having a general circulation in the State of Oklahoma and at least once not less than twenty (20) days prior to the date fixed for such sale 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 cost to the State of Oklahoma, such cost to be determined by deducting the total amount of any premium bid from the aggregate amount of interest on all of the bonds from their date until their respective maturities, 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 any bid (which shall name the interest rate or rates, not exceeding five percent (5%) 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, that 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 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 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 1968, c. 265, § 5, emerg. eff. April 29, 1968.  

§6257.106.  Interim bonds.

The Commission is authorized to issue one or more interim bonds representative of the bonds so sold, which interim bonds may be in any denomination, shall have all the qualities and be secured by all 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 1968, c. 265, § 6, emerg. eff. April 29, 1968.  

§6257.107.  Legal investments.

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.

1968, c. 265, § 7, emerg. eff. April 29, 1968.  

§6257.108.  Legal opinion  Period of contestability  Jurisdiction of contest  Formalities of execution.

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 and 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 Institutional Building Bonds of 1965, Series D, in the aggregate principal amount of Sixteen Million five Hundred Twentyfive Thousand Dollars ($16,525,000.00), dated ___________, authorized and sold pursuant to Section 37, 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

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 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 either the Governor's or the Secretary of State's signature on the bonds, may be facsimile seals and signatures.

Laws 1968, c. 265, § 8, emerg. eff. April 29, 1968.  

§6257.109.  Delivery  Deposit of proceeds  Investment of surplus.

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.  The proceeds of the sale of said bonds shall be deposited in the State Treasury in the sinking fund, where they shall remain subject to disposition as provided for by the Legislature of this state, provided that the State Treasurer, when so directed by the Director of Public Affairs and the Oklahoma State Regents for Higher Education acting on behalf of the governing boards, according to the funds allocated, as to the amounts available for investment shall invest said designated amounts of the sinking fund in direct obligations of the United States of America or in certificates of deposits from banks in this state acceptable as depositories by the State Treasurer when such certificates of deposits are secured by the acceptable collateral and yield as much as or more than direct obligations of the United States of America. All such investments of said monies must be made so that the same shall mature in time to enable this state to issue warrants forpayment of the valid indebtedness incurred for the purpose for which said bonds are issued, when the said indebtedness has been incurred pursuant to legislative authority.  The Director of Public Affairs and the Oklahoma State Regents for Higher Education shall promptly certify to the State Treasurer the amount of all sums not needed for payment of construction and other legal expenditures payable from the sinking fund to meet the construction payment schedule, and upon receipt of such certification the State Treasurer shall make the investment specified in this section. All interest received by the State Treasurer upon the securities referred to in this section shall be deposited in the sinking fund.

Amended by Laws 1983, c. 304, § 58, eff. July 1, 1983; Laws 1989, c. 343, § 16, operative July 1, 1989.  

§6257.110.  Investment of sinking fund.

The State Treasurer shall invest all sinking fund monies in direct obligations of the United States of America or in certificates of deposits from banks in the State of Oklahoma acceptable as depositories by the State Treasurer, when such certificates of deposits are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, to mature in time to meet the principal and interest payments on the Series D Bonds, which earnings shall be deposited in the sinking fund.

Laws 1968, c. 265, § 10, emerg. eff. April 29, 1968.  

§6257.111.  Judicial approval of Series D Bonds.

The Commission is authorized in its discretion to file an application with the Supreme Court of Oklahoma for the approval of the Series D Bonds, 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 37, 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 1968, c. 265, § 11, emerg. eff. April 29, 1968.  

§6257.112.  Attorney General to represent Commission.

It is provided that the Attorney General of the State of Oklahoma shall represent the said Building Bonds Commission in the discharge of its functions provided by this act, and said Building Bonds Commission shall not employ a private attorney or attorneys.

Laws 1968, c. 265, § 12, emerg. eff. April 29, 1968.  

§6257.121.  Purpose.

It is hereby declared to be the purpose of this act to vitalize Section 38, Article X, of the Oklahoma Constitution and to direct the issuance and sale of general obligation bonds authorized by said constitutional amendment.  Laws 1969, c. 339, Sec. 1.  Emerg. eff. May 8, 1969.

Laws 1969, c. 339, § 1, emerg. eff. May 8, 1969.  

§62-57.122.  Building Bonds Commission as agency - Indebtedness - Purposes.

The State of Oklahoma Building Bonds 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 to the extent of the sum of Ninetynine Million Eight Hundred Eight Thousand Dollars ($99,808,000.00) for the purpose of planning and constructing new buildings or additions to existing state buildings and other capital improvements for remodeling, modernizing and repairing existing buildings and capital improvements and purchase of land, equipment and furnishings necessary for construction or remodeling for the following departments and agencies of state government in the amounts and for the purposes set forth as follows:

