§70-3206.6b. Master lease program - Revolving lease fund.
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/ok/title-70-schools/70-3206-6b·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Within the master lease program, the Legislature hereby designates the sum of Twenty-five Million Dollars ($25,000,000.00) to be a permanent revolving lease fund to be funded by bonds to be issued under the master lease program. It is the intent of the Legislature to make annual appropriations as may be necessary from the Oklahoma Education Lottery Trust Fund to retire such bonded indebtedness. Such bonds may be issued on either a taxable or tax- exempt basis. The lien on such Lottery Trust Fund revenues may be
subordinate to other pledges of revenue from this fund. Any bonds issued pursuant to this section shall not be subject to the provisions of Section 4 of Enrolled House Bill No. 1191 of the 1st Session of the 50th Oklahoma Legislature. Added by Laws 2005, c. 218, § 6, emerg. eff. May 24, 2005.