Okla. Stat. tit. 62, § 62-34.200
This is the official text of Okla. Stat. tit. 62, § 62-34.200, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Debt limit
Official statutory text
Oklahoma Statutes - Title 62. Public Finance Page 137
A. The State of Oklahoma shall not become indebted in an amount
that causes total annual debt service payments from the General
Revenue Fund to exceed five percent (5%) of the average of the
general fund revenue, as certified by the State Board of
Equalization in December of each calendar year, for the preceding
five (5) fiscal years. The Legislature, upon an affirmative vote of
two-thirds of the members of both houses, may declare an emergency
and permit the total annual debt service payments of the state to
exceed the amount provided in this section.
B. The state shall not be in violation of the provisions of
this section if a decline in the average of the general fund
revenue, as certified by the State Board of Equalization in December
of each calendar year, for the preceding five (5) fiscal years,
results in annual debt service payments exceeding the limit provided
in subsection A of this section; provided that, the state shall not
incur any additional debt service payments so long as the amount of
debt service payments, as defined in this section, continue to
exceed five percent (5%) of the average of the general fund revenue,
as certified by the State Board of Equalization in December of each
calendar year, for the preceding five (5) fiscal years.
C. For purposes of calculating the total amount of indebtedness
as provided in subsection A of this section, annual debt service
payments shall not include any indebtedness incurred through the
master lease program as provided in Sections 3206.6 and 3206.6a of
Title 70 of the Oklahoma Statutes, pursuant to a declaration of an
emergency as provided in subsection A of this section or any general
obligation bonds issued pursuant to Section 39A of Article X of the
Oklahoma Constitution.
A. The State of Oklahoma shall not become indebted in an amount
that causes total annual debt service payments from the General
Revenue Fund to exceed five percent (5%) of the average of the
general fund revenue, as certified by the State Board of
Equalization in December of each calendar year, for the preceding
five (5) fiscal years. The Legislature, upon an affirmative vote of
two-thirds of the members of both houses, may declare an emergency
and permit the total annual debt service payments of the state to
exceed the amount provided in this section.
B. The state shall not be in violation of the provisions of
this section if a decline in the average of the general fund
revenue, as certified by the State Board of Equalization in December
of each calendar year, for the preceding five (5) fiscal years,
results in annual debt service payments exceeding the limit provided
in subsection A of this section; provided that, the state shall not
incur any additional debt service payments so long as the amount of
debt service payments, as defined in this section, continue to
exceed five percent (5%) of the average of the general fund revenue,
as certified by the State Board of Equalization in December of each
calendar year, for the preceding five (5) fiscal years.
C. For purposes of calculating the total amount of indebtedness
as provided in subsection A of this section, annual debt service
payments shall not include any indebtedness incurred through the
master lease program as provided in Sections 3206.6 and 3206.6a of
Title 70 of the Oklahoma Statutes, pursuant to a declaration of an
emergency as provided in subsection A of this section or any general
obligation bonds issued pursuant to Section 39A of Article X of the
Oklahoma Constitution.
Status: in_force · Read it on the official government site
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