1.  The constituent institutions of The Oklahoma

  State System of Higher Education .............. $34,250,000.00

2.  Medical Center of the University of Oklahoma....  26,870,000.00

3.  A new junior college at Tulsa ..................   4,000,000.00

4.  A new junior college at Midwest City and new

or existing community junior colleges .........   2,000,000.00

5.  Griffin Memorial Hospital,

  Eastern State Hospital, Western State

  Hospital and Taft State Hospital, and

  for community mental health centers,

  provided not more than $1,200,000.00

  may be spent on community mental health

  centers ......................................  8,000,000.00

6.  Administrative offices and laboratories

  of the State Health Department ...............  4,516,000.00

7.  Oklahoma General Hospital ......................   500,000.00

8.  Acquisition of land and completion of

  streets and highways in the State

  Capitol Complex ................................  1,875,000.00

9.  Equipment and remodeling at Wiley Post

  Building and acquisition and improvement

  of historic sites ..............................  125,000.00

10.  Technology center schools

  and technical institutes and equipment ........  5,750,000.00

11.  Oklahoma State University School of

  Technical Training at Okmulgee ................  1,500,000.00

12.  Southern Oklahoma Resource Center of

  Pauls Valley, the Northern Oklahoma

  Resource Center of Enid, Hissom

  Memorial Center, School for the

  Blind, School for the Deaf,

  Whitaker State Children's Home, Taft

  State Children's Home, Helena State

  School for Boys, Boley State School for

  Boys, Taft State School for Girls and

  Tecumseh Girls' Town ..........................  4,375,000.00

13.  Construction of a Juvenile Diagnostic

  Evaluation and Receiving Center ...............  1,000,000.00

14.  Construction of a Plans and Training

  Building and for district headquarters

  of the Department of Public Safety ............  497,000.00

15.  Construction of headquarters, warehouse

  and armory buildings of State Military

  Department ..................................... 1,500,000.00

16.  State Bureau of Investigation

  headquarters building ..........................   200,000.00

17.  Construction and equipping of a

  reception and diagnostic center

  and other capital improvements

  at the State Penitentiary ...................... 1,000,000.00

18.  Constructing, renovating and

  equipping academic and vocational

  school facilities and other capital

  projects at the State Reformatory ..............   750,000.00

19.  Eastern Oklahoma Tuberculosis

  Sanatorium .....................................   250,000.00

20.  Western Oklahoma Tuberculosis

  Sanatorium .....................................   250,000.00

21.  Constructing community social

  service centers at Ada, Shawnee,

  Lawton and other communities

  approved by the State Department

  of Health ......................................   500,000.00

22.  Cerebral Palsy Institute .......................  100,000.00

Added by Laws 1969, c. 339, § 2, emerg. eff. May 8, 1969.  Amended by Laws 1990, c. 265, § 60, operative July 1, 1990; Laws 1992, c. 307, § 9, eff. July 1, 1992; Laws 2001, c. 33, § 54, eff. July 1, 2001.

§6257.123.  Issuance and sale of bonds  Series.

The Commission, acting for and on behalf of the State of Oklahoma, shall issue, sell and deliver, as hereinafter provided, "State of Oklahoma Building Bonds of 1968" in the principal sum of Ninetynine Million Eight Hundred Eight Thousand Dollars ($99,808,000.00).  The Commission is hereby authorized and directed to issue, sell and deliver said bonds as follows:

Series A, in the principal sum of Thirty Million Three Hundred Thousand Dollars ($30,300,000.00) on or about July 15, 1969;

Series B, in the principal sum of Twentyfive Million Dollars ($25,000,000.00), on or about July 15, 1970;

Series C, in the principal sum of Twentyfive Million Dollars ($25,000,000.00), on or about July 15, 1971; and

Series D, in the principal sum equal to the balance of the amount authorized in Section 38, Article X of the Oklahoma Constitution.

The bonds in Series B, C and D shall not be sold, issued or delivered until the Legislature has enacted a bill or joint resolution (1) confirming the authorization contained in this section, (2) confirming or adjusting the amount of bonds to be sold and (3) determining the schedule for the payments into the sinking fund and maturity schedule for such series.  All proceeds from the sale of such bonds shall be deposited in the State Treasury to the credit of the "State of Oklahoma Building Bonds of 1968 Fund" which is hereby created.

Laws 1969, c. 339, § 3, emerg. eff. May 8, 1969.  

§6257.124.  Pledge of cigarette tax.

It is hereby expressly provided and pledged for the benefit of the purchasers, owners and holders of said bonds that five cents ($0.05) of the tax on each package of cigarettes levied by Section 1, Chapter 47, 1968 Oklahoma Session Laws, constituting the remainder of revenue available for 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, 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 said revenues shall be, and hereby are, irrevocably pledged for such purposes.

Laws 1969, c. 339, § 4, emerg. eff. May 8, 1969.  

§6257.125.  Sinking fund.

There is hereby created in the State Treasury a fund to be known as the "State of Oklahoma Building Bonds of 1968 Sinking Fund" (herein called the "sinking fund"), which is hereby irrevocably pledged to the payment of the interest on, and principal of, the bonds issued hereunder, and 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 resolutions of the Commission authorizing the issuance of such bonds.  Beginning on the first day of the month following the adoption of said constitutional amendment, the Oklahoma Tax Commission, when transmitting to the State Treasurer the monthly collection of the tax on cigarettes, shall also transmit to the State Treasurer a schedule showing the net proceeds of the tax on each package of cigarettes levied by Section 1, Chapter 47, 1968 Oklahoma Session Laws.  It shall be the duty of the State Treasurer, upon receiving said taxes and schedules from the Oklahoma Tax Commission, to deposit in the Sinking Fund such portions of the cigarette 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, the outstanding State of Oklahoma Building Bonds of 1968 as the same fall due.

Laws 1969, c. 339, § 5, emerg. eff. May 8, 1969.  

§6257.126.  Deposits for payment of principal.

The State Treasurer shall deposit in the sinking fund, in addition to all other amounts required to be deposited therein, the following sums for the following fiscal years for the payment of the principal upon the Series A Bonds:

FISCAL YEAR BEGINNING

  JULY 1   AMOUNT

  1969 0

  1970 0

  1971 $  850,000.00

  1972   900,000.00

  1973 1,000,000.00

  1974 1,000,000.00

  1975 1,100,000.00

  1976 1,100,000.00

  1977 1,200,000.00

  1978 1,300,000.00

  1979 1,300,000.00

  1980 1,400,000.00

  1981 1,500,000.00

  1982 1,550,000.00

  1983 1,650,000.00

  1984 1,750,000.00

  1985 1,850,000.00

  1986 1,950,000.00

  1987 2,050,000.00

  1988 2,150,000.00

  1989   2,250,000.00

  1990 2,450,000.00

Laws 1969, c. 339, § 6, emerg. eff. May 8, 1969.  

§6257.127.  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 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 equallybinding 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.  

§6257.128.  Series A Bonds.

The Series A Bonds shall be serial coupon bonds.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  The Series A Bonds shall mature on January 15 in the years and amounts, respectively, as follows:

YEARS   AMOUNTS

1972 $  850,000.00

1973   900,000.00

1974 1,000,000.00

1975 1,000,000.00

1976 1,100,000.00

1977 1,100,000.00

1978 1,200,000.00

1979 1,300,000.00

1980 1,300,000.00

1981 1,400,000.00

1982 1,500,000.00

1983 1,550,000.00

1984 1,650,000.00

1985 1,750,000.00

1986 1,850,000.00

1987 1,950,000.00

1988 2,050,000.00

1989 2,150,000.00

1990 2,250,000.00

1991 2,450,000.00

The Series A Bonds shall bear interest, payable semiannually on January 15 and July 15 of each year, may be in such denomination or denominations, may be in such form either coupon or registered, may carry such registration or conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, 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 on and after ten (10) years from their dates may, at the discretion of the Commission, be made subject to call and redemption, in inverse order of bond numbers, at par or with premium, and accrued interest, with the detailed provisions for such calling and redemption thereof and the amount of the premium, if any, to be fixed by the Commission in the resolution or resolutions for the issuance of such bonds.  Until such time as the sinking fund shall be sufficient to retire all outstanding State of Oklahoma Building Bonds of 1968, including interest thereon, there shall be paid into the sinking fund during each fiscal year from the sources hereinabove pledged such amounts as may be necessary to pay the interest and principal as they become due.  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 1969, c. 339, § 8, emerg. eff. May 8, 1969.

