Section X-34

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Section X-34: Indebtedness for capital improvements to institutions of higher education - School and hospital for mentally retarded.

    The Legislature of the State of Oklahoma is hereby authorized to
enact a law or laws whereby the State may become indebted in an
amount not to exceed Thirty Five Million, Five Hundred Thousand
Dollars ($35,500,000.00) 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) shall be used to construct and equip a School
and Hospital for Mentally Retarded Children in Northeastern Oklahoma,
out of said monies such law or laws shall provide for the payment and
discharge of the principal of such debt, together with principal and
interest on such indebtedness, from one or more of the following
sources of State income as follows:
    1.  Any remainder of revenue available from the revenues lawfully
levied and collected by the State of Oklahoma on the sale of cigarets
not already committed to other obligations of the State of Oklahoma;
    2.  Allocations by the Legislature of the State of Oklahoma from
any monies in the general revenue fund of the State not otherwise
obligated, committed or appropriated; and
    3.  The proceeds of any tax which the Legislature may impose and
collect for the purpose of paying the principal and interest on the
indebtedness herein authorized to be created, authority hereby being
granted to the Legislature to so impose and collect such tax, if
    Such law or laws hereby authorized to be enacted by the
Legislature of the State of Oklahoma may provided for the issuance of
bonds evidencing the indebtedness herein authorized and provide that
such bonds may be issued in one or more series, may bear such date or
dates, may mature at such time or times, may be in such denomination
or denominations, may be in such form, coupon or registered, may
carry such registration or conversion provisions, may be executed in
such manner, may be payable in such medium or payment at such place
or places, may be subject to such terms of redemption, with or
without premium, and may bear such rate or rates of interest as the
Legislature may deem expedient and may contain any and all provisions
which the Legislature may deem necessary or expedient to make such
bonds marketable as general obligations of the State of Oklahoma with
the full faith and credit of the State pledged thereto.  Within the
limit of indebtedness herein authorized the Legislature in its
discretion may authorize the issuance of such bonds and the incurring
of the authorized indebtedness in fractional amounts of the total
indebtedness hereby authorized to be incurred from time to time and
at one or more Sessions of the Legislature.

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