Section X-33: Indebtedness for construction of buildings and other capital improvements - Restrictions - Term - Sources of payment.

    The Legislature of the State of Oklahoma is hereby authorized to
enact a law whereby the State may become indebted in an amount not to
exceed Fifteen Million Dollars ($15,000,000.00) for the purpose of
constructing any buildings and other capital improvements and for
equipping, remodeling, modernizing and repairing any and all existing
buildings and capital improvements at the constituent institutions of
the Oklahoma State System of Higher Education and other State
institutions.  No part of any of said monies shall be, directly or
indirectly, allocated to or used by the Oklahoma Educational
Television Authority for any purpose whatsoever.  Such law shall
provide for the payment and discharge of the principal of such debt
within twenty-seven (27) years and shall further provide for the
payment and discharge of the principal and interest on such
indebtedness from one or more of the following sources of State
income as follows:
    (1) Any remainder available from the two cents (2") of the tax on
each package of cigarettes as heretofore provided and defined in
Article X, Section 31 of the Constitution of the State of Oklahoma,
after the annual requirements for principal and interest on the
indebtedness created pursuant to said Section have been fully met,
until such indebtedness created by said Section has been fully paid
and retired, and thereafter, the full amount of said two cents (2")
of the cigarette tax so provided, or so much thereof as may be
required, until the indebtedness herein authorized to be created is
fully paid and retired; (2) An additional three cents (3") of the tax
now imposed, or which may hereafter be imposed, on each package of
cigarettes containing more than twenty (20) cigarettes, or so much of
said additional three cents (3") as may be necessary; (3) Any funds
available in the Public Building Fund of the State, not otherwise
encumbered, or funds available in other funds of the State not
created or realized from ad valorem tax sources; (4) The proceeds of
any tax which the Legislature may impose and collect for the purpose
of paying the principal and interest on the indebtedness herein
authorized to be created, if the funds available for use and pledge
under (1), (2), and (3) above should be insufficient; provided, that
the Legislature shall never impose or collect an ad valorem tax for
the purpose of paying any part of the principal or interest on the
indebtedness herein authorized to be incurred.