§6257.129.  Advertisement and sale of bonds.

The Commission shall advertise the bonds for sale in the manner hereinafter provided.  Notice of such sale shall be published at least once in each of two (2) consecutive weeks prior to the date fixed for such sale in a newspaper having a general circulation in the State of Oklahoma and at least once not less than twenty (20) days prior to the date fixed for such sale 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 cost to the State of Oklahoma, such cost to be determined by deducting the total amount of any premium bid from the aggregate amount of interest on all of the bonds from their date until their respective maturities, 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 any bid (which shall name the interest rate or rates, not exceeding six percent (6%) 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, that 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 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 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 1969, c. 339, Sec. 9.  Emerg. eff. May 8, 1969.

Laws 1969, c. 339, § 9, emerg. eff. May 8, 1969.  

§6257.130.  Interim bonds.

The Commission is authorized to issue one or more interim bonds representative of the bonds so sold, which interim bonds may be in any denomination, shall have all the qualities and be secured by all 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, 1969 c. 339, Sec. 10.  Emerg. eff. May 8, 1969.

Laws 1969, c. 339, § 10, emerg. eff. May 8, 1969.  

§6257.131.  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 1969, c. 339, Sec. 11.  Emerg. eff. May 8, 1969.

Laws 1969, c. 339, § 11, emerg. eff. May 8, 1969.  

§6257.132.  Certificate of Attorney General  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 and 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 1968, Series ______, in the aggregate principal amount of _____, dated _____, authorized and sold pursuant to Section 38, 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."

  _____________________________

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 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 either the Governor's or the Secretary of State's signature on the bonds, may be facsimile seals and signatures.

Laws 1969, c. 339, § 12, emerg. eff. May 8, 1969.  

§6257.133.  Delivery of bonds upon payment  Deposit and investment of proceeds  Interest.

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 the State of Oklahoma Building Bonds of 1968 Fund, where they shall remain subject to disposition as provided for by the Legislature of Oklahoma, provided that the State Treasurer of the State of Oklahoma, when so directed by any agency to which a portion of such fund has been appropriated as to the amount appropriated to such agency, shall invest the amounts designated by such agency for the period or periods of time specified by such agency in direct obligations of the United States of America or in certificates of deposits from banks in the State of Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposits are secured by the acceptable collateral and yield as much or more than direct obligations of the United States of America, and provided further that all such investments of said monies must be so made that the same shall mature in time to enable the State of Oklahoma to issue warrants for payment of the valid indebtedness incurred for the purpose for which said bonds are issued, when the said indebtedness has been incurred pursuant to legislative authority.  It shall be the duty of each agency receiving an appropriation to promptly certify to the State Treasurer the amount of all sums not needed for payment of construction and other legal expenditures payable from the fund to meet the construction payment schedule, and upon receipt of such certification the State Treasurer shall forthwith make the aforementioned investment.  All interest received by the State Treasurer upon the abovementioned securities after June 30, 1972, shall be deposited in the State of Oklahoma Building Bonds of 1968 Sinking Fund.  Any appropriations of such deposited interest enacted prior to June 30, 1972, for the agency for which the investment was made may be expended as provided therein.  Any unappropriated amounts of such deposited interest credited on June 30, 1972, to the agency for which the investment was made, as formerly authorized by this section, shall be transferred to the General Revenue Fund.

Laws 1969, c. 339, § 13, emerg. eff. May 8, 1969; Laws 1972, c. 238, § 6, operative July 1, 1972.  

§6257.134.  Investment of sinking fund monies.

The State Treasurer shall invest all sinking fund monies in direct obligations of the United States of America or in certificates of deposits from banks in the State of Oklahoma acceptable as depositories by the State Treasurer, when such certificates of deposits are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, to mature in time to meet the principal and interest payments on the bonds, which earnings shall be deposited in the sinking fund.

Laws 1969, c. 339, § 14, emerg. eff. May 8, 1969.  

§6257.135.  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 the bonds 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 38, 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 1969, c. 339, § 15, emerg. eff. May 8, 1969.  

§6257.151.  Sale and issuance of bonds authorized  Amount.

The State of Oklahoma Building Bonds Commission is hereby authorized and directed to sell and issue Series B of the State of Oklahoma Building Bonds of 1968 in the principal sum of Twentysix Million Seventyeight Thousand Dollars ($26,078,000.00) on or about October 15, 1970, under the terms and conditions of Chapter 339, O.S.L.1969 (62 O.S.Supp.1969, Sections 57.121  57.136), except where such terms and conditions are superseded by the provisions of this act. Laws 1970, C. 317, Sec. 1.  Emerg. eff. April 27, 1970.

Laws 1970, c. 317, § 1, emerg eff. April 27, 1970.  

§6257.152.  Schedule for payments into sinking fund.

The State Treasurer shall deposit in the State of Oklahoma Building Bonds of 1968 Sinking Fund, in addition to all other amounts required to be deposited therein, the following sums for the following fiscal year for the payment of the principal upon the Series B Bonds:

  FISCAL YEAR   AMOUNT

BEGINNING JULY 1

  1970 0

  1971 0

  1972 $  708,000.00

  1973   750,000.00

  1974   795,000.00

  1975   845,000.00

  1976   895,000.00

  1977   950,000.00

  1978 1,005,000.00

  1979 1,070,000.00

  1980 1,130,000.00

  1981 1,195,000.00

  1982 1,270,000.00

  1983 1,350,000.00

  1984 1,425,000.00

  1985 1,510,000.00

  1986 1,605,000.00

  1987 1,700,000.00

  1988 1,800,000.00

  1989 1,910,000.00

  1990 2,025,000.00

  1991 2,140,000.00

Laws 1970, c. 317, § 2, emerg. eff. April 27, 1970.  

§6257.153.  Schedule of repayment  Interest.

