§70-3980.2. Power to issue obligations for capital improvements.

555 words·~3 min read·/ok/title-70-schools/70-3980-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. It is the intent of the Legislature to authorize the Board of Regents of the University of Oklahoma, acting for the benefit of the University of Oklahoma, the Board of Regents for the Oklahoma Agricultural and Mechanical Colleges, acting for the benefit of Oklahoma State University, the Oklahoma State Regents for Higher Education, acting for the benefit of other institutions within The Oklahoma State System of Higher Education, the Board of Regents of Oklahoma Colleges, also known as the Regional University System of Oklahoma

(RUSO)pursuant to Section 3507.1 of this title, acting for the benefit of the institutions supervised and managed by RUSO, and the Oklahoma Capitol Improvement Authority to become issuers of obligations according to the provisions and for the purposes authorized by the Oklahoma Higher Education Promise of Excellence Act of 2005.

B. Obligations issued by any of the authorized issuers pursuant to the Oklahoma Higher Education Promise of Excellence Act of 2005 supported by appropriation of revenues from the Oklahoma Education Lottery Trust Fund pursuant to Section 41 of Article X of the Oklahoma Constitution shall be considered and deemed to have been

authorized for the purposes of construction or acquisition of educational facilities or equipment owned by or under the control of the Oklahoma State Regents for Higher Education within the meaning of paragraph 4 of subsection B of Section 41 of Article X of the Oklahoma Constitution and/or capital outlay projects within the meaning of paragraph 5 of subsection B of Section 41 of Article X of the Oklahoma Constitution.

C. Obligations issued pursuant to the authority of the Oklahoma Higher Education Promise of Excellence Act of 2005 shall not be deemed or considered to be general obligations of this state, but shall be limited and special obligations of the authorized issuer for the benefit of the applicable institutions within The Oklahoma State System of Higher Education under their respective auspices and control.

D. Neither the appropriations powers of the Legislature pursuant to Article V of the Oklahoma Constitution nor the powers described by Section 3 of Article XIII-A of the Oklahoma Constitution with respect to monies lawfully appropriated to the Oklahoma State Regents for Higher Education nor the power of the Legislature to impose taxes, generally, shall be pledged to the repayment of any obligations issued pursuant to the provisions of the Oklahoma Higher Education Promise of Excellence Act of 2005 and any obligation issued by any authorized issuer hereunder shall affirmatively state this restriction.

E. It is the intent of the Legislature to improve the ability of the Oklahoma State Regents for Higher Education and the other specifically designated Boards of Regents within The Oklahoma State System of Higher Education to finance capital improvements and to provide a method by which the total revenues available to each respective authorized issuer of obligations, or revenues available within The Oklahoma State System of Higher Education as prescribed by the Oklahoma Higher Education Promise of Excellence Act of 2005, may be pledged to the repayment of the obligations, resulting in a higher credit rating and an interest cost savings to The Oklahoma State System of Higher Education.

Added by Laws 2005, c. 2, § 2, emerg. eff. March 31, 2005. Amended by Laws 2005, c. 218, § 1, emerg. eff. May 24, 2005; Laws 2023, c. 186, § 2.