Section X-36

[Previous] [Next] [Up] [Top]

Section X-36: Indebtedness for capital improvements - University Medical Center.

  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 Seven Million Dollars ($7,000,000.00) 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 University of Oklahoma Medical Center, and 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 necessary.
  Such law or laws hereby authorized to be inacted by the
Legislature of the State of Oklahoma may provide 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 limits 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.

[Previous] [Next] [Up] [Top]
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.