Application of State Building Bonds Commission

1966 OK 40, 410 P.2d 521
CourtSupreme Court of Oklahoma
DecidedFebruary 28, 1966
DocketNo. 41819
StatusPublished
Cited by1 cases

This text of 1966 OK 40 (Application of State Building Bonds Commission) is published on Counsel Stack Legal Research, covering Supreme Court of Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Application of State Building Bonds Commission, 1966 OK 40, 410 P.2d 521 (Okla. 1966).

Opinion

WILLIAMS, Justice.

This is an original proceeding brought by the State of Oklahoma Building Bonds Commission for approval of the acts and procedure of said Commission in issuing State of Oklahoma Institutional Building Bonds of 1965, Series A, in the principal amount of $15,425,000, the sale thereof, and for approval of said bonds, so issued, sold and purchased pursuant to their terms un[522]*522der the provisions of House Bill No. 1122 enacted by the 30th Legislature of the State of Oklahoma.

The application was filed pursuant to and is presented to this Court after giving the notice provided for in said Act. Transcript of the proceedings of the Commission and supporting documents were filed with the application. No protest or opposition has been filed or made.

At a statewide election on December 14th, 1965, the question submitted as State Question No. 433, Legislative Referendum No. 154, was affirmatively approved by the voters of Oklahoma.

The proposed amendment submitted to the vote of the people by such State Question became Section 37, Article X of the Constitution of Oklahoma. Such section reads as follows :

“§ 37. Bond issue for capital improvements at state institutions. — The Legislature of the State of Oklahoma is hereby authorized to enact necessary legislation whereby the State may become indebted in an amount not to exceed Fifty-Four Million Seven Hundred Fifty Thousand Dollars ($54,750,000.00) for the purpose of constructing new buildings and other capital improvements for remodeling, modernizing and repairing any and all existing buildings and capital improvements and purchase of land, equipment and furnishings necessary for such new construction or remodeling for the following departments of state government in the amounts and for the purposes indicated as follows:
Oklahoma State Rents for Higher Education for Expenditures at all Constituent Institutions. $38,500,000.00
Department of Mental Health for Expenditures at the following Institutions:
Central State Griffin Memorial Hospital, Eastern State Hospital, Western State Hospital and Taft State Hospital, . 6,500,000.00
Oklahoma Public Welfare Commission for Expenditures at the following Institutions: Pauls Valley State School, Enid State School and the Hissom Memorial Center, . 1,000,000.00
State Department of Health . 2,275,000.00
Oklahoma State Library . 2,150,000.00
State Board of Public Affairs for Expenditures at the following Institutions:
Oklahoma State Penitentiary. 150,000.00
Oklahoma State Reformatory . 150,000.00
Oklahoma School for the Blind . 550,000.00
Oklahoma School for the Deaf. 550,000.00
Oklahoma Educational Television Authority. 250,000.00
Oklahoma Historical Society. 125,000.00
State Board of Health for Expenditures at the following Institutions:
Western Oklahoma Tuberculosis Sanatorium. 150,000.00
Eastern Oklahoma Tuberculosis Sanatorium. 150,000.00
Department of Public Health for the Building of Community Social Service Centers . 1,500,000.00
Purchase of Land in and about the Capitol Improvement and Zoning District and Medical Center Improvement Zoning District and for Public Parks, Veterans Memorial Area and Landscaping. 750,000.00

[523]*523and such legislation shall provide for the payment and discharge of the principal of such debt, together with interest on such indebtedness, from one or more of the following sources of state income as follows:

1. Any 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;

2. Allocations by the Legislature of the State of Oklahoma from any monies in the general revenue fund of the state not otherwise obligated, committed or appropriated; and

3. The proceeds of any tax which the Legislature may impose and collect for the purpose of paying the principal and interest on the indebtedness herein authorized to be created, and authority is hereby granted to the Legislature to so impose and collect such tax, if necessary.

Such legislation hereby authorized to be enacted by the Legislature of the State of Oklahoma may provide for the issuance of bonds evidencing the indebtedness herein authorized and provide that such bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times, may be in such denomination or denominations, may be in such form, coupon or registered, may carry such registration or conversion provisions, may be executed in such manner may be payable in such medium or payment at such place or places, may be subject to such terms of redemption, with or without premium, and may bear such rate or rates of interest as the Legislature may deem expedient and may contain any and all provisions which the Legislature may deem necessary or expedient to make such bonds marketable as general obligations of the State of Oklahoma with the full faith and credit of the State pledged thereto. Within the limits of indebtedness herein authorized the Legislature in its discretion may authorize the issuance of such bonds and the incurring of the authorized indebtedness in fractional amounts of the total indebtedness hereby authorized to be incurred from time to time and at one or more sessions of the Legislature.”

House Bill No. 1122 was enacted by the Thirtieth Legislature of Oklahoma, was approved on July 21st, 1965, and in anticipation of the adoption of the constitutional amendment it was therein provided that it should become effective on the 10th day following approval of the constitutional amendment by the voters of Oklahoma. Oklahoma Session Laws 1965, p. 1059. The title of the Act reads as follows: ¡

“An Act vitalizing House Joint Resolution No.

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Application of State Building Bonds Commission
1966 OK 70 (Supreme Court of Oklahoma, 1966)

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1966 OK 40, 410 P.2d 521, Counsel Stack Legal Research, https://law.counselstack.com/opinion/application-of-state-building-bonds-commission-okla-1966.