The Series B Bonds shall be serial coupon bonds.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  The Series B Bonds shall mature on January 15 in the years and amounts, respectively, as follows:

YEAR   AMOUNT

1973  $  708,000.00

1974   750,000.00

1975   795,000.00

1976   845,000.00

1977   895,000.00

1978   950,000.00

1979   1,005,000.00

1980   1,070,000.00

1981   1,130,000.00

1982   1,195,000.00

1983   1,270,000.00

1984   1,350,000.00

1985   1,425,000.00

1986   1,510,000.00

1987   1,605,000.00

1988   1,700,000.00

1989   1,800,000.00

1990   1,910,000.00

1991   2,025,000.00

1992   2,140,000.00

The Series B Bonds shall bear interest, payable semiannually on January 15 and July 15 of each year, shall be in such denomination or denominations, shall be in such form either coupon or registered, shall carry such registration or conversion privileges, shall be executed in such manner, shall be payable in such medium of payment at such place or places, as shall be provided by resolution or resolutions to be adopted by the State of Oklahoma Building Bonds Commission; provided, that all such bonds maturing on and after ten (10) years from their dates may, at the discretion of the Commission, be made subject to call and redemption, in inverse order of bond numbers, at par or with premium, and accrued interest, with the detailed provisions for such calling and redemption thereof and the amount of the premium, if any, to be fixed by the Commission in the resolution or resolutions for the issuance of such bonds.  Until such time as the sinking fund shall be sufficient to retire all outstanding State of Oklahoma Building Bonds of 1968, including interest thereon, there shall be paid into the sinking fund during each fiscal year from the sources hereinabove pledged such amounts as shall be necessary to pay the interest and principal as they become due.  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 1970, c. 317, § 3, emerg. eff. April 27, 1970.  

§6257.154.  Bids.

The State of Oklahoma Building Bonds Commission may reject all bids for such bonds if, in the judgment of the Commission, the interest rate bid is unfavorable and there is a substantial prospect that a more favorable interest rate can be obtained at a later time, in which event the Commission shall readvertise and reoffer such bonds all in accordance with the provisions of said Chapter 339, O.S.L.1969.  Laws 1970, c. 317, Sec. 4.  Emerg. eff. April 27, 1970.

Laws 1970, c. 317, § 4, emerg. eff. April 27, 1970.  

§6257.155.  Deposit of proceeds  Investment.

Notwithstanding the provisions of Section 57.133, Title 62 of the Oklahoma Statutes, to the contrary, the proceeds from the sale of such Series B Bonds shall be deposited in the State of Oklahoma Building Bonds of 1968 Sinking Fund, where the proceeds shall remain subject to disposition as provided for by the Legislature of Oklahoma, provided that it shall be the duty of each agency to which an appropriation therefrom is made by Senate Bill No. 656 of the Second Session of the Thirtysecond Legislature to advise in writing the State Treasurer of the dates and amounts when each such appropriated sum or portion thereof will be required by such agency to satisfy its program for the expenditure thereof, such written advice to be delivered by each such agency to the State Treasurer within ten (10) days of the sale of such bonds, and it shall be the duty of the State Treasurer to invest the proceeds from the sale of such bonds in direct obligations of the United States of America or in certificates of deposit from banks in Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposit are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, maturing at such times and in such amounts as to enable the State of Oklahoma to issue warrants in the amounts and at the times indicated by the said agencies in their said written advices to the State Treasurer, and the income from such investments after June 30, 1972, shall be deposited by the State Treasurer in the State of Oklahoma Building Bonds of 1968 Sinking Fund.  Any appropriations of such deposited interest enacted prior to June 30, 1972, for the agency for which the investment was made may be expended as provided therein.  Any unappropriated amounts of such deposited interest credited on June 30, 1972, to the agency for which the investment was made, as formerly authorized by this section, shall be transferred to the General Revenue Fund.

Laws 1970, c. 317, § 5, emerg. eff. April 27, 1970; Laws 1972, c. 238, § 7, operative July 1, 1972.  

§6257.161.  Sale and issuance of bonds authorized  Amount.

The State of Oklahoma Building Bonds Commission is hereby authorized and directed to sell and issue Series C of the State of Oklahoma Building Bonds of 1968 in the principal sum of Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000.00) on or about October 15, 1972, under the terms and conditions of Sections 57.121 through 57.136, Title 62 of the Oklahoma Statutes, except where such terms and conditions are superseded by the provisions of this act. Laws 1972, c.  238, Section 1.  Operative July 1, 1972.

Laws 1972, c. 238, § 1, operative July 1, 1972.  

§6257.162.  Schedule for payments into Sinking Fund.

The State Treasurer shall deposit in the State of Oklahoma Building Bonds of 1968 Sinking Fund, in addition to all other amounts required to be deposited therein, the following sums for the following fiscal year for the payment of the principal upon the Series C Bonds:

FISCAL YEAR BEGINNING

JULY 1   AMOUNT

1972 $   0

1973   0

1974   75,000.00

1975   80,000.00

1976   85,000.00

1977   90,000.00

1978   95,000.00

1979   100,000.00

1980   105,000.00

1981   115,000.00

1982   120,000.00

1983   125,000.00

1984   135,000.00

1985   140,000.00

1986   150,000.00

1987   160,000.00

1988   170,000.00

1989   180,000.00

1990   190,000.00

1991   200,000.00

1992   210,000.00

1993   225,000.00

Laws 1972, c. 238, Section 2. Operative July 1, 1972.

Laws 1972, c. 238, § 2, operative July 1, 1972.  

§6257.163.  Schedule of repayment  Interest.

The Series C Bonds shall be serial coupon bonds.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  The Series C Bonds shall mature on January 15, in the years and amounts, respectively, as follows:

YEAR   AMOUNT

1975 $ 75,000.00

1976   80,000.00

1977   85,000.00

1978   90,000.00

1979   95,000.00

1980 100,000.00

1981 105,000.00

1982 115,000.00

1983 120,000.00

1984 125,000.00

1985 135,000.00

1986 140,000.00

1987 150,000.00

1988 160,000.00

1989 170,000.00

1990 180,000.00

1991 190,000.00

1992 200,000.00

1993 210,000.00

1994 225,000.00

The Series C Bonds shall bear interest, payable semiannually on January 15 and July 15 of each year, shall be in such denomination or denominations, shall be in such form either coupon or registered, shall carry such registration or conversion privileges, shall be executed in such manner, shall be payable in such medium of payment at such place or places, as shall be provided by resolution or resolutions to be adopted by the State of Oklahoma Building Bonds Commission; provided, that all such bonds maturing on and after ten (10) years from their dates may, at the discretion of the Commission, be made subject to call and redemption, in inverse order of bond numbers, at par or with premium, and accrued interest, with the detailed provisions for such calling and redemption thereof and the amount of the premium, if any, to be fixed by the Commission in the resolution or resolutions for the issuance of such bonds.  Until such time as the sinking fund shall be sufficient to retire all outstanding State of Oklahoma Building Bonds of 1968, including interest thereon, there shall be paid into the sinking fund during each fiscal year from the sources hereinabove pledged such amounts as shall be necessary to pay the interest and principal as they become due.  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 1972, c. 238, § 3, operative July 1, 1972.  

