STATE OF OKLAHOMA

1st Session of the 54th Legislature (2013)

HOUSE JOINT
RESOLUTION 1008	By:	Sears

AS INTRODUCED

A Joint Resolution directing the Secretary of State to refer to the people for their approval or rejection a proposed amendment to the Constitution of the State of Oklahoma by adding a new Section 44 to Article X; authorizing issuance of obligations; specifying maximum amount of net proceeds; prescribing maximum maturity; providing for issuance by the Oklahoma State Building Bonds Commission; providing method for repayment of obligations; prescribing repayment to be made from the General Revenue Fund of the State Treasury; prescribing procedures for repayment; imposing duties upon the State Treasurer; requiring periodic reports to the State Board of Equalization; providing ballot title; and directing filing.

BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES AND THE SENATE OF THE 1ST SESSION OF THE 54TH OKLAHOMA LEGISLATURE:
SECTION 1.  The Secretary of State shall refer to the people for their approval or rejection, as and in the manner provided by law, the following proposed amendment to the Constitution of the State of Oklahoma by adding a new Section 44 to Article X thereof, to read as follows:
Section 44.  A.  The State of Oklahoma shall be authorized to become indebted in an amount sufficient to provide net proceeds of One Hundred Fifty-three Million Dollars ($153,000,000.00) in order to provide funds for necessary expenditures for repairs and refurbishment of the Oklahoma State Capitol building.
B.  The maximum maturity for any obligation issued pursuant to the provisions of this section shall not exceed twenty-five (25) years.
C.  The Oklahoma Building Bonds Commission shall be the entity responsible for issuance of the obligations authorized pursuant to the provisions of this section.
D.  The repayment of the obligations issued pursuant to the provisions of this section shall be made from the General Revenue Fund of the State of Oklahoma.  The payment of principal, interest or other costs of issuance for the obligations authorized by this section shall be determined by the Oklahoma Building Bonds Commission each year.  The Commission shall certify the amount required either on a monthly or other periodic basis for repayment of the obligations to the State Treasurer.  The State Treasurer shall transfer the required amount to the Oklahoma Building Bonds Commission or to the trustee or other agent prescribed in the indenture or other agreement pursuant to which the obligations have been issued.  The payment required by this subsection shall be made before any other apportionment, transfer or other disposition of monies accruing to the General Revenue Fund of the State Treasury is made.  After the payment required by this subsection is made for repayment of the obligations, the State Treasurer shall certify the amount paid to the Building Bonds Commission to the State Board of Equalization on such periodic basis as is required for accurate accounting and based upon the frequency and duration of the repayments.
SECTION 2.  The Ballot Title for the proposed Constitutional amendment as set forth in SECTION 1 of this resolution shall be in the following form:
BALLOT TITLE
Legislative Referendum No. ____	State Question No. ____
THE GIST OF THE PROPOSITION IS AS FOLLOWS:
This measure amends the Oklahoma Constitution.  It would add a new Section 44 to Article 10.  It would authorize the State of Oklahoma to incur debt.  The debt would be for purposes of repairs and refurbishment of the State Capitol Building.  Bonds or other obligations could be issued in an amount needed to provide up to One Hundred Fifty Three Million Dollars ($153,000,000.00) for this purpose.  The bonds or other obligations would have to be repaid in not more than twenty-five (25) years.  The repayment would be made using monies from the General Revenue Fund of the State Treasury.  The repayment for the bonds or other obligations would be made before any other money was deposited into the General Revenue Fund.  The State Treasurer would make payment to the Oklahoma Building Bonds Commission that issued the bonds or other obligations.  The payments could be monthly or annually or such other period as provided by the documents that allow the bonds or other obligations to be issued.  The State Treasurer would make a report of the bond payments to the State Board of Equalization.  The report would be as frequent as required for good accounting practices and based upon the requirements contained in the documents that allow the bonds to be issued.
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL — YES	_____________
AGAINST THE PROPOSAL — NO 	_____________
SECTION 3.  The Chief Clerk of the House of Representatives, immediately after the passage of this resolution, shall prepare and file one copy thereof, including the Ballot Title set forth in SECTION 2 hereof, with the Secretary of State and one copy with the Attorney General.

54-1-5048	MAH	01/16/13