Section X-15: Pledge or loan of credit - Donation - Exceptions.

    A.  Except as provided by this section, the credit of the State
shall not be given, pledged, or loaned to any individual, company,
corporation, or association, municipality, or political subdivision
of the State, nor shall the State become an owner or stockholder in,
nor make donation by gift, subscription to stock, by tax, or
otherwise, to any company, association, or corporation.
    B.  Pursuant to authority of and subject to requirements of law
and according to professional norms established nationally in similar
activities, the Oklahoma Center for the Advancement of Science and
Technology or its successor may be authorized to use public funds not
exceeding one percent (1%) of total state appropriations for the
current fiscal year to promote economic development through grants or
loans to individuals, companies, corporations or associations.
Pursuant to authority of and subject to requirements of law and
according to professional norms established nationally in similar
activities, the Oklahoma Center for the Advancement of Science and
Technology or its successor may be authorized to use public funds in
order to promote economic development by purchase or ownership of
stock or to make other investments in private enterprises and to
receive income from such investments which are involved with research
or patents from projects involving Oklahoma colleges or universities.
The Oklahoma Center for the Advancement of Science and Technology or
its successor may only use public funds for the purposes authorized
in this subsection if a statute specifically authorizing such use is
approved by an affirmative vote of at least two-thirds (2/3) of the
members elected to the Senate and to the House of Representatives
upon final passage of such measure in each of the respective houses
and with the approval of the Governor.
    C.  The Legislature shall only authorize use of public funds by
the Oklahoma Center for the Advancement of Science and Technology or
its successor as permitted by this section for promotion of economic
development by creation of new employment, enhancement of existing
employment or by the addition of economic value to goods, services or
resources within the State authorized by subsection B herein.
    D.  The Legislature shall establish procedures to review and
evaluate the extent to which the purposes of any statute authorizing
use of public funds by the Oklahoma Center for the Advancement of
Science and Technology are achieved.
    E.  Bonds issued by the board of education of any school district
or public institutions of higher education may be guaranteed by the
corpus of the permanent school fund, provided:
    1.  As to bonds issued by the board of education such bonds must
be approved by election of the school district upon the question of
issuing such bonds;
    2.  As to bonds issued by an institution within The Oklahoma
State System of Higher Education such bonds are issued in accordance
with all applicable provisions of law; and
    3.  Provisions shall be made by the Legislature to guarantee
prompt reimbursement to the corpus of the permanent school fund for
any payment from the fund on behalf of a school district or on behalf
of an institution within The Oklahoma State System of Higher
Education.  The reimbursement shall include a reasonable rate of
interest.  The provisions of this paragraph regarding use of the
permanent school fund for guarantee of bonds issued by an institution
within The Oklahoma State System of Higher Education shall not be
self-executing and the Legislature shall provide by law the procedure
pursuant to which such obligations may be guaranteed and the
procedures for repayments, if any, required to be made to the
permanent school fund.