§6257.164.  Bids.

The State of Oklahoma Building Bonds Commission may reject all bids for such bonds if, in the judgment of the Commission, the interest rate is unfavorable and there is a substantial prospect that a more favorable interest rate can be obtained at a later time, in which event the Commission shall readvertise and reoffer such bonds all in accordance with the provisions of said Sections 57.121 through 57.136, Title 62, Oklahoma Statutes.  Laws 1972, c. 238, Section 4.  Operative July 1, 1972.

Laws 1972, c. 238, § 4, operative July 1, 1972.  

§6257.165.  Deposit of proceeds  Investment.

Notwithstanding the provisions of Section 57.133, Title 62, Oklahoma Statutes, to the contrary, the proceeds from the sale of such Series C Bonds shall be deposited in the State of Oklahoma Building Bonds of 1968 Fund, where the proceeds shall remain subject to disposition as provided for by the Legislature of Oklahoma, provided that it shall be the duty of each agency to which an appropriation therefrom is made by House Bill No. 1797 of the Second Session of the Thirtythird Legislature to advise in writing the State Treasurer of the dates and amounts when each such appropriated sum or portion thereof will be required by such agency to satisfy its program for the expenditure thereof, such written advice to be delivered by each such agency to the State Treasurer within ten (10) days of the sale of such bonds, and it shall be the duty of the State Treasurer to invest the proceeds from the sale of such bonds in direct obligations of the United States of America or in certificates of deposit from banks in Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposit are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, maturing at such times and in such amounts as to enable the State of Oklahoma to issue warrants in the amounts and at the times indicated by the said agencies in their said written advices to the State Treasurer, and the income from such investments shall be deposited by the State Treasurer in the State of Oklahoma Building Bonds of 1968 Sinking Fund.

Laws 1972, c. 238, § 5, operative July 1, 1972.  

§6257.171.  Sale and issuance of bonds authorized  Amount.

The State of Oklahoma Building Bonds Commission is hereby authorized and directed to sell and issue Series D of the State of Oklahoma Building Bonds of 1968 in the principal sum of Fourteen Million Dollars ($14,000,000.00) on or about July 15, 1973, under the terms and conditions of Sections 57.121 through 57.136, Title 62, Oklahoma Statutes, except where such terms and conditions are superseded by the provisions of this act.  Laws 1973, c. 207, Section 1.  Emerg. eff. May 18, 1973.

Laws 1973, c. 207, § 1, emerg. eff. May 18, 1973.  

§6257.172.  Schedule for payments into sinking fund.

The State Treasurer shall deposit in the State of Oklahoma Building Bonds of 1968 Sinking Fund, in addition to all other amounts required to be deposited therein, the following sums for the following fiscal years for the payment of the principal upon the Series D Bonds:

FISCAL YEAR BEGINNING

JULY 1 AMOUNT

1973   $  0

1974   0

1975 395,000

1976 420,000

1977 445,000

1978 470,000

1979 495,000

1980 520,000

1981 550,000

1982 580,000

1983 615,000

1984 650,000

1985 685,000

1986 725,000

1987 765,000

1988 810,000

1989 855,000

1990 900,000

1991 950,000

1992 1,000,000

1993 1,055,000

1994 1,115,000

Laws 1973, c. 207, Section 2. Emerg. eff. May 18, 1973.

Laws 1973, c. 207, § 2, emerg. eff. May 18, 1973.  

§6257.173.  Schedule of repayment  Interest.

The Series D Bonds shall be serial coupon bonds.  Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  The Series D Bonds shall mature on January 15 in the years and amounts, respectively, as follows:

YEAR   AMOUNT

1976 $  395,000

1977   420,000

1978   445,000

1979   470,000

1980   495,000

1981   520,000

1982   550,000

1983   580,000

1984   615,000

1985   650,000

1986   685,000

1987   725,000

1988   765,000

1989   810,000

1990   855,000

1991   900,000

1992   950,000

1993 1,000,000

1994 1,055,000

1995 1,115,000

The Series D Bonds shall bear interest, payable semiannually on January 15 and July 15 of each year, shall be in such denomination or denominations, shall be in such form either coupon or registered, shall carry such registration or conversion privileges, shall be executed in such manner, shall be payable in such medium of payment at such place or places, as shall be provided by resolution or resolutions to be adopted by the State of Oklahoma Building Bonds Commission; provided, that all such bonds maturing on and after ten (10) years from their dates may, at the discretion of the Commission, be made subject to call and redemption, in inverse order of bond numbers, at par or with premium, and accrued interest, with the detailed provisions for such calling and redemption thereof and the amount of the premium, if any, to be fixed by the Commission in the resolution or resolutions for the issuance of such bonds.  Until such time as the Sinking Fund shall be sufficient to retire all outstanding State of Oklahoma Building Bonds of 1968, including interest thereon, there shall be paid into the Sinking Fund during each fiscal year from the sources hereinabove pledged such amounts as shall be necessary to pay the interest and principal as they become due.  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 1973, c.  207, Section 3.  Emerg.  eff. May 18, 1973.

Laws 1973, c. 207, § 3, emerg. eff. May 18, 1973.  

§6257.174.  Bids.

The State of Oklahoma Building Bonds Commission may reject all bids for such bonds if, in the judgment of the Commission, the interest rate bid is unfavorable and there is a substantial prospect that a more favorable interest rate can be obtained at a later time, in which event the Commission shall readvertize and reoffer such bonds all in accordance with the provisions of Sections 57.121 through 57.136 of Title 62, Oklahoma Statutes.  Laws 1973, c. 207, Section 4.  Emerg. eff. May 18, 1973.

Laws 1973, c. 207, § 4, emerg. eff. May 18, 1973.  

§6257.175.  Deposit of proceeds  Investment.

