Okla. Stat. tit. 62, § 62-57.33

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 Thirty-five 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 above-

created sinking fund for the fiscal years 1961-1962 and 1962-1963

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 above-created 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

Oklahoma Statutes - Title 62. Public Finance Page 213

the above-created 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
lahoma, 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

equally-binding 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 Twenty-eighth Oklahoma

Legislature.