OK · constitutions
Okla. Const. art. X, § 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.
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.
Provenance
- Source
- oklegislature.gov
- Retrieved
- 2026-09-29
- Edition
- supplied-2026-09-29
- Content hash
4fc16bdddf91171bde09be8fc17089a664560b3a8e91bb636d871e5d39c90acb
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