Notwithstanding the provisions of Section 57.133, Title 62, Oklahoma Statutes, to the contrary, the proceeds from the sale of such Series D Bonds shall be deposited in the State of Oklahoma Building Bonds of 1968 Fund, where the proceeds shall remain subject to disposition as provided for by the Legislature of Oklahoma, provided that it shall be the duty of the agency to which an appropriation therefrom is made by Senate Bill No. 374 of the lst Session of the 34th Oklahoma Legislature to advise in writing the State Treasurer of the dates and amounts when each such appropriated sum or portion thereof will be required by such agency to satisfy its program for the expenditure thereof, such written advice to be delivered by each such agency to the State Treasurer within ten (10) days of the sale of such bonds, and it shall be the duty of the State Treasurer to invest the proceeds from the sale of such bonds in direct obligation of the United States of America or in certificates of deposit from banks in Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposit are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, maturing at such times and in such amounts as to enable the State of Oklahoma to issue warrants in the amounts and at the times indicated by the said agencies in their said written advices to the State Treasurer, and the income from such investments shall be deposited by the State Treasurer in the State of Oklahoma Building Bonds of 1968 Sinking Fund and shall be used to pay the interest on such Series D Bonds.

Laws 1973, c. 207, § 5, emerg. eff. May 18, 1973.  

§6257.176.  Attorney General to handle legal work.

All legal work herein is to be done by the Attorney General in connection with this act.  Laws 1973, c. 207, Section 6.  Emerg. eff. May 18, 1973.

Laws 1973, c. 207, § 6, emerg. eff. May 18, 1973.  

§6257.181.  Sale and issuance of bonds authorized  Amount.

The State of Oklahoma Building Bonds Commission is hereby authorized and directed to sell and issue Series E of the State of Oklahoma Building Bonds of 1968 in the principal sum of Twentysix Million Six Hundred Eighty Thousand Dollars ($26,680,000.00) on or about July 15, 1974, under the terms and conditions of Sections 57.121 through 57.136, Title 62, Oklahoma Statutes, except where such terms and conditions are superseded by the provisions of this act.

Laws 1974, c. 167, Section 1, emerg. eff. May 9, 1974.

Laws 1974, c. 167, § 1, emerg. eff. May 9, 1974.  

§6257.182.  Schedule for payments into Sinking Fund.

The State Treasurer shall deposit in the State of Oklahoma Building Bonds of 1968 Sinking Fund, in addition to all other amounts required to be deposited therein, the following sums for the following fiscal years for the payment of the principal upon the Series E Bonds:

FISCAL YEAR BEGINNING JULY 1

1974   $ 0

1975 0

1976   855,000.00

1977   890,000.00

1978   925,000.00

1979   965,000.00

1980 1,005,000.00

1981 1,050,000.00

1982 1,100,000.00

1983 1,150,000.00

1984 1,200,000.00

1985 1,255,000.00

1986 1,310,000.00

1987 1,375,000.00

1988 1,440,000.00

1989 1,505,000.00

1990 1,580,000.00

1991 1,655,000.00

1992 1,735,000.00

1993 1,815,000.00

1994 1,895,000.00

1995 1,975,000.00

Laws 1974, c. 167, Section 2, emerg. eff. May 9, 1974.

Laws 1974, c. 167, § 2, emerg. eff. May 9, 1974.  

§6257.183.  Schedule of repayment  Interest.

The Series E Bonds shall be serial coupon bonds. Said bonds and the interest thereon shall be payable at such place or places as may be designated by the State of Oklahoma Building Bonds Commission.  The Series E Bonds shall mature on January 15 in the years and amounts, respectively, as follows:

FISCAL YEAR BEGIN-

  NING JULY 1    1978   890,000.00

1979   925,000.00

1980   965,000.00

1981 1,005,000.00

1982 1,050,000.00

1983 1,100,000.00

1984 1,150,000.00

1985 1,200,000.00

1986 1,255,000.00

1987 1,310,000.00

1988 1,375,000.00

1989 1,440,000.00

1990 1,505,000.00

1991 1,580,000.00

1992 1,655,000.00

1993 1,735,000.00

1994 1,815,000.00

1995 1,895,000.00

1996 1,975,000.00

The Series E Bonds shall bear interest, payable semiannually on January 15 and July 15 of each year, shall be in such denomination or denominations, shall be in such form either coupon or registered, shall carry such registration or conversion privileges, shall be executed in such manner, shall be payable in such medium of payment at such place or places, as shall be provided by resolution or resolutions to be adopted by the State of Oklahoma Building Bonds Commission; provided, that all such bonds maturing on and after ten (10) years from their dates may, at the discretion of the Commission, be made subject to call and redemption, in inverse order of bond numbers, at par or with premium, and accrued interest, with the detailed provisions for such calling and redemption thereof and the amount of the premium, if any, to be fixed by the Commission in the resolution or resolutions for the issuance of such bonds.  Until such time as the sinking fund shall be sufficient to retire all outstanding State of Oklahoma Building Bonds of 1968, including interest thereon, there shall be paid into the sinking fund during each fiscal year from the sources hereinabove pledged such amounts as shall be necessary to pay the interest and principal as they become due.  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 1974, c. 167, Section 3, emerg. eff. May 9, 1974.

Laws 1974, c. 167, § 3, emerg. eff. May 9, 1974.  

§6257.184.  Bids.

The State of Oklahoma Building Bonds Commission may reject all bids for such bonds if, in the judgment of the Commission, the interest rate bid is unfavorable and there is a substantial prospect that a more favorable interest rate can be obtained at a later time, in which event the Commission shall readvertize and reoffer such bonds all in accordance with the provisions of Sections 57.121 through 57.136 of Title 62, Oklahoma Statutes.

Laws 1974, c. 167, Section 4, emerg. eff. May 9, 1974.

Laws 1974, c. 167, § 4, emerg. eff. May 9, 1974.  

§6257.185.  Deposit of proceeds  Investment.

Notwithstanding the provisions of Section 57.133, Title 62, Oklahoma Statutes, to the contrary, the proceeds from the sale of such Series E Bonds, Section 1, this act, shall be deposited in the State of Oklahoma Building Bonds of 1968 Fund, where the proceeds shall remain subject to disposition as provided for by the Legislature of Oklahoma, provided that it shall be the duty of the agency to which an appropriation therefrom is made to advise in writing the State Treasurer of the dates and amounts when each such appropriated sum or portion thereof will be required by such agency to satisfy its program for the expenditure thereof, such written advice to be delivered by each such agency to the State Treasurer within ten (10) days of the sale of such bonds, and it shall be the duty of the State Treasurer to invest the proceeds from the sale of such bonds in direct obligation of the United States of America or in certificates of deposit from banks in Oklahoma acceptable as depositories by the State Treasurer when such certificates of deposit are secured by acceptable collateral and yield as much or more than direct obligations of the United States of America, maturing at such times and in such amounts as to enable the State of Oklahoma to issue warrants in the amounts and at the times indicated by the said agencies in their said written advices to the State Treasurer, and the income from such investments shall be deposited by the State Treasurer in the State of Oklahoma Building Bonds of 1968 Sinking Fund and shall be used to pay the interest on such Series E Bonds.

