Okla. Stat. tit. 69, § 69-1730

expenditure and pledge.

(a) Motor fuel taxes on fuels consumed on Oklahoma Turnpikes and

apportioned to the Authority are declared to be revenues of the

Oklahoma Turnpikes, since they are derived directly from the

operation of such turnpikes, and are subject to pledge by the

Authority in the same manner as tolls and other revenues of the

turnpikes may be pledged, as security for turnpike revenue bonds

hereafter issued. The Authority shall segregate and hold such motor

fuel excise taxes apportioned to it and all funds heretofore or

hereafter accumulated in the trust fund in trust for the uses and

purposes herein provided.

(b) The deposits in such trust fund may be expended or pledged

by the Authority, as it may deem proper, either in whole or in part,

for making up any deficiency in the monies available to meet

interest and principal requirements on all turnpike revenue bonds

and turnpike revenue refunding bonds of the Authority issued

pursuant to the provisions of this article and then outstanding, and

for such purpose it may vest in the holders of any such bonds a

contract right to the continuance of those apportionments to the

Authority provided in Section 1727 of this Code but subject to the

limitations therein (provided, that no such pledge or vesting of

such contract right shall be deemed to restrict in any way the

state's power to change the rate of the motor fuel tax levy or to

repeal such levy) and for the payment of necessary expenses in the

financing of additional turnpikes. Any such expenditure or pledge

shall be subject to any prior pledge of any portion of the funds in,

or to be deposited to, the trust fund. Provided, that any funds

expended as permitted herein shall, upon payment of all interest and

principal of all bonds issued hereunder, and before delivery of any

turnpike to the Department, be replaced in the trust fund by the

Authority, and upon completion of such reimbursement, the trust fund

shall terminate and the balance in the trust fund shall be delivered

to the Department.

(c) The motor fuel tax revenues derived under the provisions of

subsection (c) of Section 1727 of this Code shall be pledged and

Oklahoma Statutes - Title 69. Roads, Bridges, and Ferries Page 340

used exclusively to meet and retire interest and principal

requirements on turnpike bonds issued for the construction of any

turnpike or turnpikes authorized by this article.

(d) (1) Beginning July 1, 1984, and on July 1 of each year

thereafter, any funds in the trust fund not expended or pledged or

to be expended or pledged by the Authority on account of all

turnpike revenue and turnpike revenue refunding bonds of the

Authority issued pursuant to the provisions of this article prior to

May 1, 1992, and then outstanding also may be expended or pledged to

any turnpike revenue bonds or turnpike revenue refunding bonds of

the Authority issued after May 1, 1992. If before July 1, 1988, the

Authority issues any turnpike revenue refunding bonds and funds are

transferred to the Department as a result of the issuance of such

refunding bonds, then the Department shall within ninety (90) days

transfer an amount equal to the proceeds of such refunding bonds, up

to a maximum of Twenty Million Dollars ($20,000,000.00), to the

Pension Systems Reserve Fund for the then current fiscal year.
uthority issues any turnpike revenue refunding bonds and funds are

transferred to the Department as a result of the issuance of such

refunding bonds, then the Department shall within ninety (90) days

transfer an amount equal to the proceeds of such refunding bonds, up

to a maximum of Twenty Million Dollars ($20,000,000.00), to the

Pension Systems Reserve Fund for the then current fiscal year.

(2) Beginning the later of July 1, 1992, or upon the issuance

of turnpike revenue refunding bonds by the Authority, and in each

fiscal year thereafter, on the first day of each calendar month,

from the amounts apportioned and to be apportioned to the trust fund

pursuant to Section 1727 of this Code, so long as bonds issued prior

to May 1, 1992, are outstanding, the first Three Million Dollars

($3,000,000.00) of such amounts apportioned will be used, if

necessary, to maintain a balance of one and one-half (1 1/2) times

the maximum amount of principal, including any sinking fund or

amortization requirements, and interest payable in any fiscal year

for bonds issued prior to May 1, 1992. All motor fuel excise taxes

apportioned to the trust fund not used to maintain the balance of

one and one-half (1 1/2) times the maximum amount of principal,

including any sinking fund or amortization requirements, and

interest payable in any fiscal year, if any, for bonds issued prior

to May 1, 1992, shall be available to pay principal, including any

sinking fund or amortization requirements, and interest payable in

any fiscal year on bonds of the Authority issued after May 1, 1992,

to the extent monies are not otherwise available to the Authority

for such purpose. If such motor fuel excise taxes apportioned to

the trust fund are not necessary in such month to meet the pro rata

monthly requirements for payment of principal, including any sinking

fund or amortization requirements, and interest for that month for

bonds issued after May 1, 1992, such motor fuel excise taxes shall

be paid over to the Department. The monies in such fund may be

expended or pledged by the Authority, as it may deem proper, either

in whole or in part, for making up any deficiency in the monies

available to meet interest and principal requirements on all

turnpike revenue bonds and turnpike revenue refunding bonds of the

Authority issued pursuant to the provisions of this article after

Oklahoma Statutes - Title 69. Roads, Bridges, and Ferries Page 341

May 1, 1992, and then outstanding, and for such purpose it may vest

in the holders of any such bonds a contract right to the continuance

of those apportionments to the Authority provided in Section 1727 of

this Code but subject to the limitations therein (provided, that no

such pledge or vesting of such contract right shall be deemed to

restrict in any way the state's power to change the rate of the

motor fuel tax levy or to repeal such levy). Any such expenditure

or pledge shall be subject to any prior pledge of any portion of the

funds in, or to be deposited to, the trust fund. Provided, that any

funds expended as permitted herein shall, upon payment of all

interest and principal of all bonds issued hereunder, and before

delivery of any turnpike to the Department, be replaced in the trust

fund by the Authority, and upon completion of such reimbursement,

the trust fund shall terminate and the balance in the trust fund

shall be delivered to the Department. The indenture, trust

agreement or supplemental trust agreement pursuant to which any

turnpike revenue bonds or turnpike revenue refunding bonds are

issued after May 1, 1992, shall provide that the Authority utilize

all available revenues, operating reserves, Turnpike trust fund

balances, and provide revenues from all other sources available to

the Authority for the payment of principal, including any sinking

fund or amortization requirements and interest on such bonds, as
ny

turnpike revenue bonds or turnpike revenue refunding bonds are

issued after May 1, 1992, shall provide that the Authority utilize

all available revenues, operating reserves, Turnpike trust fund

balances, and provide revenues from all other sources available to

the Authority for the payment of principal, including any sinking

fund or amortization requirements and interest on such bonds, as

provided in any supplemental trust agreement executed prior to

December 1, 1992, before using motor fuel excise taxes apportioned

to the trust fund under this subsection.

(e) The Authority is hereby authorized to invest all or part of

such trust fund in:

(1) Any bonds or other obligations which as to principal and

interest constitute direct obligations of, or are unconditionally

guaranteed by, the United States of America, including obligations

of any of the federal agencies set forth in paragraph 2 of this

subsection to the extent unconditionally guaranteed by the United

States of America; and

(2) Bonds, debentures, or other evidences of indebtedness

issued or guaranteed by any agency or corporation which has been or

may hereafter be created pursuant to an Act of Congress as an agency

or instrumentality of the United States of America.