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§ 42. Economic development credit enhancement reserve fund--General obligation bonds

Oklahoma Statutes AnnotatedConstitution of the State of Oklahoma [Annotated]

Oklahoma Statutes Annotated
Constitution of the State of Oklahoma [Annotated] (Refs & Annos)
Article X. .--Revenue and Taxation
Public Indebtedness
OK Const. Art. 10, § 42
§ 42. Economic development credit enhancement reserve fund--General obligation bonds
The Oklahoma Development Finance Authority is hereby authorized to issue general obligation bonds, in an amount not to exceed One Hundred Million Dollars ($100,000,000.00), for the purpose of providing an economic development credit enhancement reserve fund for the Authority. This fund shall be used by the Authority solely to secure the payment of principal, interest and premium, if any, on the revenue bonds and other financial obligations issued by the Authority after other pledged monies and other reserve funds are used to the extent allowable by law. The Legislature shall provide sufficient appropriations to pay the principal and interest of any general obligation bonds issued pursuant to this resolution. Further, the Legislature shall establish a method by law to provide for issuance of the bonds or portions thereof when it is necessary and to provide for administration of the economic development credit enhancement reserve fund.

Credits

Added by State Question No. 610, Legislative Referendum No. 267, adopted at election held on Sept. 20, 1988.
OK Const. Art. 10, § 42, OK CONST Art. 10, § 42
Current with amendments approved through June 30, 2020.
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