Okla. Stat. tit. 70, § 70-15-106.1
This is the official text of Okla. Stat. tit. 70, § 70-15-106.1, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Equipment purchase - Bonds
Official statutory text
Any school district may become indebted for the purpose of
purchasing equipment and may issue its bonds, as provided for by
law, in any amount not exceeding, with existing indebtedness, ten
percent (10%) of the valuation of the taxable property within the
school district, as shown by the last incurring of indebtedness.
The bonds shall be made to mature within a period not to exceed five
(5) years from their date. It is hereby declared that the use of
the word "equipment" in Section 26, Article X of the Oklahoma
Constitution was intended to include: library books, textbooks,
school-owned uniforms, computer software, electronic media content,
perpetual or continuous district software license agreements and
web-based software subscriptions with a term of more than one (1)
year but not more than five (5) years, the acquisition of
telecommunications devices and components to be used to enhance
classroom instruction and maintenance/service contracts which are
included as a part of the equipment purchase price and any
associated hardware and software necessary for implementation and
training and any maintenance agreements. This provision shall not
restrict a school district from issuing bonds with a maturity of
greater than five (5) years for the purchase of equipment not listed
in this section. If the maturity of the bond is greater than five
(5) years, the maturity of the bond shall not exceed the effective
life of any equipment purchased with the proceeds.
purchasing equipment and may issue its bonds, as provided for by
law, in any amount not exceeding, with existing indebtedness, ten
percent (10%) of the valuation of the taxable property within the
school district, as shown by the last incurring of indebtedness.
The bonds shall be made to mature within a period not to exceed five
(5) years from their date. It is hereby declared that the use of
the word "equipment" in Section 26, Article X of the Oklahoma
Constitution was intended to include: library books, textbooks,
school-owned uniforms, computer software, electronic media content,
perpetual or continuous district software license agreements and
web-based software subscriptions with a term of more than one (1)
year but not more than five (5) years, the acquisition of
telecommunications devices and components to be used to enhance
classroom instruction and maintenance/service contracts which are
included as a part of the equipment purchase price and any
associated hardware and software necessary for implementation and
training and any maintenance agreements. This provision shall not
restrict a school district from issuing bonds with a maturity of
greater than five (5) years for the purchase of equipment not listed
in this section. If the maturity of the bond is greater than five
(5) years, the maturity of the bond shall not exceed the effective
life of any equipment purchased with the proceeds.
Status: in_force · Read it on the official government site
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