Laws 1974, c. 167, § 5, emerg. eff. May 9, 1974.  

§6257.186.  Appropriation.

There is hereby appropriated to the Department of Mental Health and Substance Abuse Services from the proceeds of the sale of Series E Bonds, Section 1, this act, deposited in the State of Oklahoma Building Bonds of 1968 Fund in the State Treasury the sum of Two Million Sixty Thousand Dollars ($2,060,000.00) for capital expenditures as may be required to meet the national life safety requirements as prescribed by the National Fire Protection Association Life Safety Code Number 101 and to comply with hospital safety accreditation standards at the several mental health institutions.

Laws 1974, c. 167, § 6, emerg. eff. May 9, 1974; Amended by Laws 1990, c. 51, § 125, emerg. eff. April 9, 1990.

§6257.187.  Appropriation.

There is hereby appropriated to the Oklahoma State Regents for Higher Education from the proceeds of the sale of Series E Bonds, Section 1, this act, deposited in the State of Oklahoma Building Bonds of 1968 Fund in the State Treasury the sum of Eighteen Million Seven Hundred Fifty Thousand Dollars ($18,750,000.00) to be allocated by the Regents to the constituent institutions comprising the Oklahoma State System of Higher Education according to the needs of said institutions for planning and construction, furnishing and equipping new buildings and for remodeling, modernizing, repairing, furnishing and equipping existing buildings, and for other capital additions and improvements.  The governing boards of the institutions of higher education are authorized to enter into necessary contracts and exercise supervision of the expenditure of funds appropriated by this section.  It is the intention of the Legislature that the Regents shall allocate and the governing board shall utilize the funds so as to gain the maximum available federal participation consistent with the priorities of need established by the Regents.

Laws 1974, c. 167, Section 7, emerg. eff. May 9, 1974.

Laws 1974, c. 167, § 7, emerg. eff. May 9, 1974.  

§6257.188.  Appropriation.

There is hereby appropriated to the Oklahoma State Regents for Higher Education from the proceeds of the sale of Series E Bonds, as provided in Section 1 of this act, deposited in the State of Oklahoma Building Bonds of 1968 Fund, the sum of Three Million Five Hundred Thousand Dollars ($3,500,000.00).

It is the legislative intent that not to exceed Two Million Nine Hundred Thousand Dollars ($2,900,000.00) of the amount appropriated by this section be allocated to the Board of Regents of the University of Oklahoma to be expended by the said Board of Regents for the purchase of equipment for use in the University Hospital in conjunction with the teaching and training of students of the University of Oklahoma Medical Center; and that not to exceed Six Hundred Thousand Dollars ($600,000.00) of the amount appropriated by this section be allocated to the Board of Regents of the University of Oklahoma for use in conjunction with the teaching and training of students of the University of Oklahoma Medical Center as follows: For expenditures in remodeling, modernizing and repairing space in that part of the University Hospital known as "Old Main" for clinical facilities for outpatient care and to provide not less than ninetysix additional hospital beds.

Laws 1974, c. 167, § 8, emerg. eff. May 9, 1974.  

§6257.189.  Contracts  Supervision of expenditures.

The Director of Public Affairs and the governing boards of the institutions of higher education are authorized to enter into necessary contracts and exercise supervision of the expenditure of funds authorized by Sections 57.181 through 57.191 of this title.

Amended by Laws 1983, c. 304, § 59, eff. July 1, 1983.  

§6257.190.  Federal aid and assistance.

Any funds appropriated by Sections 6 and 7 of this act may be used in conjunction or cooperation with any federal agency or instrumentality under such terms and conditions as may be necessary to obtain grants of federal aid and assistance, and it shall be the duty of such institutions to make a bona fide attempt to obtain such federal aid and assistance.  Laws 1974, c. 167, Section 10, emerg. eff. May 9, 1974.

Laws 1974, c. 167, § 10, emerg. eff. May 9, 1974.  

§6257.191.  Attorney General to handle legal work.

All legal work is to be done by the Attorney General in connection with this act.

Laws 1974, c. 167, Section 11, emerg. eff. May 9, 1974.

tu

Laws 1974, c. 167, § 11, emerg. eff. May 9, 1974.  

§6257.193.  Refunding bonds.

The Oklahoma Building Bonds Commission may issue bonds pursuant to the provisions of this section for the purpose of refunding any outstanding obligations issued by the Commission or the State of Oklahoma Building Bonds Commission.  The 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 being refunded or deposited in escrow for the retirement of the obligations.  No outstanding obligations may be refunded which are not maturing, callable for redemption under their terms or voluntarily surrendered by their holders for cancellation, unless the Commission covenants that sufficient funds to meet all remaining interest and principal payments of the outstanding obligations when due will be placed in escrow for such payments in the State Treasury at the time of delivery of and payment for the new bonds issued under this section.  All bonds authorized to be issued under this section shall be secured in the same manner as provided for the bonds being refunded, except where more than one issue is being refunded.  The Commission may provide that the refunding bonds have the same priority of payment and be paid from the same revenues as enjoyed by the obligations being refunded thereby.  The Commission may enter into contracts and engage in such other acts as the Commission deems necessary to effect the offer and sale of its refunding bonds.

Laws 1976, c. 294, § 1, emerg. eff. June 15, 1976; Laws 1992, c. 350, § 16.

§62-57.200.  University Bonds Escrow Fund - Purchase and redemption of bonds - Investment of excess public funds - Restructuring or liquidating certain accounts.

A.  There is hereby created in the State Treasury the "University Bonds Escrow Fund".

B.  The State Treasurer is hereby authorized and directed to purchase and redeem or establish escrow accounts and defease the following designated bonds of the stated universities:

1.  Cameron State Agricultural College Student Housing System Revenue Bonds of 1963, Series A and B, dated April 1, 1963, in the original combined amount of One Million Four Hundred Seventy Thousand Dollars ($1,470,000.00).

2.  Cameron State Agricultural College Student Housing System Revenue Bonds of 1967, dated April 1, 1967, in the original amount of Six Million Two Hundred Forty-five Thousand Dollars ($6,245,000.00).

