Oklahoma Const. art. X, § 42

Oklahoma Constitution

Article X, § 42 — Economic development credit enhancement reserve fund - General obligation bonds

This text of Oklahoma Const. art. X, § 42 (Economic development credit enhancement reserve fund - General obligation bonds) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

JurisdictionOklahoma DocumentConstitution

ArticleX

Section§ 42

CitationOklahoma Const. art. X, § 42

Bluebook

Okla. Const. art. X, § 42.

Full Text

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.

Add this to your briefcase to access full text.

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.

History

Added by State Question No. 610, Legislative Referendum No. 267, adopted at election held on Sept. 20, 1988. Addition proposed by Laws 1987, p. 1715, H.J.R. No. 1034 and Laws 1988, p. 1847, H.J.R. No. 1034.

Cite This Page — Counsel Stack

Bluebook (online)

Oklahoma Const. art. X, § 42, Counsel Stack Legal Research, https://law.counselstack.com/constitution/ok/X/42.