3.  Northwestern State College Student Union/Dormitory Revenue Bonds of 1960, dated December 1, 1960, in the original amount of Five Hundred Thousand Dollars ($500,000.00).

4.  Northwestern State College Student Union/Dormitory Revenue Bonds of 1965, dated January 1, 1965, in the original amount of Nine Hundred Thousand Dollars ($900,000.00).

5.  Northwestern State College Student Union/Dormitory Revenue Bonds of 1965, dated November 1, 1965, in the original amount of One Million Dollars ($1,000,000.00).

6.  Northwestern State College Student Union/Dormitory Revenue Bonds of 1966, dated December 1, 1966, in the original amount of One Million Six Hundred Fifty Thousand Dollars ($1,650,000.00).

7.  Northeastern State College at Tahlequah Refunding and Student Housing System Revenue Bonds of 1958, dated December 1, 1958, in the original amount of One Million Seven Hundred Sixty Thousand Dollars ($1,760,000.00).

8.  Northeastern State College Dormitory Building Revenue Bonds of 1960, dated December 1, 1960, in the original amount of One Million Four Hundred Twenty Thousand Dollars ($1,420,000.00).

9.  Northeastern State College at Tahlequah Dormitory Building Revenue Bonds of 1962, dated December 1, 1962, in the original amount of One Million Three Hundred Fifty Thousand Dollars ($1,350,000.00).

10.  Northeastern State College at Tahlequah Dormitory Revenue Bonds of 1964, dated December 1, 1964, in the original amount of Five Hundred Fifteen Thousand Dollars ($515,000.00).

11.  Northeastern State College Dormitory Building Revenue Bonds of 1966, dated December 1, 1966, in the original amount of Two Million Dollars ($2,000,000.00).

12.  Northeastern State College Dormitory Building Revenue Bonds of 1967, dated December 1, 1967, in the original amount of One Million Five Hundred Forty Thousand Dollars ($1,540,000.00).

13.  Northeastern State College Apartment Building Revenue Bonds, dated December 1, 1967, in the original amount of Nine Hundred Thousand Dollars ($900,000.00).

The bonds shall be redeemed or purchased from monies in the University Bond Escrow Fund at any price which is less than the face amount of the bonds, and the State Treasurer may enter into such other agreements in connection therewith as may be necessary or appropriate, or to purchase governmental obligations in principal amounts, bearing rates of interest and maturing at such times so as to provide funds sufficient to pay the bonds under the applicable series bond resolutions at or before maturity.  The bonds shall be redeemed, purchased, or defeased in the order set forth.

C.  The State Treasurer, at his sole discretion, may utilize excess public funds available for investment for the purposes specified in subsections A and B of this section.

D.  The State Treasurer may restructure or liquidate any existing escrow account established pursuant to this section for the purpose of redeeming or defeasing the Langston University Building Revenue Bonds of 1963, Series B, dated October 1, 1963, in the original amount of One Million Three Hundred Fifty-four Thousand Dollars ($1,354,000.00).  The State Treasurer may require that all or a part of any debt service reserve funds in existence, which are set up exclusively to support the Langston Series B bond issue, be used to assist the redemption or defeasance, as a condition of redeeming or defeasing the bond issue.  However, this may not be a condition if the reserve funds are not necessary to complete the transaction.  Any such restructuring or liquidation must not affect the ability of the escrow account to pay off the remaining debt of the other bond issues described in this section at the time of redemption or as the principal and interest payments on the bonds come due.  The State Treasurer may enter into such agreements in connection with any restructuring or redemption as may be necessary or appropriate, including agreements for legal, accounting, financial, or banking services.  Any payments made for services performed under such agreements with the State Treasurer may only come from available or residual funds in the escrow account.  Any remaining funds left after the bonds are redeemed, or the escrow account is restructured, shall be transferred to the Special Cash Fund.

Added by Laws 1982, c. 323, § 1, emerg. eff. June 1, 1982.  Amended by Laws 1982, c. 374, § 39, emerg. eff. July 20, 1982; Laws 1983, c. 183, § 2, emerg. eff. June 9, 1983; Laws 1984, c. 152, § 1, emerg. eff. April 20, 1984; Laws 1986, c. 223, § 29, operative July 1, 1986; Laws 1997, c. 385, § 1, emerg. eff. June 11, 1997.

§62-57.300.  Short title.

Sections 1 through 15 of this act shall be known and may be cited as the "Oklahoma Building Bond and College Savings Bond Act".

Added by Laws 1992, c. 350, § 1.

§62-57.301.  Intent and purpose.

It is the intent and purpose of this act to vitalize the constitutional amendment identified as House Joint Resolution No. 1076 of the 2nd Session of the 43rd Oklahoma Legislature, if, as and when the same shall be approved by the people of the State of Oklahoma.

Added by Laws 1992, c. 350, § 2.

§62-57.302.  Oklahoma Building Bonds Commission - Creation - Membership - Officers - Meetings - Quorum - Staffing - Compensation - Expenses - Performance of preliminary duties.

A.  There is hereby created the Oklahoma Building Bonds Commission.  The Commission shall consist of the following members:

1.  Two members appointed by the President Pro Tempore of the Senate of the State of Oklahoma;

2.  Two members appointed by the Speaker of the House of Representatives of the State of Oklahoma; and

3.  Three members appointed by the Governor of the State of Oklahoma.

B.  The Commission shall elect a chair and a vice-chair to serve one-year terms.

C.  A majority of the members of the Commission shall constitute a quorum.  The Commission shall be subject to the Open Meeting Act, Section 301 et seq. of Title 25 of the Oklahoma Statutes, and the Open Records Act, Section 24A.1 et seq. of Title 51 of the Oklahoma Statutes.

D.  The Office of the Secretary of State shall provide staffing for the Commission.

E.  The members of the Commission shall receive no additional compensation for their services as members of the Commission or for the performance of any duty in connection with the Commission.

F.  Each member of the Commission shall be allowed necessary travel expenses as may be approved by the Commission pursuant to the State Travel Reimbursement Act, Section 500.1 et seq. of Title 74 of the Oklahoma Statutes.

G.  The Commission, prior to the election on the constitutional amendment identified as House Joint Resolution No. 1076 of the 2nd Session of the 43rd Oklahoma Legislature, may perform those preliminary duties necessary to issue bonds pursuant to this act as specified in subsection C of Section 695.7 of this title.

Added by Laws 1992, c. 350, § 3, eff. July 1, 1992.

§62-57.303.  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 &